0001842718-23-000095 | 10-Q | XBRL Viewer | Integral AD Science Holding Corp

Internal use software, net

9 Months Ended

Sep. 30, 2023

Internal use software consisted of the following:


	Estimated useful life (in years)			September 30, 2023		December 31, 2022
Internal use software	3	-	5 years	$	70,556	$	47,658
Less: Assets written off				—		(199)
Less: Accumulated amortization				(34,477)		(23,817)
Total internal use software, net				$	36,079	$	23,642

Amortization expense related to internal use software for the three months ended September 30, 2023 and 2022 was $4,032 and $2,453, respectively. Amortization expense for the nine months ended September 30, 2023 and 2022 was $10,477 and $7,000, respectively.

Stock-based compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 13,900	$ 14,247	$ 65,641	$ 33,107
Unamortized expense	133,203		133,203
2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	16	0	333	0
2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13,392	10,209	37,677	19,589
Unamortized expense	128,226		128,226
Time Based Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,263	3,906	5,284	13,387
Unamortized expense	4,977		$ 4,977
Weighted Average Vesting Term			1 year 6 months
Time Based Options \| 2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,727	3,234	$ 3,544	10,970
Time Based Options \| 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	536	672	1,740	2,417
Return Target Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	(2,111)	0	21,339	0
Unamortized expense	0		$ 0
Weighted Average Vesting Term			0 years
Return Target Options \| 2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	(2,111)	0	$ 18,215	0
Return Target Options \| 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	0	3,124	0
Restricted stock units \| 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,760	7,552	25,483	16,524
Unamortized expense	104,381		$ 104,381
Weighted Average Vesting Term			3 years 1 month 6 days
Market stock units \| 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,632	2,657	$ 12,194	3,065
Unamortized expense	23,845		$ 23,845
Weighted Average Vesting Term			3 years 6 months
ESPP \| 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	340	131	$ 1,008	131
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	118	101	328	258
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,714	4,457	17,859	10,650
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,902	3,168	13,434	6,979
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,166	$ 6,521	$ 34,020	$ 15,220

Intangible assets, net - Gross Book Value, Accumulated Amortization, Net Book Value and Amortization Periods of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 458,884	$ 458,965
Accumulated amortization	(270,482)	(241,407)
Net book value	188,402	217,558
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross book value	301,944	301,955
Accumulated amortization	(134,716)	(112,589)
Net book value	$ 167,228	$ 189,366
Weighted average remaining useful life	8 years 9 months 18 days	9 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years
Gross book value	$ 137,042	$ 137,112
Accumulated amortization	(123,636)	(118,650)
Net book value	$ 13,406	$ 18,462
Weighted average remaining useful life	2 years 9 months 18 days	3 years 6 months
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 19,700	$ 19,700
Accumulated amortization	(11,958)	(10,021)
Net book value	$ 7,742	$ 9,679
Weighted average remaining useful life	3 years 7 months 6 days	4 years 4 months 24 days
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	6 years	6 years
Gross book value	$ 198	$ 198
Accumulated amortization	(172)	(147)
Net book value	$ 26	$ 51
Weighted average remaining useful life	9 months 18 days	1 year 6 months
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years	5 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)		4 years
Minimum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years	5 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	15 years	15 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)		5 years
Maximum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	9 years	9 years

Fair value disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents Measured at Fair Value on a Recurring Basis

The following table summarizes our cash equivalents measured at fair value on a recurring basis:

Fair value hierarchy

Fair value

Money market funds

September 30, 2023

Level 1

15,132

Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table provides a roll forward of the changes in the goodwill balance:


Goodwill as of December 31, 2022	$	674,094
Impact of exchange rates	(339)
Goodwill as of September 30, 2023	$	673,755

Segment data - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment data - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			1
Revenue	$ 120,331	$ 101,343	$ 340,074	$ 290,913
United States
Segment Reporting Information [Line Items]
Revenue	$ 78,777	$ 65,725	$ 224,743	$ 188,193

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Property and equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment consisted of the following:


	Estimated useful life (in years)			September 30, 2023		December 31, 2022
Computer and office equipment	1	-	3 years	$	3,920	$	3,761
Computer software	3	-	5 years	$	218	$	218
Leasehold improvements	Various			$	2,136	$	1,060
Furniture	5 years			$	559	$	308
Total property and equipment				$	6,833	$	5,347
Less: accumulated depreciation				$	(3,327)	$	(2,935)
Total property and equipment, net				$	3,506	$	2,412

Depreciation expense of property and equipment for the three months ended September 30, 2023 and 2022 was $287 and $234, respectively. Depreciation expense of property and equipment for the nine months ended September 30, 2023 and 2022 was $772 and $669, respectively.

Basis of presentation and summary of significant accounting policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jan. 01, 2023	Jan. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market value of common stock held by non-affiliates						$ 700,000
Employee retention tax credit	$ 0	$ 6,981	$ 0	$ 6,981	$ 6,981
Unrealized foreign exchange losses	1,810	4,311	571	3,985
Realized transaction gains (losses)	(268)	$ 247	(360)	$ 482
Operating lease right-of-use assets	22,368		22,368		22,787			$ 21,666
Lease liabilities								$ 29,361
Adjustment to retained earnings	$ (1,210)		$ (1,210)		$ 775
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to retained earnings							$ 941

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (2,926)	$ 3,887
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	40,373	37,585
Stock-based compensation	65,641	33,107
Foreign currency loss, net	571	3,503
Deferred tax benefit	(17,974)	(657)
Amortization of debt issuance costs	348	348
Allowance for credit losses	2,223	647
Employee retention tax credit	0	(6,981)
Impairment of assets	0	55
Changes in operating assets and liabilities:
Increase in accounts receivable	(19,936)	(8,031)
Increase in unbilled receivables	(370)	(289)
Decrease (increase) in prepaid expenses and other current assets	5,851	(6,757)
Decrease (increase) in operating leases, net	139	(502)
Increase in other long-term assets	(27)	(330)
Increase (decrease) in accounts payable and accrued expenses	148	(8,226)
Increase in deferred revenue	150	127
Increase (decrease) in due to/from related party	(93)	74
Net cash provided by operating activities	74,118	47,560
Cash flows from investing activities:
Payment for acquisitions, net of acquired cash	0	(1,603)
Purchase of property and equipment	(1,954)	(917)
Acquisition and development of internal use software and other	(23,539)	(9,952)
Net cash used in investing activities	(25,493)	(12,472)
Cash flows from financing activities:
Proceeds from the Revolver	75,000	15,000
Repayment of long-term debt	(125,000)	(25,000)
Repayment of short-term debt	0	(1,836)
Proceeds from exercise of stock options	5,584	5,908
Payments for repurchase of common stock	0	(23,655)
Cash received from Employee Stock Purchase Program	2,236	388
Net cash used in financing activities	(42,180)	(29,195)
Net increase in cash, cash equivalents and restricted cash	6,445	5,893
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,330)	(5,396)
Cash, cash equivalents and restricted cash at beginning of period	89,671	76,078
Cash, cash equivalents and restricted cash at end of period	94,786	76,575
Cash paid during the period for:
Interest	8,880	5,548
Taxes	10,361	11,817
Non-cash investing and financing activities:
Property and equipment acquired included in accounts payable	17	145
Internal use software acquired included in accounts payable	1,012	1,385
Lease liabilities arising from right of use assets	$ 29,330	$ 26,214

Net income (loss) per share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	16,621,163	12,927,503	16,869,295	6,865,057
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	5,267,371	5,169,703	5,792,252	4,493,135
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	9,328,583	6,964,588	9,231,891	2,086,980
Market stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,822,258	793,212	1,799,804	284,942
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	202,951	0	45,348	0

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 19,841	$ 1,287	$ (6,240)	$ 5,083
Effective tax rate	325.70%	62.70%	68.10%	56.70%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Intangible assets, net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

The gross book value, accumulated amortization, net book value and amortization periods of the intangible assets were as follows:


	September 30, 2023
	Estimated useful life (in years)			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	301,944	$	(134,716)	$	167,228	8.8 years
Developed technology	5 years			137,042		(123,636)		13,406		2.8 years
Trademarks	5	-	9 years	19,700		(11,958)		7,742		3.6 years
Favorable leases	6 years			198		(172)		26		0.8 years
Total				$	458,884	$	(270,482)	$	188,402

	December 31, 2022
	Estimated useful life			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	301,955	$	(112,589)	$	189,366	9.5 years
Developed technology	4	-	5 years	137,112		(118,650)		18,462		3.5 years
Trademarks	5	-	9 years	19,700		(10,021)		9,679		4.4 years
Favorable leases	6 years			198		(147)		51		1.5 years
Total				$	458,965	$	(241,407)	$	217,558

Amortization expense related to intangibles for the three months ended September 30, 2023 and 2022 was $9,708 and $9,930, respectively. Amortization expense related to intangibles for the nine months ended September 30, 2023 and 2022 was $29,124 and $29,916, respectively.

Accounts payable and accrued expenses and other long-term liabilities

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accounts payable and accrued expenses and other long-term liabilities

Accounts payable and accrued expenses consisted of the following:


	September 30, 2023		December 31, 2022
Accounts payable	$	8,201	$	10,487
Accrued payroll	8,249		12,623
Accrued professional fees	3,941		3,150
Accrued bonuses and commissions	15,294		16,527
Accrued revenue sharing	5,467		3,522
Taxes payable	3,803		3,130
Accrued hosting fees	4,597		5,949
Other accrued expenses	10,196		5,411
Total accounts payable and accrued expenses	$	59,748	$	60,799

Other long-term liabilities consisted of the following:


	September 30, 2023		December 31, 2022
Security deposit received	$	672	$	672
Fin 48 liability	3,624		394
Total Other long-term liabilities	$	4,296	$	1,066

Restructuring - Narrative (Details)	Dec. 07, 2022 employee
Employee Severance
Restructuring Cost and Reserve [Line Items]
Approximate workforce reduction, number of employees	120

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	157,597,931	153,990,128
Common stock, shares, outstanding (in shares)	157,597,931	153,990,128

Intangible assets, net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Book Value, Accumulated Amortization, Net Book Value and Amortization Periods of Intangible Assets

The gross book value, accumulated amortization, net book value and amortization periods of the intangible assets were as follows:


	September 30, 2023
	Estimated useful life (in years)			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	301,944	$	(134,716)	$	167,228	8.8 years
Developed technology	5 years			137,042		(123,636)		13,406		2.8 years
Trademarks	5	-	9 years	19,700		(11,958)		7,742		3.6 years
Favorable leases	6 years			198		(172)		26		0.8 years
Total				$	458,884	$	(270,482)	$	188,402

	December 31, 2022
	Estimated useful life			Gross book value		Accumulated amortization		Net book value		Weighted average remaining useful life
Customer relationships	5	-	15 years	$	301,955	$	(112,589)	$	189,366	9.5 years
Developed technology	4	-	5 years	137,112		(118,650)		18,462		3.5 years
Trademarks	5	-	9 years	19,700		(10,021)		9,679		4.4 years
Favorable leases	6 years			198		(147)		51		1.5 years
Total				$	458,965	$	(241,407)	$	217,558

Long-term debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of September 30, 2023, the Company was in compliance with all covenants contained in the Credit Agreement.


