0001514416-25-000024 | 10-K | XBRL Viewer

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Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 335,872	$ 326,405
Foreign currency translation adjustments	(18,629)	9,467
Ending balance	$ 317,243	$ 335,872

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Revenue	$ 748,487	$ 601,117	$ 573,152
Recognized revenue	6,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Concentration Risk [Line Items]
Remaining performance obligation, amount	$ 7,000
Remaining performance obligation period (in months)	12 months
CPaaS, Usage-Based Fees
Concentration Risk [Line Items]
Revenue	$ 401,400	346,900	354,000
CPaaS, Service Fees
Concentration Risk [Line Items]
Revenue	$ 138,400	$ 132,000	$ 120,600

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies - Schedule of Revenue By Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Total revenue	$ 748,487	$ 601,117	$ 573,152
Cloud communications
Revenue from External Customer [Line Items]
Total revenue	539,753	478,892	474,576
Messaging surcharges
Revenue from External Customer [Line Items]
Total revenue	$ 208,734	$ 122,225	$ 98,576

- Definition

+ References

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of December 31, 2024 and 2023 because of the relatively short duration of these instruments.

The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of December 31, 2024 and 2023:


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2024
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	57,759	$	—	$	—	$	57,759	$	—	$	—	$	57,759





Commercial paper	18,489		—		—		18,489		—		—		18,489

Total included in cash and cash equivalents	76,248		—		—		76,248		—		—		76,248
Marketable securities:



Commercial paper	1,970		5		—		1,975		—		—		1,975
Total marketable securities	1,970		5		—		1,975		—		—		1,975



Total financial assets	$	78,218	$	5	$	—	$	78,223	$	—	$	—	$	78,223


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2023
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	120,724	$	—	$	—	$	120,724	$	—	$	—	$	120,724







Total included in cash and cash equivalents	120,724		—		—		120,724		—		—		120,724
Marketable securities:
Time deposits	20,000		—		—		20,000		—		—		20,000


Commercial paper	1,422		66		—		1,488		—		—		1,488
Total marketable securities	21,422		66		—		21,488		—		—		21,488



Total financial assets	$	142,146	$	66	$	—	$	142,212	$	—	$	—	$	142,212

The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of December 31, 2024:


	Amortized cost		Aggregate fair value

	(In thousands)
Financial assets:
Less than one year	$	1,970	$	1,975

Total	$	1,970	$	1,975

As of December 31, 2024, marketable securities were in an unrealized gain position. The Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of December 31, 2024, the Company anticipates that it will recover the entire amortized cost basis of its marketable securities before maturity.

During the years ended December 31, 2024, 2023 and 2022, there were $53.5 million, $91.8 million, and $74.3 million, respectively, in maturities of marketable securities.

There were no proceeds from sales of marketable securities for the year ended December 31, 2024. Proceeds from sales of marketable securities were $38.3 million and $34.4 million for the years ended December 31, 2023 and 2022, respectively.

Interest earned on marketable securities was $1.0 million, $2.0 million, and $1.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. The interest is recorded in other income, net, on the accompanying consolidated statements of operations. As of December 31, 2024 and 2023, the accrued interest receivable, net of allowance for credit losses, was less than $0.1 million. Accrued interest receivable is recorded in prepaid expenses and other current assets on the accompanying consolidated balance sheets.

As of December 31, 2024, the fair value of the 2026 Convertible Notes and 2028 Convertible Notes, as further described in Note 8, “Debt,” to these consolidated financial statements, was approximately $31.8 million and $199.0 million, respectively. As of December 31, 2023, the fair value of the 2026 Convertible Notes and the 2028 Convertible Notes was approximately $145.5 million and $157.6 million, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.

As of the years ended December 31, 2024 and 2023, the fair value of the Pension Plan’s assets, as further described in Note 14, “Employee Benefit Plans,” to these consolidated financial statements, was approximately $3.7 million and $3.6 million, respectively. The fair value was determined by an independent actuary and is considered as Level 2 in the fair value hierarchy.

The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2024 and 2023.

The money market account is included in cash and cash equivalents in the consolidated balance sheets as of December 31, 2024 and 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 81,812	$ 131,987
Marketable securities	1,975	21,488
Accounts receivable, net of allowance for doubtful accounts	86,455	78,155
Deferred costs	3,729	4,155
Prepaid expenses and other current assets	13,841	16,990
Total current assets	187,812	252,775
Property, plant and equipment, net	176,823	177,864
Operating right-of-use asset, net	153,601	157,507
Intangible assets, net	145,355	166,914
Deferred costs, non-current	4,355	4,586
Other long-term assets	3,977	5,530
Goodwill	317,243	335,872
Total assets	989,166	1,101,048
Current liabilities:
Accounts payable	28,362	34,208
Accrued expenses and other current liabilities	98,121	69,014
Current portion of deferred revenue	7,031	8,059
Advanced billings	3,698	6,027
Operating lease liability, current	3,111	5,463
Total current liabilities	140,323	122,771
Other liabilities	576	386
Operating lease liability, net of current portion	219,191	220,548
Deferred revenue, net of current portion	7,955	8,406
Deferred tax liability	27,304	33,021
Convertible senior notes	281,284	418,526
Total liabilities	676,633	803,658
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock: $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	0	0
Additional paid-in capital	435,927	391,048
Accumulated deficit	(71,414)	(64,890)
Accumulated other comprehensive loss	(52,009)	(28,794)
Total stockholders’ equity	312,533	297,390
Total liabilities and stockholders’ equity	989,166	1,101,048
Class A voting common stock
Stockholders’ equity:
Class A and Class B common stock	27	24
Class B voting common stock
Stockholders’ equity:
Class A and Class B common stock	$ 2	$ 2

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Adjustment to opening retained earnings due to adoption of ASU 2020-06	Additional paid-in capital	Additional paid-in capital Adjustment to opening retained earnings due to adoption of ASU 2020-06	Accumulated other comprehensive loss	Accumulated deficit	Accumulated deficit Adjustment to opening retained earnings due to adoption of ASU 2020-06	Class A voting common stock	Class A voting common stock Common stock	Class B voting common stock	Class B voting common stock Common stock
Beginning balance (in shares) at Dec. 31, 2021									23,177,988		1,965,170
Beginning balance at Dec. 31, 2021	$ 412,595	$ (147,498)	$ 502,477	$ (156,248)	$ (13,040)	$ (76,867)	$ 8,750		$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)									20,468
Exercises of vested stock options	163		163
Vesting of restricted stock units (in shares)									231,234
Equity awards withheld for tax liability (in shares)									(50,690)
Equity awards withheld for tax liability	(2,134)		(2,134)
Unrealized gain (loss) on marketable securities	314				314
Foreign currency translation	(31,855)				(31,855)
Unrealized gain on employee benefit pension plan	367				367
Stock-based compensation	20,655		20,655
Net income (loss)	19,570					19,570
Ending balance (in shares) at Dec. 31, 2022									23,379,000		1,965,170
Ending balance at Dec. 31, 2022	272,177		364,913		(44,214)	(48,547)			$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)									61,349
Exercises of vested stock options	414		414
Vesting of restricted stock units (in shares)									804,962
Vesting of restricted stock units	1								$ 1
Equity awards withheld for tax liability (in shares)									(46,313)
Equity awards withheld for tax liability	(941)		(941)
Conversion of Class B voting common stock to Class A voting common stock (in shares)									7,142		(7,142)
Conversion of Class B voting common stock to Class A voting common stock	0
Unrealized gain (loss) on marketable securities	(248)				(248)
Foreign currency translation	15,698				15,698
Unrealized gain on employee benefit pension plan	(30)				(30)
Stock-based compensation	26,662		26,662
Net income (loss)	(16,343)					(16,343)
Ending balance (in shares) at Dec. 31, 2023								24,206,140	24,206,140	1,958,028	1,958,028
Ending balance at Dec. 31, 2023	$ 297,390		391,048		(28,794)	(64,890)			$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)	17,305								17,305
Exercises of vested stock options	$ 167		167
Vesting of restricted stock units (in shares)									2,483,600
Vesting of restricted stock units	3								$ 3
Equity awards withheld for tax liability (in shares)									(118,357)
Equity awards withheld for tax liability	(2,296)		(2,296)
Unrealized gain (loss) on marketable securities	(61)				(61)
Foreign currency translation	(23,306)				(23,306)
Unrealized gain on employee benefit pension plan	152				152
Stock-based compensation	47,008		47,008
Net income (loss)	(6,524)					(6,524)
Ending balance (in shares) at Dec. 31, 2024								26,588,688	26,588,688	1,958,028	1,958,028
Ending balance at Dec. 31, 2024	$ 312,533		$ 435,927		$ (52,009)	$ (71,414)			$ 27		$ 2

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability components of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies, economic and demographic actuarial assumptions related to pension and other postretirement benefit costs and liabilities. Although the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.

Revenue Recognition

Revenue recognition commences upon transfer of control of promised goods or services to customers in an amount that the Company expects to receive in exchange for those products or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue, when, or as, the Company satisfies a performance obligation.

Infrequently, Bandwidth’s contracts with customers may include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on its relative standalone selling price. Generally, standalone selling prices are determined based on the prices charged to similar customers for similar services.

When required as part of providing service, revenues and associated expenses related to nonrefundable, upfront service activation and setup fees are deferred and recognized over the longer of the associated service contract period or estimated customer life.

The Company’s contracts do not contain general rights of return. However, occasionally credits may be issued. The Company’s contracts do not provide customers with the right to take possession of the software supporting the applications. Amounts that have been invoiced are recorded in accounts receivable and in revenue or deferred revenue depending on whether the revenue recognition criteria have been met.

The Company maintains a reserve for sales credits. Credits are accounted for as variable consideration and are estimated based on several inputs including historical experience and current trends of credit issuances. Adjustments to the reserve are recorded against revenue.

The Company has various sales commission plans for which eligible employees can earn commissions from the sale of products and services to customers. Eligible employees must be employed at the time of payment in order to receive a commission. The Company pays commissions over time and a corresponding requisite substantive service condition exists for the employee to receive the commission. The Company determined that the timing of the commission payments and the underlying service performed by the employee were commensurate. Accordingly, sales commissions are generally expensed as incurred. These costs are recorded within sales and marketing expenses.

Nature of Products and Services

Revenue consists primarily of two categories: (1) cloud communications and (2) messaging surcharges, which are described and quantified below.


	Year ended December 31,
	2024		2023		2022

	(In thousands)

Cloud communications	$	539,753	$	478,892	$	474,576
Messaging surcharges	208,734		122,225		98,576
Total revenue	$	748,487	$	601,117	$	573,152

Cloud Communications

Cloud communications revenue consists of the sale of communications services offered through Application Programming Interface (“API”) software solutions to customers and is derived from (i) reoccurring sources such as per minute voice usage and voice calling, per text message usage and other usage services and fees, and (ii) monthly recurring charges arising from phone number services, 911-enabled phone number services, messaging services and other services.

The majority of the Company’s cloud communications revenue is generated from reoccurring fees earned from customers accessing and using the Company’s communications platform. Access to the Company’s communications platform is considered a series of distinct services with continuous transfer of control to the customer, comprising one performance obligation. Reoccurring fees are recognized in revenue in the period the traffic traverses the Company’s network. For the years ended December 31, 2024, 2023 and 2022, revenue from reoccurring cloud communications fees represented $401.4 million, $346.9 million, and $354.0 million of total revenue, respectively.

Revenue from recurring fees is recognized on a ratable basis as the service is provided, which is typically one month. For the years ended December 31, 2024, 2023 and 2022, revenue from recurring cloud communications fees represented $138.4 million, $132.0 million and $120.6 million of total revenue, respectively.

Messaging surcharges

Messaging surcharge revenue consists of pass-through messaging surcharges imposed by the major mobile carriers in North America and is recognized in revenue during the period in which the messaging traffic traverses the Company’s network.

Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2024		2023

	(In thousands)
Receivables (1)	$	86,455	$	78,155
Contract liabilities (2)	14,986		16,465

________________________

(1) Included in accounts receivable, net of allowance for doubtful accounts on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Deferred revenue is recorded when cash payments are received in advance of future usage on contracts. Revenue is typically recognized in the following month when service is rendered or, in the case of nonrefundable upfront fees, over the estimated period of benefit from the date the fee is incurred by the customer. Customer refundable payments are recorded as advanced billings. During the year ended December 31, 2024, the Company recognized revenue of $6.6 million related to contract liabilities recorded at the beginning of the year. The Company expects to recognize $7.0 million in revenue over the next 12 months related to its contract liabilities as of December 31, 2024.

Cost of Revenue

Cost of revenue consists of fees paid to other network service providers, network operations costs, personnel costs, allocated costs of facilities and information technology, amortization of acquired technology intangibles and depreciation.

Fees paid to other network service providers arise when the Company purchases services such as minutes of use, phone numbers, messages, porting of customer numbers and network circuits.

Network operations costs are incurred for web services and cloud infrastructure, capacity planning and management, software licenses, hardware and software maintenance fees, customer support and network-related facility rents.

Personnel costs (including non-cash stock-based compensation expenses) arise for employees who are responsible for the delivery of services, and operations and maintenance of, the communications network.

Research and Development

Research and development expenses consist of salaries and related personnel costs for the design, development, testing and enhancement of our cloud network and software products. Research and development expenses include depreciation and allocated costs for facilities and information technology utilized by our research and development staff.

Sales and Marketing, General and Administrative

Sales and Marketing

Sales and marketing expenses consist of salaries and related personnel costs, commissions, and costs related to advertising, marketing, brand awareness activities, sales support and professional services fees, and customer billing and collections functions. Sales and marketing expenses include depreciation, amortization of acquired customer relationship intangible assets, and allocated costs of facilities and information technology utilized by our sales and marketing staff.

General and Administrative

General and administrative expenses consist of salaries and related personnel costs for accounting, legal, human resources, corporate, and other administrative and compliance functions. General and administrative expenses include depreciation, expenditures for third party professional services, and allocated costs of facilities and information technology utilized by our corporate and administrative staff.

Cash and Cash Equivalents

The Company classifies all highly liquid investments with original stated maturities of three months or less from the date of purchase as cash equivalents. All highly liquid investments with original stated maturities of greater than three months from the date of purchase are classified as current marketable securities. Cash deposits are primarily in financial institutions in the United States. However, cash for monthly operating costs of international operations are deposited in banks outside the United States. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company utilizes money market funds as an investment option and only invests in AAA rated funds.

Marketable Securities

The Company’s marketable securities consist of time deposits and commercial paper. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies investments with maturities greater than 90 days as marketable securities in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at their estimated fair value at the end of each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within accumulated other comprehensive loss on the consolidated balance sheets until realized. Interest income is reported within other income, net on the consolidated statements of operations. The Company evaluates its investments to assess whether the amortized cost basis is in excess of estimated fair value and determines what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in other income, net on the consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the consolidated balance sheets.

