0001514416-21-000236 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Jul. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	900 Main Campus Drive
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27606
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001514416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		23,145,318
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,965,170

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 309,615	$ 72,163
Restricted cash	9,406	9,274
Other investments	0	40,000
Accounts receivable, net of allowance for doubtful accounts	63,098	55,243
Deferred costs	2,750	2,411
Prepaid expenses and other current assets	23,360	14,508
Total current assets	408,229	193,599
Property, plant and equipment, net	66,650	51,645
Operating right-of-use asset, net	16,894	19,491
Intangible assets, net	230,711	248,055
Deferred costs, non-current	4,022	3,604
Other long-term assets	7,373	1,975
Goodwill	360,551	372,239
Total assets	1,094,430	890,608
Current liabilities:
Accounts payable	8,205	11,665
Accrued expenses and other current liabilities	66,553	63,065
Current portion of deferred revenue	6,591	6,515
Advanced billings	4,998	5,429
Operating lease liability, current	6,000	5,515
Total current liabilities	92,347	92,189
Other liabilities	4,870	1,707
Operating lease liability, net of current portion	14,048	17,202
Deferred revenue, net of current portion	6,871	6,386
Deferred tax liability	59,294	61,005
Convertible senior notes	471,987	282,196
Total liabilities	649,417	460,685
Stockholders’ equity:
Class A and Class B common stock	25	24
Additional paid-in capital	495,966	451,463
Accumulated deficit	(61,749)	(49,505)
Accumulated other comprehensive income	10,771	27,941
Total stockholders’ equity	445,013	429,923
Total liabilities and stockholders’ equity	$ 1,094,430	$ 890,608

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 120,658	$ 76,790	$ 234,137	$ 145,308
Cost of revenue	66,059	42,009	127,387	78,368
Gross profit	54,599	34,781	106,750	66,940
Operating expenses:
Research and development	12,817	9,554	26,150	19,084
Sales and marketing	12,584	8,655	24,576	18,072
General and administrative	28,264	16,840	55,127	32,936
Total operating expenses	53,665	35,049	105,853	70,092
Operating (loss) income	934	(268)	897	(3,152)
Other expense, net	(7,590)	(3,868)	(13,201)	(4,774)
Loss before income taxes	(6,656)	(4,136)	(12,304)	(7,926)
Income tax (provision) benefit	(272)	(16,505)	60	(13,773)
Net loss	$ (6,928)	$ (20,641)	$ (12,244)	$ (21,699)
Net loss per share, basic and diluted
Basic (in usd per share)	$ (0.28)	$ (0.86)	$ (0.49)	$ (0.91)
Diluted (in usd per share)	$ (0.28)	$ (0.86)	$ (0.49)	$ (0.91)
Weighted Average Number of Common Shares Outstanding
Basic (in shares)	25,096,026	23,973,663	25,056,208	23,768,616
Diluted (in shares)	25,096,026	23,973,663	25,056,208	23,768,616

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,928)	$ (20,641)	$ (12,244)	$ (21,699)
Other comprehensive (loss) income
Foreign currency translation, net of income taxes	6,015	(23)	(17,170)	(119)
Other comprehensive (loss) income	6,015	(23)	(17,170)	(119)
Total comprehensive loss	$ (913)	$ (20,664)	$ (29,414)	$ (21,818)

- Definition

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

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+ Details

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Conversion of Class B voting common stock to Class A voting common stock	Class A voting common stock	Class B voting common stock	Common stock Class A voting common stock	Common stock Class A voting common stock Conversion of Class B voting common stock to Class A voting common stock	Common stock Class B voting common stock	Common stock Class B voting common stock Conversion of Class B voting common stock to Class A voting common stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2019					18,584,478		4,927,401
Beginning balance at Dec. 31, 2019	$ 270,090				$ 19		$ 5		$ 275,553	$ 41	$ (5,528)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of debt conversion option	104,553								104,553
Debt conversion option issuance costs, net of tax	(3,731)								(3,731)
Capped call option purchase price	(43,320)								(43,320)
Exercises of vested stock options (in shares)					32,059
Exercises of vested stock options	244								244
Vesting of restricted stock units (in shares)					103,824
Equity awards withheld for tax liability (in shares)					(14,411)
Equity awards withheld for tax liability	(1,021)								(1,021)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						500,250		(500,250)
Conversion of Class B voting common stock to Class A voting common stock		$ (1)						$ (1)
Foreign currency translation	(96)									(96)
Stock based compensation	2,499								2,499
Net loss	(1,058)										(1,058)
Ending balance (in shares) at Mar. 31, 2020					19,206,200		4,427,151
Ending balance at Mar. 31, 2020	328,159				$ 19		$ 4		334,777	(55)	(6,586)
Beginning balance (in shares) at Dec. 31, 2019					18,584,478		4,927,401
Beginning balance at Dec. 31, 2019	270,090				$ 19		$ 5		275,553	41	(5,528)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(21,699)
Ending balance (in shares) at Jun. 30, 2020					20,555,717		3,599,554
Ending balance at Jun. 30, 2020	312,934				$ 20		$ 4		340,215	(78)	(27,227)
Beginning balance (in shares) at Mar. 31, 2020					19,206,200		4,427,151
Beginning balance at Mar. 31, 2020	328,159				$ 19		$ 4		334,777	(55)	(6,586)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt conversion option issuance costs, net of tax	(11)								(11)
Exercises of vested stock options (in shares)					502,182
Exercises of vested stock options	3,297				$ 1				3,296
Vesting of restricted stock units (in shares)					21,871
Equity awards withheld for tax liability (in shares)					(2,133)
Equity awards withheld for tax liability	(272)								(272)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						827,597		(827,597)
Foreign currency translation	(23)									(23)
Stock based compensation	2,425								2,425
Net loss	(20,641)										(20,641)
Ending balance (in shares) at Jun. 30, 2020					20,555,717		3,599,554
Ending balance at Jun. 30, 2020	312,934				$ 20		$ 4		340,215	(78)	(27,227)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)					44,848
Exercises of vested stock options	386								386
Vesting of restricted stock units (in shares)					17,948
Equity awards withheld for tax liability (in shares)					(2,002)
Equity awards withheld for tax liability	(350)								(350)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						606,418		(606,418)
Conversion of Class B voting common stock to Class A voting common stock		0				$ 1		$ (1)
Foreign currency translation	139									139
Stock based compensation	2,382								2,382
Net loss	(2,352)										(2,352)
Ending balance (in shares) at Sep. 30, 2020					21,222,929		2,993,136
Ending balance at Sep. 30, 2020	313,139				$ 21		$ 3		342,633	61	(29,579)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)					13,995
Exercises of vested stock options	149								149
Vesting of restricted stock units (in shares)					17,424
Equity awards withheld for tax liability (in shares)					(1,749)
Equity awards withheld for tax liability	(273)								(273)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						497,011		(497,011)
Conversion of Class B voting common stock to Class A voting common stock		(1)						$ (1)
Equity consideration for Voxbone acquisition (in shares)					663,394
Equity consideration for Voxbone acquisition	106,380				$ 1				106,379
Foreign currency translation	27,880									27,880
Stock based compensation	2,575								2,575
Net loss	(19,926)										(19,926)
Ending balance (in shares) at Dec. 31, 2020			22,413,004	2,496,125	22,413,004		2,496,125
Ending balance at Dec. 31, 2020	429,923				$ 22		$ 2		451,463	27,941	(49,505)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of debt conversion option	66,908								66,908
Debt conversion option issuance costs, net of tax	(2,049)								(2,049)
Capped call option purchase price	(25,500)								(25,500)
Exercises of vested stock options (in shares)					57,817
Exercises of vested stock options	753								753
Vesting of restricted stock units (in shares)					141,707
Equity awards withheld for tax liability (in shares)					(19,879)
Equity awards withheld for tax liability	(3,187)								(3,187)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						280,955		(280,955)
Conversion of Class B voting common stock to Class A voting common stock		$ 1				$ 1
Foreign currency translation	(23,185)									(23,185)
Stock based compensation	4,390								4,390
Net loss	(5,316)										(5,316)
Ending balance (in shares) at Mar. 31, 2021					22,873,604		2,215,170
Ending balance at Mar. 31, 2021	442,738				$ 23		$ 2		492,778	4,756	(54,821)
Beginning balance (in shares) at Dec. 31, 2020			22,413,004	2,496,125	22,413,004		2,496,125
Beginning balance at Dec. 31, 2020	429,923				$ 22		$ 2		451,463	27,941	(49,505)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,244)
Ending balance (in shares) at Jun. 30, 2021			22,891,667	2,215,170	22,891,667		2,215,170
Ending balance at Jun. 30, 2021	445,013				$ 23		$ 2		495,966	10,771	(61,749)
Beginning balance (in shares) at Mar. 31, 2021					22,873,604		2,215,170
Beginning balance at Mar. 31, 2021	442,738				$ 23		$ 2		492,778	4,756	(54,821)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt conversion option issuance costs, net of tax	30								30
Exercises of vested stock options (in shares)					4,406
Exercises of vested stock options	46								46
Vesting of restricted stock units (in shares)					15,605
Equity awards withheld for tax liability (in shares)					(1,948)
Equity awards withheld for tax liability	(265)								(265)
Foreign currency translation	6,015									6,015
Stock based compensation	3,377								3,377
Net loss	(6,928)										(6,928)
Ending balance (in shares) at Jun. 30, 2021			22,891,667	2,215,170	22,891,667		2,215,170
Ending balance at Jun. 30, 2021	$ 445,013				$ 23		$ 2		$ 495,966	$ 10,771	$ (61,749)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (12,244)	$ (21,699)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization	18,245	6,640
Right-of-use asset amortization	2,785	2,332
Amortization of debt discount and issuance costs	12,308	6,314
Stock-based compensation	7,767	4,924
Deferred taxes	213	14,254
Loss on disposal of property and equipment	336	260
Changes in operating assets and liabilities:
Accounts receivable, net of allowances	(8,159)	(11,609)
Deferred costs	(757)	(584)
Prepaid expenses and other assets	(3,729)	(2,041)
Accounts payable	1,118	41
Accrued expenses and other liabilities	(6,348)	2,417
Deferred revenue and advanced billings	160	1,047
Operating right-of-use liability	(2,850)	(2,612)
Net cash (used in) provided by operating activities	8,845	(316)
Cash flows from investing activities
Purchase of property and equipment	(10,703)	(7,550)
Capitalized software development costs	(2,404)	(1,498)
Purchase of land	(30,017)	0
Proceeds from sale of land	17,462	0
Purchase of other investments	0	(230,780)
Proceeds from sales and maturities of other investments	40,000	0
Net cash (used in) provided by investing activities	14,338	(239,828)
Cash flows from financing activities
Payments on finance leases	(105)	0
Proceeds from issuance of convertible senior notes	250,000	400,000
Payment of debt issuance costs	(7,544)	(11,965)
Purchase of capped call	(25,500)	(43,320)
Proceeds from exercises of stock options	802	3,540
Value of equity awards withheld for tax liabilities	(3,456)	(1,198)
Net cash provided by financing activities	214,197	347,057
Effect of exchange rate changes on cash, cash equivalents and restricted cash	204	(8)
Net increase in cash, cash equivalents, and restricted cash	237,584	106,905
Cash, cash equivalents, and restricted cash, beginning of period	81,437	185,004
Cash, cash equivalents, and restricted cash, end of period	319,021	291,909
Supplemental disclosure of cash flow information
Cash paid for interest	541	32
Cash (refunded) paid for taxes, net	300	(154)
Supplemental disclosure of noncash investing and financing activities
Purchase of property and equipment, accrued but not paid	4,049	1,082
Obligation included in basis of acquired land	7,752	0
Lease incentive	3,193	0
Obligation included in basis of land acquired by the Developer	4,512	0
Equity awards withheld for tax liabilities, accrued but not paid	$ 242	$ 272