	September 30, 2023		December 31, 2022
Revolver	$	175,000	$	225,000
Less: Unamortized debt issuance costs	(1,391)		(1,738)
Total carrying amount	$	173,609	$	223,262

Schedule of Future Principal Payments of Long-term Debt

Future principal payments of long-term debt as of September 30, 2023 are as follows:


Year Ending
2023 (remaining three months)	$	—
2024	—
2025	—
2026	175,000
	$	175,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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+ Details

Restructuring - Restructuring Reserve Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve increase	$ 69
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	4,315
Payments and impact of FX	(4,112)
Ending balance	$ 272

Description of business	9 Months Ended
Description of business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	Description of business Integral Ad Science Holding Corp. and its wholly-owned subsidiaries (together, the “Company” or "IAS"), formerly known as Kavacha Topco, LLC, is a leading global media measurement and optimization platform. The Company’s mission is to be the global benchmark for trust and transparency in digital media quality for the world’s leading brands, publishers, and platforms. The Company’s global media measurement and optimization platform provides actionable data and delivers independent measurement and verification of digital advertising across all devices, channels, and formats, including desktop, mobile, connected TV (“CTV”), social, display, audio, gaming, and video. The Company’s Quality Impressions® is a proprietary metric that helps ensure media quality standards. To be counted as a Quality Impression, a digital ad must be viewable, by a real person rather than a bot, in a brand-safe and suitable environment within the correct geography. The viewability and invalid traffic filtration aspects of Quality Impression are accredited by the Media Rating Council across desktop and mobile platforms. The Company is an independent, trusted partner for buyers and sellers of digital advertising to increase accountability, transparency, and effectiveness in the market. The Company helps advertisers optimize their ad spend and better measure consumer engagement with campaigns across platforms, while enabling publishers to improve their inventory yield and revenue. The Company operates within the United States ("U.S.") in New York, California, and Illinois. Operations outside the U.S. include but are not limited to the United Kingdom ("U.K."), Ireland, France, Germany, Italy, Spain, Singapore, Australia, Japan, India, and the Nordics.

Segment data

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment data

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is the CODM.

The Company manages its operations as a single segment for the purpose of assessing and making operating decisions. The CODM allocates resources and assesses performance based upon financial information at the consolidated level. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements.

The following table summarizes revenue by geographic area:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
North and South America (“Americas”)	$	83,419	$	69,786	$	236,610	$	199,078
Europe, Middle East and Africa (“EMEA”)	27,649		23,110		78,201		68,368
Asia and Pacific Rim (“APAC”)	9,263		8,447		25,263		23,467
Total	$	120,331	$	101,343	$	340,074	$	290,913

For the three months ended September 30, 2023 and 2022, revenue in the U.S. was $78,777 and $65,725, respectively. For the nine months ended September 30, 2023 and 2022, revenue in the U.S. was $224,743 and $188,193, respectively.

The following table summarizes long lived assets, net by geographic area:


	September 30, 2023		December 31, 2022
Long lived assets
Americas	$	15,301	$	16,016
EMEA	8,597		6,419
APAC	1,976		2,764
Total	$	25,874	$	25,199

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table provides a roll forward of the changes in the goodwill balance:


Goodwill as of December 31, 2022	$	674,094
Impact of exchange rates	(339)
Goodwill as of September 30, 2023	$	673,755

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment data (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table summarizes revenue by geographic area:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue
North and South America (“Americas”)	$	83,419	$	69,786	$	236,610	$	199,078
Europe, Middle East and Africa (“EMEA”)	27,649		23,110		78,201		68,368
Asia and Pacific Rim (“APAC”)	9,263		8,447		25,263		23,467
Total	$	120,331	$	101,343	$	340,074	$	290,913

The following table summarizes long lived assets, net by geographic area:


	September 30, 2023		December 31, 2022
Long lived assets
Americas	$	15,301	$	16,016
EMEA	8,597		6,419
APAC	1,976		2,764
Total	$	25,874	$	25,199

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40557
Entity Registrant Name	INTEGRAL AD SCIENCE HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0731995
Entity Address, Address Line One	12 E 49th Street,
Entity Address, Address Line Two	20th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	646
Local Phone Number	278-4871
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	IAS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		157,850,631
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001842718
Current Fiscal Year End Date	--12-31

Restructuring

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

On December 7, 2022, the Company announced a reduction in workforce of approximately 120 employees to better align resources, consistent with the Company’s strategy of increasing operational efficiency and improving productivity. The Company expects to pay the remaining balance of restructuring costs by the end of 2023. The Company recognized a liability and the related expense for these restructuring costs when the liability was incurred and could be measured. Restructuring accruals are based upon management estimates at the time and can change depending upon changes in facts and circumstances subsequent to the date the original liability was recorded.

Activity impacting the Company’s restructuring reserves, recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets, for the nine months ended September 30, 2023, was as follows:


Balance at December 31, 2022	$	4,315
Restructuring reserve increase	69
Payments and impact of FX	(4,112)
Balance at September 30, 2023	$	272

Restructuring (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve Activity


Balance at December 31, 2022	$	4,315
Restructuring reserve increase	69
Payments and impact of FX	(4,112)
Balance at September 30, 2023	$	272

Fair value disclosures (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Level 1 \| Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds included in cash and cash equivalents	$ 15,132,000	$ 0

Stock-based compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Total stock-based compensation expense for all equity arrangements for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	118	$	101	$	328	$	258
Sales and marketing	5,714		4,457		17,859		10,650
Technology and development	2,902		3,168		13,434		6,979
General and administrative	5,166		6,521		34,020		15,220
Total	$	13,900	$	14,247	$	65,641	$	33,107

The Company maintains multiple stock-based incentive compensation plans. Expense relating to outstanding awards under such plans is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,				Unamortized Expense as of		Weighted Average Vesting Term
	2023		2022		2023		2022		September 30, 2023
Time Based Options
2018 Plan	$	1,727	$	3,234	$	3,544	$	10,970
2021 Plan	536		672		1,740		2,417
Total Time Based Options Expense	$	2,263	$	3,906	$	5,284	$	13,387	$	4,977	1.5 years

Return Target Options
2018 Plan	$	(2,111)	$	—	$	18,215	$	—
2021 Plan	—		—		3,124		—
Total Return Target Options Expense	$	(2,111)	$	—	$	21,339	$	—	$	—	0.0 years

LTIP Expense (2018 Plan)	$	16	$	—	$	333	$	—

Other equity awards under 2021 Plan
Restricted Stock Units ("RSUs")	$	8,760	$	7,552	$	25,483	$	16,524	$	104,381	3.1 years
Market Stock Units ("MSUs")	4,632		2,657		12,194		3,065		23,845		3.5 years
Other equity awards under 2021 Plan expense	$	13,392	$	10,209	$	37,677	$	19,589	$	128,226

Employee Stock Purchase Plan "ESPP"	$	340	$	131	$	1,008	$	131

Total Stock-Based Compensation Expense	$	13,900	$	14,247	$	65,641	$	33,107	$	133,203

Integral Ad Science Holding Corp. Amended and Restated 2018 Non-Qualified Stock Option Plan

On August 1, 2018, the Company adopted the 2018 Non-Qualified Stock Option Plan (“2018 Plan”). Under the 2018 Plan, the Company issued (i) Time-Based Options that vest over four years with 25% vesting after twelve months and an additional 6.25% vesting at the end of each successive quarter thereafter; and (ii) Return-Target Options that were to vest upon the first to occur of sale of the Company, or, sale or transfer to any third party of shares, as a result of which, any person or group other than Vista, obtains possession of voting power to elect a majority of the Board or any other governing body and the achievement of a total equity return multiple of 3.0 or greater.

The 2018 Plan contained a provision wherein, the Time-Based Options could be repurchased by the Company at cost upon resignation of the employee. Due to this repurchase feature, the Time-Based Options did not provide the employee with the potential benefits associated with a stock award holder, and therefore, these awards were not accounted for as a stock-based award under ASC 718, Compensation - Stock Compensation but instead, compensation cost was recognized when the benefit to the employee was determined to be probable.

The Return-Target Options were considered to contain both market (total stockholder return threshold) and performance (exit event) conditions. As such, the award was measured on the date of grant. Since the conditions for vesting related to the Return-Target Options were not met prior to the IPO, no stock-based compensation was recognized in the pre-IPO financial statements of the Company. During the three months ended June 30, 2023, with the filing of a “shelf” registration statement on Form S-3, the market condition and the implied performance condition relating to the Return-Target Options were deemed to be probable.

In connection with the IPO, the 2018 Plan was amended and restated (the “Amended and Restated 2018 Plan”) with the following modifications: (i) the provision to repurchase the Time-Based Options at cost upon resignation of the employee was removed and (ii) the Return-Target Options were modified to include vesting upon a sale of shares by Vista following the IPO resulting in Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion.

As a result of the modification to the Time-Based Options, the awards became subject to the guidance in ASC 718, Compensation - Stock Compensation. As the return multiple and vesting conditions associated with the Return-Target Options were also modified, the Company fair valued the Return-Target Options using a Monte Carlo simulation model. The Return-Target Options become exercisable following both (i) a registration of shares of common stock held by Vista and (ii) Vista realizing a cash return on its investment in the Company equaling or exceeding $1.17 billion.

Vesting of the Time-Based Options accelerates when the Return-Target Options vest and therefore, recognition of the remaining unamortized stock compensation expense related to the Time-Based Options will accelerate when the Return-Target Options vest.

The total number of Time-Based Options and Return Target Options outstanding under the Amended and Restated 2018 Plan as of September 30, 2023 were 2,656,023 and 1,342,092, respectively. The Company does not expect to issue any additional awards under the Amended and Restated 2018 Plan.

2021 Omnibus Incentive Plan (“2021 Plan”)

On June 29, 2021, the Company adopted the 2021 Plan to incentivize executive officers, management, employees, consultants and directors of the Company and to align the interests of the participants with those of the Company’s shareholders. As of September 30, 2023, there were 35,121,308 shares reserved for issuance under the 2021 Plan. The total number of shares reserved for issuance under the 2021 Plan is increased on January 1 of each of the first 10 calendar years during the term of the 2021 Plan, by the lesser of (i) 5% of the total number of shares of common stock outstanding on each December 31st immediately prior to the date of increase or (ii) such number of shares of common stock determined by our Board or compensation committee.