Accounts Receivable

Accounts Receivable and Current Expected Credit Losses

Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that allowances of approximately $2.2 million and $1.1 million for uncollectible accounts and customer balances that are disputed were required as of December 31, 2024 and 2023, respectively. Refer to Note 4, “Financial Statement Components” to these consolidated financial statements, for a rollforward of the components of the allowances for the years ended December 31, 2024, 2023 and 2022.

The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable.

Current Expected Credit Losses

Accounts Receivable and Current Expected Credit Losses

Concentration of Credit Risk

Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and trade accounts receivable. The Company maintains its cash, cash equivalents and marketable securities with high credit-quality financial institutions. Certain balances held by such financial institutions exceed federally-insured limits.

Leases

The Company determines if an arrangement is or contains a lease at inception and reassesses that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. For facility leases, the Company does not account for lease and non-lease components as a single lease component. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company does not include options to extend or terminate the lease unless it is reasonably certain that it will exercise any such options. Variable lease payments, such as common areas maintenance costs, are not included in the measurement of ROU assets and lease liabilities, and instead are expensed as incurred. The Company generally uses its incremental borrowing rate (“IBR”) based on the information available at commencement to determine the present value of lease payments, except when an implicit interest rate is readily determinable. Operating lease expense attributable to lease payments is recognized on a straight-line basis over the lease term and is part of allocated facilities costs based on employee headcount within the cost of revenue, research and development, sales and marketing, and general and administrative expense categories on the Company’s consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying consolidated balance sheets.

Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Depreciation expense attributable to finance leases is included in operating expenses on the Company’s consolidated statements of operations. Finance leases are reported in property, plant and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company’s consolidated balance sheets. The Company did not have significant finance leases as of December 31, 2024 and 2023.

The Company does not recognize ROU assets or lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term.

Property, Plant and Equipment, net

Deferred Costs

The Company defers certain direct and incremental upfront costs related to the generation of a revenue stream or obtaining a new customer agreement. These costs include installment fees, activation and other telecommunication fees. The Company capitalizes these costs and amortizes them over the longer of the term of the customer contract or the estimated period of benefit, which is approximately four years.

Internal-Use Software Development Costs

Internal-use software includes software that has been acquired, internally developed, or modified exclusively to meet the Company’s needs. The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. The Company also capitalizes costs related to specific upgrades and enhancements when the expenditures will result in additional functionality, and expenses costs incurred for maintenance and minor upgrades and enhancements. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.

Capitalized costs of platform and other software applications are included in property, plant and equipment, net. These assets are placed into service when ready for use and amortized over the estimated useful life of the software on a straight-line basis over four years. Management evaluates the useful life of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Debt Issuance Costs

The Company incurs debt issuance costs associated with obtaining and entering into credit agreements and issuing convertible notes. These costs customarily include non-refundable structuring fees, commitment fees, up-front fees and syndication expenses. The Company has a policy of deferring and amortizing these costs based on the effective interest method over the term of the credit agreements or the convertible notes, as applicable.

Amortization of Intangibles

Intangible assets with determinable economic lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful life of each asset on a straight-line basis. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets without determinable economic lives are carried at historical cost and reviewed for impairment at least annually.

Goodwill

In accordance with Accounting Standards Codification 350, “Intangibles - Goodwill and Other” (“ASC 350”), goodwill is not amortized, but rather is reviewed for impairment at the reporting unit level on the last day of the Company’s fourth quarter of each fiscal year, or when there is evidence that events or changes in circumstances indicate that the fair value of the reporting unit is less than the carrying amount of the reporting unit, including goodwill.

The Company establishes its reporting units based on its current organizational structure and management’s view of the business. The Company has determined it has one reporting unit.

Under ASC 350, the Company has the option to first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing qualitative assessments, consistent with ASC 350-20-35-3C, the Company considers, among other factors, macroeconomic conditions (both in the United States and internationally), the Company’s overall financial performance (including, but not limited to, comparisons to prior periods, current period internal expectations, and comparable peer companies), broader industry and market considerations, and the trading price performance of the Company’s Class A common stock.

As of December 31, 2024, the Company completed a qualitative assessment under ASC 350 to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of its reporting unit was less than its respective carrying value. The Company concluded that based on the relevant events

and circumstances, it was more likely than not that the reporting unit’s fair value exceeded its related carrying value and therefore no quantitative assessment was required.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including property, plant and equipment, operating right-of-use assets and definite lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If such evaluation indicates that the carrying amount of the asset or the asset group is not recoverable, any impairment loss would be equal to the amount the carrying value exceeds the fair value.

Business Combinations

The Company uses the acquisition method of accounting for business combinations which requires the tangible and intangible assets acquired and liabilities assumed to be recorded at their respective fair market value as of the acquisition date. Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired. The fair values of the assets acquired and liabilities assumed are determined based upon the Company’s valuation and involves making significant estimates and assumptions based on facts and circumstances that existed as of the acquisition date. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired and liabilities assumed. The measurement period ends once all information is obtained, but no later than one year from the acquisition date.

Advertising Costs

The Company expenses advertising costs as incurred.

Commissions

Commissions consist of variable compensation earned by sales personnel and third-party resellers. Sales commissions associated with the acquisition of a new customer contract are paid over time, based on monthly revenues, and are recognized as sales and marketing expense in the period incurred.

Share-Based Compensation

Stock-Based Compensation

The Company accounts for stock-based compensation expense related to all stock-based awards based on the fair value of the award on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally three or four years for stock options and restricted stock units granted to employees, and one year for restricted stock units granted to non-employee members of the Board of Directors. The fair value of the restricted stock units is determined using the fair value of the Company’s Class A common stock on the date of grant. The Company used the Black-Scholes option pricing model, net of estimated forfeitures, to measure the fair value of its stock options.

The Company has elected to estimate expected forfeitures, and, as such, the Company must also determine a forfeiture rate to calculate the stock-based compensation expense for awards. Through December 31, 2024, the Company recognized compensation expense for only the portion of restricted stock units expected to vest using an estimated forfeiture rate that was derived from historical employee termination behavior. As of December 31, 2024, all outstanding stock options are fully vested.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the period that includes the enactment date.

The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that it will not realize some or all the deferred tax asset. Quarterly, the Company reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and the implementation of prudent and feasible tax planning strategies. The evaluation of the recoverability of deferred tax assets requires judgment in assessing future profitability. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed.

The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is more likely than not that the position will be sustained upon examination. The tax benefit recognized is measured as the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of the position. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions in income tax benefit in the accompanying consolidated statements of operations.

Basic and Diluted (Loss) Income per Common Share

Basic net (loss) income per share attributable to common stockholders is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding for the period.

Diluted net (loss) income per share is calculated by giving effect to all potentially dilutive shares of common stock, including stock options, and stock related to unvested restricted stock awards and convertible debt. In periods of net loss, all potentially issuable shares of common stock are excluded from the diluted net loss per share computation because they are anti-dilutive. The Company is in a net loss position for the years ended December 31, 2024 and 2023, and therefore diluted shares equals basic shares.

Foreign currency translation

The Company has foreign operations with non-USD functional currencies. The Euro and British Pound are the primary functional currencies for the Company’s international operations.

All of the assets and liabilities of these subsidiaries are translated to U.S. dollars at the exchange rate in effect at the balance sheet date, and equity accounts are translated at historical exchange rates. Revenue and expenses are translated at average exchange rates in effect during each reporting period. The net effect of currency translation adjustments is included in shareholder’s equity as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets.

Foreign currency transaction gains and losses are realized upon cash settlement of transactions denominated in currencies others than the functional currency. They result from exchange rate changes during the period of time between the consummation and cash settlement of such transactions. When realized, foreign currency transaction gains and losses are recognized in current period earnings as incurred, and included in other income, net in the Company’s consolidated statements of operations.

Foreign exchange gains and losses, which result from the process of remeasuring foreign currency assets and liabilities into the appropriate functional currency at exchange rates in place as of the reporting date, are included in other income, net in the Company’s consolidated statements of operations.

Fair Value of Financial Instruments

The Company minimizes its credit risk associated with investments by investing primarily in investment grade, liquid securities. The Company policy is designed to preserve capital, maintain liquidity and minimize credit risk, and the policy limits exposure to any one issuer and also establishes minimum credit ratings of approved investments. Periodic evaluations of relative credit standing of those issuers are considered in the Company's investment strategy.

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:

•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Comprehensive Loss

The Company has elected to present comprehensive loss and its components as a separate financial statement. Comprehensive loss refers to net (loss) income and other revenue, expenses, gains and losses that, under generally accepted accounting principles, are recorded as an element of stockholders’ equity but are excluded from the calculation of net income.

Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities, including public entities with a single reporting segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker (“CODM”) to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses as well as incremental qualitative disclosures. The Company adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of ASU 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company's segment-related disclosures. See Note 13, “Segment Reporting,” to the consolidated financial statements, for additional details on the Company’s reportable segment.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments also require entities on an annual basis to disclose disaggregated amounts of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its financial statements and expects to adopt the guidance upon its effective date.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose disaggregated information about certain costs and expenses on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which provides additional guidance to stakeholders about how to determine whether a settlement of convertible debt (particularly, cash convertible instruments) at terms that differ from the original conversion terms should be accounted for under the induced conversion or extinguishment guidance. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. The Company, which has adopted ASU 2020-06, is currently evaluating the impact of adopting ASU 2024-03 on its financial statements and expects to adopt the guidance upon its effective date.

Debt - 2026 Convertible Notes (Details)		1 Months Ended	12 Months Ended
Debt - 2026 Convertible Notes (Details)	May 09, 2024 USD ($)	Feb. 28, 2020 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Mar. 31, 2021 $ / shares
Debt Instrument [Line Items]
Net gain on extinguishment of debt			$ 10,267,000	$ 12,767,000	$ 40,205,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001		$ 0.001
2026 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 35,000,000.0	$ 400,000,000.0	$ 35,000,000	$ 175,000,000
Stated rate (as percent)		0.25%
Total net proceeds		$ 344,700,000
Effective interest rate (as percent)		0.51%
Conversion price (in usd per share) \| $ / shares		$ 91.03
Repurchased face amount	140,000,000.0
Repayments of debt	$ 128,500,000
Net gain on extinguishment of debt			$ 10,300,000
2026 Convertible Notes: \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio		0.0109857

Stockholders’ Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Preferred Stock

As of December 31, 2024 and 2023, the Company had authorized 10,000,000 shares of undesignated preferred stock, par value $0.001, of which no shares were issued and outstanding.

Common Stock

As of December 31, 2024 and 2023, the Company had authorized 100,000,000 shares of Class A common stock, par value $0.001 per share and 20,000,000 shares of Class B common stock, par value $0.001 per share.

Shares of Class B common stock are convertible into shares of Class A common stock on a 1:1 basis upon the stockholder’s voluntary written notice to the Company’s transfer agent or a transfer by the stockholder, subject to limited exceptions for transfers for estate planning purposes.

Voting Rights

The holders of Class A common stock and Class B common stock have identical rights, except that holders of Class A voting common stock are entitled to one vote per share of Class A common stock and holder of Class B common stock are entitled to ten votes per share of Class B common stock.

Dividends

Any dividends or distributions paid or payable to the holders of shares of Class A common stock and Class B common stock shall be paid pro-rata, on an equal priority. During the years ended December 31, 2024, 2023 and 2022, no dividends were declared. Dividend payments are not subject to restriction.

Reserved Shares

The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows:



	As of December 31,
	2024	2023
Stock options issued and outstanding	79,238	97,480
Nonvested restricted stock units issued and outstanding	4,364,486	5,066,159
Stock-based awards available for grant under the 2017 Plan	1,878,290	2,330,616
Total	6,322,014	7,494,255

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maturities of marketable securities	$ 53,500	$ 91,800	$ 74,300
Proceeds from sale of marketable securities	0	38,300	34,400
Interest earned on marketable securities	1,000	2,000	1,200
Accrued interest, net of allowance for credit loss	$ 100	$ 100
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Fair value of pension plan’s assets	$ 3,749	$ 3,607	$ 3,181
Pension Plan
Debt Instrument [Line Items]
Fair value of pension plan’s assets	3,700	3,600
2026 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Fair value	31,800	145,500
2028 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Fair value	$ 199,000	$ 157,600

Income Taxes - Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 7,670	$ 759	$ 30,594
International	(16,623)	(20,062)	(13,288)
(Loss) income before income taxes	$ (8,953)	$ (19,303)	$ 17,306

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of options outstanding
Beginning balance (in shares)	97,480
Granted (in shares)	0
Exercised (in shares)	(17,305)
Forfeited or expired (in shares)	(937)
Ending balance (in shares)	79,238	97,480
Options vested and exercisable (in shares)	79,238
Options vested and expected to vest (in shares)	79,238
Weighted- average exercise price (Per share)
Beginning balance (in usd per share)	$ 12.75
Granted (in usd per share)	0
Exercised (in usd per share)	9.64
Forfeited or expired (in usd per share)	22.81
Ending balance (in usd per share)	13.31	$ 12.75
Weighted-average exercise price, Options vested and exercisable (in usd per share)	13.31
Weighted-average exercise price, Options vested and expected to vest (in usd per share)	$ 13.31
Weighted- average remaining contract life (In years)
Outstanding (in years)	2 years 1 month 13 days	2 years 11 months 19 days
Options vested and exercisable (in years)	2 years 1 month 13 days
Options vested and expected to vest (in years)	2 years 1 month 13 days
Aggregate intrinsic value (In thousands)
Options outstanding	$ 377	$ 332
Options vested and exercisable at December 31, 2024	377
Options vested and expected to vest as of December 31, 2024	$ 377

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Geographic Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 748,487	$ 601,117	$ 573,152
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	658,735	514,048	484,105
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 89,752	$ 87,069	$ 89,047

- Definition

+ References

+ Details

Income Taxes - Schedule of Significant Components of Net Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Allowance for doubtful accounts	$ 276	$ 80
Accrued liabilities	3,256	3,459
Operating lease liabilities	56,788	57,152
Deferred revenue	1,913	1,915
Stock-based compensation	2,826	3,363
Capitalized research and development expenses	44,716	40,306
Tax credits	15,694	12,994
Net operating losses	12,761	17,421
Other deferred tax assets	1,859	3,238
Gross deferred tax assets	140,089	139,928
Less: valuation allowance	(70,008)	(67,950)
Total deferred tax assets	70,081	71,978
Deferred tax liabilities:
Property, plant and equipment	22,436	24,469
Goodwill	1,554	1,416
Intangibles	34,305	39,334
Operating lease assets	39,090	39,780
Total deferred tax liabilities	97,385	104,999
Net deferred tax liability	$ (27,304)	$ (33,021)

Debt - Other Terms of the Convertible Notes (Details) - 2026 Convertible Notes	12 Months Ended
	Dec. 31, 2024 day
Debt Instrument [Line Items]
Redemption period scheduled trading day before the maturity date	40 days
Cash redemption price (as percent)	100.00%
Conversion Option 1 \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger (as percent)	130.00%
Trading days	20
Notice of redemption (in days)	30

Summary of Significant Accounting Policies - Schedule of Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Receivables	$ 86,455	$ 78,155
Contract liabilities	$ 14,986	$ 16,465