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2021
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 an international 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. The Company has two operating and reportable segments, CPaaS and Other. CPaaS revenue is derived from usage and monthly services fees charged for usage of Voice, Messaging, 911 and Phone Numbers solutions through the Company’s proprietary CPaaS software application programming interfaces. Other revenue consists of fees charged for services provided such as: SIP trunking, data resale, and a hosted Voice-over Internet Protocol (“VoIP”). The Other segment also includes revenue from traffic generated by other carriers, SMS registration fees and other miscellaneous product lines. On November 2, 2020, the Company acquired all of the A Ordinary Shares, B Ordinary Shares and C Ordinary Shares of Voice Topco through a Share Purchase Agreement. Voice Topco directly or indirectly held all of the issued and outstanding shares of Voxbone S.A., which (with its subsidiaries) was the operating subsidiary of Voice Topco (“Voxbone)”. The transaction was valued at €446 million. As consideration for the Share Purchase, the Company (i) paid the selling stockholders approximately $400 million (or approximately €338 million based on prevailing exchange rates at the close of business on October 9, 2020) at the Closing and (ii) issued to the selling stockholders at the Closing shares of the Company’s Class A common stock, with an aggregate value of approximately €108 million (or approximately $128 million based on prevailing exchange rates at the close of business on October 9, 2020). Due to the timing and magnitude of the transaction and multi-jurisdictional nature of the net assets acquired, initial accounting for the acquisition is not complete, and further measurement adjustments may occur in fiscal year 2021. The Company will reflect measurement period adjustments in the period in which the adjustments are determined.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2021 or any future period. Principles of Consolidation The condensed 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 condensed 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 condensed 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 and equity 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, estimated cash flows on asset retirement obligation. 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. 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, with the exception of time deposits with maturities greater than ninety days which are classified as other investments. 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. Restricted Cash Restricted cash consists primarily of the holdback amount and its accrued interest remaining to be paid to the selling stockholders of Voxbone, employee withholding tax liability and employee benefits contributions not yet remitted. The Company has classified this asset as a short-term asset in order to match the expected period of restriction. 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 $1,203 and $1,364 for uncollectible accounts and customer balances that are disputed were required as of December 31, 2020 and June 30, 2021, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances as of December 31, 2020 and June 30, 2021. 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. As of December 31, 2020 and June 30, 2021, unbilled receivables were $27,692 and $31,749, respectively. Concentration of Credit Risk Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, other investments and trade accounts receivable. Cash deposits may be in excess of insured limits. The Company believes that the financial institutions that hold its cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. 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, 2020, one individual customer represented approximately 11% of the Company’s accounts receivable, net of allowance for doubtful accounts. As of June 30, 2021, no individual customer represented more than 10% of the Company’s accounts receivable, net of allowance for doubtful accounts. For the three and six months ended June 30, 2020, one individual customer represented approximately 10% of the Company’s revenue. For the three and six months ended June 30, 2021, no individual customer represented more than 10% of the Company’s revenue. Debt Issuance Costs The Company incurs debt issuance costs associated with obtaining and entering into credit agreements, including the issuances of 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. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 on a prospective basis, which did not have a material impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt —Modifications and Extinguishments (Subtopic 470-50), Compensation--Stock Compensation (Topic 718), and Derivatives and Hedging--Contracts in Entity's Own Equity (Subtopic 815-40), which is intended to provide clarity surrounding the treatment for a modification or an exchange of a freestanding equity-classified written call option. The amendments also provide guidance for the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options for entities that present EPS. The amendments do not affect a holder’s accounting for freestanding call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoptions is permitted, including adoption in an interim period. The Company did not have any modification or exchanges of freestanding written call options classified in equity during the reporting period and does not expect adoption will have a material impact on its financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share (EPS) guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements and earnings per share calculations.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The carrying amounts of cash and cash equivalents, other investments, accounts receivable, accounts payable and accrued expenses approximate fair value as of December 31, 2020 and June 30, 2021 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 table summarizes the assets measured at fair value as of December 31, 2020 and June 30, 2021:


				Fair value measurements on a recurring basis December 31, 2020
	Level 1	Level 2	Level 3	Total
Financial assets:
Cash and cash equivalents:
Money market account				$	57,517	$	—	$	—	$	57,517








Other investments:
Time deposits				40,000		—		—		40,000

Total financial assets				$	97,517	$	—	$	—	$	97,517


				Fair value measurements on a recurring basis June 30, 2021
	Level 1	Level 2	Level 3			Total
Financial assets:
Cash and cash equivalents:
Money market account				$	284,201		$	—	$	—	$	284,201
Time deposits				15,000			—		—		15,000











Total financial assets				$	299,201		$	—	$	—	$	299,201

As of June 30, 2021, the fair value of the 2026 and 2028 Convertible Notes, as further described in Note 8, “Debt”, was approximately $650,876 and $257,041, 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.

- 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.

+ References + Details

Financial Statement Components

6 Months Ended

Jun. 30, 2021

Financial Statement Components [Abstract]

Financial Statement Components

4. Financial Statement Components

Accounts receivable, net of allowances consist of the following:


	As of December 31,		As of June 30,
	2020		2021
Trade accounts receivable	$	26,504	$	31,997
Unbilled accounts receivable	27,692		31,749
Allowance for doubtful accounts and reserve for expected credit losses	(1,203)		(1,364)
Other accounts receivable	2,250		716
Total accounts receivable, net	$	55,243	$	63,098

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


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Allowance for doubtful accounts:
Balance, beginning of period	$	(883)	$	(1,218)	$	(769)	$	(1,203)
Charged to bad debt expense	9		(258)		(180)		(306)
Deductions (1)	277		118		352		128
Impact of foreign currency translation	—		(6)		—		17



Balance, end of period	$	(597)	$	(1,364)	$	(597)	$	(1,364)

________________________

(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,		As of June 30,
	2020		2021
Accrued expense	$	31,549	$	33,691
Accrued compensation and benefits	19,534		13,623
Accrued sales, use, VAT and telecommunications related taxes	9,142		9,439

Current portion of finance lease	183		209
Obligation included in basis of acquired land	—		7,752
Other accrued expenses	2,657		1,839
Total accrued expenses and other current liabilities	$	63,065	$	66,553

Right-of-Use Asset and Lease Liabilities

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Right-of-Use Asset and Lease Liabilities

5. Right-of-Use Asset and Lease Liabilities

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. The Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease expense attributable to lease payments is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general, and administrative expense on the Company’s condensed consolidated statements of operations. 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 cost of sales on the Company’s condensed consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying condensed consolidated balance sheets. Finance leases are reported in property, plant and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company’s condensed consolidated balance sheets.

The Company sub-leases approximately 17,073 square feet of office space to a related party, Relay, Inc. (f/k/a Republic Wireless, Inc.) (“Relay”). Future minimum sub-lease receipts required under the non-cancellable lease are as follows:


	As of June 30,
	2021
2021 (remaining)	$	230
2022	249



	$	479

As of June 30, 2021, the Company had various leased properties in the United States and internationally, with remaining lease terms of five months to 5.5 years, some of which include options to extend the leases for up to 5 years. None of the options to extend the leases are recognized in operating lease ROU assets or lease liabilities. The Company has one lease with an early-termination option, which it does not expect to exercise. The Company has one lease not yet commenced, with a lease term of 20 years and two options to extend the lease by a term of ten years each, up to twenty additional years in total.

The components of lease expense recorded in general and administrative expenses in the condensed consolidated statement of operations were as follows:


	Three months ended June 30,				Six months ended June 30,
	2020		2021			2020		2021
Operating lease cost	$	1,461	$	1,689		$	2,922	$	3,303
Finance lease cost:
Depreciation of assets	—		58			—		105
Interest on lease liabilities	—		9			—		9


Sublease income (1)	(96)		(96)			(192)		(192)
Total net lease cost	$	1,365	$	1,660		$	2,730	$	3,225

________________________

(1) See Note 15, “Related Parties” to these condensed consolidated financial statements, for additional details on sublease income.

During the three and six months ended June 30, 2020, short-term operating lease expense was $0. During the three and six months ended June 30, 2021, short-term operating lease expense was $381 and $726, respectively.

Supplemental balance sheet information related to leases was as follows:


		As of December 31,		As of June 30,
Leases	Classification	2020		2021
Assets:
Operating lease assets	Operating right-of-use asset, net (1)	$	19,491	$	16,894
Finance lease assets	Property, plant and equipment, net (2)	464		475
Total leased assets		$	19,955	$	17,369

Liabilities:
Current
Operating	Operating lease liability, current	$	5,515	$	6,000
Finance	Accrued expenses and other current liabilities	183		209
Non-current
Operating	Operating lease liability, net of current portion	17,202		14,048
Finance	Other liabilities	282		271
Total lease liabilities		$	23,182	$	20,528

________________________

(1) Operating lease assets are recorded net of accumulated amortization of $9,083 and $11,869 as of December 31, 2020 and June 30, 2021, respectively.

(2) Finance lease assets are recorded net of accumulated depreciation of $28 and $135 as of December 31, 2020 and June 30, 2021, respectively.

Supplemental cash flow and other information related to leases was as follows:


	Six months ended June 30,
		2020			2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	2,612		$	2,850

Financing cash flows from finance leases		—			105
		$	2,612		$	2,955

Weighted average remaining lease term (in years)
Operating leases		3.88			3.36
Finance leases		—			2.72

Weighted average discount rate
Operating leases		4.99		%	4.78		%
Finance leases		—		%	4.00		%

Maturities of operating lease liabilities were as follows:


	As of June 30,
	2021
2021 (remaining)	$	3,211
2022	6,850
2023	6,601
2024	2,679
2025	1,657

Thereafter	726
Total lease payments	21,724
Less: imputed interest	(1,676)

Total lease obligations	20,048
Less: current obligations	(6,000)
Long-term lease obligations	$	14,048

Maturities of financing lease liabilities were as follows:


	As of June 30,
	2021
2021 (remaining)	$	120
2022	187
2023	112
2024	76
2025	11


Total lease payments	506
Less: imputed interest	(26)

Total lease obligations	480
Less: current obligations	(209)
Long-term lease obligations	$	271

On June 4, 2021, the Company purchased approximately 40 acres of undeveloped land (the “Property”) in Raleigh, North Carolina, from the State of North Carolina (the “State”). The Company paid $30,017 for the land. Additionally, as consideration for the Property, the Company agreed to construct, at its expense, a parking lot and related improvements (the “Parking Improvements”) on land owned by the State adjacent to the Property. The estimated cost of construction of the Parking Improvements is $7,752. Subsequent to the purchase of the Property, the Company sold a portion of the Property constituting approximately 23.76 acres (the “Conveyed Parcel”) to USEF Edwards Mill Owner, LLC (the “Developer”) for $17,462. In addition, the Developer agreed to construct, at its expense, the Parking Improvements in connection with the Company’s purchase of the Property from the State. The Company retained approximately 17.06 acres of the Property, which was recorded at cost and is included in the Company’s condensed consolidated balance sheet as a component property, plant and equipment, net. The Company recorded a liability to construct the Parking Improvements, which is included as a component of accrued expenses and other current liabilities in the condensed consolidated balance sheet. The Company recorded an asset for the Developer’s obligation to construct the Parking Improvements at the Developer's expense, which is included as a component of prepaid expenses and other current assets in the condensed consolidated balance sheet. A lease incentive of $3,193 was recognized for the difference between the consideration received from the Developer for

the Conveyed Parcel and the cost basis of the Conveyed Parcel and is included as a component of other liabilities on the condensed consolidated balance sheet.

On May 27, 2021, the Company entered into a Lease Agreement (the “Lease”) with the Developer for the Conveyed Parcel, together with improvements for office and related infrastructure to be constructed thereon, collectively constituting approximately 534,000 gross square feet (the “Project”). The lease became effective upon closing of the sale of the Conveyed Parcel to the Developer. When construction of the Project is completed, the Company intends to relocate its corporate headquarters to the Project. The lease term will commence upon substantial completion of the final building to be delivered, as evidenced by a certificate of occupancy issued by the City of Raleigh (the “Commencement Date”), and continue for a period of twenty (20) years (the “Initial Term”). It is anticipated that the Commencement Date will occur in May 2023. 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. Upon the effective date, the Company deposited $2,500 with the Developer as security on the lease. The deposit is included in other long-term assets on the Company’s condensed consolidated balance sheet. Additionally, the Company placed $3,000 in escrow to fund the certain tenant improvements expected to be constructed as part of the development of the Project.