As of September 30, 2023, there were 1,147,846 total options outstanding under the 2021 Plan, consisting of 764,908 Time-Based Options and 382,938 Return-Target Options. The vesting conditions for the options issued under the 2021 Plan are identical to those described under the Amended and Restated 2018 Plan.

Stock option activity for the three months ended September 30, 2023 is as follows:

Time-Based Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of July 1, 2023	3,499,594	$	7.68	6.32	$	36,049
Conversion of Return-Target Options to Time-Based Options	9,112	8.58		—	—
Canceled or forfeited	(34,027)	12.40		—	—
Exercised	(53,748)	10.98		—	—
Outstanding at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Vested and expected to vest at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Exercisable as of September 30, 2023	2,968,006	$	6.47	5.45	$	18,726

Return-Target Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of July 1, 2023	1,909,715	$	7.66	6.39	$	19,724
Conversion of Return-Target Options to Time-Based Options	(9,112)	8.58		—	—
Canceled or forfeited	(175,573)	9.43		—	—
Exercised	—	—		—	—
Outstanding at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Vested and expected to vest at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Exercisable as of September 30, 2023	—	—		—	—

Stock option activity for the nine months ended September 30, 2023 is as follows:

Time-Based Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2023	4,251,290	$	8.07	6.97	$	12,163
Conversion of Return-Target Options to Time-Based Options	9,112	8.58		—	—
Canceled or forfeited	(198,221)	14.43		—	—
Exercised	(641,250)	8.71		—	—
Outstanding at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Vested and expected to vest at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Exercisable as of September 30, 2023	2,968,006	$	6.47	5.45	$	18,726

Return-Target Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2023	2,153,264	$	8.03	6.97	$	6,190
Conversion of Return-Target Options to Time-Based Options	(9,112)	8.58		—	—
Canceled or forfeited	(419,122)	10.34		—	—
Exercised	—	—		—	—
Outstanding at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Vested and expected to vest at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Exercisable as of September 30, 2023	—	—		—	—

Restricted Stock Units ("RSUs")

RSUs under the 2021 Plan granted prior to May 2022 vest 25% each year and become fully vested after four years of service. RSUs under the 2021 Plan granted during or after May 2022 vest 6.25% at the end of each successive quarter and become fully vested after four years of service.

RSU activity for the three months ended September 30, 2023 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of July 1, 2023	9,792,184	$	12.42
Granted	614,174	14.54
Canceled or forfeited	(329,852)	13.06
Vested	(996,715)	13.35
Outstanding as of September 30, 2023	9,079,791	$	12.44
Expected to vest as of September 30, 2023	9,079,791

RSU activity for the nine months ended September 30, 2023 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023	8,085,367	$	11.88
Granted	3,915,070	13.89
Canceled or forfeited	(659,753)	13.11
Vested	(2,260,893)	12.74
Outstanding as of September 30, 2023	9,079,791	$	12.44
Expected to vest as of September 30, 2023	9,079,791

Market Stock Units ("MSUs")

The Company granted MSUs under the 2021 Plan to certain executive officers. MSUs vest over four years, 25% on the first anniversary of the vesting commencement date and 6.25% at the end of each quarter thereafter. The number of MSUs eligible to vest is based on the performance of the Company's common stock over each applicable vesting period. The number of shares eligible to vest is calculated based on a payout factor. The payout factor is calculated by dividing (i) the average closing price of the Company's stock during the ten trading days immediately preceding the applicable vesting date by (ii) the closing price of the Company's stock on the vesting commencement date. The payout factor is zero if such quotient is less than 0.60 and is capped at 2.25. Such quotient is then multiplied by the target number of MSUs granted to the relevant officer to determine the number of shares to be issued to the officer at vesting. The grant date fair value of the MSUs was determined using a Monte-Carlo simulation. The Company uses the accelerated attribution method to account for these awards.

MSU activity for the three months ended September 30, 2023 is as follows:


	MSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of July 1, 2023	2,156,449	$	18.83
Granted	36,792	19.44
Canceled or forfeited	(235,411)	18.37
Change in awards based on performance	43,273	14.88
Vested	(105,987)	14.43
Outstanding as of September 30, 2023	1,895,116	$	19.07
Expected to vest as of September 30, 2023	1,895,116

MSU activity for the nine months ended September 30, 2023 is as follows:


	MSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023	1,209,262	$	14.55
Granted	1,446,396	21.01
Canceled or forfeited	(444,979)	16.52
Change in awards based on performance	116,528	14.89
Vested	(432,091)	14.43
Outstanding as of September 30, 2023	1,895,116	$	19.07
Expected to vest as of September 30, 2023	1,895,116

2021 Employee Stock Purchase Plan

The Company adopted the ESPP for the primary purpose of incentivizing employees in future periods. As of September 30, 2023, 4,573,457 shares of common stock are reserved for issuance under the ESPP. The number of shares available for issuance under the ESPP is increased on January 1st of each calendar year, ending in and including 2031, by an amount equal to the lesser of (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by our Board, subject to a maximum of 16,000,000 shares of our common stock for the portion of the ESPP intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code. All Company employees and employees of designated subsidiaries are eligible to participate in the ESPP and may purchase shares through payroll deductions of up to 15% of their eligible compensation, subject to a maximum of $25 in any annual period for the portion of the ESPP intended to qualify as an employee purchase plan under Section 423 of the Internal Revenue Code.

The ESPP provides eligible employees the opportunity to purchase shares of the Company's common stock through payroll deductions at a price equal to 85% of the fair market value of the shares on (i) the first business day of the offering period or (ii) the last business day of the offering period, whichever is lower. The ESPP is offered to employees in six-month windows, with phases beginning on February 1 and August 1 of each calendar year. For the window that ended on January 31, 2023, employees purchased 111,163 shares at a price of $7.93 per share. For the window that ended on July 31, 2023, employees purchased 162,406 shares at a price of $8.77 per share. After such purchases, 4,299,888 shares were available for future purchase under the ESPP.

Stock-based compensation - Restricted Stock Unit and Market Stock Unit Activity (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares
Restricted stock units
Number of Shares
Awards - beginning balance (in shares)	9,792,184	8,085,367
Awards - granted (in shares)	614,174	3,915,070
Awards - canceled or forfeited (in shares)	(329,852)	(659,753)
Awards - vested (in shares)	(996,715)	(2,260,893)
Awards - ending balance (in shares)	9,079,791	9,079,791
Weighted Average Grant Date Fair Value
Weighted average grant date fair value - outstanding beginning balance (in dollars per share) \| $ / shares	$ 12.42	$ 11.88
Weighted average grant date fair value - granted (in dollars per share) \| $ / shares	14.54	13.89
Weighted average grant date fair value - canceled or forfeited (in dollars per share) \| $ / shares	13.06	13.11
Weighted average grant date fair value - vested (in dollars per share) \| $ / shares	13.35	12.74
Weighted average grant date fair value - outstanding ending balance (in dollars per share) \| $ / shares	$ 12.44	$ 12.44
Expected to vest at end of period (in shares)	9,079,791	9,079,791
Market stock units
Number of Shares
Awards - beginning balance (in shares)	2,156,449	1,209,262
Awards - granted (in shares)	36,792	1,446,396
Awards - canceled or forfeited (in shares)	(235,411)	(444,979)
Awards - change in awards based on performance (in shares)	43,273	116,528
Awards - vested (in shares)	(105,987)	(432,091)
Awards - ending balance (in shares)	1,895,116	1,895,116
Weighted Average Grant Date Fair Value
Weighted average grant date fair value - outstanding beginning balance (in dollars per share) \| $ / shares	$ 18.83	$ 14.55
Weighted average grant date fair value - granted (in dollars per share) \| $ / shares	19.44	21.01
Weighted average grant date fair value - canceled or forfeited (in dollars per share) \| $ / shares	18.37	16.52
Weighted average grant date fair value - change in awards based on performance (in dollars per share) \| $ / shares	14.88	14.89
Weighted average grant date fair value - vested (in dollars per share) \| $ / shares	14.43	14.43
Weighted average grant date fair value - outstanding ending balance (in dollars per share) \| $ / shares	$ 19.07	$ 19.07
Expected to vest at end of period (in shares)	1,895,116	1,895,116

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Indemnifications In its normal course of business, the Company has made certain indemnities, commitments, and guarantees under which it may be required to make payments in relation to certain transactions. Those indemnities include intellectual property indemnities to the Company’s customers, indemnities to directors and officers of the Company to the maximum extent permitted under the laws of the State of Delaware, and indemnifications related to the Company’s lease agreements. In addition, the Company’s advertiser and distribution partner agreements contain certain indemnification provisions which are generally consistent with those prevalent in the Company’s industry. The Company has not incurred any obligations under indemnification provisions historically and does not expect to incur significant obligations in the future. Accordingly, the Company has not recorded any liability for these indemnities, commitments, and guarantees in the accompanying balance sheets. Purchase commitments In the ordinary course of business, the Company enters into various purchase commitments primarily related to third-party cloud hosting and data services, and information technology operations. Total non-cancelable purchase commitments as of September 30, 2023 were approximately $163,905 for periods through 2028.