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Total amortization expense	$ 17,503	$ 17,274	$ 17,180
Cost of revenue
Goodwill [Line Items]
Total amortization expense	7,811	7,810	7,657
Sales and marketing
Goodwill [Line Items]
Total amortization expense	$ 9,692	$ 9,464	$ 9,523

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Leases - Schedule of Other Supplemental Information Related to Operating Leases (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	18 years 3 months 14 days	19 years 3 months 18 days	2 years 1 month 13 days
Weighted average discount rate (as percent)	8.76%	8.76%	4.58%

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	$ 81,812	$ 131,987	$ 113,641
Amortized cost or carrying value	1,970	21,422
Unrealized gains	5	66
Unrealized losses	0	0
Total marketable securities	1,975
Total financial assets	78,218	142,146
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	1,975	21,488
Total financial assets	78,223	142,212
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	1,975	21,488
Total financial assets	78,223	142,212
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	57,759	120,724
Money market account \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	57,759	120,724
Money market account \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	57,759	120,724
Money market account \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market account \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total included in cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	76,248	120,724
Total included in cash and cash equivalents \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	76,248	120,724
Total included in cash and cash equivalents \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	76,248	120,724
Total included in cash and cash equivalents \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total included in cash and cash equivalents \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost or carrying value		20,000
Unrealized gains		0
Unrealized losses		0
Time deposits \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,000
Time deposits \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		20,000
Time deposits \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Time deposits \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	18,489
Amortized cost or carrying value	1,970	1,422
Unrealized gains	5	66
Unrealized losses	0	0
Commercial paper \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	18,489
Total marketable securities	1,975	1,488
Commercial paper \| Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	18,489
Total marketable securities	1,975	1,488
Commercial paper \| Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total marketable securities	0	0
Commercial paper \| Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total marketable securities	$ 0	$ 0

Financial Statement Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Statement Components [Abstract]
Accrued expense	$ 63,665	$ 40,731
Accrued compensation and benefits	25,992	19,142
Accrued sales, use, VAT and telecommunications related taxes	7,898	8,467
Other accrued expenses	566	674
Total accrued expenses and other current liabilities	$ 98,121	$ 69,014

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Bandwidth Inc. (together with its subsidiaries, “Bandwidth” or the “Company”) was founded in July 2000 and incorporated in Delaware on March 29, 2001. The Company’s headquarters are located in Raleigh, North Carolina. The Company is a global cloud-based, software-powered communications platform-as-a-service (“CPaaS”) provider that enables enterprises to create, scale and operate voice or messaging communications services across any mobile application or connected device.

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 20,968
2026	22,503
2027	22,909
2028	23,258
2029	23,673
Thereafter	357,016
Total lease payments	470,327
Less: imputed interest	(246,150)
Less: accrued lease incentive	(1,875)
Total lease obligations	222,302
Less: current obligations	(3,111)	$ (5,463)
Long-term lease obligations	$ 219,191	$ 220,548

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Equity Incentive Plans

The Company adopted the 2010 Equity Compensation Plan (the “2010 Plan”) on July 26, 2010. On November 9, 2017, the 2010 Plan was terminated in connection with the Company’s initial public offering. Accordingly, no shares are available for future issuance under the 2010 Plan. However, the 2010 Plan continues to govern the terms and conditions of the outstanding awards granted thereunder.

The Company’s Second Amended and Restated 2017 Incentive Award Plan (as amended from time to time, the “2017 Plan”) became effective on November 9, 2017. The 2017 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, and other stock or cash-based awards to employees, consultants and directors of the Company. A total of 1,050,000 shares of the Company’s Class A common stock were originally reserved for issuance under the 2017 Plan. These available shares automatically increase each January 1, beginning on January 1, 2018, by 5% of the number of shares of the Company’s Class A common stock outstanding on the final day of the immediately preceding calendar year. On January 1, 2024, the shares available for grant under the 2017 Plan were automatically increased by 1,210,307 shares. On May 18, 2023, stockholders approved an amendment to the 2017 Plan that increased the number of shares available for grant by 2,500,000 shares.

The terms of the stock option grants are determined by the Company’s Board of Directors. The Company’s stock options vest based on terms of the stock option agreements. The stock options have a contractual life of ten years.

Restricted stock units (“RSUs”) granted to employees, non-employee members of the Board of Directors and other Service Providers (as defined in the 2017 Plan) under the 2017 Plan are subject to an immediate or time-based vesting condition as specified by the underlying compensation plans. Vesting schedules may differ between different categories of award recipients. Stock compensation expense is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. Depending on the nature of the underlying compensation plan, certain share-based payment arrangements may be classified as liability-based awards resulting in classification as accrued expenses on the consolidated balance sheets with the corresponding offset to stock-based compensation expense.

As of December 31, 2024, awards granted under the 2010 Plan consisted of stock options and awards granted under the 2017 Plan consisted of stock options and RSUs.

Stock Options

The following summarizes the stock option activity for the year ended December 31, 2024:


	Number of options outstanding	Weighted- average exercise price (Per share)		Weighted- average remaining contract life (In years)	Aggregate intrinsic value (In thousands)
Outstanding as of December 31, 2023	97,480	$	12.75	2.97	$	332
Granted	—	—
Exercised	(17,305)	9.64
Forfeited or expired	(937)	22.81
Outstanding as of December 31, 2024	79,238	$	13.31	2.12	$	377

Options vested and exercisable at December 31, 2024	79,238	$	13.31	2.12	$	377
Options vested and expected to vest as of December 31, 2024	79,238	$	13.31	2.12	$	377

The total intrinsic value of stock options exercised for the years ended December 31, 2024, 2023 and 2022 was $0.2 million, $0.4 million and $0.6 million, respectively. Aggregate intrinsic value is computed based on the difference between the option exercise price and the fair value of the Company’s common stock at the time of such option exercises.

No options were granted for the year ended December 31, 2024.

As of December 31, 2021, all outstanding stock options were fully vested. As of December 31, 2024, the Company had no unrecognized compensation cost related to non-vested stock options.

Restricted Stock Units

The following summarizes the RSU activity for the year ended December 31, 2024:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2023	5,066,159	$	18.41
Granted	2,314,678	21.23
Vested	(2,483,600)	19.99
Forfeited	(532,751)	16.38
Nonvested RSUs as of December 31, 2024	4,364,486	$	19.25


	Year ended December 31,
		2024		2023		2022

Weighted average grant date fair value of RSUs granted (per share)		$	21.23	$	11.35	$	30.43
Total fair value of RSUs vested (in thousands)		49,636		25,186		15,038

As of December 31, 2024, total unrecognized compensation cost related to non-vested RSUs was $72.6 million, which will be amortized over a weighted-average period of 2.14 years.

Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenue		$	1,638	$	1,136	$	404
Research and development		20,433		15,661		7,523
Sales and marketing		8,105		6,273		2,808
General and administrative		18,186		13,922		9,920
Total		$	48,362	$	36,992	$	20,655

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (6,524)	$ (16,343)	$ 19,570
Other comprehensive (loss) income
Unrealized (loss) gain on marketable securities, net	(61)	(248)	314
Foreign currency translation, net	(23,306)	15,698	(31,855)
Unrealized gain (loss) on employee benefit plan, net	152	(30)	367
Total other comprehensive (loss) income	(23,215)	15,420	(31,174)
Total comprehensive loss	$ (29,739)	$ (923)	$ (11,604)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Geographic Information - Schedule of Long Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 330,424	$ 335,371
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	326,634	329,002
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 3,790	$ 6,369

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The following table presents domestic and foreign components of (loss) income before income taxes for the tax years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022

	(In thousands)
United States	$	7,670	$	759	$	30,594
International	(16,623)		(20,062)		(13,288)
(Loss) income before income taxes	$	(8,953)	$	(19,303)	$	17,306

Benefit for income taxes from operations consists of the following:


	Year Ended December 31,

	2024		2023		2022

	(In thousands)
Current:
Federal	$	(342)	$	(653)	$	(2,717)
State	(1,581)		(1,309)		(803)
Foreign	(1,053)		(2,219)		(815)
Total	(2,976)		(4,181)		(4,335)
Deferred:
Federal	29		(75)		1,004
State	—		—		(1)
Foreign	5,376		7,216		5,596
Total	5,405		7,141		6,599
Income tax benefit	$	2,429	$	2,960	$	2,264

The following table presents a reconciliation of the statutory federal tax rate and the Company’s effective tax rate for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Federal Tax Rate	21.0	%	21.0	%	21.0	%
State Tax Rate - statutory blended rate	4.2		4.3		4.3
Other effective state tax adjustments	(8.5)		(5.2)		3.6
Non-deductible expenses	(4.6)		(4.1)		4.0
Non-deductible executive compensation	(12.4)		—		—
Research tax benefits	49.4		24.4		(31.6)
Stock-based compensation	1.2		(18.0)		6.3
Change in valuation allowance	(22.8)		(11.7)		(16.1)
Deferred tax rate change	0.1		0.6		0.5

Intangibles and deferred adjustments	(7.3)		—		(4.7)
Foreign rate differential	5.4		2.8		1.6
Other	1.4		1.2		(2.0)
Total	27.1	%	15.3	%	(13.1)	%

For the year ended December 31, 2024, the Company recognized an income tax benefit of $2.4 million on pre-tax book loss of $9.0 million, resulting in an effective income tax rate of 27.1%. For the year ended December 31, 2023, the Company recognized an income tax benefit of $3.0 million on pre-tax book loss of $19.3 million, resulting in an effective income tax rate of 15.3%. For the year ended December 31, 2022, the Company recognized an income tax benefit of $2.3 million on pre-tax book income of $17.3 million, resulting in an effective income tax rate of (13.1)%.

In 2024, the Company’s valuation allowance in the U.S. continued to offset many of the permanent tax adjustments within the effective tax rate. These adjustments include state taxes, federal research tax credits under Internal Revenue Code Section 41, equity compensation in the U.S., and other non-deductible expenditures in the U.S. The Company has disclosed the statutory blended state income tax rate in the income tax rate reconciliation table. This statutory blended state income tax rate is the rate applied to the Company’s U.S. taxable earnings to calculate its state income tax liability. The Company has also disclosed other effective state tax adjustments which primarily include the state tax impact of permanent tax adjustments and the reconciling adjustment to remove the statutory blended state income tax rate effect from income or loss generated outside of the U.S. The Company continues to generate income tax benefits in the current period related to income tax credits recognized for qualified research activities in the U.S. The applicable federal tax law and regulations define qualified research activities as research and development activities conducted in the U.S. that involve a process of experimentation designed to discover new information intended to develop a new or improved business component. Absent the valuation allowance, equity compensation also impacts the effective tax rate to the extent the income tax deduction exceeds or is below the related book expense, as required under ASC 718-740-35-2. Other U.S. non-deductible expenses that are offset by the valuation allowance consist primarily of non-deductible executive compensation under Internal Revenue Code 162(m).

The following table presents the significant components of the Company’s net deferred tax liability:


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	276	$	80
Accrued liabilities	3,256		3,459
Operating lease liabilities	56,788		57,152
Deferred revenue	1,913		1,915

Stock-based compensation	2,826		3,363

Capitalized research and development expenses	44,716		40,306

Tax credits	15,694		12,994
Net operating losses	12,761		17,421
Other deferred tax assets	1,859		3,238
Gross deferred tax assets	140,089		139,928
Less: valuation allowance	(70,008)		(67,950)
Total deferred tax assets	70,081		71,978
Deferred tax liabilities:
Property, plant and equipment	22,436		24,469
Goodwill	1,554		1,416
Intangibles	34,305		39,334
Operating lease assets	39,090		39,780


Total deferred tax liabilities	97,385		104,999
Net deferred tax liability	$	(27,304)	$	(33,021)

The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered its historic performance, the nature of its deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. Based on an analysis of these factors, the Company determined that in 2024, a valuation allowance against U.S. deferred tax assets was required.

As of December 31, 2024, the Company had approximately $14.8 million in U.S. federal net operating loss carryforwards, $20.1 million in U.K. loss carryforwards, and $15.7 million in U.S. federal tax credits. All U.S. federal net operating loss carryforwards were generated after the enactment of the Tax Cuts and Jobs Act (the “Act”) and as such do not expire, but can only be utilized to offset up to 80% of taxable income in any given year. The U.S. federal tax credits begin to expire in 2039.

As of December 31, 2024, the Company had approximately $73.6 million in state net operating loss carryforwards. If not utilized, some state net operating loss carryforwards will expire at various dates beginning in 2030.

At December 31, 2024, the amount of unremitted earnings generated by the Company’s foreign subsidiaries is not significant. The Company does not assert indefinite reinvestment on a portion of its unremitted earnings of certain foreign subsidiaries as of December 31, 2024. On the earnings that are not indefinitely reinvested, the Company did not recognize deferred income taxes related to those unremitted foreign earnings, due to the tax favorable manner in which it would be repatriated. For the subsidiaries that the Company asserts permanent reinvestment, if repatriation were to occur, the Company would be required to accrue U.S. taxes, if any, and remit applicable withholding taxes as appropriate. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2024		2023

	(In thousands)
Unrecognized tax benefits—January 1,	$	6,170	$	4,800
Gross increases—tax positions in prior period	91		142

Gross increases—tax positions in current period	1,177		1,228


Unrecognized tax benefits—December 31,	$	7,438	$	6,170

If the $7.4 million of unrecognized tax benefit is recognized, it would not impact the effective tax rate due to the valuation allowance on the Company’s net U.S. deferred tax assets.

For the years ended December 31, 2024, 2023 and 2022, the Company recognized $0.1 million, $0.3 million and $0.3 million, respectively, in interest and penalties related to income taxes within income tax benefit in the accompanying consolidated statements of operations.

The Company expects no material changes in the twelve months following December 31, 2024 in its uncertain tax positions.

The Company files U.S. federal income tax returns as well as income tax returns in many U.S. states and foreign jurisdictions. The tax years 2021 through 2023 remain open to examination by the major jurisdictions in which the Company is subject to tax.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 748,487	$ 601,117	$ 573,152
Cost of revenue	468,529	364,960	334,799
Gross profit	279,958	236,157	238,353
Operating expenses
Research and development	118,627	104,188	97,990
Sales and marketing	109,698	102,063	96,658
General and administrative	71,692	65,363	68,029
Total operating expenses	300,017	271,614	262,677
Operating loss	(20,059)	(35,457)	(24,324)
Other income:
Net gain on extinguishment of debt	10,267	12,767	40,205
Gain on business interruption insurance recoveries	0	4,000	0
Interest expense, net	(1,861)	(808)	(3,048)
Other income, net	2,700	195	4,473
Total other income	11,106	16,154	41,630
(Loss) income before income taxes	(8,953)	(19,303)	17,306
Income tax benefit	2,429	2,960	2,264
Net (loss) income	$ (6,524)	$ (16,343)	$ 19,570
Earnings per share:
Basic (in usd per share)	$ (0.24)	$ (0.64)	$ 0.77
Diluted (in usd per share)	$ (0.24)	$ (0.64)	$ (0.48)
Numerator used to compute net (loss) income per share:
Basic	$ (6,524)	$ (16,343)	$ 19,570
Diluted	$ (6,524)	$ (16,343)	$ (14,897)
Weighted average number of common shares outstanding:
Basic (in shares)	27,209,698	25,612,724	25,282,796
Diluted (in shares)	27,209,698	25,612,724	30,907,869

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Goodwill

The changes in carrying amount of goodwill were as follows:


	Total

	(In thousands)
Balance as of December 31, 2022	$	326,405


Foreign currency translation adjustments	9,467
Balance as of December 31, 2023	335,872


Foreign currency translation adjustments	(18,629)
Balance as of December 31, 2024	$	317,243

Intangible Assets

Intangible assets, net consisted of the following:


	As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	145,625	$	(44,754)	$	100,871	$	147,426	$	(35,599)	$	111,827



Developed technology	75,189		(31,329)		43,860		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	224,266	$	(78,911)	$	145,355	$	230,580	$	(63,666)	$	166,914

The Company recognized amortization expense as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenue		$	7,811	$	7,810	$	7,657

Sales and marketing		9,692		9,464		9,523

Total amortization expense		$	17,503	$	17,274	$	17,180

The remaining weighted average amortization period for definite lived intangible assets is 9.0 years.