No right-of-use assets or lease liabilities have been recognized in connection with the lease as of June 30, 2021. Future lease payments are included in Note 12, “Commitments and Contingencies”.

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2021

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,		As of June 30,
	2020		2021
Furniture and fixtures	$	2,341	$	2,180
Computer and office equipment	4,077		4,605
Telecommunications equipment	60,651		64,593
Leasehold improvements	6,285		6,262
Software	3,901		4,755
Internal-use software development	19,968		22,175
Automobile	502		620
Land	—		15,785
Total cost	97,725		120,975
Less—accumulated depreciation	(46,080)		(54,325)
Total property, plant and equipment, net	$	51,645	$	66,650

The Company capitalized $708 and $1,498 of software development costs for the three and six months ended June 30, 2020, respectively, and $1,301 and $2,404 for the three and six months ended June 30, 2021, respectively.

Amortization expense related to capitalized software development costs were $588 and $1,170 for the three and six months ended June 30, 2020, respectively, and $525 and $945 for the three and six months ended June 30, 2021, respectively. As of June 30, 2021, unamortized implementation costs related to cloud computing arrangements are $499, of which $140 are included in prepaid expenses and other current assets and $359 are included in other long-term assets.

The Company leases automobiles under leases accounted for as finance leases with expiration dates ranging from December 31, 2021 to June 30, 2025. As of June 30, 2021, cost and accumulated depreciation of the assets under finance leases recorded by the Company were $610 and $135, respectively.

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


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Cost of revenue	$	2,340	$	2,938	$	4,674	$	5,971
Research and development	129		293		244		533
Sales and marketing	31		29		60		58
General and administrative	712		1,078		1,402		1,952
Total depreciation expense	$	3,212	$	4,338	$	6,380	$	8,514

Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7. Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period
Dash acquisition and other intangibles:							(Years)
Customer relationships	$	10,396	$	(5,111)	$	5,285	20




Other, definite lived	3,933		(3,933)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite
Total Dash acquistion and other intangible assets	15,093		(9,044)		6,049

Voxbone acquistion:
Customer relationships	156,559		(1,739)		154,820		15
Developed technology	88,664		(1,478)		87,186		10
Total Voxbone acquisition	245,223		(3,217)		242,006

Total intangible assets, net	$	260,316	$	(12,261)	$	248,055

Intangible assets, net consisted of the following as of June 30, 2021:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period
Dash acquisition and other intangibles:							(Years)
Customer relationships	$	10,396	$	(5,371)	$	5,025	20




Other, definite lived	3,933		(3,933)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite
Total Dash acquisition and other intangible assets	15,093		(9,304)		5,789

Voxbone acquisition:
Customer relationships	151,551		(6,735)		144,816		15
Developed technology	85,828		(5,722)		80,106		10
Total Voxbone acquisition	237,379		(12,457)		224,922

Total intangible assets, net	$	252,472	$	(21,761)	$	230,711

The Company recognized amortization expense as follows:


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Cost of revenue	$	—	$	2,175	$	—	$	4,351


General and administrative	130		2,689		260		5,380
Total amortization expense	$	130	$	4,864	$	260	$	9,731

The remaining weighted average amortization period for definite lived intangible assets is 12.5 years.

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


	As of June 30,
	2021
2021 (remaining)	$	9,603
2022	19,206
2023	19,206
2024	19,206
2025	19,206


Thereafter	143,520
	$	229,947

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

8. Debt

Revolving Loan

On May 25, 2021, the Company terminated the Credit and Security Agreement, dated as of November 4, 2016 as amended and restated as of March 1, 2019, among the Company, Key Bank National Association, and KeyBanc Capital Markets Inc. (the “Credit Agreement”). The agreement provided for a secured $25,000 revolving credit facility. As of December 31, 2020 and at the date of termination, no outstanding indebtedness existed under the Credit Facility and the Company was in compliance with all financial and non-financial covenants.

As of December 31, 2020, unamortized debt issuance costs were $83, of which $74 were included in prepaid expenses and other current assets and $9 were included in other long-term assets. As of June 30, 2021, the outstanding debt issuance costs were $0.

Convertible Senior Notes and Capped Call Transactions

2026 Convertible Notes

On February 28, 2020, the Company issued $400,000 aggregate principal amount of 0.25% Convertible Notes due March 1, 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2026 Convertible Notes,” and together with the 2028 Convertible Notes, the “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 may bear special interest under specified circumstances relating to the Company's failure to comply with its reporting obligations under the indenture governing the 2026 Convertible Notes (the “2026 Indenture”) or if the 2026 Convertible Notes are not freely tradeable as required by the 2026 Indenture. 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, and debt issuance costs, paid by the Company, were approximately $344,722.

Each $1 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. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change, as defined in the 2026 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 2026 Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The 2026 Convertible Notes will be redeemable in whole or in part at the Company's option on or after March 6, 2023, but before the 40th scheduled trading day before the maturity date, at a cash redemption price equal to 100% of the principal amount of the 2026 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, if the last reported sale price of the Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the redemption notices were sent; and the trading day immediately before such notices were sent.

Prior to the close of business on the business day immediately preceding September 1, 2025, the 2026 Convertible Notes may be convertible at the option of the holders only under the following circumstances:

(1)during any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price per share of the Company's Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2)during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1 principal amount of 2026 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company's Class A common stock on such trading day and the conversion rate on such trading day;

(3)upon the occurrence of certain corporate events or distributions on its Class A common stock; and

(4)if the Company calls such 2026 Convertible Notes for redemption.

On or after September 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2026 Convertible Notes may, at their option, convert all or a portion of their 2026 Convertible Notes regardless of the foregoing conditions.

Prior to and during the three and six months ended June 30, 2021, the conditional conversion feature of the 2026 Convertible Notes was triggered as the last reported sale price of the Company's Class A common stock was

more than or equal to 130% of the conversion price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on or after June 30, 2020 (the last trading day of the calendar quarter), and therefore the 2026 Convertible Notes were convertible, in whole or in part, at the option of the holders between July 1, 2020 through June 30, 2021. Whether the 2026 Convertible Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future. The Company continues to classify the 2026 Convertible Notes as a long-term liability in its condensed consolidated balance sheet as of June 30, 2021, based on contractual settlement provisions.

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 2026 Convertible Notes with cash.

No sinking fund is provided for the 2026 Convertible Notes. Upon the occurrence of a fundamental change (as defined in the 2026 Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2026 Convertible Notes for cash at a price equal to the principal amount of the 2026 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In accounting for the issuance of the 2026 Convertible Notes, the Company separated the 2026 Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $125,160 and was determined by deducting the fair value of the liability component from the par value of the 2026 Convertible Notes. The difference represents the debt discount that is amortized to interest expense at an effective interest rate of 6.763% over the term of the 2026 Convertible Notes. The carrying amount of the equity component was $57,491 and is recorded in additional paid-in-capital. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, is amortized to interest expense at an annual effective interest rate of 6.907% over the contractual terms of the 2026 Convertible Notes.

In accounting for the transaction costs related to the 2026 Convertible Notes, the Company allocated the total amount incurred to the liability and equity components of the 2026 Convertible Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were approximately $8,217, were recorded as an additional debt discount and are amortized to interest expense using the effective interest method over the contractual terms of the 2026 Convertible Notes. Issuance costs attributable to the equity component of $3,742 were netted with the equity component in stockholders’ equity.

2028 Convertible Notes

On March 16, 2021, the Company issued $250,000 aggregate principal amount of 0.50% Convertible Notes due April 1, 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2028 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 may bear special interest under specified circumstances relating to the Company's failure to comply with its reporting obligations under the indenture governing the 2028 Convertible Notes (the “2028 Indenture”) or if the 2028 Convertible Notes are not freely tradeable as required by the 2028 Indenture. 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, and debt issuance costs, paid by the Company, were approximately $216,956.

Each $1 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. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid special interest. In addition, upon the occurrence of a make-whole fundamental change, as defined in the 2028 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 2028 Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The 2028 Convertible Notes will be redeemable in whole or in part at the Company's option on or after April 6, 2025, but before the 40th scheduled trading day before the maturity date, at a cash redemption price equal to 100% of the principal amount of the 2028 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, if the last reported sale price of the Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the redemption notices were sent; and the trading day immediately before such notices were sent.

On or after April 6, 2025 until the close of business on the scheduled trading day immediately preceding the maturity date, the 2028 Convertible Notes may be convertible at the option of the holders only under the following circumstances:

(1)during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price per share of the Company's Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2)during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1 principal amount of 2028 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company's Class A common stock on such trading day and the conversion rate on such trading day;

(3)upon the occurrence of certain corporate events or distributions on its Class A common stock; and

(4)if the Company calls such 2028 Convertible Notes for redemption.

On or after October 1, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2028 Convertible Notes may, at their option, convert all or a portion of their Convertible Notes regardless of the foregoing conditions.

No sinking fund is provided for the 2028 Convertible Notes. Upon the occurrence of a fundamental change (as defined in the 2028 Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2028 Convertible Notes for cash at a price equal to the principal amount of the 2028 Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In accounting for the issuance of the 2028 Convertible Notes, the Company separated the 2028 Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $66,908 and was determined by

deducting the fair value of the liability component from the par value of the 2028 Convertible Notes. The difference represents the debt discount that is amortized to interest expense at an effective interest rate of 5.125% over the term of the 2028 Convertible Notes. The carrying amount of the equity component was $39,389 and is recorded in additional paid-in-capital. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, is amortized to interest expense at an annual effective interest rate of 4.959% over the contractual terms of the 2028 Convertible Notes.

In accounting for the transaction costs related to the 2028 Convertible Notes, the Company allocated the total amount incurred to the liability and equity components of the 2028 Convertible Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were approximately $5,525, were recorded as an additional debt discount and are amortized to interest expense using the effective interest method over the contractual terms of the 2028 Convertible Notes. Issuance costs attributable to the equity component of $2,019 were netted with the equity component in stockholders’ equity.

The net carrying amount of the liability components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,		As of June 30,
	2020		2021
2026 Convertible Notes:
Principal	$	400,000	$	400,000
Unamortized discount	(110,546)		(101,450)
Unamortized debt issuance costs	(7,258)		(6,660)
2026 Convertible Notes net carrying amount	282,196		291,890

2028 Convertible Notes:
Principal	—		250,000
Unamortized discount	—		(64,571)
Unamortized debt issuance costs	—		(5,332)
2028 Convertible Notes net carrying amount	—		180,097
Total net carrying amount	$	282,196	$	471,987

The net carrying amount of the equity components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,		As of June 30,
	2020		2021
2026 Convertible Notes:
Proceeds allocated to the conversion options (debt discount)	$	125,152	$	125,152
Issuance costs	(3,742)		(3,742)
2026 Convertible Notes net carrying amount	121,410		121,410

2028 Convertible Notes:
Proceeds allocated to the conversion options (debt discount)	—		66,908
Issuance costs	—		(2,019)
2028 Convertible Notes net carrying amount	—		64,889
Total net carrying amount	$	121,410	$	186,299

The following table sets forth the interest expense recognized related to the 2026 and 2028 Convertible Notes:


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
2026 Convertible Notes:
Contractual interest expense	$	249	$	250	$	345	$	500
Amortization of debt discount	4,262		4,587		5,891		9,097
Amortization of debt issuance costs	280		301		386		597
Total interest expense related to the 2026 Convertible Notes	4,791		5,138		6,622		10,194

2028 Convertible Notes:
Contractual interest expense	—		313		—		365
Amortization of debt discount	—		2,004		—		2,337
Amortization of debt issuance costs	—		166		—		194
Total interest expense related to the 2028 Convertible Notes	—		2,483		—		2,896
Total interest expense	$	4,791	$	7,621	$	6,622	$	13,090

In connection with the offering of the 2026 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 2026 Capped Calls and the 2028 Capped Calls each have an initial strike price of approximately $91.03 and $179.27 per share, respectively, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 and the 2028 Convertible Notes. The 2026 Capped Calls and the 2028 Capped Calls have initial cap prices of $137.40 and $260.76 per share subject to certain adjustments, respectively. The 2026 Capped Calls and the 2028 Capped Calls cover, subject to anti-dilution adjustments, approximately 4,394,276 and 1,394,525 shares of Class A common stock for the 2026 Convertible Notes and 2028 Convertible Notes, respectively. 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 of $43,320 and $25,500 incurred to purchase the 2026 Capped Calls and the 2028 Capped Calls, respectively, was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated balance sheets.