Accounts payable and accrued expenses and other long-term liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	September 30, 2023		December 31, 2022
Accounts payable	$	8,201	$	10,487
Accrued payroll	8,249		12,623
Accrued professional fees	3,941		3,150
Accrued bonuses and commissions	15,294		16,527
Accrued revenue sharing	5,467		3,522
Taxes payable	3,803		3,130
Accrued hosting fees	4,597		5,949
Other accrued expenses	10,196		5,411
Total accounts payable and accrued expenses	$	59,748	$	60,799

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	September 30, 2023		December 31, 2022
Security deposit received	$	672	$	672
Fin 48 liability	3,624		394
Total Other long-term liabilities	$	4,296	$	1,066

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of presentation and summary of significant accounting policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the financial position, results of operations and cash flows for all periods presented. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The accompanying interim Condensed Consolidated Balance Sheets as of September 30, 2023, the Condensed Consolidated Statements of Operations and Comprehensive Loss, of Cash Flows and of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary to state fairly the consolidated financial position of the Company. All adjustments made were of a normal recurring nature. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or for any future period. The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. There have been no significant changes to these policies, except for the adoption of Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," as disclosed in Note 2(g) and Note 2(i), that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the nine months ended September 30, 2023. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 2, 2023.
Basis of consolidation	Basis of consolidationThe condensed consolidated financial statements include the accounts of Integral Ad Science Holding Corp. and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	Use of estimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include fair value of assets acquired in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets and internal use software, the allowance for doubtful accounts, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. The Company bases its estimates on past experience, market conditions, and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis. Actual results may differ from these estimates due to risks and uncertainties, including the continued uncertainty surrounding rapidly changing market and economic conditions due to high inflation, changes to fiscal and monetary policy, high interest rates, currency fluctuations, instability in the financial markets and disruptions in European economies as a result of the war in Ukraine and other geopolitical issues.
Foreign currency	Foreign currencyThe reporting currency of the Company is the U.S. dollar. The functional currency of our foreign subsidiaries is the currency of the primary economic environment in which they operate, which is their local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end rates of exchange for assets and liabilities, and average rates of exchange for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive loss in stockholders’ equity. Transaction gains and losses including those on intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in foreign exchange loss, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Cash, cash equivalents, and restricted cash	Cash equivalents includes amounts invested in money market accounts. The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents.
Accounts receivable, net	Accounts receivable, netAccounts receivable are carried at the original invoiced amount less an allowance for credit losses. The allowance is estimated by pooling accounts receivables based on similar risk characteristics, and expected credit loss exposure is evaluated for each accounts receivable pool. Invoices are typically issued with net 30-days to net 90-days terms. Account balances are considered delinquent if payment is not received by the due date, and the receivables are written off when deemed uncollectible. These costs are recorded in general and administrative expenses within the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Stock-based compensation	Stock-based compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company used the following assumptions in valuing its market stock units ("MSUs"), shares granted under the Company's 2021 Employee Stock Purchase Program ("ESPP"), time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options"), and return target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of funds affiliated with Vista Equity Partners ("Vista"), the Company’s largest shareholder. Expected term — For time-based awards, the estimated expected term of options granted is generally calculated as the vesting period plus the midpoint of the remaining contractual term, as the Company does not have sufficient historical information to develop reasonable expectations surrounding future exercise patterns and post-vesting employment termination behavior. For awards subject to market and performance conditions, the expected term represents the period of time that the options granted are expected to be outstanding. Expected volatility — Volatility is estimated based upon observed option-implied volatilities for the Company in addition to a group of peer companies. The Company believes this is the best estimate of the expected volatility over the weighted-average expected term of its option grants. Risk-free interest rate — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury instruments with terms approximately equal to the expected term of the option. Expected dividend — The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company currently has no history or expectation of paying cash dividends on its common stock. Fair value — Following the pricing of the Initial Public Offering, the Company’s shares have traded publicly, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.
Recently adopted accounting pronouncements & Accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In February 2016, the FASB issued ASU 2016-2, “Leases (Topic 842)” (“ASU No. 2016-2”). Under ASU No. 2016-2, lessees are required to put most leases on their balance sheets but to recognize expenses in the income statement in a manner similar to current accounting. ASU No. 2016-2 also eliminated the current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, and lease executory costs for all entities. The updated guidance is effective for the Company beginning January 1, 2022. Upon adoption, entities are required to use the modified retrospective approach for leases that exist, or are entered into, after the beginning of the earliest comparative period in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which allows entities to not apply the new leases standard, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The Company adopted ASU No. 2016-2 on January 1, 2022 using the modified retrospective transition approach, which resulted in the recognition of right-of-use assets ("ROU assets") of $21,666 and lease liabilities of $29,361. Differences between ROU assets and lease liabilities are attributed to deferred rent, lease incentive obligations and cease-use liability previously recognized under Accounting Standards Codification ("ASC") 420 Exit or Disposal Cost Obligations. The Company elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. In addition, the Company elected the expedient permitting the combination of lease and non-lease components into a single lease component. The Company made a policy election to not recognize ROU assets and lease liabilities for short-term leases for all asset classes. The adoption of ASU No. 2016-2 did not have a material impact on the Consolidated Statements of Operations and Comprehensive Loss or the Consolidated Statements of Cash Flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” ("ASU No. 2016-13") which is intended to provide more decision-useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016-13 revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to accounts receivable. The Company adopted ASU No. 2016-13 on January 1, 2023, utilizing the modified retrospective approach requiring a cumulative-effect adjustment to the opening accumulated deficit in the first quarter of 2023, and the adoption resulted in $941 adjustment to retained earnings on January 1, 2023, net of tax. Refer to Note 2(g), Accounts receivables, net, for details on the Company’s accounting policy in accordance with ASU 2016-13. In March 2020, the FASB issued ASU 2020-4, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-4”) which was intended to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The amendments in ASU No. 2020-4 provide operational expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU No. 2020-4 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. On December 21, 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which defers the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. On June 23, 2023, the Company entered into the First Amendment to Credit Agreement, which changed the market interest rate indices that the Company can elect to accrue interest on outstanding borrowings from LIBOR to the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (“SOFR”). First Amendment to Credit Agreement became effective at the end of the applicable interest period for any LIBOR borrowings outstanding on the amendment effective date, which was June 30, 2023. As a result, as of June 30, 2023, the Company no longer had any contracts that referenced LIBOR. The Company adjusted the effective interest rate on outstanding borrowings on a prospective basis, which did not have a material impact on the condensed consolidated financial statements. (j) Accounting pronouncements not yet adopted In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," ("ASU No. 2021-08") which is intended to improve the accounting for acquired revenue contracts with customers in a business combination and create consistency in practice related to (i) the recognition of an acquired contract liability, and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU No. 2021-08 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2023. The Company will evaluate the impact of this guidance on future acquisitions as transactions occur.

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes At the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or the Company’s tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision in the quarter in which the change occurs. For the three months ended September 30, 2023 and 2022, the Company recorded an income tax provision of $19,841 and $1,287, respectively. The Company’s effective tax rate for the three months ended September 30, 2023 and 2022 was 325.7% and 62.7%, respectively. The Company's effective tax rate for the three months ended September 30, 2023 is higher than for the respective three months ended September 30, 2022, primarily due to non-deductible stock-based compensation and other permanent tax differences and discrete items. For the nine months ended September 30, 2023 and 2022, the Company recorded an income tax benefit of $6,240 and income tax provision of $5,083, respectively. The Company’s effective tax rate for the nine months ended September 30, 2023 and 2022 was 68.1% and 56.7%, respectively. The Company's effective tax rate for the nine months ended September 30, 2023 is higher than for the respective nine months ended September 30, 2022, primarily due to non-deductible executive compensation and other permanent tax differences and discrete items. The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. The Company is not currently under audit in any taxing jurisdiction.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Basis of presentation and summary of significant accounting policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies

This summary of significant accounting policies is presented to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies have been consistently applied in the preparation of the condensed consolidated financial statements.

(a) Basis of presentation

The Company’s condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the financial position, results of operations and cash flows for all periods presented. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.

The accompanying interim Condensed Consolidated Balance Sheets as of September 30, 2023, the Condensed Consolidated Statements of Operations and Comprehensive Loss, of Cash Flows and of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2023 and 2022, and the related footnote disclosures are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary to state fairly the consolidated financial position of the Company. All adjustments made were of a normal recurring nature. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, or for any future period.

The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. There have been no significant changes to these policies, except for the adoption of Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," as disclosed in Note 2(g) and Note 2(i), that have had a material impact on the Company’s condensed consolidated financial statements and related notes for the nine months ended September 30, 2023. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 2, 2023.

During the year ended December 31, 2022, the Company reclassified foreign exchange loss, net from "General and administrative" expenses within the Condensed Consolidated Statements of Operations and Comprehensive Loss as a separate line item "Foreign exchange loss, net" presented on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Corresponding prior period amounts have also been reclassified to conform to current period presentation.

The Company is an Emerging Growth Company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, Emerging Growth Companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an Emerging Growth Company or (ii) it affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. On June 30, 2023, the last day of our second fiscal quarter in 2023, the market value of our common stock held by non-affiliates exceeded $700,000. Accordingly, we will be deemed a large accelerated filer as of December 31, 2023. As such, we will no longer (i) qualify as an Emerging Growth Company, (ii) be able to take advantage of the extended timeline to comply with new or revised accounting standards applicable to public companies beginning with our Annual Report on Form 10-K for the year ending December 31, 2023 and (iii) be exempt from providing an auditor's attestation report on our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act.

(b) Basis of consolidation

The condensed consolidated financial statements include the accounts of Integral Ad Science Holding Corp. and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include fair value of assets acquired in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets and internal use software, the allowance for doubtful accounts, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. The Company bases its estimates on past experience, market conditions, and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis. Actual results may differ from these estimates due to risks and uncertainties, including the continued uncertainty surrounding rapidly changing market and economic conditions due to high inflation, changes to fiscal and monetary policy, high interest rates, currency fluctuations, instability in the financial markets and disruptions in European economies as a result of the war in Ukraine and other geopolitical issues.

(d) Employee retention tax credit

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") provided an employee retention credit which was a refundable tax credit against certain employment taxes. The Consolidated Appropriations Act (the "Appropriations Act") extended and expanded the availability of the employee retention credit through December 31, 2021. The Appropriations Act amended the employee retention credit to be equal to 70% of qualified wages paid to employees during the 2021 fiscal year. The Company qualified for the employee retention credit beginning in March 2020 for qualified wages through June 2021 and filed a cash refund claim during the year ended December 31, 2022. The employee retention credit totaling $6,981 was included within Prepaid expenses and other current assets on the Company's Condensed Consolidated Balance Sheets as of December 31, 2022. As of September 30, 2023, substantially all of the tax credit receivable has been received.

(e) Foreign currency

The reporting currency of the Company is the U.S. dollar. The functional currency of our foreign subsidiaries is the currency of the primary economic environment in which they operate, which is their local currency. The financial statements of these subsidiaries are translated into U.S. dollars using month-end rates of exchange for assets and liabilities, and average rates of exchange for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive loss in stockholders’ equity. Transaction gains and losses including those on intercompany transactions denominated in a currency other than the functional currency of the entity involved are included in foreign exchange loss, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

For the three months ended September 30, 2023, and 2022, foreign exchange loss, net consists of unrealized foreign exchange losses of $1,810 and $4,311, respectively, and realized transaction losses of $268 and gains of $247, respectively. For the nine months ended September 30, 2023, and 2022, foreign exchange loss, net consists of unrealized foreign exchange losses of $571 and $3,985, respectively, and realized transaction losses of $360 and gains of $482, respectively.

(f) Cash, cash equivalents, and restricted cash

Cash equivalents includes amounts invested in money market accounts. The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows.