Future estimated amortization expense for definite lived intangible assets is as follows:


	As of December 31,
	2024

	(In thousands)

2025	$	17,054
2026	17,054
2027	17,054
2028	17,054
2029	17,054

Thereafter	59,461
	$	144,731

Financial Statement Components - Schedule of Accounts Receivable, Net of Allowances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Statement Components [Abstract]
Trade accounts receivable	$ 41,727	$ 35,612
Unbilled accounts receivable	46,795	43,631
Allowance for doubtful accounts and reserve for expected credit losses	(2,172)	(1,128)
Other accounts receivable	105	40
Total accounts receivable, net	$ 86,455	$ 78,155

Leases - Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
Total lease payments	$ 470,327
Less: imputed interest	(246,150)
Less: accrued lease incentive	(1,875)
Total lease obligations	$ 222,302

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes

The following table presents domestic and foreign components of (loss) income before income taxes for the tax years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022

	(In thousands)
United States	$	7,670	$	759	$	30,594
International	(16,623)		(20,062)		(13,288)
(Loss) income before income taxes	$	(8,953)	$	(19,303)	$	17,306

Schedule of Benefit for Income Taxes from Operations

Benefit for income taxes from operations consists of the following:


	Year Ended December 31,

	2024		2023		2022

	(In thousands)
Current:
Federal	$	(342)	$	(653)	$	(2,717)
State	(1,581)		(1,309)		(803)
Foreign	(1,053)		(2,219)		(815)
Total	(2,976)		(4,181)		(4,335)
Deferred:
Federal	29		(75)		1,004
State	—		—		(1)
Foreign	5,376		7,216		5,596
Total	5,405		7,141		6,599
Income tax benefit	$	2,429	$	2,960	$	2,264

Schedule of Reconciliation ofStatutory Federal Tax Rate and Effective Tax Rate

The following table presents a reconciliation of the statutory federal tax rate and the Company’s effective tax rate for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Federal Tax Rate	21.0	%	21.0	%	21.0	%
State Tax Rate - statutory blended rate	4.2		4.3		4.3
Other effective state tax adjustments	(8.5)		(5.2)		3.6
Non-deductible expenses	(4.6)		(4.1)		4.0
Non-deductible executive compensation	(12.4)		—		—
Research tax benefits	49.4		24.4		(31.6)
Stock-based compensation	1.2		(18.0)		6.3
Change in valuation allowance	(22.8)		(11.7)		(16.1)
Deferred tax rate change	0.1		0.6		0.5

Intangibles and deferred adjustments	(7.3)		—		(4.7)
Foreign rate differential	5.4		2.8		1.6
Other	1.4		1.2		(2.0)
Total	27.1	%	15.3	%	(13.1)	%

Schedule of Significant Components of Net Deferred Tax Liability

The following table presents the significant components of the Company’s net deferred tax liability:


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	276	$	80
Accrued liabilities	3,256		3,459
Operating lease liabilities	56,788		57,152
Deferred revenue	1,913		1,915

Stock-based compensation	2,826		3,363

Capitalized research and development expenses	44,716		40,306

Tax credits	15,694		12,994
Net operating losses	12,761		17,421
Other deferred tax assets	1,859		3,238
Gross deferred tax assets	140,089		139,928
Less: valuation allowance	(70,008)		(67,950)
Total deferred tax assets	70,081		71,978
Deferred tax liabilities:
Property, plant and equipment	22,436		24,469
Goodwill	1,554		1,416
Intangibles	34,305		39,334
Operating lease assets	39,090		39,780


Total deferred tax liabilities	97,385		104,999
Net deferred tax liability	$	(27,304)	$	(33,021)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2024		2023

	(In thousands)
Unrecognized tax benefits—January 1,	$	6,170	$	4,800
Gross increases—tax positions in prior period	91		142

Gross increases—tax positions in current period	1,177		1,228


Unrecognized tax benefits—December 31,	$	7,438	$	6,170

Income Taxes - Schedule of Reconciliation ofStatutory Federal Tax Rate and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal Tax Rate	21.00%	21.00%	21.00%
State Tax Rate - statutory blended rate	4.20%	4.30%	4.30%
Other effective state tax adjustments	(8.50%)	(5.20%)	3.60%
Non-deductible expenses	(4.60%)	(4.10%)	4.00%
Non-deductible executive compensation	(12.40%)	0.00%	0.00%
Research tax benefits	49.40%	24.40%	(31.60%)
Stock-based compensation	1.20%	(18.00%)	6.30%
Change in valuation allowance	(22.80%)	(11.70%)	(16.10%)
Deferred tax rate change	0.10%	0.60%	0.50%
Intangibles and deferred adjustments	(7.30%)	0.00%	(4.70%)
Foreign rate differential	5.40%	2.80%	1.60%
Other	1.40%	1.20%	(2.00%)
Total	27.10%	15.30%	(13.10%)

Employee Benefit Plans - Schedule of Significant Assumptions used in Determining Benefit Obligations and Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined benefit obligations:
Discount rate	3.70%	3.25%	3.80%
Rate of salary increase	1.00%	2.70%	4.67%
Inflation	2.00%	1.80%	2.30%
Defined benefit cost:
Discount rate	3.70%	3.25%	3.80%
Rate of salary increase	1.00%	2.70%	4.67%
Rate of return on plan assets	1.70%	1.80%	1.20%
Inflation	2.00%	1.80%	2.30%

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Unamortized software development costs	$ 22.4	$ 15.3
Capitalized software development costs	11.7	10.6	$ 3.8
Amortization expense of capitalized software development costs	4.2	3.2	2.2
Unamortized implementation costs related to cloud computing arrangements (less than)	0.1
Cost of assets under finance leases	0.4	0.5
Accumulated depreciation of assets under finance leases	0.4	0.3
Capitalized software impairments	$ 0.3	$ 0.5	$ 0.5

Basic and Diluted (Loss) Income per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share

The components of basic and diluted net (loss) income per share are as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands, except share and per share amounts)
Earnings per share


Net (loss) income attributable to common stockholders		$	(6,524)	$	(16,343)	$	19,570
Net (loss) income per share:
Basic		$	(0.24)	$	(0.64)	$	0.77
Diluted		$	(0.24)	$	(0.64)	$	(0.48)
Numerator used to compute net (loss) income per share:
Basic		$	(6,524)	$	(16,343)	$	19,570
Net gain on extinguishment of debt, net of taxes		—		—		(39,614)
Interest expense on convertible notes, net of taxes		—		—		5,147
Diluted		$	(6,524)	$	(16,343)	$	(14,897)














Weighted average number of common shares outstanding:
Basic		27,209,698		25,612,724		25,282,796

Convertible debt conversion		—		—		5,625,073



Diluted		27,209,698		25,612,724		30,907,869

Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net (Loss) Income

The following common share equivalents were excluded from the weighted average shares used to calculate diluted net (loss) income per common share because their effects would have been anti-dilutive:


	As of December 31,
	2024	2023	2022
Stock options issued and outstanding	79,238	97,480	159,741
Restricted stock units issued and outstanding	5,195,945	5,911,794	2,607,106
Convertible senior notes	2,321,106	3,442,229	—
Total	7,596,289	9,451,503	2,766,847

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38285
Entity Registrant Name	BANDWIDTH INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2242657
Entity Address, Address Line One	2230 Bandmate Way
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27607
City Area Code	(800)
Local Phone Number	808-5150
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	BAND
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 409.0
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part II and Part III of this Annual Report on Form 10-K to the extent stated herein. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0001514416
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		26,665,744
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,958,028

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

14. Employee Benefit Plans

The Company sponsors a U.S. defined contribution 401(k), which allows eligible U.S.-based employees to defer a portion of their compensation. The Company, at its discretion, may make matching contributions. With the acquisition of Voxbone S.A. on November 1, 2020, the Company assumed sponsorship for Voxbone S.A.’s U.S. defined contribution 401(k). In connection with that acquisition, the Company also assumed sponsorship for a non-U.S. defined contribution plan for which it pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods. The contributions are recognized as employee benefit expense when they are due. The Company made matching contributions for the defined contribution plans of $4.4 million, $4.8 million, and $4.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.

In addition, as a result of the acquisition of Voxbone S.A., the Company assumed sponsorship for Voxbone S.A.’s non-U.S. defined benefit pension plans. The liability recognized is the present value of the defined benefit obligation at the end of the reporting period less the fair value of the plan assets and is included in other liabilities in the accompanying consolidated balance sheets. The defined benefit obligation is calculated annually by an independent actuary using the Projected Unit Credit Method.

The following table summarizes information for the pension plans:


	As of December 31,
	2024		2023

	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,927	$	3,502
Service cost	309		264
Interest cost	123		146
Actuarial (gain) loss	(138)		13
Benefits paid	(8)		(41)
Taxes, insurance premiums and administrative expenses	(52)		(61)

Impact of foreign currency translation	(222)		104
Benefit obligation at end of year	$	3,939	$	3,927

Change in plan assets:
Fair value of plan assets at beginning of year	$	3,607	$	3,181
Return on plan assets	64		41
Actuarial loss	(6)		—
Employer contribution	349		393

Benefits paid	(8)		(41)
Taxes, insurance premiums and administrative expenses	(52)		(61)
Impact of foreign currency translation	(205)		94
Fair value of plan assets at end of year	3,749		3,607
Funded status, net liability	$	190	$	320

The Company’s pension liability for the Company’s non-U.S. defined benefit pension plans was $0.2 million and $0.3 million as of December 31, 2024 and 2023, respectively, which is included in other liabilities on the accompanying consolidated balance sheets.

The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:


	As of December 31,
	2024		2023

	(In thousands)
Projected benefit obligation	$	3,939	$	3,927
Accumulated benefit obligation	3,737		3,623
Fair value of plan assets	3,749		3,607

The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs arising from the services rendered by the employee and records the other components of net periodic benefit cost in other income, net.

Pretax amounts for net periodic benefit cost and other amounts for the defined benefit pension plans consisted of the following components:


	Year ended December 31,
	2024		2023		2022

	(In thousands)
Service cost	$	309	$	264	$	268
Interest cost	123		146		35
Return on plan assets	(64)		(41)		(26)
Amortization of actuarial gain	(22)		(27)		—
Net periodic pension cost	346		342		277
Changes in plan assets and benefit obligations included in other comprehensive loss:
Unrecognized net actuarial gain beginning of year	(783)		(705)		(227)
Actuarial gain recognized during year	22		27		—
Actuarial (gain) loss on benefit obligation	(138)		13		(418)
Actuarial loss (gain) on fair value of plan assets	6		—		(72)
Impact of foreign currency translation	44		(118)		12

Total included in other comprehensive loss (before tax effect)	(849)		(783)		(705)
Total recognized in net periodic benefit cost and included in other comprehensive loss	$	(503)	$	(441)	$	(428)

The Company uses significant judgment to determine the measurement of their non-U.S. defined benefit pension plans’ assets and liabilities. These amounts are calculated by an independent actuary. The present value of the defined benefit obligation depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any change in these assumptions will impact the present value of the defined benefit obligation.

The actuarial gains and losses recognized in the pension expense are determined using the so-called “10% corridor” method, i.e. actuarial gains and losses which exceed 10% of the higher of the plan assets and the projected

benefit obligation are amortized on a straight line basis over the average remaining service period of the active plan participants. Any prior service costs are amortized on a straight line basis over the average remaining service period of the active plan participants.

The Company determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Company considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related obligation. The other assumptions for pension obligations are based in part on market conditions.

Significant assumptions used in determining benefit obligations and net periodic benefit cost are as follows:


	Year ended December 31,
	2024		2023		2022
Defined benefit obligations:
Discount rate	3.70	%	3.25	%	3.80	%
Rate of salary increase	1.00	%	2.70	%	4.67	%
Inflation	2.00	%	1.80	%	2.30	%

Defined benefit cost:
Discount rate	3.70	%	3.25	%	3.80	%
Rate of salary increase	1.00	%	2.70	%	4.67	%
Rate of return on plan assets	1.70	%	1.80	%	1.20	%
Inflation	2.00	%	1.80	%	2.30	%

Plan Assets

The Company’s non-U.S. defined benefit plans are insured by a third party. The investments are governed by the insurer, who oversees all investment decisions. The insurance contracts are classified as Level 2 because a portion of the underlying funds are valued using significant other observable inputs. The insurance contracts provide for a guaranteed interest credit and a profit-sharing adjustment based on the actual performance of the underlying investment assets of the insurer. The fair value of the contract is determined by the insurer based on the premiums paid by the Company plus interest credits plus the profit-sharing adjustment less benefit payments.

The major category of plan assets are assets held by insurance companies (collective and individual) of $3.7 million and $3.6 million as of December 31, 2024 and 2023, respectively.

Expected Cash Flows

The Company expects to contribute $0.4 million to its non-U.S. defined benefit pension plans during 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Long-Lived Assets by Geographical Areas

The following table summarizes revenue by geographic region, which is apportioned based on the destination of the service:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
United States		$	658,735	$	514,048	$	484,105
International		89,752		87,069		89,047
Total		$	748,487	$	601,117	$	573,152

The following table summarizes long-lived assets by geographic region:


	As of December 31,
		2024		2023

		(In thousands)
United States		$	326,634	$	329,002
International		3,790		6,369
Total		$	330,424	$	335,371

Financial Statement Components - Schedule of Components of Allowance for Doubtful Accounts and Reserve for Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ (1,128)	$ (1,191)	$ (1,661)
Charged to bad debt expense, net of reversals	(2,984)	(733)	(543)
Deductions	1,896	807	983
Impact of foreign currency translation	44	(11)	30
Balance, end of period	$ (2,172)	$ (1,128)	$ (1,191)

Summary of Significant Accounting Policies - Deferred Costs and Internal-Use Software Development Costs (Details)	Dec. 31, 2024
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization period (in years)	4 years
Internal-use software development
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization period (in years)	4 years

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes any contracts, instructions or written plans for the sale or purchase of our securities adopted, amended or terminated by our directors or executive officers during the three months ended December 31, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name and Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan

Aggregate Number of Securities to be Purchased or Sold

Daryl E. Raiford

Chief Financial Officer

12/12/2024

12/31/2025

Covers the sale of an indeterminate number of shares of Class A common stock issued upon future equity award vesting events.