The Convertible Notes are effectively subordinated to the Company’s future senior secured indebtedness, if any, 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.

- 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

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+ Details

Segment and Geographic Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment and Geographic Information

9. Segment and Geographic Information

The Company has two reportable segments, CPaaS and Other. Segments are primarily evaluated based on revenue and gross profit. The Company does not allocate operating expenses, interest expense or income tax expense to its segments. Accordingly, the Company does not report such information. Additionally, the Chief Operating Decision Maker does not evaluate the Company’s operating segments using discrete asset information. The segments share the majority of the Company’s assets. Therefore, no segment asset information is reported.


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
CPaaS
Revenue	$	67,076	$	105,039	$	126,197	$	205,185
Cost of revenue	37,229		56,094		69,121		109,775
Gross profit	$	29,847	$	48,945	$	57,076	$	95,410
Other
Revenue	$	9,714	$	15,619	$	19,111	$	28,952
Cost of revenue	4,780		9,965		9,247		17,612
Gross profit	$	4,934	$	5,654	$	9,864	$	11,340
Consolidated
Revenue	$	76,790	$	120,658	$	145,308	$	234,137
Cost of revenue	42,009		66,059		78,368		127,387
Gross profit	$	34,781	$	54,599	$	66,940	$	106,750

The Company’s long-lived assets were primarily held in the United States as of December 31, 2020 and June 30, 2021. As of December 31, 2020 and June 30, 2021, long-lived assets held outside of the United States were $11,249 and $10,837, respectively.

The Company generates its revenue primarily in the United States. Revenue by geographic area is detailed in the table below (which is determined based on the customer billing address):


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
CPaaS
United States	$	65,207	$	92,989	$	122,605	$	181,851
International	1,869		12,050		3,592		23,334
Total	$	67,076	$	105,039	$	126,197	$	205,185

Other
United States	$	9,418	$	13,916	$	18,543	$	25,852
International	296		1,703		568		3,100
Total	$	9,714	$	15,619	$	19,111	$	28,952

- 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

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Preferred Stock

As of December 31, 2020 and June 30, 2021, 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, 2020 and June 30, 2021, the Company had authorized 100,000,000 shares of Class A common stock, par value $0.001 per share, with one vote per share and 20,000,000 shares of Class B common stock, par value $0.001 per share, with ten votes per share. As of December 31, 2020, 22,413,004 and 2,496,125 shares of Class A common stock and Class B common stock, respectively, were issued and outstanding. As of June 30, 2021, 22,891,667 and 2,215,170 shares of Class A common stock and Class B common stock, respectively, were issued and outstanding.

Shares of Class B common stock are convertible into shares of Class A common stock 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.

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,	As of June 30,
	2020	2021
Stock options issued and outstanding	255,000	191,971
Nonvested restricted stock units issued and outstanding	450,614	380,808
Stock-based awards available for grant under the 2017 Plan	2,020,342	3,053,542
	2,725,956	3,626,321

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

11. Stock Based Compensation

2010 Stock Option Plan

As of July 26, 2010, the Company adopted the 2010 Equity Compensation Plan (the “2010 Plan”). 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.

2017 Incentive Award Plan

The Company’s 2017 Incentive Award Plan (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, 2021, the shares available for grant under the 2017 Plan were automatically increased by 1,120,650 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, which is generally over four years. The stock options have a contractual life of ten years.

Restricted stock units (“RSUs”) granted under the 2017 Plan are generally subject to a time-based vesting condition. The compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. The Company granted RSUs to its non-employee members of the Board of Directors, some of which vested immediately while others vest 25% as of each calendar quarter immediately following the grant date. Certain RSUs awarded to executives vest over four years with 50% vesting in the first year in 12.5% increments on each calendar quarter immediately following the grant date and the remaining 50% earned over years two, three and four. Other RSUs awarded to executives and employees generally are earned over a service period of four years.

Stock Options

The following summarizes the stock option activity for the periods presented:


	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, 2020	255,000	$	10.82	4.42	$	36,426
Granted	—	—
Exercised	(62,223)	12.84			8,179
Forfeited or cancelled	(806)	10.49
Outstanding as of June 30, 2021	191,971	$	10.17	3.91	$	24,524

Options vested and exercisable at June 30, 2021	170,065	$	9.00	3.61	$	21,926
Options vested and expected to vest as of June 30, 2021	191,617	$	10.15	3.90	$	24,483

Aggregate intrinsic value is computed based on the difference between the option exercise price and the fair value of the Company’s common stock as of June 30, 2021, based on the Company’s Class A common stock price as reported on the NASDAQ Global Select Market.

No options were granted for the three and six months ended June 30, 2020 and 2021.

The total estimated grant date fair value of options vested was $83 and $129 for the three and six months ended June 30, 2020, respectively, and $24 and $45 for the three and six months ended June 30, 2021, respectively.

As of June 30, 2021, total unrecognized compensation cost related to all non-vested stock options was $38, which will be amortized over a weighted-average period of 0.21 years.

Restricted Stock Units

The following summarizes the RSU activity for the periods presented:


	Number of awards outstanding	Weighted-average grant date fair value (per share)
Nonvested RSUs as of December 31, 2020	450,614	$	51.58
Granted	117,473	152.98
Vested	(157,312)	54.81
Forfeited or cancelled	(29,967)	68.87
Nonvested RSUs as of June 30, 2021	380,808	$	81.75

As of June 30, 2021, total unrecognized compensation cost related to non-vested RSUs was $27,172, which will be amortized over a weighted-average period of 2.91 years.

Stock-Based Compensation Expense

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


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Cost of revenue	$	(60)	$	66	$	115	$	138
Research and development	620		666		1,073		1,434
Sales and marketing	376		458		771		1,072
General and administrative	1,489		2,187		2,965		5,123
Total	$	2,425	$	3,377	$	4,924	$	7,767

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases The Company leases office space under operating lease agreements that expire over the next 5.5 years. See Note 5, “Right-of-Use Asset and Lease Liabilities” to the condensed consolidated financial statements, for additional details on the Company's operating lease commitments. Contractual Obligations On October 25, 2015, the Company entered into an agreement with a telecommunications service provider. The service agreement requires the Company to pay a monthly recurring charge associated with the services received. The service agreement is non-cancellable and contains annual minimum commitments. On August 1, 2020, the Company amended the agreement to require annual minimum commitments of $600 and $300 in 2021 and 2022, respectively. In addition, as of June 30, 2021, the Company has $16,319 in other non-cancellable purchase obligations, consisting of primarily network equipment maintenance and software license contracts, of which $10,569 will be fulfilled within one year. On May 27, 2021, the Company entered into the Lease with the Developer for the Conveyed Parcel, together with the Project. The respective obligations of the Company and the Developer under the Lease were conditioned upon the Developer acquiring fee simple title to the Conveyed Parcel, which occurred on June 4, 2021. The Lease term will commence upon the Commencement Date and continue for the Initial Term. It is anticipated that the Commencement Date will occur in May 2023. If the Commencement Date does not occur within one hundred twenty (120) days from the scheduled Commencement Date, the Company shall be entitled to certain rent abatements, as described in the Lease. If the Commencement Date is not delivered within twelve (12) months of the scheduled Commencement Date, the Company may terminate the Lease. The Company has the option to renew the Initial Term for two ten-year periods. Base rent payments will begin on the Commencement Date. The initial base rent will increase by 1.85% on each anniversary of the Commencement Date. Total lease payments over the Initial Term are approximately $495,000. See Note 5, “Right-of-Use Asset and Lease Liabilities” to the condensed consolidated financial statements, for additional details on the Company's operating lease commitments. 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. While the results of these legal proceedings cannot be predicted with certainty, in the opinion of management, the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position or results of operations.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

13. 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 $475 and $1,109 for the three and six months ended June 30, 2020, respectively, and $841 and $1,753 for the three and six months ended June 30, 2021, 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 in the other liabilities line item of the balance sheet in respect to these plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of the plan assets. The defined benefit obligation is calculated annually by an independent actuary using the Projected Unit Credit Method.

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 expense, net. Net periodic benefit costs for the non-U.S. defined benefit pension plan were $0 for the three and six months ended June 30, 2020, and $114 and $218 for the three and six months ended June 30, 2021, respectively.

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


	Three months ended June 30,			Six months ended June 30,
	2021			2021
Service cost	$	111		$	214
Interest cost	6			11
Return on plan assets	(3)			(7)
Net periodic pension cost	114			218



Total recognized in net periodic benefit cost	$	114		$	218

Defined benefit cost:
Expected long-term rate of return on plan assets	0.50		%	0.50		%

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes At the end of each interim reporting period, the Company determines the income tax provision by using an estimate of the annual effective tax rate, adjusted for discrete items occurring in the quarter. The effective income tax rate reflects the effect of federal and state income taxes and the permanent impacts of differences in book and tax accounting. The Company’s effective tax rate was (399.1)% and (173.8)% for the three and six months ended June 30, 2020, respectively, and (4.1)% and 0.5% for the three and six months ended June 30, 2021, respectively. The change in tax rate is primarily due to the valuation allowance recorded against U.S. deferred tax assets and the mix of earnings between various jurisdictions. The Company continues to maintain a valuation allowance for its U.S. federal and state net deferred tax assets. Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence on a jurisdictional basis to estimate if deferred tax assets will be recognized and when it is more likely than not that all or some deferred tax assets will not be realized, and a valuation allowance must be established. The Company’s effective tax rate for the three and six months ended June 30, 2021 is lower than the U.S. federal statutory rate of 21.0% primarily due to the valuation allowance recorded against U.S. deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Related Parties	6 Months Ended
Related Parties	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Parties	15. Related Parties On April 20, 2015, the Company created a wholly owned subsidiary, Relay, Inc. (f/k/a Republic Wireless, Inc.) (“Relay”), which was incorporated in Delaware. On November 30, 2016, the Company completed a pro-rata distribution of the common stock of Relay to its stockholders of record as of the close of business (the “Spin-Off”). In connection with the Spin-Off on November 30, 2016, the Company and Relay entered into certain agreements in order to govern the ongoing relationships between the two companies after the Spin-Off and to provide for an orderly transition. The agreements include a Transition Services Agreement, Facilities Sharing Agreement, Tax Sharing Agreement, and Master Services Agreement. The equity holders of the Company pre-initial public offering are comprised of substantially the same individuals and entities that are the equity owners of Relay. The Company has determined the equity owners of Relay are related parties of Bandwidth. The Company has certain involvement with Relay via ongoing services arrangements, with these ongoing services arrangements creating a variable interest in Relay. The Company assessed the relationship with Relay under guidance for variable interest entities (“VIE”). Because investors in Relay have disproportionate voting rights, the Company concluded that Relay is a VIE, but the Company is not a primary beneficiary. The Company’s maximum exposure to loss relating to this VIE is limited to amounts due under the service agreements between the Company and Relay. The Company recorded a reduction of rent expense under the Facilities Sharing Agreement of $96 and $192 for the three and six months ended June 30, 2020, respectively, and $96 and $192 for the three and six months ended June 30, 2021, respectively, which is included in general and administrative expenses in the condensed consolidated statements of operations. No amounts were due to the Company under the Facilities Sharing Agreement as of December 31, 2020 and June 30, 2021. The Tax Sharing Agreement governs rights and obligations after the Spin-Off regarding income taxes and other taxes, including tax liabilities and benefits, attributes, returns and contests. There were no amounts outstanding or payable under this agreement as of December 31, 2020 and June 30, 2021. The Master Services Agreement specifies certain wholesale telecommunications services to be provided by the Company. The agreement is cancellable at any time by either party. The Company provided telecommunication services to Relay of $583 and $1,116 for the three and six months ended June 30, 2020, respectively, and $462 and $949 for the three and six months ended June 30, 2021, respectively. The Company recognized such amounts as revenue in the accompanying condensed consolidated statements of operations. As of December 31, 2020 and June 30, 2021, the Company had a receivable of $170 and $154, respectively, under the Master Services Agreement. On March 1, 2019, an amendment to the current Master Services Agreement was executed. Pursuant to the terms of the new agreement, Relay receives reduced pricing on its messaging services, effective April 1, 2019. All other terms and conditions of the existing agreement remain. On June 20, 2019, Relay executed a further amendment to the current Master Services Agreement. Pursuant to the terms of the June 20, 2019 amendment, Relay receives reduced pricing on its outbound voice services effective on June 20, 2019. Subsequent to the expiration of the 180-day IPO blackout window on May 9, 2018, Relay employees that held Bandwidth stock options began exercising their options. Upon exercise, Bandwidth withholds the employee tax amounts due from the proceeds. Bandwidth had collected on behalf of, and remitted withholding tax to, Relay of $241 and $549 for the three and six months ended June 30, 2020, respectively, and $0 and $344 for the three and six months ended June 30, 2021, respectively. As of December 31, 2020 and June 30, 2021, the Company had no outstanding amounts due to Relay. On September 30, 2019, the Company entered into a services agreement with Relay. Pursuant to the terms of the new agreement, Relay receives services performed by the Company’s legal department, effective September 30, 2019. The Company is compensated by Relay for these services based on costs incurred by the Company. The Company received net compensation under this agreement of $16 and $47 for the three and six months ended June 30, 2020, respectively, and $6 and $13 for the three and six months ended June 30, 2021, respectively, which is included in general and administrative expenses in the condensed consolidated statements of operations. As of December 31, 2020 and June 30, 2021, the Company had a receivable of $2 under this agreement.