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	92,248	$	86,877
Short term restricted cash	$	127	$	45
Long term restricted cash (held in other long-term assets)	$	2,411	$	2,749
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	94,786	$	89,671

(g) Accounts receivable, net

Accounts receivable are carried at the original invoiced amount less an allowance for credit losses. The allowance is estimated by pooling accounts receivables based on similar risk characteristics, and expected credit loss exposure is evaluated for each accounts receivable pool. Invoices are typically issued with net 30-days to net 90-days terms. Account balances are considered delinquent if payment is not received by the due date, and the receivables are written off when deemed uncollectible. These costs are recorded in general and administrative expenses within the Condensed Consolidated Statements of Operations and Comprehensive Loss.

The activity in our allowance for credit losses consists of the following as of:


	September 30, 2023		September 30, 2022
Balance, beginning of period	$	6,691	$	5,883
Additional provision	$	2,223	$	647
Receivables written off and impact of exchange rates	$	(406)	$	(1,129)
Adoption of ASC 326	$	(1,271)	$	—
Balance, end of period	$	7,237	$	5,401

(h) Stock-based compensation

Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company used the following assumptions in valuing its market stock units ("MSUs"), shares granted under the Company's 2021 Employee Stock Purchase Program ("ESPP"), time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options"), and return target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of funds affiliated with Vista Equity Partners ("Vista"), the Company’s largest shareholder.

Expected term — For time-based awards, the estimated expected term of options granted is generally calculated as the vesting period plus the midpoint of the remaining contractual term, as the Company does not have sufficient historical information to develop reasonable expectations surrounding future exercise patterns and post-vesting employment termination behavior. For awards subject to market and performance conditions, the expected term represents the period of time that the options granted are expected to be outstanding.

Expected volatility — Volatility is estimated based upon observed option-implied volatilities for the Company in addition to a group of peer companies. The Company believes this is the best estimate of the expected volatility over the weighted-average expected term of its option grants.

Risk-free interest rate — The risk-free interest rate is based on the implied yield currently available on U.S. Treasury instruments with terms approximately equal to the expected term of the option.

Expected dividend — The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company currently has no history or expectation of paying cash dividends on its common stock.

Fair value — Following the pricing of the Initial Public Offering, the Company’s shares have traded publicly, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.

The Company used the following assumptions in valuing its stock-based compensation:


	September 30, 2023			September 30, 2022
Estimated fair value	$3.35	-	$38.36	$3.26	-	$14.43
Expected volatility (%)	50%	-	65%	65%	-	80%
Expected term (in years)	0.26	-	4.00	0.50	-	10.00
Risk-free interest rate (%)	3.63%	-	5.55%	0.46%	-	3.35%
Dividend yield	—			—

(i) Recently adopted accounting pronouncements

In February 2016, the FASB issued ASU 2016-2, “Leases (Topic 842)” (“ASU No. 2016-2”). Under ASU No. 2016-2, lessees are required to put most leases on their balance sheets but to recognize expenses in the income statement in a manner similar to current accounting. ASU No. 2016-2 also eliminated the current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, and lease executory costs for all entities. The updated guidance is effective for the Company beginning January 1, 2022. Upon adoption, entities are required to use the modified retrospective approach for leases that exist, or are entered into, after the beginning of the earliest comparative period in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which allows entities to not apply the new leases standard, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption.

The Company adopted ASU No. 2016-2 on January 1, 2022 using the modified retrospective transition approach, which resulted in the recognition of right-of-use assets ("ROU assets") of $21,666 and lease liabilities of $29,361. Differences between ROU assets and lease liabilities are attributed to deferred rent, lease incentive obligations and cease-use liability previously recognized under Accounting Standards Codification ("ASC") 420 Exit or Disposal Cost Obligations. The Company elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. In addition, the Company elected the expedient permitting the combination of lease and non-lease components into a single lease component. The Company made a policy election to not recognize ROU assets and lease liabilities for short-term leases for all asset classes.

The adoption of ASU No. 2016-2 did not have a material impact on the Consolidated Statements of Operations and Comprehensive Loss or the Consolidated Statements of Cash Flows.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” ("ASU No. 2016-13") which is intended to provide more decision-useful information about expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016-13 revises the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses on financial instruments, including, but not limited to accounts receivable.

The Company adopted ASU No. 2016-13 on January 1, 2023, utilizing the modified retrospective approach requiring a cumulative-effect adjustment to the opening accumulated deficit in the first quarter of 2023, and the adoption resulted in $941 adjustment to retained earnings on January 1, 2023, net of tax. Refer to Note 2(g), Accounts receivables, net, for details on the Company’s accounting policy in accordance with ASU 2016-13.

In March 2020, the FASB issued ASU 2020-4, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-4”) which was intended to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The amendments in ASU No. 2020-4 provide operational expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU No. 2020-4 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. On December 21, 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” which defers the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848.

On June 23, 2023, the Company entered into the First Amendment to Credit Agreement, which changed the market interest rate indices that the Company can elect to accrue interest on outstanding borrowings from LIBOR to the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (“SOFR”). First Amendment to Credit Agreement became effective at the end of the applicable interest period for any LIBOR borrowings outstanding on the amendment effective date, which was June 30, 2023. As a result, as of June 30, 2023, the Company no longer had any contracts that referenced LIBOR. The Company adjusted the effective interest rate on outstanding borrowings on a prospective basis, which did not have a material impact on the condensed consolidated financial statements.

(j) Accounting pronouncements not yet adopted

In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," ("ASU No. 2021-08") which is intended to improve the accounting for acquired revenue contracts with customers in a business combination and create consistency in practice related to (i) the recognition of an acquired contract liability, and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU No. 2021-08 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2023. The Company will evaluate the impact of this guidance on future acquisitions as transactions occur.

Accounts payable and accrued expenses and other long-term liabilities - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Security deposit received	$ 672	$ 672
Fin 48 liability	3,624	394
Total Other long-term liabilities	$ 4,296	$ 1,066

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,833	$ 5,347
Less: accumulated depreciation	(3,327)	(2,935)
Total property and equipment, net	3,506	2,412
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,920	3,761
Computer software
Property, Plant and Equipment [Line Items]
Total property and equipment	218	218
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,136	1,060
Furniture
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Total property and equipment	$ 559	$ 308
Minimum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	1 year
Minimum \| Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Maximum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Maximum \| Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

Basis of presentation and summary of significant accounting policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 92,248	$ 86,877
Short term restricted cash	127	45
Long term restricted cash (held in other long-term assets)	2,411	2,749
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 94,786	$ 89,671	$ 76,575	$ 76,078

Intangible assets, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 9,708	$ 9,930	$ 29,124	$ 29,916

Goodwill (Details) $ in Thousands	9 Months Ended
Goodwill (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 674,094
Impact of exchange rates	(339)
Goodwill at end of period	$ 673,755

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 92,248	$ 86,877
Restricted cash	127	45
Accounts receivable, net	86,682	67,884
Unbilled receivables	41,857	41,550
Prepaid expenses and other current assets	18,853	24,761
Due from related party	20	29
Total current assets	239,787	221,146
Property and equipment, net	3,506	2,412
Internal use software, net	36,079	23,642
Intangible assets, net	188,402	217,558
Goodwill	673,755	674,094
Operating lease right-of-use assets	22,368	22,787
Deferred tax asset, net	1,673	2,020
Other long-term assets	4,705	5,024
Total assets	1,170,275	1,168,683
Current liabilities:
Accounts payable and accrued expenses	59,748	60,799
Due to related party	38	122
Deferred revenue	237	99
Operating lease liabilities, current	9,031	6,749
Total current liabilities	69,054	67,769
Net deferred tax liability	24,371	45,495
Long-term debt	173,609	223,262
Operating lease liabilities, non-current	20,299	22,875
Other long-term liabilities	4,296	1,066
Total liabilities	291,629	360,467
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at September 30, 2023; 0 shares issued and outstanding at September 30, 2023 and December 31, 2022.	0	0
Common Stock, $0.001 par value, 500,000,000 shares authorized, 157,597,931 and 153,990,128 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.	158	154
Additional paid-in-capital	883,386	810,186
Accumulated other comprehensive loss	(3,688)	(2,899)
Retained earnings (accumulated deficit)	(1,210)	775
Total stockholders’ equity	878,646	808,216
Total liabilities and stockholders’ equity	$ 1,170,275	$ 1,168,683

Basis of presentation and summary of significant accounting policies - Valuation Assumptions of Stock Options (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (%), minimum	50.00%	65.00%
Expected volatility (%), maximum	65.00%	80.00%
Risk-free interest rate (%), minimum	3.63%	0.46%
Risk-free interest rate (%), maximum	5.55%	3.35%
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in dollars per share)	$ 3.35	$ 3.26
Expected term (in years)	3 months 3 days	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in dollars per share)	$ 38.36	$ 14.43
Expected term (in years)	4 years	10 years

Fair value disclosures

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair value disclosures

Assets and liabilities measured at fair value on a recurring basis

The Company invests in money market funds, which are measured and recorded at fair value on a recurring basis at each reporting period. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.

The following table summarizes our cash equivalents measured at fair value on a recurring basis:

Fair value hierarchy

Fair value

Money market funds

September 30, 2023

Level 1

15,132

There were no money market funds included in cash and cash equivalents as of December 31, 2022.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximated fair value due to their short maturities.

Financial instruments

Financial instruments are valued based on observable inputs and classified within Level 2 of the fair value hierarchy. The carrying value of long-term debt approximates its fair value based on Level 2 inputs as the principal amounts outstanding are subject to variable interest rates that are based on market rates (see Note 8).