Kade Ross

Chief Information Officer

12/12/2024

03/17/2026

Covers the sale of up to 16,000 shares of Class A common stock.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Kade Ross [Member]

Trading Arrangements, by Individual

Name

Kade Ross

Title

Chief Information Officer

Rule 10b5-1 Arrangement Adopted

true

12/12/2024

03/17/2026

460 days

16,000

Daryl E. Raiford [Member]

Trading Arrangements, by Individual

Name

Daryl E. Raiford

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

12/12/2024

Expiration Date

12/31/2025

Arrangement Duration

384 days

Basic and Diluted (Loss) Income per Common Share - Schedule of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Basic	$ (6,524)	$ (16,343)	$ 19,570
Net (loss) income per share:
Basic (in usd per share)	$ (0.24)	$ (0.64)	$ 0.77
Diluted (in usd per share)	$ (0.24)	$ (0.64)	$ (0.48)
Numerator used to compute net (loss) income per share:
Net gain on extinguishment of debt, net of taxes	$ 0	$ 0	$ (39,614)
Interest expense on convertible notes, net of taxes	0	0	5,147
Diluted	$ (6,524)	$ (16,343)	$ (14,897)
Weighted average number of common shares outstanding:
Basic (in shares)	27,209,698	25,612,724	25,282,796
Convertible debt conversion (in shares)	0	0	5,625,073
Diluted (in shares)	27,209,698	25,612,724	30,907,869

Employee Benefit Plans - Schedule of Pretax Amounts for Net Periodic Benefit Cost and Other Amounts forDefined Benefit Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 309	$ 264	$ 268
Interest cost	123	146	35
Return on plan assets	$ (64)	(41)	(26)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net
Amortization of actuarial gain	$ (22)	$ (27)	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other income, net
Net periodic pension cost	346	$ 342	277
Changes in plan assets and benefit obligations included in other comprehensive loss:
Unrecognized net actuarial gain beginning of year	(783)	(705)	(227)
Actuarial gain recognized during year	22	27	0
Actuarial (gain) loss on benefit obligation	(138)	13	(418)
Actuarial loss (gain) on fair value of plan assets	6	0	(72)
Impact of foreign currency translation	44	(118)	12
Total included in other comprehensive loss (before tax effect)	(849)	(783)	(705)
Total recognized in net periodic benefit cost and included in other comprehensive loss	$ (503)	$ (441)	$ (428)

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense and Other Supplemental Information Related to Operating Leases

Other supplemental information related to operating leases were as follows:


	Year ended December 31,
		2024		2023		2022








Weighted average remaining lease term (in years)		18.29		19.30		2.12



Weighted average discount rate		8.76	%	8.76	%	4.58	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


	As of December 31,
	2024


	(In thousands)


2025	$	20,968
2026	22,503
2027	22,909
2028	23,258
2029	23,673
Thereafter	357,016
Total lease payments	470,327
Less: imputed interest	(246,150)
Less: accrued lease incentive	(1,875)
Total lease obligations	222,302
Less: current obligations	(3,111)
Long-term lease obligations	$	219,191

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 48,362	$ 36,992	$ 20,655
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,638	1,136	404
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	20,433	15,661	7,523
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	8,105	6,273	2,808
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 18,186	$ 13,922	$ 9,920

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (6,524)	$ (16,343)	$ 19,570
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization	49,242	41,717	35,599
Non-cash reduction to the right-of-use asset	3,601	9,323	6,977
Amortization of debt discount and issuance costs	1,709	2,520	3,082
Stock-based compensation	48,362	36,992	20,655
Deferred taxes and other	(4,452)	(5,942)	(5,557)
Gain on sale of intangible asset	(1,000)	0	0
Net gain on extinguishment of debt	(10,267)	(12,767)	(40,205)
Changes in operating assets and liabilities:
Accounts receivable	(8,725)	(3,454)	(13,341)
Prepaid expenses and other assets	4,062	2,141	(5,795)
Accounts payable	(4,639)	5,385	17,210
Accrued expenses and other liabilities	18,108	(10,592)	4,291
Operating right-of-use liability	(5,594)	(9,979)	(7,580)
Net cash provided by operating activities	83,883	39,001	34,906
Cash flows from investing activities
Purchase of property, plant and equipment	(13,986)	(9,257)	(41,661)
Deposits for construction in progress	0	0	(18,674)
Refund of deposits for construction in progress	2,707	0	0
Capitalized software development costs	(11,394)	(10,642)	(3,755)
Purchase of marketable securities	(34,050)	(80,625)	(179,598)
Proceeds from sales and maturities of marketable securities	53,502	130,120	108,681
Proceeds from sale of business	779	1,253	1,558
Proceeds from sale of intangible assets	1,000	0	0
Net cash (used in) provided by investing activities	(1,442)	30,849	(133,449)
Cash flows from financing activities
Borrowings on line of credit	206,500	0	0
Repayments on line of credit	(206,500)	0	0
Payments on finance leases	(87)	(157)	(190)
Net cash paid for debt extinguishment	(128,534)	(51,259)	(117,286)
Payment of debt issuance costs	(524)	(710)	(553)
Proceeds from exercises of stock options	167	413	163
Value of equity awards withheld for tax liabilities	(2,295)	(1,062)	(2,139)
Net cash used in financing activities	(131,273)	(52,775)	(120,005)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,241)	610	881
Net (decrease) increase in cash, cash equivalents, and restricted cash	(50,073)	17,685	(217,667)
Cash, cash equivalents, and restricted cash, beginning of period	132,307	114,622	332,289
Cash, cash equivalents, and restricted cash, end of period	82,234	132,307	114,622
Reconciliation of cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	81,812	131,987	113,641
Restricted cash included in prepaid expenses and other current assets	422	320	981
Total cash, cash equivalents, and restricted cash, end of period	82,234	132,307	114,622
Supplemental disclosure of cash flow information
Cash paid for (received from) interest	691	(1,500)	18
Cash paid for taxes	3,815	7,203	3,932
Right-of-use assets obtained in exchange for new operating lease liabilities	1,905	156,025	3,421
Supplemental disclosure of noncash investing and financing activities
Purchase of property, plant and equipment, accrued but not paid	11,447	6,871	1,741
Purchase of property and equipment through lease incentive	0	57,329	5,791
Purchase of property and equipment through use of escrow deposits	$ 0	$ 20,674	$ 0

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions					12 Months Ended
	Jan. 01, 2024	May 18, 2023	Jan. 01, 2018	Nov. 09, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					6,322,014	7,494,255
Total intrinsic value of stock options exercised					$ 0.2	$ 0.4	$ 0.6
Options granted (in shares)					0
Unrecognized compensation cost related to non-vested stock option					$ 0.0
Stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					79,238	97,480
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					4,364,486	5,066,159
Unrecognized compensation cost related to non-vested RSUs					$ 72.6
Unrecognized cost for stock based compensation, period for recognition (in years)					2 years 1 month 20 days
Stock Option Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)				0
A2017 Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				1,050,000
Common stock capital shares reserved for future issuance increase (as percent)			5.00%
Increase in shares available for grant (in shares)	1,210,307	2,500,000
A2017 Equity Compensation Plan \| Stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life (in years)				10 years

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following tables summarize the Company’s financial assets measured at fair value as of December 31, 2024 and 2023:


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2024
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	57,759	$	—	$	—	$	57,759	$	—	$	—	$	57,759





Commercial paper	18,489		—		—		18,489		—		—		18,489

Total included in cash and cash equivalents	76,248		—		—		76,248		—		—		76,248
Marketable securities:



Commercial paper	1,970		5		—		1,975		—		—		1,975
Total marketable securities	1,970		5		—		1,975		—		—		1,975



Total financial assets	$	78,218	$	5	$	—	$	78,223	$	—	$	—	$	78,223


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2023
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	120,724	$	—	$	—	$	120,724	$	—	$	—	$	120,724







Total included in cash and cash equivalents	120,724		—		—		120,724		—		—		120,724
Marketable securities:
Time deposits	20,000		—		—		20,000		—		—		20,000


Commercial paper	1,422		66		—		1,488		—		—		1,488
Total marketable securities	21,422		66		—		21,488		—		—		21,488



Total financial assets	$	142,146	$	66	$	—	$	142,212	$	—	$	—	$	142,212

Schedule of Contractual Maturities of Marketable Securities

The following table summarizes the contractual maturities of marketable securities as of December 31, 2024:


	Amortized cost		Aggregate fair value

	(In thousands)
Financial assets:
Less than one year	$	1,970	$	1,975

Total	$	1,970	$	1,975

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

8. Debt

Revolving Credit Facility

On August 1, 2023, the Company entered into a credit agreement (the “Credit Agreement”) among the Company, as borrower, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and letters of credit issuer. The Credit Agreement provides for a $50.0 million revolving credit facility (the “Credit Facility”), including a $15.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million. The Credit Facility has an accordion feature that allows for an increase in the total borrowing size up to $25.0 million, subject to certain conditions. The Credit Facility matures on the earlier of (a) August 1, 2028 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes. The Credit Agreement requires that the Company maintain consolidated EBITDA, tested on a quarterly basis. The Company is also required to maintain minimum liquidity of $75.0 million, which includes the amount of undrawn borrowing commitments available under the Credit Agreement. Interest on borrowings under the Credit Facility accrues at an annual rate tied to a base rate or the Secured Overnight Financing Rate (“SOFR”), at the Company’s election. Loans based on SOFR bear interest at a rate equal to term SOFR for the applicable interest period plus 10 basis points plus an applicable margin between 2.25% and 2.75%, and loans based on the base rate bear interest at a rate equal to the base rate plus an applicable margin between 1.25% and 1.75%, in each case of the foregoing, depending upon the Company’s consolidated EBITDA for the most recent period of four consecutive fiscal quarters for which financial statements have been delivered under the Credit Agreement. The Company is required to pay a quarterly commitment fee equal to between 0.05% and 0.0625% on the unused portion of the borrowing commitment, depending upon the Company’s consolidated EBITDA for the most recent period of four consecutive fiscal quarters for which financial statements have been delivered under the Credit Agreement.

On May 1, 2024, the Company entered into an amendment (the “Amendment”) to the Credit Agreement. The Amendment increased the aggregate revolving credit commitments to $100.0 million; increased the swingline sublimit to $10.0 million; increased the minimum liquidity to $82.5 million; and extended the maturity date to the earlier of (a) May 1, 2029 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes.

On October 28, 2024, the Company entered into a second amendment (the “Second Amendment”) to the Credit Agreement, which increased the aggregate revolving credit commitments to $150.0 million and modified the maturity date to the earlier of (a) May 1, 2029 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible senior notes due 2028. The Second Amendment also modified the applicable margin for loans based on SOFR to between 2.00% and 2.50%, and modified the applicable margin for loans based on the base rate to between 1.00% and 1.50%, in each case depending upon the Company’s consolidated total leverage ratio for the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement. The Company is now required to pay a quarterly commitment fee equal to between 0.20% and 0.25%, depending upon the Company’s consolidated total leverage ratio for the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement. The Second Amendment replaced existing financial covenants with the following new financial covenants: (a) (1) for each fiscal quarter ending on or prior to June 30, 2025, a consolidated senior secured leverage ratio not to exceed 2.75 to 1.00, and (2) for each fiscal quarter thereafter, a consolidated senior secured leverage ratio not to exceed 2.50 to 1.00; and (b) a consolidated fixed charge coverage ratio not less than 2.00 to 1.00, in each case tested as of the end of any fiscal quarter. The amendments modified exceptions to certain customary negative covenants to require a pro forma consolidated senior secured leverage ratio at least 0.50 to 1.00 inside the maximum then-applicable consolidated senior secured leverage ratio, and modified the exception to the restriction on additional convertible indebtedness to require a pro forma consolidated total leverage ratio over the most recent four fiscal quarters not to exceed 4.50 to 1.00.

The obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s tangible and intangible property and by a pledge of all of the equity interests of the Company’s direct domestic subsidiaries and 65% of the voting capital stock and 100% of the non-voting capital stock of any first-tier foreign subsidiaries, subject to limited exceptions. In addition, the Company’s direct domestic subsidiaries guarantee the obligations under the Credit Agreement and grant a lien and pledge, as applicable, on substantially all of their tangible and intangible property to secure the obligations under the Credit Agreement.

As of December 31, 2024, unamortized debt issuance costs were $1.0 million, of which $0.2 million were included in prepaid expenses and other current assets and $0.8 million were included in other long-term assets. As of December 31, 2023, unamortized debt issuance costs were $0.6 million, of which $0.1 million were included in prepaid expenses and other current assets and $0.5 million were included in other long-term assets.

As of December 31, 2024, the Company had no outstanding borrowings under the Credit Facility and was in compliance with all financial and non-financial covenants for all periods presented. As of December 31, 2024, the available borrowing capacity under the Credit Facility was $150.0 million.

Convertible Senior Notes and Capped Call Transactions

2026 Convertible Notes

In February 2020, the Company issued $400.0 million aggregate principal amount of 0.25% Convertible Notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2026 Convertible Notes”). The interest on the 2026 Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2020. The 2026 Convertible Notes will mature on March 1, 2026, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2026 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2026 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $344.7 million. The excess of the principal amount of the liability component over its carrying

amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.510% over the contractual terms of the 2026 Convertible Notes.

Each $1,000 principal amount of the 2026 Convertible Notes is initially convertible into 10.9857 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $91.03 per share.

During May 2024, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 Convertible Notes (the “2024 Repurchases”) to repurchase approximately $140.0 million aggregate principal amount of the 2026 Convertible Notes for an aggregate cash price of approximately $128.5 million. The 2024 Repurchases closed on May 9, 2024. Following the 2024 Repurchases and previous repurchases, approximately $35.0 million principal amount of the 2026 Convertible Notes remain outstanding. The difference between the consideration used for the 2024 Repurchases and the carrying value of the 2026 Convertible Notes resulted in a gain of $10.3 million recorded within net gain on extinguishment of debt on the Company’s condensed consolidated statements of operations for the year ended December 31, 2024. The Company had previously entered into capped call transactions with certain financial institutions in connection with the 2026 Convertible Notes. All of these transactions are expected to remain in effect notwithstanding the repurchases.

2028 Convertible Notes

In March 2021, the Company issued $250.0 million aggregate principal amount of 0.50% Convertible Notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2028 Convertible Notes” and, together with the 2026 Convertible Notes, the “Convertible Notes”). The interest on the 2028 Convertible Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The 2028 Convertible Notes will mature on April 1, 2028, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2028 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2028 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $217.0 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.442% over the contractual terms of the 2028 Convertible Notes.

Each $1,000 principal amount of the 2028 Convertible Notes is initially convertible into 5.5781 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $179.27 per share.