Basic and Diluted Loss per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Loss per Common Share

16. Basic and Diluted Loss per Common Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The Company is in a net loss position for the three and six months ended June 30, 2020 and 2021 and therefore diluted shares equals basic shares.

The components of basic and diluted loss per share are as follows:


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Earnings per share


Net loss attributable to common stockholders	$	(20,641)	$	(6,928)	$	(21,699)	$	(12,244)
Net loss per share:
Basic	$	(0.86)	$	(0.28)	$	(0.91)	$	(0.49)
Diluted	$	(0.86)	$	(0.28)	$	(0.91)	$	(0.49)














Weighted Average Number of Common Shares Outstanding
Basic	23,973,663		25,096,026		23,768,616		25,056,208




Diluted	23,973,663		25,096,026		23,768,616		25,056,208

The common share equivalents with anti-dilutive effects excluded from the weighted average shares used to calculate net loss per common share for the three and six months ended June 30, 2020 consisted of 313,956 stock options and 468,797 nonvested RSUs outstanding. For the three and six months ended June 30, 2021, this consisted of 191,971 stock options, 380,808 nonvested RSUs outstanding, respectively, and 1,206,493 and 1,509,313 from convertible debt conversion for the three and six months ended June 30, 2021, respectively.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2021 or any future period.
Principles of Consolidation	Principles of Consolidation The condensed 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	Use of Estimates The preparation of the Company’s condensed 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 condensed 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 and equity 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, estimated cash flows on asset retirement obligation. 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.
Cash and Cash Equivalents and Restricted Cash	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, with the exception of time deposits with maturities greater than ninety days which are classified as other investments. 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. Restricted Cash Restricted cash consists primarily of the holdback amount and its accrued interest remaining to be paid to the selling stockholders of Voxbone, employee withholding tax liability and employee benefits contributions not yet remitted. The Company has classified this asset as a short-term asset in order to match the expected period of restriction.
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 $1,203 and $1,364 for uncollectible accounts and customer balances that are disputed were required as of December 31, 2020 and June 30, 2021, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances as of December 31, 2020 and June 30, 2021. 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 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 $1,203 and $1,364 for uncollectible accounts and customer balances that are disputed were required as of December 31, 2020 and June 30, 2021, respectively. Refer to Note 4, “Financial Statement Components” to these condensed consolidated financial statements, for a rollforward of the components of the allowances as of December 31, 2020 and June 30, 2021. 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.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, other investments and trade accounts receivable. Cash deposits may be in excess of insured limits. The Company believes that the financial institutions that hold its cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. 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.
Debt Issuance Costs	Debt Issuance CostsThe Company incurs debt issuance costs associated with obtaining and entering into credit agreements, including the issuances of 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.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 on a prospective basis, which did not have a material impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt —Modifications and Extinguishments (Subtopic 470-50), Compensation--Stock Compensation (Topic 718), and Derivatives and Hedging--Contracts in Entity's Own Equity (Subtopic 815-40), which is intended to provide clarity surrounding the treatment for a modification or an exchange of a freestanding equity-classified written call option. The amendments also provide guidance for the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options for entities that present EPS. The amendments do not affect a holder’s accounting for freestanding call options. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoptions is permitted, including adoption in an interim period. The Company did not have any modification or exchanges of freestanding written call options classified in equity during the reporting period and does not expect adoption will have a material impact on its financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which is intended to address issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, ASU 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share (EPS) guidance on the basis of feedback from financial statement users. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is evaluating the effect of adopting this new accounting guidance on its financial statements and earnings per share calculations.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes the assets measured at fair value as of December 31, 2020 and June 30, 2021:


				Fair value measurements on a recurring basis December 31, 2020
	Level 1	Level 2	Level 3	Total
Financial assets:
Cash and cash equivalents:
Money market account				$	57,517	$	—	$	—	$	57,517








Other investments:
Time deposits				40,000		—		—		40,000

Total financial assets				$	97,517	$	—	$	—	$	97,517


				Fair value measurements on a recurring basis June 30, 2021
	Level 1	Level 2	Level 3			Total
Financial assets:
Cash and cash equivalents:
Money market account				$	284,201		$	—	$	—	$	284,201
Time deposits				15,000			—		—		15,000











Total financial assets				$	299,201		$	—	$	—	$	299,201

Financial Statement Components (Tables)

6 Months Ended

Jun. 30, 2021

Financial Statement Components [Abstract]

Schedule of Accounts Receivable, net, and Allowance for Doubtful Accounts

Accounts receivable, net of allowances consist of the following:


	As of December 31,		As of June 30,
	2020		2021
Trade accounts receivable	$	26,504	$	31,997
Unbilled accounts receivable	27,692		31,749
Allowance for doubtful accounts and reserve for expected credit losses	(1,203)		(1,364)
Other accounts receivable	2,250		716
Total accounts receivable, net	$	55,243	$	63,098

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


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Allowance for doubtful accounts:
Balance, beginning of period	$	(883)	$	(1,218)	$	(769)	$	(1,203)
Charged to bad debt expense	9		(258)		(180)		(306)
Deductions (1)	277		118		352		128
Impact of foreign currency translation	—		(6)		—		17



Balance, end of period	$	(597)	$	(1,364)	$	(597)	$	(1,364)

________________________

(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,		As of June 30,
	2020		2021
Accrued expense	$	31,549	$	33,691
Accrued compensation and benefits	19,534		13,623
Accrued sales, use, VAT and telecommunications related taxes	9,142		9,439

Current portion of finance lease	183		209
Obligation included in basis of acquired land	—		7,752
Other accrued expenses	2,657		1,839
Total accrued expenses and other current liabilities	$	63,065	$	66,553

Right-of-Use Asset and Lease Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Future Minimum Lease Receipts for Operating Lease

Future minimum sub-lease receipts required under the non-cancellable lease are as follows:


	As of June 30,
	2021
2021 (remaining)	$	230
2022	249



	$	479

Components of Lease Expense

The components of lease expense recorded in general and administrative expenses in the condensed consolidated statement of operations were as follows:


	Three months ended June 30,				Six months ended June 30,
	2020		2021			2020		2021
Operating lease cost	$	1,461	$	1,689		$	2,922	$	3,303
Finance lease cost:
Depreciation of assets	—		58			—		105
Interest on lease liabilities	—		9			—		9


Sublease income (1)	(96)		(96)			(192)		(192)
Total net lease cost	$	1,365	$	1,660		$	2,730	$	3,225

________________________

(1) See Note 15, “Related Parties” to these condensed consolidated financial statements, for additional details on sublease income.

Supplemental cash flow and other information related to leases was as follows:


	Six months ended June 30,
		2020			2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	2,612		$	2,850

Financing cash flows from finance leases		—			105
		$	2,612		$	2,955

Weighted average remaining lease term (in years)
Operating leases		3.88			3.36
Finance leases		—			2.72

Weighted average discount rate
Operating leases		4.99		%	4.78		%
Finance leases		—		%	4.00		%

Supplemental Balance Sheet Lease Information

Supplemental balance sheet information related to leases was as follows:


		As of December 31,		As of June 30,
Leases	Classification	2020		2021
Assets:
Operating lease assets	Operating right-of-use asset, net (1)	$	19,491	$	16,894
Finance lease assets	Property, plant and equipment, net (2)	464		475
Total leased assets		$	19,955	$	17,369

Liabilities:
Current
Operating	Operating lease liability, current	$	5,515	$	6,000
Finance	Accrued expenses and other current liabilities	183		209
Non-current
Operating	Operating lease liability, net of current portion	17,202		14,048
Finance	Other liabilities	282		271
Total lease liabilities		$	23,182	$	20,528

________________________

(1) Operating lease assets are recorded net of accumulated amortization of $9,083 and $11,869 as of December 31, 2020 and June 30, 2021, respectively.

(2) Finance lease assets are recorded net of accumulated depreciation of $28 and $135 as of December 31, 2020 and June 30, 2021, respectively.