- 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

Commitments and contingencies (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 163,905

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings (accumulated deficit)	Retained earnings (accumulated deficit) Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2021			154,398,495
Beginning balance at Dec. 31, 2021	$ 767,190		$ 154	$ 781,951	$ (315)	$ (14,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs and MSUs vested (in shares)			761,208
RSUs and MSUs vested	1		$ 1
Option exercises (in shares)			1,414,666
Option exercises	5,908		$ 1	5,907
Stock-based compensation	33,068			33,068
Foreign currency translation adjustment	$ (11,218)				(11,218)
Repurchase of common stock (in shares)	(3,080,061)		(3,080,061)
Repurchase of common stock	$ (23,655)		$ (3)	(23,652)
Net loss	3,887					3,887
Ending balance (in shares) at Sep. 30, 2022			153,494,308
Ending balance at Sep. 30, 2022	775,183		$ 153	797,274	(11,533)	(10,711)
Beginning balance (in shares) at Dec. 31, 2021			154,398,495
Beginning balance at Dec. 31, 2021	$ 767,190		$ 154	781,951	(315)	(14,600)
Ending balance (in shares) at Dec. 31, 2022	153,990,128		153,990,128
Ending balance at Dec. 31, 2022	$ 808,216	$ 941	$ 154	810,186	(2,899)	775	$ 941
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Beginning balance (in shares) at Jun. 30, 2022			155,498,704
Beginning balance at Jun. 30, 2022	$ 784,566		$ 155	804,175	(8,285)	(11,479)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs and MSUs vested (in shares)			471,995
Option exercises (in shares)			603,670
Option exercises	2,527		$ 1	2,526
Stock-based compensation	14,225			14,225
Foreign currency translation adjustment	$ (3,248)				(3,248)
Repurchase of common stock (in shares)	(3,080,061)		(3,080,061)
Repurchase of common stock	$ (23,655)		$ (3)	(23,652)
Net loss	767					767
Ending balance (in shares) at Sep. 30, 2022			153,494,308
Ending balance at Sep. 30, 2022	$ 775,183		$ 153	797,274	(11,533)	(10,711)
Beginning balance (in shares) at Dec. 31, 2022	153,990,128		153,990,128
Beginning balance at Dec. 31, 2022	$ 808,216	$ 941	$ 154	810,186	(2,899)	775	$ 941
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs and MSUs vested (in shares)			2,692,984
RSUs and MSUs vested	3		$ 3
Option exercises (in shares)			641,250
Option exercises	5,584		$ 1	5,583
ESPP purchase (in shares)			273,569
ESPP purchase	2,306			2,306
Stock-based compensation	65,311			65,311
Foreign currency translation adjustment	(789)				(789)
Net loss	$ (2,926)					(2,926)
Ending balance (in shares) at Sep. 30, 2023	157,597,931		157,597,931
Ending balance at Sep. 30, 2023	$ 878,646		$ 158	883,386	(3,688)	(1,210)
Beginning balance (in shares) at Jun. 30, 2023			156,279,075
Beginning balance at Jun. 30, 2023	878,214		$ 156	867,490	(1,971)	12,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs and MSUs vested (in shares)			1,102,702
RSUs and MSUs vested	1		$ 1
Option exercises (in shares)			53,748
Option exercises	591		$ 1	590
ESPP purchase (in shares)			162,406
ESPP purchase	1,424			1,424
Stock-based compensation	13,882			13,882
Foreign currency translation adjustment	(1,717)				(1,717)
Net loss	$ (13,749)					(13,749)
Ending balance (in shares) at Sep. 30, 2023	157,597,931		157,597,931
Ending balance at Sep. 30, 2023	$ 878,646		$ 158	$ 883,386	$ (3,688)	$ (1,210)

Net income (loss) per share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net income (loss) per share

Basic and diluted income (loss) per share is computed by dividing net income (loss) by the weighted-average shares outstanding:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	(13,749)	$	767	$	(2,926)	$	3,887
Denominator:
Basic Shares:
Weighted-average shares outstanding	157,055,904		155,389,195		157,691,005		155,007,655
Diluted Shares:
Basic weighted-average shares outstanding	157,055,904		155,389,195		157,691,005		155,007,655
Dilutive effect of stock-based awards	—		1,307,559		—		2,573,914
Weighted-average diluted shares outstanding	157,055,904		156,696,754		157,691,005		157,581,569
Net income (loss) per share
Basic	$	(0.09)	$	0.00	$	(0.02)	$	0.03
Diluted	$	(0.09)	$	0.00	$	(0.02)	$	0.02

The following potential outstanding equity awards were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented given that their inclusion would have been anti-dilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Options to purchase common stock	5,267,371	5,169,703	5,792,252	4,493,135
Restricted stock units	9,328,583	6,964,588	9,231,891	2,086,980
Market stock units	1,822,258	793,212	1,799,804	284,942
ESPP	202,951	—	45,348	—
Total	16,621,163	12,927,503	16,869,295	6,865,057

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000		500,000,000		500,000,000
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000		50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Option exercises	$ 591	$ 2,527	$ 5,584	$ 5,908
Repurchase of common stock (in shares)		3,080,061		3,080,061
Repurchase of common stock		$ 23,655		$ 23,655
Common Stock
Class of Stock [Line Items]
RSUs and MSUs vested (in shares)	1,102,702	471,995	2,692,984	761,208
Option exercises (in shares)	53,748	603,670	641,250	1,414,666
Option exercises	$ 1	$ 1	$ 1	$ 1
ESPP purchase (in shares)	162,406		273,569
Repurchase of common stock (in shares)		3,080,061		3,080,061
Repurchase of common stock		$ 3		$ 3

Accounts payable and accrued expenses and other long-term liabilities - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 8,201	$ 10,487
Accrued payroll	8,249	12,623
Accrued professional fees	3,941	3,150
Accrued bonuses and commissions	15,294	16,527
Accrued revenue sharing	5,467	3,522
Taxes payable	3,803	3,130
Accrued hosting fees	4,597	5,949
Other accrued expenses	10,196	5,411
Total accounts payable and accrued expenses	$ 59,748	$ 60,799

Related-party transactions	9 Months Ended
Related-party transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related-party transactions	Related-party transactions The Company incurs expenses for consulting services and other expenses related to services provided by Vista Consulting Group, LLC (“VCG”). For the three months ended September 30, 2023 and 2022, the Company incurred expenses of $0 and $18, respectively. For the nine months ended September 30, 2023 and 2022, the Company incurred expenses of $0 and $82, respectively. These costs were included in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Amounts due to VCG as of September 30, 2023 and December 31, 2022 were $0 in both periods. The Company incurs various travel and other expenses related to services provided by Vista Equity Partners Management, LLC (“VEP”). For the three months ended September 30, 2023 and 2022, the Company incurred expenses of $21 and $19, respectively. For the nine months ended September 30, 2023 and 2022, the Company incurred expenses of $64 and $56, respectively. These costs were included in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Amounts due to VEP as of September 30, 2023 and December 31, 2022 were $2 and $13, respectively. In May 2023, funds affiliated with Vista conducted an underwritten secondary offering of 11,500,000 shares of the Company’s common stock. In June 2023, funds affiliated with Vista sold 5,220,000 shares of the Company’s common stock in a block trade in compliance with Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”). The Company did not receive any proceeds from these sales, but bore the costs associated with therewith (other than underwriting discounts and commissions), which were $1,404 and were recorded within General and administrative expenses in the Condensed Consolidated Statement of Operations and Comprehensive Loss. The Company had other related party transactions with companies owned by Vista Equity Partners that are immaterial individually and in aggregate to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Comprehensive Loss.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-07(2)(c))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Internal use software, net (Tables)

9 Months Ended

Sep. 30, 2023

Internal Use Software [Abstract]

Schedule of Internal Use Software, Net

Internal use software consisted of the following:


	Estimated useful life (in years)			September 30, 2023		December 31, 2022
Internal use software	3	-	5 years	$	70,556	$	47,658
Less: Assets written off				—		(199)
Less: Accumulated amortization				(34,477)		(23,817)
Total internal use software, net				$	36,079	$	23,642

Stock-based compensation - Narrative (Details) $ / shares in Units, $ in Thousands			4 Months Ended	6 Months Ended		9 Months Ended	17 Months Ended
	Jun. 29, 2021	Aug. 01, 2018	Apr. 30, 2022	Jul. 31, 2023 $ / shares shares	Jan. 31, 2023 $ / shares shares	Sep. 30, 2023 USD ($) day shares	Sep. 30, 2023 USD ($) shares	Aug. 01, 2023 shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Time Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						3,420,931	3,420,931		3,499,594	4,251,290
Time Based Options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Time Based Options \| 2018 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		12 months
Award vesting rate (as a percent)		25.00%
Time Based Options \| 2018 Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate (as a percent)		6.25%
Time Based Options \| Amended and Restated 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						2,656,023	2,656,023
Time Based Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						764,908	764,908
Return Target Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						1,725,030	1,725,030		1,909,715	2,153,264
Return Target Options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum equity return multiple		3.0
Return Target Options \| Amended and Restated 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, vesting upon sale of share resulting in cash return, threshold \| $						$ 1,170,000	$ 1,170,000
Stock options outstanding (in shares)						1,342,092	1,342,092
Return Target Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						382,938	382,938
Stock Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						1,147,846	1,147,846
Stock authorized for awards (in shares)						35,121,308	35,121,308
Period of increase in stock reserved for future issuance	10 years
Increase in stock reserved for future issuance, proportion of common stock outstanding (as a percent)	5.00%
Restricted stock units \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years				4 years
Award vesting rate (as a percent)			25.00%				6.25%
Market stock units \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Vesting eligibility, payout factor calculation, measurement period for average closing stock price, number of trading days preceding vesting date \| day						10
Vesting eligibility payout factor calculation, maximum quotient allowable for minimum payout factor (less than)						0.60
Market stock units \| 2021 Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting eligibility, payout factor						0
Market stock units \| 2021 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting eligibility, payout factor						2.25
Market stock units \| 2021 Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate (as a percent)						25.00%
Market stock units \| 2021 Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate (as a percent)						6.25%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for awards (in shares)						4,573,457	4,573,457
Increase in stock reserved for future issuance, proportion of common stock outstanding (as a percent)						1.00%
Increase in stock reserved for future issuance, maximum shares of common stock allotted for ESPP (in shares)						16,000,000	16,000,000
Maximum employee payroll deductions of eligible compensation for ESPP (as a percent)						15.00%	15.00%
Maximum annual employee payroll deductions of eligible compensation for ESPP \| $						$ 25	$ 25
Purchase price of ESPP shares, percent						85.00%
Offering period						6 months
ESPP purchase (in shares)				162,406	111,163
ESPP purchase (in dollars per share) \| $ / shares				$ 8.77	$ 7.93
Shares available for future purchase under ESPP (in shares)								4,299,888

Segment data - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 120,331	$ 101,343	$ 340,074	$ 290,913
Long lived assets	25,874		25,874		$ 25,199
North and South America (“Americas”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	83,419	69,786	236,610	199,078
Long lived assets	15,301		15,301		16,016
Europe, Middle East and Africa (“EMEA”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	27,649	23,110	78,201	68,368
Long lived assets	8,597		8,597		6,419
Asia and Pacific Rim (“APAC”)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	9,263	$ 8,447	25,263	$ 23,467
Long lived assets	$ 1,976		$ 1,976		$ 2,764

- Definition

+ References

+ Details

Stockholders' equity	9 Months Ended
Stockholders' equity	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity As of September 30, 2023, our authorized common stock consists of 500,000,000 shares of common stock, par value $0.001 per share and 50,000,000 preferred stock, par value $0.001 per share. For the three months ended September 30, 2023, the Company issued 1,102,702 shares of common stock for vested RSUs and MSUs, employees exercised stock options in exchange for 53,748 shares of common stock for $591, and employees purchased 162,406 shares of common stock through the ESPP. For the nine months ended September 30, 2023, the Company issued 2,692,984 shares of common stock for vested RSUs and MSUs, employees exercised stock options in exchange for 641,250 shares of common stock for $5,584 and employees purchased 273,569 shares of common stock through the ESPP. For the three months ended September 30, 2022, the Company issued 471,995 shares of common stock for vested RSUs and employees exercised stock options in exchange for 603,670 shares of common stock for $2,527. For the nine months ended September 30, 2022, the Company issued 761,208 shares of common stock for vested RSUs and employees exercised stock options in exchange for 1,414,666 shares of common stock for $5,908. During the three and nine months ended September 30, 2022, the Company repurchased 3,080,061 shares of common stock for $23,655.