Other Terms of the Convertible Notes

The Convertible Notes are effectively subordinated to the Company’s future senior secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are the senior, unsecured obligations of the Company and are equal in right of payment with the Company’s future senior unsecured indebtedness, if any, senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Convertible Notes and the Convertible Notes will be structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and preferred equity, if any, of the Company’s subsidiaries. The Convertible Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the indenture governing the applicable Convertible Notes (each, a “Notes Indenture” and collectively, the “Notes Indentures”) or if the Convertible Notes are not freely tradeable as required by the applicable Notes Indenture.

The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (which includes the calling of any Convertible Notes for redemption), as defined in the applicable Notes Indenture, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a

holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The Company may redeem the Convertible Notes, in whole or in part, at its option at any time, and from time to time, on or after (i) March 6, 2023 for the 2026 Convertible Notes, or ii) after April 6, 2025 for the 2028 Convertible Notes, in each case, on or before the fortieth (40th) scheduled trading day immediately before the maturity date, at a cash redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date, if the last reported sale price of the Class A common stock has exceeded 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading date immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading days ending on, and including, the trading date immediately before the date on which the Company provides the related redemption notice. No sinking fund is provided for the Convertible Notes.

The Convertible Notes will be convertible at certain times and upon the occurrence of certain events in the future. Further, on or after September 1, 2025 for the 2026 Convertible Notes, and on or after October 1, 2027 for the 2028 Convertible Notes, in each case, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or a portion of their Convertible Notes regardless of these conditions. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at the Company’s election. It is the Company’s current intent to settle the principal amount of the Convertible Notes with cash.

During the years ended December 31, 2024 and 2023, the conditions allowing the holders of the 2026 Convertible Notes and the 2028 Convertible Notes to convert were not met. The Convertible Notes may be convertible thereafter if one or more of the conversion conditions specified in each respective Notes Indenture are satisfied during future measurement periods. The Company continues to classify the Convertible Notes as a long-term liability in its consolidated balance sheets as of December 31, 2024, based on contractual settlement provisions.

Upon the occurrence of a fundamental change (as defined in the applicable Notes Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2026 Convertible Notes or 2028 Convertible Notes for cash at a price equal to the principal amount of the Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The net carrying amount of the liability components of the Convertible Notes were as follows:



	As of December 31,
	2024		2023

2026 Convertible Notes:	(In thousands)
Principal	$	35,000	$	175,000

Unamortized debt issuance costs	(205)		(1,891)
2026 Convertible Notes net carrying amount	34,795		173,109

2028 Convertible Notes:
Principal	250,000		250,000

Unamortized debt issuance costs	(3,511)		(4,583)
2028 Convertible Notes net carrying amount	246,489		245,417
Total net carrying amount	$	281,284	$	418,526

The following table sets forth the interest expense recognized related to the Convertible Notes:


	Year ended December 31,
		2024		2023		2022

2026 Convertible Notes:		(In thousands)
Contractual interest expense		$	241	$	465	$	997

Amortization of debt issuance costs		421		940		1,915
Total interest expense related to the 2026 Convertible Notes		662		1,405		2,912

2028 Convertible Notes:
Contractual interest expense		1,250		1,250		1,250

Amortization of debt issuance costs		1,071		1,064		1,062
Total interest expense related to the 2028 Convertible Notes		2,321		2,314		2,312
Total interest expense		$	2,983	$	3,719	$	5,224

Capped Calls

In connection with the offering of the 2026 Convertible Notes and the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “2026 Capped Calls” and the “2028 Capped Calls,” respectively and, collectively, the “Capped Calls”). The initial strike price of the Convertible Notes corresponds to the initial conversion price of the 2026 Convertible Notes and the 2028 Convertible Notes. The Capped Calls are generally intended to reduce or offset the potential dilution to the Class A common stock upon any conversion of the 2026 Convertible Notes and 2028 Convertible Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Capped Calls expire on the earlier of (i) the last day on which any convertible securities remain outstanding and (ii) March 1, 2026 for the 2026 Capped Calls and April 1, 2028 for the 2028 Capped Calls, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, insolvency filings, and hedging disruptions. The Capped Call transactions are recorded in stockholders’ equity and are not accounted for as derivatives. The net cost to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated balance sheets.

The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of December 31, 2024:


	2026 Convertible Notes		2028 Convertible Notes

	(In thousands, except share and per share amounts)
Initial approximate strike price per share, subject to certain adjustments	$	91.03	$	179.27
Initial cap price per share, subject to certain adjustments	$	137.40	$	260.76
Net costs incurred	$	43,320	$	25,500
Class A common stock covered, subject to anti-dilution adjustments	384,500		1,394,525

All of the Capped Calls were outstanding as of December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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+ Details

Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Geographic Information

9. Geographic Information

The following table summarizes revenue by geographic region, which is apportioned based on the destination of the service:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
United States		$	658,735	$	514,048	$	484,105
International		89,752		87,069		89,047
Total		$	748,487	$	601,117	$	573,152

For the years ended December 31, 2024, 2023 and 2022, no country outside of the United States represented 10% or more of total revenues.

The following table summarizes long-lived assets by geographic region:


	As of December 31,
		2024		2023

		(In thousands)
United States		$	326,634	$	329,002
International		3,790		6,369
Total		$	330,424	$	335,371

13. Segment Reporting

The Company manages its business activities on a consolidated basis and operates in one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the CODM in deciding how to make operating decisions, allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The CODM utilizes the Company’s budgeted and forecasted expense information, as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business and monitors budget versus actual results using net (loss) income, as reported in the accompanying consolidated statements of operations.

Significant expenses within net (loss) income include cost of revenue, research and development, sales and marketing, and general and administrative expenses, which are each separately presented on the Company’s consolidated statements of operations. Other segment items within net (loss) income include net gain on

extinguishment of debt, gain on business interruption insurance recoveries, interest expense, net, other income, net, and income tax benefit.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 17,054
2026	17,054
2027	17,054
2028	17,054
2029	17,054
Thereafter	59,461
Net Carrying Value	$ 144,731

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (78,911)	$ (63,666)
Net Carrying Value	144,731
Gross Amount	224,266	230,580
Net Carrying Value	145,355	166,914
Licenses, indefinite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Licenses, indefinite lived	624	624
Customer relationships
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	145,625	147,426
Accumulated Amortization	(44,754)	(35,599)
Net Carrying Value	100,871	111,827
Developed technology
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	75,189	79,702
Accumulated Amortization	(31,329)	(25,239)
Net Carrying Value	43,860	54,463
Other, definite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	2,828	2,828
Accumulated Amortization	(2,828)	(2,828)
Net Carrying Value	$ 0	$ 0

Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period (in years)	9 years

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases The Company leases office space under non-cancelable operating lease agreements that expire on various dates through July 2043. As of December 31, 2024, the Company has $471.1 million in future minimum rent payments for its current office space. See Note 5, “Leases,” to the consolidated financial statements, for additional details on the Company’s operating lease commitments. Contractual Obligations As of December 31, 2024, the Company has $14.6 million in non-cancellable purchase obligations, consisting of primarily network equipment maintenance and software license contracts, of which $6.6 million will be fulfilled within one year. Legal Matters The Company is involved as a defendant in various litigation, including, but not limited to, lawsuits alleging that the Company failed to bill, collect and remit certain taxes and surcharges associated with the provision of 911 services pursuant to applicable laws in various jurisdictions. The Company intends to vigorously defend these lawsuits and believes that it has meritorious defenses to each. However, litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could adversely affect the Company’s business, results of operations and financial condition.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

5. Leases

The Company has entered into various operating lease agreements for office space and finance lease agreements for automobiles.

The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of December 31, 2024, non-cancelable leases expire on various dates between 2025 and 2043, some of which include options to extend the leases for up to 20 years.

For the years ended December 31, 2024, 2023 and 2022, operating lease cost recorded in the consolidated statements of operations was $23.1 million, $15.7 million and $7.8 million, respectively.

During the years ended December 31, 2024, 2023 and 2022, short-term operating lease expense was $0.7 million, $0.6 million, and $0.6 million, respectively.

Operating lease assets are recorded net of accumulated amortization of $7.3 million and $20.3 million as of December 31, 2024 and 2023, respectively.

Other supplemental information related to operating leases were as follows:


	Year ended December 31,
		2024		2023		2022








Weighted average remaining lease term (in years)		18.29		19.30		2.12



Weighted average discount rate		8.76	%	8.76	%	4.58	%

Maturities of operating lease liabilities were as follows:


	As of December 31,
	2024


	(In thousands)


2025	$	20,968
2026	22,503
2027	22,909
2028	23,258
2029	23,673
Thereafter	357,016
Total lease payments	470,327
Less: imputed interest	(246,150)
Less: accrued lease incentive	(1,875)
Total lease obligations	222,302
Less: current obligations	(3,111)
Long-term lease obligations	$	219,191

Corporate Headquarters

On August 1, 2023, the Company commenced a lease for a new corporate headquarters in Raleigh, North Carolina. The lease term will continue for a period of twenty (20) years (the “Initial Term”). The Company has the option to renew the Initial Term for two ten-year periods at a rental rate equal to 100% of the then-prevailing market rental rate for comparable buildings in the Raleigh, North Carolina, market. The Company relocated its corporate headquarters to the leased property during the third quarter of 2023.

The Company evaluated the stated yield explicitly set forth in the lease, and determined it was not calculated in a manner as required by ASC 842. Therefore, the Company determined it appropriate to use its IBR as the discount rate for the lease. The IBR was estimated by determining the risk-free rate for a similar length security and applying a risk premium based on the Company’s estimated credit rating. Because the Company’s estimated credit rating was based on presumed unsecured credit, the rating was increased one level to estimate the yield on secured debt, consistent with ASC 842’s requirements. The estimated rate was 8.78%.

Upon commencement of the lease, the Company recognized ROU assets of $156.0 million and operating lease liabilities of $223.1 million, both of which do not include the two ten-year renewal options. The operating lease liabilities include $67.8 million of incentives provided by the landlord throughout development of the new corporate headquarters. Assets obtained through lease incentives are reported in property, plant and equipment, net, on the consolidated balance sheets. The Company also recorded $2.5 million in security deposits and $1.0 million in escrow deposits to fund additional improvements. As of December 31, 2024, there is no balance remaining on the escrow deposits to fund additional improvements. Deposits are reported as a component of other long-term assets on the Company’s consolidated balance sheets.

Stockholders’ Equity - Additional Information (Details)	12 Months Ended
Stockholders’ Equity - Additional Information (Details)	Dec. 31, 2024 vote $ / shares shares	Dec. 31, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares	Mar. 31, 2021 $ / shares	Feb. 28, 2020 $ / shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Stock split conversion ratio	1
Common stock, dividends declared (in usd per share) \| $ / shares	$ 0	$ 0	$ 0
Class A voting common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001		$ 0.001	$ 0.001
Common stock voting rights \| vote	1	1
Class B voting common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001
Common stock voting rights \| vote	10	10

Summary of Significant Accounting Policies - Schedule of Finite Lived Intangible Assets (Details)	Dec. 31, 2024
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	10 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	15 years
Minimum \| Other, definite lived
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	2 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	20 years
Maximum \| Other, definite lived
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Schedule of Interest Expense Recognized Related to Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total interest expense	$ 2,983	$ 3,719	$ 5,224
2026 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	241	465	997
Amortization of debt issuance costs	421	940	1,915
Total interest expense	662	1,405	2,912
2028 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	1,250	1,250	1,250
Amortization of debt issuance costs	1,071	1,064	1,062
Total interest expense	$ 2,321	$ 2,314	$ 2,312

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Summary of Significant Accounting Policies - Business Interruption Insurance Recovery (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Gain on business interruption insurance recoveries	$ 4,000	$ 0	$ 4,000	$ 0

Financial Statement Components

12 Months Ended

Dec. 31, 2024

Financial Statement Components [Abstract]

Financial Statement Components

4. Financial Statement Components

Accounts receivable, net of allowances consist of the following:



	As of December 31,
	2024		2023

	(In thousands)
Trade accounts receivable	$	41,727	$	35,612
Unbilled accounts receivable	46,795		43,631
Allowance for doubtful accounts and reserve for expected credit losses	(2,172)		(1,128)
Other accounts receivable	105		40
Total accounts receivable, net	$	86,455	$	78,155

Components of allowance for doubtful accounts and reserve for expected credit losses are as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Balance, beginning of period		$	(1,128)	$	(1,191)	$	(1,661)
Charged to bad debt expense, net of reversals		(2,984)		(733)		(543)
Deductions (1)		1,896		807		983
Impact of foreign currency translation		44		(11)		30



Balance, end of period		$	(2,172)	$	(1,128)	$	(1,191)

________________________

(1) Write-off of uncollectible accounts after all collection efforts have been exhausted.

Accrued expenses and other current liabilities consisted of the following:



	As of December 31,
	2024		2023

	(In thousands)
Accrued expense	$	63,665	$	40,731
Accrued compensation and benefits	25,992		19,142
Accrued sales, use, VAT and telecommunications related taxes	7,898		8,467




Other accrued expenses	566		674
Total accrued expenses and other current liabilities	$	98,121	$	69,014

Property, Plant and Equipment - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total cost	$ 278,117	$ 255,802
Less—accumulated depreciation	(101,294)	(77,938)
Total property, plant and equipment, net	176,823	177,864
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	$ 15,925	16,036
Useful life (in years)	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 13,967	13,669
Computer and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Computer and office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Telecommunications equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 82,608	82,991
Telecommunications equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Telecommunications equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	$ 76,054	75,437
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Software
Property, Plant and Equipment [Line Items]
Total cost	$ 24,916	12,552
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Internal-use software development
Property, Plant and Equipment [Line Items]
Total cost	$ 35,499	25,909
Useful life (in years)	4 years
Automobile
Property, Plant and Equipment [Line Items]
Total cost	$ 447	507
Useful life (in years)	3 years
Land
Property, Plant and Equipment [Line Items]
Total cost	$ 27,636	27,771
Land Improvements
Property, Plant and Equipment [Line Items]
Total cost	$ 1,065	$ 930
Useful life (in years)	20 years

Subsequent Events (Details) - 2026 Convertible Notes - Convertible Notes - USD ($) $ in Millions	Feb. 19, 2025	May 09, 2024	Feb. 24, 2025	Feb. 28, 2020
Subsequent Event [Line Items]
Stated rate (as percent)				0.25%
Repurchased face amount		$ 140.0
Repayments of debt		$ 128.5
Forecast
Subsequent Event [Line Items]
Principal amount			$ 7.6
Subsequent Event
Subsequent Event [Line Items]
Stated rate (as percent)	0.25%
Repurchased face amount	$ 27.4
Repayments of debt	$ 26.1

Basic and Diluted (Loss) Income per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted (Loss) Income per Common Share

16. Basic and Diluted (Loss) Income per Common Share

The components of basic and diluted net (loss) income per share are as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands, except share and per share amounts)
Earnings per share