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


	As of June 30,
	2021
2021 (remaining)	$	3,211
2022	6,850
2023	6,601
2024	2,679
2025	1,657

Thereafter	726
Total lease payments	21,724
Less: imputed interest	(1,676)

Total lease obligations	20,048
Less: current obligations	(6,000)
Long-term lease obligations	$	14,048

Schedule of Maturities of Finance Lease Liabilities

Maturities of financing lease liabilities were as follows:


	As of June 30,
	2021
2021 (remaining)	$	120
2022	187
2023	112
2024	76
2025	11


Total lease payments	506
Less: imputed interest	(26)

Total lease obligations	480
Less: current obligations	(209)
Long-term lease obligations	$	271

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment, Net

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


	As of December 31,		As of June 30,
	2020		2021
Furniture and fixtures	$	2,341	$	2,180
Computer and office equipment	4,077		4,605
Telecommunications equipment	60,651		64,593
Leasehold improvements	6,285		6,262
Software	3,901		4,755
Internal-use software development	19,968		22,175
Automobile	502		620
Land	—		15,785
Total cost	97,725		120,975
Less—accumulated depreciation	(46,080)		(54,325)
Total property, plant and equipment, net	$	51,645	$	66,650

Schedule of Depreciation Expense

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


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Cost of revenue	$	2,340	$	2,938	$	4,674	$	5,971
Research and development	129		293		244		533
Sales and marketing	31		29		60		58
General and administrative	712		1,078		1,402		1,952
Total depreciation expense	$	3,212	$	4,338	$	6,380	$	8,514

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite Lived Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period
Dash acquisition and other intangibles:							(Years)
Customer relationships	$	10,396	$	(5,111)	$	5,285	20




Other, definite lived	3,933		(3,933)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite
Total Dash acquistion and other intangible assets	15,093		(9,044)		6,049

Voxbone acquistion:
Customer relationships	156,559		(1,739)		154,820		15
Developed technology	88,664		(1,478)		87,186		10
Total Voxbone acquisition	245,223		(3,217)		242,006

Total intangible assets, net	$	260,316	$	(12,261)	$	248,055

Intangible assets, net consisted of the following as of June 30, 2021:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period
Dash acquisition and other intangibles:							(Years)
Customer relationships	$	10,396	$	(5,371)	$	5,025	20




Other, definite lived	3,933		(3,933)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite
Total Dash acquisition and other intangible assets	15,093		(9,304)		5,789

Voxbone acquisition:
Customer relationships	151,551		(6,735)		144,816		15
Developed technology	85,828		(5,722)		80,106		10
Total Voxbone acquisition	237,379		(12,457)		224,922

Total intangible assets, net	$	252,472	$	(21,761)	$	230,711

Schedule of Infinite Lived Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2020:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period
Dash acquisition and other intangibles:							(Years)
Customer relationships	$	10,396	$	(5,111)	$	5,285	20




Other, definite lived	3,933		(3,933)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite
Total Dash acquistion and other intangible assets	15,093		(9,044)		6,049

Voxbone acquistion:
Customer relationships	156,559		(1,739)		154,820		15
Developed technology	88,664		(1,478)		87,186		10
Total Voxbone acquisition	245,223		(3,217)		242,006

Total intangible assets, net	$	260,316	$	(12,261)	$	248,055

Intangible assets, net consisted of the following as of June 30, 2021:


	Gross Amount		Accumulated Amortization		Net Carrying Value		Amortization Period
Dash acquisition and other intangibles:							(Years)
Customer relationships	$	10,396	$	(5,371)	$	5,025	20




Other, definite lived	3,933		(3,933)		—		2 - 7
Licenses, indefinite lived	764		—		764		Indefinite
Total Dash acquisition and other intangible assets	15,093		(9,304)		5,789

Voxbone acquisition:
Customer relationships	151,551		(6,735)		144,816		15
Developed technology	85,828		(5,722)		80,106		10
Total Voxbone acquisition	237,379		(12,457)		224,922

Total intangible assets, net	$	252,472	$	(21,761)	$	230,711

Schedule of Amortization Expense

The Company recognized amortization expense as follows:


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Cost of revenue	$	—	$	2,175	$	—	$	4,351


General and administrative	130		2,689		260		5,380
Total amortization expense	$	130	$	4,864	$	260	$	9,731

Schedule of Future Estimated Amortization Expense

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


	As of June 30,
	2021
2021 (remaining)	$	9,603
2022	19,206
2023	19,206
2024	19,206
2025	19,206


Thereafter	143,520
	$	229,947

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Net Carrying Amount of Liability and Equity Component of Notes

The net carrying amount of the liability components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,		As of June 30,
	2020		2021
2026 Convertible Notes:
Principal	$	400,000	$	400,000
Unamortized discount	(110,546)		(101,450)
Unamortized debt issuance costs	(7,258)		(6,660)
2026 Convertible Notes net carrying amount	282,196		291,890

2028 Convertible Notes:
Principal	—		250,000
Unamortized discount	—		(64,571)
Unamortized debt issuance costs	—		(5,332)
2028 Convertible Notes net carrying amount	—		180,097
Total net carrying amount	$	282,196	$	471,987

The net carrying amount of the equity components of the 2026 and 2028 Convertible Notes were as follows:


	As of December 31,		As of June 30,
	2020		2021
2026 Convertible Notes:
Proceeds allocated to the conversion options (debt discount)	$	125,152	$	125,152
Issuance costs	(3,742)		(3,742)
2026 Convertible Notes net carrying amount	121,410		121,410

2028 Convertible Notes:
Proceeds allocated to the conversion options (debt discount)	—		66,908
Issuance costs	—		(2,019)
2028 Convertible Notes net carrying amount	—		64,889
Total net carrying amount	$	121,410	$	186,299

Interest Income and Interest Expense Disclosure

The following table sets forth the interest expense recognized related to the 2026 and 2028 Convertible Notes:


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
2026 Convertible Notes:
Contractual interest expense	$	249	$	250	$	345	$	500
Amortization of debt discount	4,262		4,587		5,891		9,097
Amortization of debt issuance costs	280		301		386		597
Total interest expense related to the 2026 Convertible Notes	4,791		5,138		6,622		10,194

2028 Convertible Notes:
Contractual interest expense	—		313		—		365
Amortization of debt discount	—		2,004		—		2,337
Amortization of debt issuance costs	—		166		—		194
Total interest expense related to the 2028 Convertible Notes	—		2,483		—		2,896
Total interest expense	$	4,791	$	7,621	$	6,622	$	13,090

Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Information


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
CPaaS
Revenue	$	67,076	$	105,039	$	126,197	$	205,185
Cost of revenue	37,229		56,094		69,121		109,775
Gross profit	$	29,847	$	48,945	$	57,076	$	95,410
Other
Revenue	$	9,714	$	15,619	$	19,111	$	28,952
Cost of revenue	4,780		9,965		9,247		17,612
Gross profit	$	4,934	$	5,654	$	9,864	$	11,340
Consolidated
Revenue	$	76,790	$	120,658	$	145,308	$	234,137
Cost of revenue	42,009		66,059		78,368		127,387
Gross profit	$	34,781	$	54,599	$	66,940	$	106,750

Schedule of Revenue by Geographical Area

The Company generates its revenue primarily in the United States. Revenue by geographic area is detailed in the table below (which is determined based on the customer billing address):


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
CPaaS
United States	$	65,207	$	92,989	$	122,605	$	181,851
International	1,869		12,050		3,592		23,334
Total	$	67,076	$	105,039	$	126,197	$	205,185

Other
United States	$	9,418	$	13,916	$	18,543	$	25,852
International	296		1,703		568		3,100
Total	$	9,714	$	15,619	$	19,111	$	28,952

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

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,	As of June 30,
	2020	2021
Stock options issued and outstanding	255,000	191,971
Nonvested restricted stock units issued and outstanding	450,614	380,808
Stock-based awards available for grant under the 2017 Plan	2,020,342	3,053,542
	2,725,956	3,626,321

- 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
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following summarizes the stock option activity for the periods presented:


	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, 2020	255,000	$	10.82	4.42	$	36,426
Granted	—	—
Exercised	(62,223)	12.84			8,179
Forfeited or cancelled	(806)	10.49
Outstanding as of June 30, 2021	191,971	$	10.17	3.91	$	24,524

Options vested and exercisable at June 30, 2021	170,065	$	9.00	3.61	$	21,926
Options vested and expected to vest as of June 30, 2021	191,617	$	10.15	3.90	$	24,483

Summary of Restricted Stock Unit Activity

The following summarizes the RSU activity for the periods presented:


	Number of awards outstanding	Weighted-average grant date fair value (per share)
Nonvested RSUs as of December 31, 2020	450,614	$	51.58
Granted	117,473	152.98
Vested	(157,312)	54.81
Forfeited or cancelled	(29,967)	68.87
Nonvested RSUs as of June 30, 2021	380,808	$	81.75

Schedule of Stock-Based Compensation Expense

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


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Cost of revenue	$	(60)	$	66	$	115	$	138
Research and development	620		666		1,073		1,434
Sales and marketing	376		458		771		1,072
General and administrative	1,489		2,187		2,965		5,123
Total	$	2,425	$	3,377	$	4,924	$	7,767

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Summary of Accumulated Benefit Obligation in Excess of Plan Assets

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


	Three months ended June 30,			Six months ended June 30,
	2021			2021
Service cost	$	111		$	214
Interest cost	6			11
Return on plan assets	(3)			(7)
Net periodic pension cost	114			218



Total recognized in net periodic benefit cost	$	114		$	218

Defined benefit cost:
Expected long-term rate of return on plan assets	0.50		%	0.50		%

Basic and Diluted Loss per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The components of basic and diluted loss per share are as follows:


	Three months ended June 30,				Six months ended June 30,
	2020		2021		2020		2021
Earnings per share


Net loss attributable to common stockholders	$	(20,641)	$	(6,928)	$	(21,699)	$	(12,244)
Net loss per share:
Basic	$	(0.86)	$	(0.28)	$	(0.91)	$	(0.49)
Diluted	$	(0.86)	$	(0.28)	$	(0.91)	$	(0.49)














Weighted Average Number of Common Shares Outstanding
Basic	23,973,663		25,096,026		23,768,616		25,056,208




Diluted	23,973,663		25,096,026		23,768,616		25,056,208

Organization and Description of Business (Details) € in Millions, $ in Millions			6 Months Ended
	Nov. 02, 2020 USD ($)	Nov. 02, 2020 EUR (€)	Jun. 30, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments			2
Number of reportable segments			2
Voxbone S.A
Business Acquisition [Line Items]
Total purchase consideration \| €		€ 446
Fair value of cash paid	$ 400	338
Voxbone S.A \| Common stock
Business Acquisition [Line Items]
Fair value of Bandwidth common stock issued	$ 128	€ 108

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 1,364	$ 1,203
Unbilled accounts receivable	$ 31,749	$ 27,692

Summary of Significant Accounting Policies - Accounts Receivable and Current Expected Credit Losses and Concentration of Credit Risk and Deferred Revenue and Customer Deposits (Details) - Customer One - Customer	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2020
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			11.00%
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%

Fair Value Measurements - Assets Measured at Fair Value (Details) - Fair value measurements on a recurring basis - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 284,201	$ 57,517
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	15,000
Total other investments		40,000
Financial assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	299,201	97,517
Level 1 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	284,201	57,517
Level 1 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	15,000
Total other investments		40,000
Level 1 \| Financial assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	299,201	97,517
Level 2 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total other investments		0
Level 2 \| Financial assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Level 3 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Total other investments		0
Level 3 \| Financial assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0	$ 0

Fair Value Measurements - Additional Information (Details) - Convertible notes $ in Thousands	Jun. 30, 2021 USD ($)
0.25% Convertible senior notes due 2026
Debt Instrument [Line Items]
Fair value	$ 650,876
0.50% Convertible senior notes due 2028
Debt Instrument [Line Items]
Fair value	$ 257,041

Financial Statement Components - Accounts Receivable, Net of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial Statement Components [Abstract]
Trade accounts receivable	$ 31,997	$ 26,504
Unbilled accounts receivable	31,749	27,692
Allowance for doubtful accounts and reserve for expected credit losses	(1,364)	(1,203)
Other accounts receivable	716	2,250
Total accounts receivable, net	$ 63,098	$ 55,243

Financial Statement Components - Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ (1,218)	$ (883)	$ (1,203)	$ (769)
Charged to bad debt expense	(258)	9	(306)	(180)
Deductions	118	277	128	352
Impact of foreign currency translation	(6)	0	17	0
Balance, end of period	$ (1,364)	$ (597)	$ (1,364)	$ (597)

Financial Statement Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial Statement Components [Abstract]
Accrued expense	$ 33,691	$ 31,549
Accrued compensation and benefits	13,623	19,534
Accrued sales, use, VAT and telecommunications related taxes	9,439	9,142
Current portion of finance lease	209	183
Obligation included in basis of acquired land	7,752	0
Other accrued expenses	1,839	2,657
Total accrued expenses and other current liabilities	$ 66,553	$ 63,065