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

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

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

+ Details

Basis of presentation and summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows.


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	92,248	$	86,877
Short term restricted cash	$	127	$	45
Long term restricted cash (held in other long-term assets)	$	2,411	$	2,749
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	94,786	$	89,671

Schedule of Restricted Cash


	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	92,248	$	86,877
Short term restricted cash	$	127	$	45
Long term restricted cash (held in other long-term assets)	$	2,411	$	2,749
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	94,786	$	89,671

Schedule of Allowance for Credit Losses

The activity in our allowance for credit losses consists of the following as of:


	September 30, 2023		September 30, 2022
Balance, beginning of period	$	6,691	$	5,883
Additional provision	$	2,223	$	647
Receivables written off and impact of exchange rates	$	(406)	$	(1,129)
Adoption of ASC 326	$	(1,271)	$	—
Balance, end of period	$	7,237	$	5,401

Schedule of Valuation Assumptions of Stock Options

The Company used the following assumptions in valuing its stock-based compensation:


	September 30, 2023			September 30, 2022
Estimated fair value	$3.35	-	$38.36	$3.26	-	$14.43
Expected volatility (%)	50%	-	65%	65%	-	80%
Expected term (in years)	0.26	-	4.00	0.50	-	10.00
Risk-free interest rate (%)	3.63%	-	5.55%	0.46%	-	3.35%
Dividend yield	—			—

Internal use software, net - Schedule of Internal Use Software, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Internal Use Software [Line Items]
Internal use software	$ 70,556	$ 47,658
Less: Assets written off	0	(199)
Less: Accumulated amortization	(34,477)	(23,817)
Total internal use software, net	$ 36,079	$ 23,642
Minimum
Internal Use Software [Line Items]
Estimated useful life (in years)	3 years
Maximum
Internal Use Software [Line Items]
Estimated useful life (in years)	5 years

Property and equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	Estimated useful life (in years)			September 30, 2023		December 31, 2022
Computer and office equipment	1	-	3 years	$	3,920	$	3,761
Computer software	3	-	5 years	$	218	$	218
Leasehold improvements	Various			$	2,136	$	1,060
Furniture	5 years			$	559	$	308
Total property and equipment				$	6,833	$	5,347
Less: accumulated depreciation				$	(3,327)	$	(2,935)
Total property and equipment, net				$	3,506	$	2,412

Long-term debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (1,391)	$ (1,738)
Total carrying amount	173,609	223,262
Revolving Credit Facility
Debt Instrument [Line Items]
Revolver	$ 175,000	$ 225,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net income (loss) per share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted income (loss) per share is computed by dividing net income (loss) by the weighted-average shares outstanding:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	(13,749)	$	767	$	(2,926)	$	3,887
Denominator:
Basic Shares:
Weighted-average shares outstanding	157,055,904		155,389,195		157,691,005		155,007,655
Diluted Shares:
Basic weighted-average shares outstanding	157,055,904		155,389,195		157,691,005		155,007,655
Dilutive effect of stock-based awards	—		1,307,559		—		2,573,914
Weighted-average diluted shares outstanding	157,055,904		156,696,754		157,691,005		157,581,569
Net income (loss) per share
Basic	$	(0.09)	$	0.00	$	(0.02)	$	0.03
Diluted	$	(0.09)	$	0.00	$	(0.02)	$	0.02

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Options to purchase common stock	5,267,371	5,169,703	5,792,252	4,493,135
Restricted stock units	9,328,583	6,964,588	9,231,891	2,086,980
Market stock units	1,822,258	793,212	1,799,804	284,942
ESPP	202,951	—	45,348	—
Total	16,621,163	12,927,503	16,869,295	6,865,057

Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Time Based Options
Stock options
Stock options - beginning balance (in shares)	3,499,594		4,251,290
Stock options - converted (in shares)	9,112		9,112
Stock options - canceled or forfeited (in shares)	(34,027)		(198,221)
Stock options - exercised (in shares)	(53,748)		(641,250)
Stock options - ending balance (in shares)	3,420,931		3,420,931	4,251,290
Stock options - vested and expected to vest (in shares)	3,420,931		3,420,931
Stock options - exercisable (in shares)	2,968,006		2,968,006
Weighted average exercise price
Weighted average exercise price - beginning balance (in dollars per share)	$ 7.68		$ 8.07
Weighted average exercise price - converted (in dollars per share)	8.58		8.58
Weighted average exercise price - canceled or forfeited (in dollars per share)	12.40		14.43
Weighted average exercise price - exercised (in dollars per share)	10.98		8.71
Weighted average exercise price - ending balance (in dollars per share)	7.59		7.59	$ 8.07
Weighted average exercise price - vested and expected to vest (in dollars per share)	7.59		7.59
Weighted average exercise price - exercisable (in dollars per share)	$ 6.47		$ 6.47
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years) - beginning balance	5 years 8 months 19 days	6 years 3 months 25 days	5 years 8 months 19 days	6 years 11 months 19 days
Weighted average remaining contractual life (years) - ending balance	5 years 8 months 19 days	6 years 3 months 25 days	5 years 8 months 19 days	6 years 11 months 19 days
Weighted average remaining contractual life (years) - vested and expected to vest	5 years 8 months 19 days		5 years 8 months 19 days
Weighted average remaining contractual life (years) - exercisable	5 years 5 months 12 days		5 years 5 months 12 days
Aggregate intrinsic value
Aggregate intrinsic value - beginning balance	$ 36,049		$ 12,163
Aggregate intrinsic value - ending balance	19,393		19,393	$ 12,163
Aggregate intrinsic value - vested and expected to vest	19,393		19,393
Aggregate intrinsic value - exercisable	$ 18,726		$ 18,726
Return Target Options
Stock options
Stock options - beginning balance (in shares)	1,909,715		2,153,264
Stock options - converted (in shares)	9,112		9,112
Stock options - canceled or forfeited (in shares)	(175,573)		(419,122)
Stock options - exercised (in shares)	0		0
Stock options - ending balance (in shares)	1,725,030		1,725,030	2,153,264
Stock options - vested and expected to vest (in shares)	1,725,030		1,725,030
Stock options - exercisable (in shares)	0		0
Weighted average exercise price
Weighted average exercise price - beginning balance (in dollars per share)	$ 7.66		$ 8.03
Weighted average exercise price - converted (in dollars per share)	8.58		8.58
Weighted average exercise price - canceled or forfeited (in dollars per share)	9.43		10.34
Weighted average exercise price - exercised (in dollars per share)	0		0
Weighted average exercise price - ending balance (in dollars per share)	7.47		7.47	$ 8.03
Weighted average exercise price - vested and expected to vest (in dollars per share)	7.47		7.47
Weighted average exercise price - exercisable (in dollars per share)	$ 0		$ 0
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years) - beginning balance	6 years 10 days	6 years 4 months 20 days	6 years 10 days	6 years 11 months 19 days
Weighted average remaining contractual life (years) - ending balance	6 years 10 days	6 years 4 months 20 days	6 years 10 days	6 years 11 months 19 days
Weighted average remaining contractual life (years) - vested and expected to vest	6 years 10 days		6 years 10 days
Aggregate intrinsic value
Aggregate intrinsic value - beginning balance	$ 19,724		$ 6,190
Aggregate intrinsic value - ending balance	9,963		9,963	$ 6,190
Aggregate intrinsic value - vested and expected to vest	9,963		9,963
Aggregate intrinsic value - exercisable	$ 0		$ 0

Long-term debt - Future Principal Payments of Long-term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
2023 (remaining three months)	$ 0
2024	0
2025	0
2026	175,000
Long-term debt	$ 175,000

- Definition

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

+ References + Details

Property and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 287	$ 234	$ 772	$ 669

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (13,749)	$ 767	$ (2,926)	$ 3,887

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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+ Details

Internal use software, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Internal Use Software [Abstract]
Amortization expense	$ 4,032	$ 2,453	$ 10,477	$ 7,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Revenue	$ 120,331	$ 101,343	$ 340,074	$ 290,913
Operating expenses:
Cost of revenue (excluding depreciation and amortization shown below)	25,599	19,171	71,100	53,864
Sales and marketing	29,604	28,190	87,566	77,961
Technology and development	17,211	19,459	53,850	54,071
General and administrative	22,611	20,150	85,673	56,081
Depreciation and amortization	14,027	12,617	40,373	37,585
Foreign exchange loss, net	2,078	4,064	931	3,503
Total operating expenses	111,130	103,651	339,493	283,065
Operating income (loss)	9,201	(2,308)	581	7,848
Interest expense, net	(3,109)	(2,619)	(9,747)	(5,859)
Employee retention tax credit	0	6,981	0	6,981
Net income (loss) before income taxes	6,092	2,054	(9,166)	8,970
Benefit (provision) from income taxes	(19,841)	(1,287)	6,240	(5,083)
Net income (loss)	$ (13,749)	$ 767	$ (2,926)	$ 3,887
Net income (loss) per share:
Basic (in dollars per share)	$ (0.09)	$ 0.00	$ (0.02)	$ 0.03
Diluted (in dollars per share)	$ (0.09)	$ 0.00	$ (0.02)	$ 0.02
Weighted average shares outstanding:
Basic (in shares)	157,055,904	155,389,195	157,691,005	155,007,655
Diluted (in shares)	157,055,904	156,696,754	157,691,005	157,581,569
Other comprehensive loss:
Foreign currency translation adjustments	$ (1,717)	$ (3,248)	$ (789)	$ (11,218)
Total comprehensive loss	$ (15,466)	$ (2,481)	$ (3,715)	$ (7,331)

Basis of presentation and summary of significant accounting policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 6,691	$ 5,883
Additional provision	2,223	647
Receivables written off and impact of exchange rates	(406)	(1,129)
Balance, end of period	7,237	5,401
Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ (1,271)	$ 0

Long-term debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term debt

On September 29, 2021, the Company entered into a credit agreement with various lenders, which was amended on June 23, 2023 (as amended, the "Credit Agreement”). The Credit Agreement provides for an initial $300,000 in commitments for revolving credit loans (the “Revolver”), which amount may be increased or decreased under specific circumstances, with a $30,000 letter of credit sublimit and a $100,000 alternative currency sublimit. In addition, the Credit Agreement provides for the ability to request incremental term loan facilities, in a minimum amount of $5,000 for each facility. Borrowings pursuant to the Credit Agreement may be used for working capital and other general corporate purposes, including for acquisitions permitted under the Credit Agreement. During the nine months ended September 30, 2023, the Company drew down $75,000 and paid down $125,000 on the Revolver.