Net (loss) income attributable to common stockholders		$	(6,524)	$	(16,343)	$	19,570
Net (loss) income per share:
Basic		$	(0.24)	$	(0.64)	$	0.77
Diluted		$	(0.24)	$	(0.64)	$	(0.48)
Numerator used to compute net (loss) income per share:
Basic		$	(6,524)	$	(16,343)	$	19,570
Net gain on extinguishment of debt, net of taxes		—		—		(39,614)
Interest expense on convertible notes, net of taxes		—		—		5,147
Diluted		$	(6,524)	$	(16,343)	$	(14,897)














Weighted average number of common shares outstanding:
Basic		27,209,698		25,612,724		25,282,796

Convertible debt conversion		—		—		5,625,073



Diluted		27,209,698		25,612,724		30,907,869

The following common share equivalents were excluded from the weighted average shares used to calculate diluted net (loss) income per common share because their effects would have been anti-dilutive:


	As of December 31,
	2024	2023	2022
Stock options issued and outstanding	79,238	97,480	159,741
Restricted stock units issued and outstanding	5,195,945	5,911,794	2,607,106
Convertible senior notes	2,321,106	3,442,229	—
Total	7,596,289	9,451,503	2,766,847

Debt - Schedule of Costs Incurred for Capped Calls Related to Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Net costs incurred	$ 25,500	$ 43,320
Class A voting common stock
Debt Instrument [Line Items]
Class A common stock covered, subject to anti-dilution adjustments (in shares)	1,394,525	384,500
2026 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial approximate strike price per share, subject to certain adjustments (in usd per share)		$ 91.03
Initial cap price per share, subject to certain adjustments (in usd per share)		$ 137.40
2028 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial approximate strike price per share, subject to certain adjustments (in usd per share)	$ 179.27
Initial cap price per share, subject to certain adjustments (in usd per share)	$ 260.76

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans - Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Projected benefit obligation	$ 3,939	$ 3,927
Accumulated benefit obligation	3,737	3,623
Fair value of plan assets	$ 3,749	$ 3,607

Property, Plant and Equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 31,739	$ 24,443	$ 18,419
Cost of revenue
Property, Plant and Equipment [Line Items]
Total depreciation expense	18,532	16,273	13,602
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation expense	6,476	3,977	2,311
Sales and marketing
Property, Plant and Equipment [Line Items]
Total depreciation expense	4,455	2,628	1,331
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 2,276	$ 1,565	$ 1,175

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Repurchase of 2026 Convertible Notes On February 19, 2025, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of its 0.250% Convertible Senior Notes due 2026 (the “Repurchases”) to repurchase approximately $27.4 million aggregate principal amount of the Notes for approximately $26.1 million, excluding customary transaction fees. The repurchase price payable by Bandwidth will be paid in cash. The Company has previously entered into capped call transactions with certain financial institutions in connection with the Notes. All of these transactions are expected to remain in effect notwithstanding the Repurchases. The Repurchases are expected to close on February 24, 2025, subject to the satisfaction of customary closing conditions. Following such closings, approximately $7.6 million principal amount of the Notes will remain outstanding.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Information for Pension Plans

The following table summarizes information for the pension plans:


	As of December 31,
	2024		2023

	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,927	$	3,502
Service cost	309		264
Interest cost	123		146
Actuarial (gain) loss	(138)		13
Benefits paid	(8)		(41)
Taxes, insurance premiums and administrative expenses	(52)		(61)

Impact of foreign currency translation	(222)		104
Benefit obligation at end of year	$	3,939	$	3,927

Change in plan assets:
Fair value of plan assets at beginning of year	$	3,607	$	3,181
Return on plan assets	64		41
Actuarial loss	(6)		—
Employer contribution	349		393

Benefits paid	(8)		(41)
Taxes, insurance premiums and administrative expenses	(52)		(61)
Impact of foreign currency translation	(205)		94
Fair value of plan assets at end of year	3,749		3,607
Funded status, net liability	$	190	$	320

Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:


	As of December 31,
	2024		2023

	(In thousands)
Projected benefit obligation	$	3,939	$	3,927
Accumulated benefit obligation	3,737		3,623
Fair value of plan assets	3,749		3,607

Schedule of Pretax Amounts for Net Periodic Benefit Cost and Other Amounts forDefined Benefit Pension Plans

Pretax amounts for net periodic benefit cost and other amounts for the defined benefit pension plans consisted of the following components:


	Year ended December 31,
	2024		2023		2022

	(In thousands)
Service cost	$	309	$	264	$	268
Interest cost	123		146		35
Return on plan assets	(64)		(41)		(26)
Amortization of actuarial gain	(22)		(27)		—
Net periodic pension cost	346		342		277
Changes in plan assets and benefit obligations included in other comprehensive loss:
Unrecognized net actuarial gain beginning of year	(783)		(705)		(227)
Actuarial gain recognized during year	22		27		—
Actuarial (gain) loss on benefit obligation	(138)		13		(418)
Actuarial loss (gain) on fair value of plan assets	6		—		(72)
Impact of foreign currency translation	44		(118)		12

Total included in other comprehensive loss (before tax effect)	(849)		(783)		(705)
Total recognized in net periodic benefit cost and included in other comprehensive loss	$	(503)	$	(441)	$	(428)

Schedule of Significant Assumptions used in Determining Benefit Obligations and Net Periodic Benefit Cost

Significant assumptions used in determining benefit obligations and net periodic benefit cost are as follows:


	Year ended December 31,
	2024		2023		2022
Defined benefit obligations:
Discount rate	3.70	%	3.25	%	3.80	%
Rate of salary increase	1.00	%	2.70	%	4.67	%
Inflation	2.00	%	1.80	%	2.30	%

Defined benefit cost:
Discount rate	3.70	%	3.25	%	3.80	%
Rate of salary increase	1.00	%	2.70	%	4.67	%
Rate of return on plan assets	1.70	%	1.80	%	1.20	%
Inflation	2.00	%	1.80	%	2.30	%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summarizes the stock option activity for the year ended December 31, 2024:


	Number of options outstanding	Weighted- average exercise price (Per share)		Weighted- average remaining contract life (In years)	Aggregate intrinsic value (In thousands)
Outstanding as of December 31, 2023	97,480	$	12.75	2.97	$	332
Granted	—	—
Exercised	(17,305)	9.64
Forfeited or expired	(937)	22.81
Outstanding as of December 31, 2024	79,238	$	13.31	2.12	$	377

Options vested and exercisable at December 31, 2024	79,238	$	13.31	2.12	$	377
Options vested and expected to vest as of December 31, 2024	79,238	$	13.31	2.12	$	377

Schedule of Restricted Stock Unit Activity

The following summarizes the RSU activity for the year ended December 31, 2024:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2023	5,066,159	$	18.41
Granted	2,314,678	21.23
Vested	(2,483,600)	19.99
Forfeited	(532,751)	16.38
Nonvested RSUs as of December 31, 2024	4,364,486	$	19.25


	Year ended December 31,
		2024		2023		2022

Weighted average grant date fair value of RSUs granted (per share)		$	21.23	$	11.35	$	30.43
Total fair value of RSUs vested (in thousands)		49,636		25,186		15,038

Schedule of Total Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenue		$	1,638	$	1,136	$	404
Research and development		20,433		15,661		7,523
Sales and marketing		8,105		6,273		2,808
General and administrative		18,186		13,922		9,920
Total		$	48,362	$	36,992	$	20,655

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, NC
Auditor Firm ID	42

Fair Value Measurements - Schedule of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized cost
Less than one year	$ 1,970
Total	1,970	$ 21,422
Aggregate fair value
Less than one year	1,975
Total	$ 1,975

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Matching contributions for defined contribution plans	$ 4,400	$ 4,800	$ 4,600
Non-U.S. defined benefit pension plans	$ 200	$ 300
Net actuarial loss (gain)	Other income, net	Other income, net
Major category of plan assets held by insurance companies	$ 3,749	$ 3,607	$ 3,181
Expected contributions	400
Insurance Companies
Defined Benefit Plan Disclosure [Line Items]
Major category of plan assets held by insurance companies	$ 3,700	$ 3,600

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Basic and Diluted (Loss) Income per Common Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net (Loss) Income (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,596,289	9,451,503	2,766,847
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	79,238	97,480	159,741
Restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,195,945	5,911,794	2,607,106
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,321,106	3,442,229	0

Debt - Revolving Credit Facility (Details) $ in Millions	Oct. 28, 2024 USD ($)	Aug. 01, 2023 USD ($) quarter	Dec. 31, 2024 USD ($)	May 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding unamortized loan fees			$ 1.0		$ 0.6
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees			0.2		0.1
Other Long-Term Assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees			0.8		$ 0.5
Voting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, voting capital stock (as percent)		0.65
Nonvoting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, voting capital stock (as percent)		1
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 150.0	$ 50.0		$ 100.0
Accordion feature, increase limit		$ 25.0
Days prior to maturity date (in days)	91 days	91 days		91 days
Minimum liquidity required		$ 75.0
Covenant, consecutive quarters	4	4
Covenant, fixed charge ratio, minimum	2.00
Covenant, pro forma leverage ratio, maximum allowed	0.50
Covenant, pro forma total leverage ratio, maximum allowed	4.50
Line of credit			0.0
Available borrowing capacity			$ 150.0
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Each Fiscal Quarter Ending Prior to June 30, 2025
Debt Instrument [Line Items]
Covenant, leverage ratio, maximum	2.75
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Each Fiscal Quarter Ending After, June 30, 2025
Debt Instrument [Line Items]
Covenant, leverage ratio, maximum	2.50
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.20%	0.05%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.25%	0.0625%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional basis spread on variable rate		0.10%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.00%	2.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.50%	2.75%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.00%	1.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.50%	1.75%
Credit Commitments \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 15.0
Swing Line \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 5.0		$ 10.0
Minimum liquidity				$ 82.5

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (6,524)	$ (16,343)	$ 19,570

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:



	As of December 31,				Useful Life
	2024		2023

	(In thousands)				(In years)
Furniture and fixtures	$	15,925	$	16,036	5
Computer and office equipment	13,967		13,669		2 to 5
Telecommunications equipment	82,608		82,991		5 to 7
Leasehold improvements	76,054		75,437		5 to 15
Software	24,916		12,552		1 to 5
Internal-use software development	35,499		25,909		4
Automobile	447		507		3
Land	27,636		27,771		Indefinite
Land Improvements	1,065		930		20
Total cost	278,117		255,802
Less—accumulated depreciation	(101,294)		(77,938)
Total property, plant and equipment, net	$	176,823	$	177,864

The Company capitalizes the costs to design software for internal use related to the development of its platform during the application development stage of the projects. The costs are primarily comprised of salaries and benefits of the projects’ engineers and product development teams. Internally developed software is reported at cost less accumulated amortization. Amortization begins once the project is substantially complete and ready for its intended use. Costs incurred prior to the application development stage, maintenance activities or minor upgrades are expensed in the period incurred. Unamortized software development costs were approximately $22.4 million and $15.3 million as of December 31, 2024 and 2023, respectively.

The Company capitalized $11.7 million, $10.6 million, and $3.8 million of software development costs for the years ended December 31, 2024, 2023 and 2022, respectively.

Amortization expense related to capitalized software development costs was $4.2 million, $3.2 million, and $2.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, unamortized implementation costs related to cloud computing arrangements were less than $0.1 million, which is included in prepaid expenses and other current assets.

The Company leases automobiles under leases accounted for as finance leases, which expire on various dates between 2025 and 2026. As of December 31, 2024, cost and accumulated depreciation of the assets under finance leases recorded by the Company were $0.4 million and $0.4 million, respectively. As of December 31, 2023, cost and accumulated depreciation of the assets under finance leases recorded by the Company were $0.5 million and $0.3 million, respectively.

The Company recognized an impairment of $0.3 million during the year ended December 31, 2024, and $0.5 million in each of the years ended December 31, 2023 and 2022, related to capitalized software development costs that provided no future benefit. This expense is reflected within other income, net in the accompanying consolidated statements of operations.

The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenue		$	18,532	$	16,273	$	13,602
Research and development		6,476		3,977		2,311
Sales and marketing		4,455		2,628		1,331
General and administrative		2,276		1,565		1,175
Total depreciation expense		$	31,739	$	24,443	$	18,419

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease payments of initial term	$ 470,327
Non-cancellable purchase obligation	14,600
Non-cancellable purchase obligation, fulfilled within a year	6,600
Office Space
Lessee, Lease, Description [Line Items]
Lease payments of initial term	$ 471,100

Stockholders’ Equity - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	6,322,014	7,494,255
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	79,238	97,480
Nonvested restricted stock units issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	4,364,486	5,066,159
Stock-based awards available for grant under the 2017 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,878,290	2,330,616

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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-Subparagraph (SX 210.4-08(d))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
-Subparagraph (c)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Revenue Recognition

Revenue recognition commences upon transfer of control of promised goods or services to customers in an amount that the Company expects to receive in exchange for those products or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue, when, or as, the Company satisfies a performance obligation.

Nature of Products and Services

Revenue consists primarily of two categories: (1) cloud communications and (2) messaging surcharges, which are described and quantified below.


	Year ended December 31,
	2024		2023		2022

	(In thousands)

Cloud communications	$	539,753	$	478,892	$	474,576
Messaging surcharges	208,734		122,225		98,576
Total revenue	$	748,487	$	601,117	$	573,152

Cloud Communications

Messaging surcharges

Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2024		2023

	(In thousands)
Receivables (1)	$	86,455	$	78,155
Contract liabilities (2)	14,986		16,465

________________________

(1) Included in accounts receivable, net of allowance for doubtful accounts on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Cost of Revenue

Fees paid to other network service providers arise when the Company purchases services such as minutes of use, phone numbers, messages, porting of customer numbers and network circuits.

Operating Expenses

Research and Development

Sales and Marketing

General and Administrative

Cash and Cash Equivalents

Marketable Securities

marketable securities using the specific identification method and records such gains and losses in other income, net on the consolidated statements of operations.

Accounts Receivable and Current Expected Credit Losses

Concentration of Credit Risk

With regard to customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. The Company believes that no additional credit risk beyond amounts provided for by the allowance for doubtful accounts are inherent in accounts receivable. As of December 31, 2024 and 2023, no individual customer represented more than 10% of the Company’s accounts receivable, net of allowance for doubtful accounts.

For the years ended December 31, 2024, 2023 and 2022, no individual customer represented more than 10% of the Company’s revenue.

Leases

Property, Plant and Equipment, net

Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of those assets. Refer to Note 6, “Property, Plant and Equipment” to these consolidated financial statements, for the useful lives of the Company’s property, plant and equipment as of December 31, 2024 and 2023.

Deferred Costs

Internal-Use Software Development Costs

Debt Issuance Costs

Amortization of Intangibles


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Goodwill

The Company establishes its reporting units based on its current organizational structure and management’s view of the business. The Company has determined it has one reporting unit.

and circumstances, it was more likely than not that the reporting unit’s fair value exceeded its related carrying value and therefore no quantitative assessment was required.

No goodwill impairment charges were recorded for the years ended December 31, 2024, 2023 and 2022.