Right-of-Use Asset and Lease Liabilities - Additional Information (Details) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 05, 2021 USD ($) a	Jun. 04, 2021 USD ($) a	Jun. 30, 2021 USD ($) ft² lease	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) ft² lease	Jun. 30, 2020 USD ($)	May 27, 2021 USD ($) ft²
Lessee, Lease, Description [Line Items]
Option to extend, term			5 years		5 years
Number of leases with early-termination option \| lease			1		1
Number of lease not yet commenced \| lease					1
Term of option to extend					10 years
Total available extensions					20 years
Short-term operating lease expense			$ 381	$ 0	$ 726	$ 0
Consideration for the proposed Land purchase					30,017	0
Proceeds from sale of land					$ 17,462	$ 0
Undeveloped land in Raleigh, North Carolina
Lessee, Lease, Description [Line Items]
Land (acres) \| a	17.06	40
Consideration for the proposed Land purchase		$ 30,017
Estimated cost of construction		$ 7,752
Lease incentive	$ 3,193
Undeveloped land in Raleigh, North Carolina \| USEF Edwards Mill Owner LLC
Lessee, Lease, Description [Line Items]
Area of land sold \| a	23.76
Proceeds from sale of land	$ 17,462
Project
Lessee, Lease, Description [Line Items]
Lease term							20 years
Office space (in square foot) \| ft²							534,000
Term of lease							20 years
Market rental rate							100.00%
Escrow to fund							$ 3,000
Project \| USEF Edwards Mill Owner LLC
Lessee, Lease, Description [Line Items]
Security deposit							$ 2,500
Relay, Inc
Lessee, Lease, Description [Line Items]
Sublease \| ft²			17,073		17,073
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term			5 months		5 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term			5 years 6 months		5 years 6 months

Right-of-Use Asset and Lease Liabilities - Future Minimum Sub-lease Receipts (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
2021 (remaining)	$ 230
2022	249
Total	$ 479

Right-of-Use Asset and Lease Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 1,689	$ 1,461	$ 3,303	$ 2,922
Depreciation of assets	58	0	105	0
Interest on lease liabilities	9	0	9	0
Sublease income	(96)	(96)	(192)	(192)
Total net lease cost	$ 1,660	$ 1,365	$ 3,225	$ 2,730

Right-of-Use Asset and Lease Liabilities - Supplemental Balance Sheet Lease Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Operating lease assets	$ 16,894	$ 19,491
Finance lease assets	475	464
Total leased assets	17,369	19,955
Current
Operating	6,000	5,515
Finance	209	183
Non-current
Long-term lease obligations	14,048	17,202
Long-term lease obligations	271	282
Total lease obligations	$ 20,528	$ 23,182
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Accumulated amortization	$ 11,869	$ 9,083
Accumulated depreciation of assets under finance leases	$ 135	$ 28

Right-of-Use Asset and Lease Liabilities - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,850	$ 2,612
Financing cash flows from finance leases	105	0
Lease liabilities	$ 2,955	$ 2,612
Weighted average remaining lease term (in years)
Operating leases	3 years 4 months 9 days	3 years 10 months 17 days
Finance leases	2 years 8 months 19 days		0 years
Weighted average discount rate
Operating leases	4.78%	4.99%
Finance leases	4.00%	0.00%

Right-of-Use Asset and Lease Liabilities - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (remaining)	$ 3,211
2022	6,850
2023	6,601
2024	2,679
2025	1,657
Thereafter	726
Total lease payments	21,724
Less: imputed interest	(1,676)
Total lease obligations	20,048
Less: current obligations	(6,000)	$ (5,515)
Long-term lease obligations	$ 14,048	$ 17,202

Right-of-Use Asset and Lease Liabilities - Schedule of Maturities of Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021 (remaining)	$ 120
2022	187
2023	112
2024	76
2025	11
Total lease payments	506
Less: imputed interest	(26)
Total lease obligations	480
Less: current obligations	(209)	$ (183)
Long-term lease obligations	$ 271	$ 282

Property, Plant and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total cost	$ 120,975	$ 97,725
Less—accumulated depreciation	(54,325)	(46,080)
Property, plant and equipment, net	66,650	51,645
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	2,180	2,341
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total cost	4,605	4,077
Telecommunications equipment
Property, Plant and Equipment [Line Items]
Total cost	64,593	60,651
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	6,262	6,285
Software
Property, Plant and Equipment [Line Items]
Total cost	4,755	3,901
Internal-use software development
Property, Plant and Equipment [Line Items]
Total cost	22,175	19,968
Automobile
Property, Plant and Equipment [Line Items]
Total cost	620	502
Land
Property, Plant and Equipment [Line Items]
Total cost	$ 15,785	$ 0

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Capitalized software development costs, additions	$ 1,301	$ 708	$ 2,404	$ 1,498
Amortization of capitalized software development costs	525	$ 588	945	$ 1,170
Capitalized implementation costs related to cloud computing arrangements	499		499
Cost of assets under finance leases	610		610
Accumulated depreciation of assets under finance leases	135		135		$ 28
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Capitalized implementation costs related to cloud computing arrangements	140		140
Other long-term assets
Property, Plant and Equipment [Line Items]
Capitalized implementation costs related to cloud computing arrangements	$ 359		$ 359

Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Depreciation Expense [Line Items]
Total depreciation expense	$ 4,338	$ 3,212	$ 8,514	$ 6,380
Cost of revenue
Depreciation Expense [Line Items]
Total depreciation expense	2,938	2,340	5,971	4,674
Research and development
Depreciation Expense [Line Items]
Total depreciation expense	293	129	533	244
Sales and marketing
Depreciation Expense [Line Items]
Total depreciation expense	29	31	58	60
General and administrative
Depreciation Expense [Line Items]
Total depreciation expense	$ 1,078	$ 712	$ 1,952	$ 1,402

Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Dash acquisition and other intangibles:
Accumulated Amortization	$ (21,761)	$ (12,261)
Finite-lived intangible assets, net	229,947
Gross Amount	252,472	260,316
Net Carrying Value	230,711	248,055
Dash
Dash acquisition and other intangibles:
Accumulated Amortization	(9,304)	(9,044)
Gross Amount	15,093	15,093
Net Carrying Value	5,789	6,049
Dash \| Licenses
Dash acquisition and other intangibles:
Licenses, indefinite lived	764	764
Dash \| Customer relationships
Dash acquisition and other intangibles:
Finite-lived intangible assets, gross	10,396	10,396
Accumulated Amortization	(5,371)	(5,111)
Finite-lived intangible assets, net	$ 5,025	$ 5,285
Amortization Period	20 years	20 years
Dash \| Other, definite lived
Dash acquisition and other intangibles:
Finite-lived intangible assets, gross	$ 3,933	$ 3,933
Accumulated Amortization	(3,933)	(3,933)
Finite-lived intangible assets, net	$ 0	$ 0
Dash \| Other, definite lived \| Minimum
Dash acquisition and other intangibles:
Amortization Period	2 years	2 years
Dash \| Other, definite lived \| Maximum
Dash acquisition and other intangibles:
Amortization Period	7 years	7 years
Voxbone S.A
Dash acquisition and other intangibles:
Accumulated Amortization	$ (12,457)	$ (3,217)
Gross Amount	237,379	245,223
Net Carrying Value	224,922	242,006
Voxbone S.A \| Customer relationships
Dash acquisition and other intangibles:
Finite-lived intangible assets, gross	151,551	156,559
Accumulated Amortization	(6,735)	(1,739)
Finite-lived intangible assets, net	$ 144,816	$ 154,820
Amortization Period	15 years	15 years
Voxbone S.A \| Developed technology
Dash acquisition and other intangibles:
Finite-lived intangible assets, gross	$ 85,828	$ 88,664
Accumulated Amortization	(5,722)	(1,478)
Finite-lived intangible assets, net	$ 80,106	$ 87,186
Amortization Period	10 years	10 years

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Total amortization expense	$ 4,864	$ 130	$ 9,731	$ 260
Weighted average useful life			12 years 6 months

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill [Line Items]
Total amortization expense	$ 4,864	$ 130	$ 9,731	$ 260
Cost of revenue
Goodwill [Line Items]
Total amortization expense	2,175	0	4,351	0
General and administrative
Goodwill [Line Items]
Total amortization expense	$ 2,689	$ 130	$ 5,380	$ 260

Intangible Assets - Future Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining)	$ 9,603
2022	19,206
2023	19,206
2024	19,206
2025	19,206
Thereafter	143,520
Finite-lived intangible assets, net	$ 229,947

Debt - Revolving Loan (Details) - USD ($)	Jun. 30, 2021	May 25, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 471,987,000		$ 282,196,000
Outstanding unamortized loan fees			83,000
Prepaid expenses and other current assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees	$ 0		74,000
Other long-term assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees			9,000
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 25,000,000
Long-term debt			$ 0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - 2026 Convertible Notes (Details)			3 Months Ended	6 Months Ended	12 Months Ended
Debt - 2026 Convertible Notes (Details)	Mar. 16, 2021 USD ($)	Feb. 28, 2020 USD ($) $ / shares	Jun. 30, 2021 USD ($) d $ / shares	Jun. 30, 2021 USD ($) d $ / shares	Dec. 31, 2020 USD ($) $ / shares
Debt Instrument [Line Items]
Total net proceeds	$ 344,722,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.001	$ 0.001	$ 0.001
2026 Convertible Notes
Debt Instrument [Line Items]
Principal			$ 400,000,000	$ 400,000,000	$ 400,000,000
Cash redemption price, percent		100.00%
Conversion option				125,152,000	125,152,000
Issuance costs					$ 3,742,000
2026 Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal		$ 400,000,000
Stated rate		0.25%
Conversion price (in usd per share) \| $ / shares		$ 91.03
Conversion option		$ 125,160,000
Effective interest rate		6.763%
Carrying amount of equity component		$ 57,491,000
Annual effective interest rate		6.907%
Issuance costs attributable to the liability component		$ 8,217,000
Issuance costs		$ 3,742,000	$ 3,742,000	$ 3,742,000
2026 Convertible Notes \| Convertible notes \| Conversion option 1
Debt Instrument [Line Items]
Trading days \| d			20	20
Consecutive trading days \| d			30	30
2026 Convertible Notes \| Convertible notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio		10.9857
2026 Convertible Notes \| Convertible notes \| Class A voting common stock \| Conversion option 1
Debt Instrument [Line Items]
Stock price trigger percent		130.00%	130.00%	130.00%
2026 Convertible Notes \| Convertible notes \| Class A voting common stock \| Conversion option 2
Debt Instrument [Line Items]
Stock price trigger percent		98.00%

Debt - 2028 Convertible Notes (Details)					6 Months Ended	12 Months Ended
Debt - 2028 Convertible Notes (Details)	Mar. 16, 2021 USD ($) $ / shares	Mar. 16, 2021 USD ($) $ / shares	Mar. 16, 2021 USD ($) d $ / shares	Mar. 16, 2021 USD ($) day $ / shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Debt Instrument [Line Items]
Total net proceeds	$ 344,722,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares					$ 0.001	$ 0.001
2028 Convertible Notes
Debt Instrument [Line Items]
Principal					$ 250,000,000	$ 0
Conversion option					66,908,000	0
Issuance costs						$ 0
2028 Convertible Notes \| 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]
Principal	$ 250,000,000	$ 250,000,000	$ 250,000,000	$ 250,000,000
Stated rate	0.50%	0.50%	0.50%	0.50%
Total net proceeds	$ 216,956,000
Conversion ratio		5.5781
Conversion price (in usd per share) \| $ / shares	$ 179.27	$ 179.27	$ 179.27	$ 179.27
Cash redemption price, percent		100.00%
Conversion option	$ 66,908,000
Effective interest rate	5.125%	5.125%	5.125%	5.125%
Carrying amount of equity component	$ 39,389,000	$ 39,389,000	$ 39,389,000	$ 39,389,000
Annual effective interest rate	4.959%	4.959%	4.959%	4.959%
Issuance costs attributable to the liability component	$ 5,525,000	$ 5,525,000	$ 5,525,000	$ 5,525,000
Issuance costs	$ 2,019,000	$ 2,019,000	$ 2,019,000	$ 2,019,000	$ 2,019,000
2028 Convertible Notes \| Convertible notes \| Conversion option 1
Debt Instrument [Line Items]
Trading days \| d			20
Consecutive trading days \| d			30
2028 Convertible Notes \| Convertible notes \| Conversion option 1 \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger percent		130.00%
2028 Convertible Notes \| Convertible notes \| Conversion option 2
Debt Instrument [Line Items]
Consecutive trading days			10,000	10,000
Consecutive business days			5,000	5,000
2028 Convertible Notes \| Convertible notes \| Conversion option 2 \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger percent		98.00%