Borrowings under the Credit Agreement are scheduled to mature on September 29, 2026. The Credit Agreement contains certain customary events of default including failure to make payments when due thereunder, and failure to observe or perform certain covenants.

The initial proceeds of the Revolver in September 2021, together with cash on hand, were used to repay the outstanding balance of the term loan and revolving loan under the prior credit agreement. In connection with the entry into the Revolver, the Company incurred costs of $2,318 that are included in Long-term debt, net, in the Condensed Consolidated Balance Sheets.

The interest rates for the Revolver under the Credit Agreement (i) for U.S. dollar loans are equal to the applicable rate for base rate loans ranging from 0.75% to 1.50% per annum, (ii) for Term SOFR Loans (as defined in the Credit Agreement) ranging from 1.75% to 2.50% per annum, (iii) for RFR Loans (as defined in the Credit Agreement) denominated in sterling ranging from 1.7826% to 2.5326%, and (iv) for RFR Loans denominated in euro range from 1.7956% to 2.5456%, in each case, based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement). Base rate borrowings may only be made in dollars. The Company is required to pay a commitment fee during the term of the Credit Agreement ranging from 0.20% to 0.35% per annum of the average daily undrawn portion of the revolving commitments based on the Senior Secured Net Leverage Ratio. The interest rate on September 30, 2023 was 7.3%.

Any borrowings under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders.

The Credit Agreement contains covenants requiring certain financial information to be submitted quarterly and annually. In addition, the Company is also required to comply with certain financial covenants such as maintaining a Total Net Leverage Ratio (as defined in the Credit Agreement) of 3.50 to 1.00 or lower and maintaining a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 2.50 to 1.00. As of September 30, 2023, the Company was in compliance with all covenants contained in the Credit Agreement.


	September 30, 2023		December 31, 2022
Revolver	$	175,000	$	225,000
Less: Unamortized debt issuance costs	(1,391)		(1,738)
Total carrying amount	$	173,609	$	223,262

Amortization of debt issuance costs for the three months ended September 30, 2023 and 2022 were $116, respectively. Amortization of debt issuance costs for the nine months ended September 30, 2023 and 2022 were $348, respectively. Amortization of debt issuance costs is recorded to interest expense, net on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss.

The Company recognized interest expense of $3,639 and $2,592 during the three months ended September 30, 2023 and 2022, respectively. The Company recognized interest expense of $11,326 and $5,615 during the nine months ended September 30, 2023 and 2022, respectively. Future principal payments of long-term debt as of September 30, 2023 are as follows:


Year Ending
2023 (remaining three months)	$	—
2024	—
2025	—
2026	175,000
	$	175,000

Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense for all equity arrangements for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of revenue	$	118	$	101	$	328	$	258
Sales and marketing	5,714		4,457		17,859		10,650
Technology and development	2,902		3,168		13,434		6,979
General and administrative	5,166		6,521		34,020		15,220
Total	$	13,900	$	14,247	$	65,641	$	33,107

The Company maintains multiple stock-based incentive compensation plans. Expense relating to outstanding awards under such plans is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,				Unamortized Expense as of		Weighted Average Vesting Term
	2023		2022		2023		2022		September 30, 2023
Time Based Options
2018 Plan	$	1,727	$	3,234	$	3,544	$	10,970
2021 Plan	536		672		1,740		2,417
Total Time Based Options Expense	$	2,263	$	3,906	$	5,284	$	13,387	$	4,977	1.5 years

Return Target Options
2018 Plan	$	(2,111)	$	—	$	18,215	$	—
2021 Plan	—		—		3,124		—
Total Return Target Options Expense	$	(2,111)	$	—	$	21,339	$	—	$	—	0.0 years

LTIP Expense (2018 Plan)	$	16	$	—	$	333	$	—

Other equity awards under 2021 Plan
Restricted Stock Units ("RSUs")	$	8,760	$	7,552	$	25,483	$	16,524	$	104,381	3.1 years
Market Stock Units ("MSUs")	4,632		2,657		12,194		3,065		23,845		3.5 years
Other equity awards under 2021 Plan expense	$	13,392	$	10,209	$	37,677	$	19,589	$	128,226

Employee Stock Purchase Plan "ESPP"	$	340	$	131	$	1,008	$	131

Total Stock-Based Compensation Expense	$	13,900	$	14,247	$	65,641	$	33,107	$	133,203

Schedule of Stock Option Activity

Stock option activity for the three months ended September 30, 2023 is as follows:

Time-Based Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of July 1, 2023	3,499,594	$	7.68	6.32	$	36,049
Conversion of Return-Target Options to Time-Based Options	9,112	8.58		—	—
Canceled or forfeited	(34,027)	12.40		—	—
Exercised	(53,748)	10.98		—	—
Outstanding at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Vested and expected to vest at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Exercisable as of September 30, 2023	2,968,006	$	6.47	5.45	$	18,726

Return-Target Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of July 1, 2023	1,909,715	$	7.66	6.39	$	19,724
Conversion of Return-Target Options to Time-Based Options	(9,112)	8.58		—	—
Canceled or forfeited	(175,573)	9.43		—	—
Exercised	—	—		—	—
Outstanding at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Vested and expected to vest at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Exercisable as of September 30, 2023	—	—		—	—

Stock option activity for the nine months ended September 30, 2023 is as follows:

Time-Based Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2023	4,251,290	$	8.07	6.97	$	12,163
Conversion of Return-Target Options to Time-Based Options	9,112	8.58		—	—
Canceled or forfeited	(198,221)	14.43		—	—
Exercised	(641,250)	8.71		—	—
Outstanding at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Vested and expected to vest at September 30, 2023	3,420,931	$	7.59	5.72	$	19,393
Exercisable as of September 30, 2023	2,968,006	$	6.47	5.45	$	18,726

Return-Target Options


	Stock options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding at January 1, 2023	2,153,264	$	8.03	6.97	$	6,190
Conversion of Return-Target Options to Time-Based Options	(9,112)	8.58		—	—
Canceled or forfeited	(419,122)	10.34		—	—
Exercised	—	—		—	—
Outstanding at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Vested and expected to vest at September 30, 2023	1,725,030	$	7.47	6.03	$	9,963
Exercisable as of September 30, 2023	—	—		—	—

Schedule of Restricted Stock Unit Activity

RSU activity for the three months ended September 30, 2023 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of July 1, 2023	9,792,184	$	12.42
Granted	614,174	14.54
Canceled or forfeited	(329,852)	13.06
Vested	(996,715)	13.35
Outstanding as of September 30, 2023	9,079,791	$	12.44
Expected to vest as of September 30, 2023	9,079,791

RSU activity for the nine months ended September 30, 2023 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023	8,085,367	$	11.88
Granted	3,915,070	13.89
Canceled or forfeited	(659,753)	13.11
Vested	(2,260,893)	12.74
Outstanding as of September 30, 2023	9,079,791	$	12.44
Expected to vest as of September 30, 2023	9,079,791

Schedule of Market Stock Unit Activity

MSU activity for the three months ended September 30, 2023 is as follows:


	MSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of July 1, 2023	2,156,449	$	18.83
Granted	36,792	19.44
Canceled or forfeited	(235,411)	18.37
Change in awards based on performance	43,273	14.88
Vested	(105,987)	14.43
Outstanding as of September 30, 2023	1,895,116	$	19.07
Expected to vest as of September 30, 2023	1,895,116

MSU activity for the nine months ended September 30, 2023 is as follows:


	MSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2023	1,209,262	$	14.55
Granted	1,446,396	21.01
Canceled or forfeited	(444,979)	16.52
Change in awards based on performance	116,528	14.89
Vested	(432,091)	14.43
Outstanding as of September 30, 2023	1,895,116	$	19.07
Expected to vest as of September 30, 2023	1,895,116

Net income (loss) per share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss)	$ (13,749)	$ 767	$ (2,926)	$ 3,887
Denominator:
Weighted-average shares outstanding, basic (in shares)	157,055,904	155,389,195	157,691,005	155,007,655
Dilutive effect of stock-based awards (in shares)	0	1,307,559	0	2,573,914
Weighted-average shares outstanding, diluted (in shares)	157,055,904	156,696,754	157,691,005	157,581,569
Net income (loss) per share
Basic (in dollars per share)	$ (0.09)	$ 0.00	$ (0.02)	$ 0.03
Diluted (in dollars per share)	$ (0.09)	$ 0.00	$ (0.02)	$ 0.02

- Definition

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

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- Definition

The amount of net income (loss) for 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

- Definition

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

+ References

+ Details

Related-party transactions (Details) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2023	May 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Other expenses				$ 22,611	$ 20,150	$ 85,673	$ 56,081
Due to related party				38		38		$ 122
Related Party \| VCG \| Consulting Services and Other
Related Party Transaction [Line Items]
Other expenses				0	18	0	82
Due to related party				0		0		0
Related Party \| VEP
Related Party Transaction [Line Items]
Additional proceeds from sale of stock			$ 0
Costs for sale of stock			$ 1,404
Related Party \| VEP \| Secondary Offering
Related Party Transaction [Line Items]
Number of shares issued in sale of stock (in shares)		11,500,000
Related Party \| VEP \| Block Trade
Related Party Transaction [Line Items]
Number of shares issued in sale of stock (in shares)	5,220,000
Related Party \| VEP \| Travel and Other
Related Party Transaction [Line Items]
Other expenses				21	$ 19	64	$ 56
Due to related party				$ 2		$ 2		$ 13

Long-term debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 29, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 116	$ 116	$ 348	$ 348
Interest expense, debt		$ 3,639	$ 2,592	11,326	$ 5,615
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300,000
Incremental increases in maximum borrowing capacity	5,000
Proceeds from long-term lines of credit				75,000
Repayments of long-term lines of credit				$ 125,000
Debt costs	$ 2,318
Effective interest rate on debt (as a percent)		7.30%		7.30%
Minimum net leverage ratio		3.50		3.50
Minimum interest coverage ratio		2.50		2.50
Revolving Credit Facility \| Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)	0.20%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.75%
Revolving Credit Facility \| Credit Agreement \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Sterling
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.7826%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.7956%
Revolving Credit Facility \| Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee rate (as a percent)	0.35%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Revolving Credit Facility \| Credit Agreement \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Sterling
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.5326%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.5456%
Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 30,000
Incremental increases in maximum borrowing capacity	5,000
Alternative Currency \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	100,000
Incremental increases in maximum borrowing capacity	$ 5,000