Impairment of Long-Lived Assets

Business Combinations

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs totaled $1.2 million, $1.2 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in sales and marketing expenses in the accompanying consolidated statements of operations.

Commissions

Stock-Based Compensation

Income Taxes

Basic and Diluted (Loss) Income per Common Share

Foreign currency translation

The Company has foreign operations with non-USD functional currencies. The Euro and British Pound are the primary functional currencies for the Company’s international operations.

Fair Value of Financial Instruments

•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Comprehensive Loss

Business Interruption Insurance Recovery

Beginning in September 2021, the Company’s communications network was subjected to a distributed denial of service attack (the “DDoS Attack”) that caused intermittent communications services disruptions affecting certain of its markets and customers. During the period of the DDoS Attack, the Company maintained certain insurance coverage, including business interruption insurance, intended to cover such circumstances. In June 2023, the Company resolved its claim with an insurer, pursuant to which the Company was entitled to receive $4.0 million in proceeds from business interruption insurance. The proceeds of the insurance payment were received in full in July 2023 and were recorded within gain on business interruption insurance recoveries on the Company’s consolidated statements of operations in the year ended December 31, 2023.

Recently Adopted Accounting Standards

Recent Accounting Pronouncements Not Yet Adopted

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

9. Geographic Information

The following table summarizes revenue by geographic region, which is apportioned based on the destination of the service:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
United States		$	658,735	$	514,048	$	484,105
International		89,752		87,069		89,047
Total		$	748,487	$	601,117	$	573,152

For the years ended December 31, 2024, 2023 and 2022, no country outside of the United States represented 10% or more of total revenues.

The following table summarizes long-lived assets by geographic region:


	As of December 31,
		2024		2023

		(In thousands)
United States		$	326,634	$	329,002
International		3,790		6,369
Total		$	330,424	$	335,371

13. Segment Reporting

extinguishment of debt, gain on business interruption insurance recoveries, interest expense, net, other income, net, and income tax benefit.

- Definition

+ References

+ Details

Financial Statement Components (Tables)

12 Months Ended

Dec. 31, 2024

Financial Statement Components [Abstract]

Schedule of Accounts Receivable and Components of Allowance for Doubtful Accounts

Accounts receivable, net of allowances consist of the following:



	As of December 31,
	2024		2023

	(In thousands)
Trade accounts receivable	$	41,727	$	35,612
Unbilled accounts receivable	46,795		43,631
Allowance for doubtful accounts and reserve for expected credit losses	(2,172)		(1,128)
Other accounts receivable	105		40
Total accounts receivable, net	$	86,455	$	78,155

Components of allowance for doubtful accounts and reserve for expected credit losses are as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Balance, beginning of period		$	(1,128)	$	(1,191)	$	(1,661)
Charged to bad debt expense, net of reversals		(2,984)		(733)		(543)
Deductions (1)		1,896		807		983
Impact of foreign currency translation		44		(11)		30



Balance, end of period		$	(2,172)	$	(1,128)	$	(1,191)

________________________

(1) Write-off of uncollectible accounts after all collection efforts have been exhausted.

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of December 31,
	2024		2023

	(In thousands)
Accrued expense	$	63,665	$	40,731
Accrued compensation and benefits	25,992		19,142
Accrued sales, use, VAT and telecommunications related taxes	7,898		8,467




Other accrued expenses	566		674
Total accrued expenses and other current liabilities	$	98,121	$	69,014

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ 2,429	$ 2,960	$ 2,264
(Loss) income before income taxes	$ (8,953)	$ (19,303)	$ 17,306
Effective income tax rate (as percent)	27.10%	15.30%	(13.10%)
Federal tax credits	$ 15,700
Unrecognized tax benefits	7,438	$ 6,170	$ 4,800
Income tax penalties and interest expense	100	$ 300	$ 300
Federal Ministry of Finance, Germany
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	14,800
Tax and Customs Administration, Netherlands
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	20,100
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 73,600

Leases - Additional Information (Details) $ in Thousands		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Aug. 01, 2023 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend lease, term (in years)		20 years
Operating lease cost		$ 23,100	$ 15,700	$ 7,800
Short-term operating lease expense		700	600	$ 600
Operating lease assets, net of accumulated amortization		7,300	20,300
Operating right-of-use asset, net		153,601	$ 157,507
Total lease obligations		$ 222,302
Corporate Headquarters
Lessee, Lease, Description [Line Items]
Term of lease (in years)	20 years
Number of option to extend \| segment	2
Renewal term (in years)	10 years
Market rental rate (as percent)	100.00%
Estimated rate (as percent)		8.78%
Operating right-of-use asset, net	$ 156,000
Total lease obligations	223,100
Lease incentive	67,800
Security deposits	2,500
Escrow deposits to fund additional improvements	$ 1,000	$ 0

Summary of Significant Accounting Policies - Goodwill and Advertising Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Reporting unit \| reporting_unit	1
Goodwill impairment charges	$ 0.0	$ 0.0	$ 0.0
Advertising costs	$ 1.2	$ 1.2	$ 1.5

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Revenue By Category

Revenue consists primarily of two categories: (1) cloud communications and (2) messaging surcharges, which are described and quantified below.


	Year ended December 31,
	2024		2023		2022

	(In thousands)

Cloud communications	$	539,753	$	478,892	$	474,576
Messaging surcharges	208,734		122,225		98,576
Total revenue	$	748,487	$	601,117	$	573,152

Schedule of Receivables and Contract Liabilities from Contracts with Customers

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2024		2023

	(In thousands)
Receivables (1)	$	86,455	$	78,155
Contract liabilities (2)	14,986		16,465

________________________

(1) Included in accounts receivable, net of allowance for doubtful accounts on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Schedule of Finite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2024 and 2023 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	145,625	$	(44,754)	$	100,871	$	147,426	$	(35,599)	$	111,827



Developed technology	75,189		(31,329)		43,860		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	224,266	$	(78,911)	$	145,355	$	230,580	$	(63,666)	$	166,914

Schedule of Infinite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2024 and 2023 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	145,625	$	(44,754)	$	100,871	$	147,426	$	(35,599)	$	111,827



Developed technology	75,189		(31,329)		43,860		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	224,266	$	(78,911)	$	145,355	$	230,580	$	(63,666)	$	166,914

Debt - Schedule of Net Carrying Amount of Liability Components of Convertible Notes (Details) - Convertible Notes - USD ($)	Dec. 31, 2024	May 09, 2024	Dec. 31, 2023	Mar. 31, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Total net carrying amount	$ 281,284,000		$ 418,526,000
2026 Convertible Notes:
Debt Instrument [Line Items]
Principal	35,000,000	$ 35,000,000.0	175,000,000		$ 400,000,000.0
Unamortized debt issuance costs	(205,000)		(1,891,000)
Total net carrying amount	34,795,000		173,109,000
2028 Convertible Notes:
Debt Instrument [Line Items]
Principal	250,000,000		250,000,000	$ 250,000,000.0
Unamortized debt issuance costs	(3,511,000)		(4,583,000)
Total net carrying amount	$ 246,489,000		$ 245,417,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Schedule of Benefit for Income Taxes from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (342)	$ (653)	$ (2,717)
State	(1,581)	(1,309)	(803)
Foreign	(1,053)	(2,219)	(815)
Total	(2,976)	(4,181)	(4,335)
Deferred:
Federal	29	(75)	1,004
State	0	0	(1)
Foreign	5,376	7,216	5,596
Total	5,405	7,141	6,599
Income tax benefit	$ 2,429	$ 2,960	$ 2,264

Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
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Reference 71: http://www.xbrl.org/2003/role/disclosureRef
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Reference 75: http://www.xbrl.org/2003/role/disclosureRef
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Reference 76: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 77: http://www.xbrl.org/2003/role/disclosureRef
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Reference 78: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 80: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

+ Details

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of awards outstanding
Beginning balance (in shares)	5,066,159
Granted (in shares)	2,314,678
Vested (in shares)	(2,483,600)
Forfeited (in shares)	(532,751)
Ending balance (in shares)	4,364,486	5,066,159
Weighted-average grant date fair value (Per share)
Beginning balance (in usd per share)	$ 18.41
Granted (in usd per share)	21.23	$ 11.35	$ 30.43
Vested (in usd per share)	19.99
Forfeited (in usd per share)	16.38
Ending balance (in usd per share)	$ 19.25	$ 18.41
Total fair value of RSUs vested (in thousands)	$ 49,636	$ 25,186	$ 15,038

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	26,588,688	24,206,140
Common stock, shares outstanding (in shares)	26,588,688	24,206,140
Class B voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	1,958,028	1,958,028
Common stock, shares outstanding (in shares)	1,958,028	1,958,028

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows:



	As of December 31,
	2024	2023
Stock options issued and outstanding	79,238	97,480
Nonvested restricted stock units issued and outstanding	4,364,486	5,066,159
Stock-based awards available for grant under the 2017 Plan	1,878,290	2,330,616
Total	6,322,014	7,494,255

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Liability Components of Convertible Notes

The net carrying amount of the liability components of the Convertible Notes were as follows:



	As of December 31,
	2024		2023

2026 Convertible Notes:	(In thousands)
Principal	$	35,000	$	175,000

Unamortized debt issuance costs	(205)		(1,891)
2026 Convertible Notes net carrying amount	34,795		173,109

2028 Convertible Notes:
Principal	250,000		250,000

Unamortized debt issuance costs	(3,511)		(4,583)
2028 Convertible Notes net carrying amount	246,489		245,417
Total net carrying amount	$	281,284	$	418,526

Schedule of Interest Expense Recognized Related to Convertible Notes

The following table sets forth the interest expense recognized related to the Convertible Notes:


	Year ended December 31,
		2024		2023		2022

2026 Convertible Notes:		(In thousands)
Contractual interest expense		$	241	$	465	$	997

Amortization of debt issuance costs		421		940		1,915
Total interest expense related to the 2026 Convertible Notes		662		1,405		2,912

2028 Convertible Notes:
Contractual interest expense		1,250		1,250		1,250

Amortization of debt issuance costs		1,071		1,064		1,062
Total interest expense related to the 2028 Convertible Notes		2,321		2,314		2,312
Total interest expense		$	2,983	$	3,719	$	5,224

Schedule of Costs Incurred for Capped Calls Related to Convertible Notes

The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of December 31, 2024:


	2026 Convertible Notes		2028 Convertible Notes

	(In thousands, except share and per share amounts)
Initial approximate strike price per share, subject to certain adjustments	$	91.03	$	179.27
Initial cap price per share, subject to certain adjustments	$	137.40	$	260.76
Net costs incurred	$	43,320	$	25,500
Class A common stock covered, subject to anti-dilution adjustments	384,500		1,394,525

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 6,170	$ 4,800
Gross increases—tax positions in prior period	91	142
Gross increases—tax positions in current period	1,177	1,228
Unrecognized tax benefits, ending balance	$ 7,438	$ 6,170

Summary of Significant Accounting Policies - Accounts Receivable and Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 2,172	$ 1,128
Unbilled accounts receivable	$ 46,795	$ 43,631

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:



	As of December 31,				Useful Life
	2024		2023

	(In thousands)				(In years)
Furniture and fixtures	$	15,925	$	16,036	5
Computer and office equipment	13,967		13,669		2 to 5
Telecommunications equipment	82,608		82,991		5 to 7
Leasehold improvements	76,054		75,437		5 to 15
Software	24,916		12,552		1 to 5
Internal-use software development	35,499		25,909		4
Automobile	447		507		3
Land	27,636		27,771		Indefinite
Land Improvements	1,065		930		20
Total cost	278,117		255,802
Less—accumulated depreciation	(101,294)		(77,938)
Total property, plant and equipment, net	$	176,823	$	177,864

Schedule of Depreciation Expense

The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenue		$	18,532	$	16,273	$	13,602
Research and development		6,476		3,977		2,311
Sales and marketing		4,455		2,628		1,331
General and administrative		2,276		1,565		1,175
Total depreciation expense		$	31,739	$	24,443	$	18,419

Debt - 2028 Convertible Notes (Details)	1 Months Ended
Debt - 2028 Convertible Notes (Details)	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Feb. 28, 2020 $ / shares
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
2028 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount \| $	$ 250,000,000.0	$ 250,000,000	$ 250,000,000
Stated rate (as percent)	0.50%
Total net proceeds \| $	$ 217,000,000.0
Effective interest rate (as percent)	0.442%
Conversion price (in usd per share) \| $ / shares	$ 179.27
2028 Convertible Notes: \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio	0.0055781

Employee Benefit Plans - Schedule of Information for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in benefit obligation:
Benefit obligation at beginning of year	$ 3,927	$ 3,502
Service cost	309	264	$ 268
Interest cost	$ 123	146	35
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income, net
Actuarial (gain) loss	$ (138)	13
Benefits paid	(8)	(41)
Taxes, insurance premiums and administrative expenses	(52)	(61)
Impact of foreign currency translation	(222)	104
Benefit obligation at end of year	3,939	3,927	3,502
Change in plan assets:
Fair value of plan assets at beginning of year	3,607	3,181
Return on plan assets	64	41
Actuarial loss	(6)	0
Employer contribution	349	393
Benefits paid	(8)	(41)
Taxes, insurance premiums and administrative expenses	52	61
Impact of foreign currency translation	(205)	94
Fair value of plan assets at end of year	3,749	3,607	$ 3,181
Funded status, net liability	$ 190	$ 320

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in carrying amount of goodwill were as follows:


	Total

	(In thousands)
Balance as of December 31, 2022	$	326,405


Foreign currency translation adjustments	9,467
Balance as of December 31, 2023	335,872


Foreign currency translation adjustments	(18,629)
Balance as of December 31, 2024	$	317,243

Schedule of Finite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2024 and 2023 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	145,625	$	(44,754)	$	100,871	$	147,426	$	(35,599)	$	111,827



Developed technology	75,189		(31,329)		43,860		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	224,266	$	(78,911)	$	145,355	$	230,580	$	(63,666)	$	166,914

Schedule of Infinite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2024 and 2023 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,
	2024						2023

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	145,625	$	(44,754)	$	100,871	$	147,426	$	(35,599)	$	111,827



Developed technology	75,189		(31,329)		43,860		79,702		(25,239)		54,463
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	224,266	$	(78,911)	$	145,355	$	230,580	$	(63,666)	$	166,914

Schedule of Amortization Expense

The Company recognized amortization expense as follows:


	Year ended December 31,
		2024		2023		2022

		(In thousands)
Cost of revenue		$	7,811	$	7,810	$	7,657

Sales and marketing		9,692		9,464		9,523

Total amortization expense		$	17,503	$	17,274	$	17,180

Schedule of Future Estimated Amortization Expense

Future estimated amortization expense for definite lived intangible assets is as follows:


	As of December 31,
	2024

	(In thousands)

2025	$	17,054
2026	17,054
2027	17,054
2028	17,054
2029	17,054

Thereafter	59,461
	$	144,731

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2024
Restricted Stock Units, Non-Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	1 year
Minimum \| Stock Options And Restricted Stock Units, Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	3 years
Maximum \| Stock Options And Restricted Stock Units, Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 35
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+ Details