Debt - Schedule of Debt (Details) - USD ($)	6 Months Ended	12 Months Ended
Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total net carrying amount	$ 471,987,000	$ 282,196,000
Total net carrying amount	186,299,000	121,410,000
2026 Convertible Notes
Debt Instrument [Line Items]
Principal	400,000,000	400,000,000
Unamortized discount	(101,450,000)	(110,546,000)
Unamortized debt issuance costs	(6,660,000)	(7,258,000)
Total net carrying amount	291,890,000	282,196,000
Proceeds allocated to the conversion options (debt discount)	125,152,000	125,152,000
Issuance costs		(3,742,000)
Total net carrying amount	121,410,000	121,410,000
2028 Convertible Notes
Debt Instrument [Line Items]
Principal	250,000,000	0
Unamortized discount	(64,571,000)	0
Unamortized debt issuance costs	(5,332,000)	0
Total net carrying amount	180,097,000	0
Proceeds allocated to the conversion options (debt discount)	66,908,000	0
Issuance costs		0
Total net carrying amount	$ 64,889,000	$ 0

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total interest expense	$ 7,621	$ 4,791	$ 13,090	$ 6,622
2026 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	250	249	500	345
Amortization of debt discount	4,587	4,262	9,097	5,891
Amortization of debt issuance costs	301	280	597	386
Total interest expense	5,138	4,791	10,194	6,622
2028 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	313	0	365	0
Amortization of debt discount	2,004	0	2,337	0
Amortization of debt issuance costs	166	0	194	0
Total interest expense	$ 2,483	$ 0	$ 2,896	$ 0

Debt - Convertible Senior Notes and Capped Call Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Net cost of capped call purchase	$ 25,500	$ 43,320
Class A voting common stock
Debt Instrument [Line Items]
Capped call shares (in shares)	1,394,525	4,394,276
Convertible notes \| 0.25% Convertible senior notes due 2026
Debt Instrument [Line Items]
Initial conversion strike price (in usd per share)		$ 91.03
Initial cap price (in usd per share)		$ 137.40
Convertible notes \| 0.50% Convertible senior notes due 2028
Debt Instrument [Line Items]
Initial conversion strike price (in usd per share)	$ 179.27
Initial cap price (in usd per share)	$ 260.76

Segment and Geographic Information - Reconciliation of Segment Profit (Loss) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			2
Segment Reporting Information [Line Items]
Revenue	$ 120,658	$ 76,790	$ 234,137	$ 145,308
Cost of revenue	66,059	42,009	127,387	78,368
Gross profit	54,599	34,781	106,750	66,940
CPaaS
Segment Reporting Information [Line Items]
Revenue	105,039	67,076	205,185	126,197
Cost of revenue	56,094	37,229	109,775	69,121
Gross profit	48,945	29,847	95,410	57,076
Other
Segment Reporting Information [Line Items]
Revenue	15,619	9,714	28,952	19,111
Cost of revenue	9,965	4,780	17,612	9,247
Gross profit	$ 5,654	$ 4,934	$ 11,340	$ 9,864

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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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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Segment and Geographic Information - Reconciliation of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 1,094,430		$ 1,094,430		$ 890,608
Revenue	120,658	$ 76,790	234,137	$ 145,308
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	10,837		10,837		$ 11,249
CPaaS
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	105,039	67,076	205,185	126,197
CPaaS \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	92,989	65,207	181,851	122,605
CPaaS \| International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	12,050	1,869	23,334	3,592
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	15,619	9,714	28,952	19,111
Other \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	13,916	9,418	25,852	18,543
Other \| International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,703	$ 296	$ 3,100	$ 568

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Stockholders' Equity - Preferred Stock (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred A stock, shares outstanding (in shares)	0	0

Stockholders' Equity - Common Stock (Details)	Jun. 30, 2021 vote $ / shares shares	Dec. 31, 2020 vote $ / shares shares
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
Common stock voting rights \| vote	1	1
Common stock, shares issued (in shares)	22,891,667	22,413,004
Common stock, shares outstanding (in shares)	22,891,667	22,413,004
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
Common stock, shares issued (in shares)	2,215,170	2,496,125
Common stock, shares outstanding (in shares)	2,215,170	2,496,125

Stockholders' Equity - Reserved Shares of Common Stock for Issuance (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,626,321	2,725,956
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	191,971	255,000
Nonvested restricted stock units issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	380,808	450,614
Stock-based awards available for grant under the 2017 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,053,542	2,020,342

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Jan. 01, 2021	Jan. 01, 2018	Nov. 09, 2017	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				3,626,321		3,626,321		2,725,956
Estimated grant date fair value of options vested				$ 24	$ 83	$ 45	$ 129
Unrecognized cost for stock based compensation				$ 38		$ 38
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted (in shares)				0	0	0	0
Unrecognized cost for stock based compensation, period for recognition (in years)						2 months 15 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				380,808		380,808		450,614
Unrecognized cost for stock based compensation, period for recognition (in years)						2 years 10 months 28 days
Unrecognized compensation cost related to non-vested RSUs				$ 27,172		$ 27,172
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)				0		0
2017 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 reserved for future issuance, percent increase		5.00%
Increase in shares available for grant (in shares)	1,120,650
2017 Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Contractual life (in years)			10 years
2017 Plan \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period			4 years
2017 Plan \| RSU \| Non-employee Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
2017 Plan \| RSU \| Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
2017 Plan \| RSU \| Executives \| Year one vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
2017 Plan \| RSU \| Executives \| First quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| RSU \| Executives \| Second quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| RSU \| Executives \| Third quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| RSU \| Executives \| First quarter vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			12.50%
2017 Plan \| RSU \| Executives \| Year two, three and four vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%

Stock Based Compensation - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Number of options outstanding
Number of options outstanding, beginning balance (in shares)				255,000
Number of options, granted (in shares)	0		0	0	0
Number of options exercised (in shares)				(62,223)
Number of options, forfeited or cancelled (in shares)				(806)
Number of options outstanding, ending balance (in shares)	191,971	255,000		191,971
Options vested and exercisable (in shares)	170,065			170,065
Options vested and expected to vest (in shares)	191,617			191,617
Weighted- average exercise price (per share)
Weighted-average exercise price, beginning balance (in usd per share)				$ 10.82
Weighted-average exercise price, granted (in usd per share)				0
Weighted-average exercise price, exercised (in usd per share)				12.84
Weighted-average exercise price, forfeited or cancelled (in usd per share)				10.49
Weighted-average exercise price, ending balance (in usd per share)	$ 10.17	$ 10.82		10.17
Weighted-average exercise price, options vested and exercisable (in usd per share)	9.00			9.00
Weighted average exercise price, options vested and expected to vest (in usd per share)	$ 10.15			$ 10.15
Weighted- average remaining contract life (in years)
Weighted-average remaining contract life, options outstanding (in years)				3 years 10 months 28 days	4 years 5 months 1 day
Weighted-average remaining contract life, options vested and exercisable (in years)				3 years 7 months 9 days
Weighted average remaining contract life, options vested and expected to vest				3 years 10 months 24 days
Aggregate intrinsic value (in thousands)
Aggregate intrinsic value, options outstanding	$ 24,524	$ 36,426		$ 24,524
Aggregate intrinsic value, options exercised				8,179
Aggregate intrinsic value, options vested and exercisable	21,926			21,926
Aggregate intrinsic value, options vested and expected to vest	$ 24,483			$ 24,483

Stock Based Compensation - Restricted Stock Unit Activity (Details) - RSU	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Number of awards outstanding
Number of nonvested RSUs outstanding, beginning balance (in shares) \| shares	450,614
Number of nonvested RSUs, granted (in shares) \| shares	117,473
Number of nonvested RSUs, vested (in shares) \| shares	(157,312)
Number of nonvested RSUs, forfeited or cancelled (in shares) \| shares	(29,967)
Number of nonvested RSUs outstanding, ending balance (in shares) \| shares	380,808
Weighted-average grant date fair value (per share)
Weighted-average grant date fair value, beginning balance (in usd per share) \| $ / shares	$ 51.58
Weighted average grant-date fair value of nonvested RSUs, granted (in usd per share) \| $ / shares	152.98
Weighted-average grant date fair value of nonvested RSUs, vested (in usd per share) \| $ / shares	54.81
Weighted-average grant date fair value of nonvested restricted RSUs, forfeited or cancelled (in usd per share) \| $ / shares	68.87
Weighted-average grant date fair value, ending balance (in usd per share) \| $ / shares	$ 81.75

Stock Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,377	$ 2,425	$ 7,767	$ 4,924
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	66	(60)	138	115
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	666	620	1,434	1,073
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	458	376	1,072	771
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,187	$ 1,489	$ 5,123	$ 2,965

Commitments and Contingencies - Additional Information (Details) $ in Thousands	May 27, 2021 USD ($) lease	Jun. 30, 2021 USD ($)	Aug. 01, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Annual minimum commitment, year one			$ 600
Annual minimum commitment, year two			$ 300
Non-cancellable purchase obligation		$ 16,319
Non-cancellable purchase obligation, fulfilled within a year		$ 10,569
Project
Lessee, Lease, Description [Line Items]
Term of lease	20 years
On commencement \| Project
Lessee, Lease, Description [Line Items]
Commencement date, rent abatement period	120 days
Commencement delivered period	12 months
Number of option to extend \| lease	2
Term of lease	10 years
Base rent percentage	1.85%
Lease payments of initial term	$ 495,000
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		5 years 6 months

Employee Benefit Plans - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Matching contributions	$ 841,000	$ 475,000	$ 1,753,000	$ 1,109,000
Non-U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost	$ 114,000	$ 0	$ 218,000	$ 0

Employee Benefit Plans - Summary of Net Periodic Cost of Pension and Postretirement Benefit Plans (Details) - Pension Plan - Non-U.S. - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 111,000		$ 214,000
Interest cost	6,000		11,000
Return on plan assets	(3,000)		(7,000)
Net periodic pension cost	114,000	$ 0	218,000	$ 0
Total recognized in net periodic benefit cost	$ 114,000		$ 218,000
Expected long-term rate of return on plan assets	0.50%		0.50%

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	(4.10%)	(399.10%)	0.50%	(173.80%)

Related Parties (Details) - Affiliated Entity - Relay - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Amount collected on behalf	$ 0	$ 241,000	$ 344,000	$ 549,000
Facilities Sharing Agreement
Related Party Transaction [Line Items]
Reduction of rent expense	96,000	96,000	192,000	192,000
Due from related parties	0		0		$ 0
Tax Sharing Agreement
Related Party Transaction [Line Items]
Due from related parties	0		0		0
Master Services Agreement
Related Party Transaction [Line Items]
Revenue from related parties	462,000	583,000	949,000	1,116,000
Accounts receivable, related parties	154,000		154,000		170,000
Services Agreement
Related Party Transaction [Line Items]
Revenue from related parties	6,000	$ 16,000	13,000	$ 47,000
Accounts receivable, related parties	$ 2,000		$ 2,000		$ 2,000

Basic and Diluted Loss per Common Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (6,928)	$ (20,641)	$ (12,244)	$ (21,699)
Net loss per share:
Basic (in usd per share)	$ (0.28)	$ (0.86)	$ (0.49)	$ (0.91)
Diluted (in usd per share)	$ (0.28)	$ (0.86)	$ (0.49)	$ (0.91)
Weighted Average Number of Common Shares Outstanding
Basic (in shares)	25,096,026	23,973,663	25,056,208	23,768,616
Diluted (in shares)	25,096,026	23,973,663	25,056,208	23,768,616

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Basic and Diluted Loss per Common Share - Schedule of Antidilutive Common Share Equivalents Excluded from Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	191,971	313,956	191,971	313,956
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	380,808	468,797	380,808	468,797
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,206,493		1,509,313