0001842718-24-000013 | 10-K | XBRL Viewer | Integral AD Science Holding Corp

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Income taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(145.10%)	(41.30%)	1.70%
Effect of non-U.S. operations	120.70%	(0.70%)	(0.40%)
Section 162(m)	134.10%	24.40%	(10.90%)
Stock-based compensation	(7.10%)	23.80%	(0.90%)
Transaction expenses	7.90%	(14.70%)	(1.40%)
US tax on foreign earnings	(39.20%)	(6.50%)	(5.70%)
R&D and other credits	(189.50%)	(23.30%)	3.70%
Change in valuation allowance	42.70%	0.00%	(1.00%)
Meals and entertainment	3.80%	0.00%	0.00%
Other	1.60%	(0.20%)	0.20%
Benefit from income taxes	(49.10%)	(17.50%)	6.30%

Restructuring - Restructuring Reserve Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Payments		$ (980)
Restructuring Reserve [Roll Forward]
Restructuring reserve, balance at beginning of period	$ 4,315
Restructuring reserve increase	69	5,295
Payments and impact of FX	(4,384)
Restructuring reserve, balance at end of period	$ 0	$ 4,315

Basis of presentation and summary of significant accounting policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance at beginning of year	$ 6,691	$ 5,883	$ 4,257
Additional provision	3,816	1,837	3,024
Receivables written-off/reversals	(591)	(1,029)	(1,398)
Balance at the end of year	8,645	6,691	5,883
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance at beginning of year	$ (1,271)	0	0
Balance at the end of year		$ (1,271)	$ 0

- Definition

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

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+ Details

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment consisted of the following:


		December 31,
	Estimated Useful Lives	2023		2022
Computer and office equipment	1-3 years	$	4,070	$	3,761
Computer software	3-5 years	218		218
Leasehold improvements	Various	2,535		1,060
Furniture	5 years	585		308
Total property and equipment		7,408		5,347
Less: Accumulated depreciation		(3,639)		(2,935)
Total property and equipment, net		$	3,769	$	2,412

Depreciation and amortization expense of property and equipment for years ended December 31, 2023, 2022, and 2021 was $1,050, $907 and $1,719, respectively. During the years ended December 31, 2023, 2022 and 2021 the Company wrote off assets of $267, $294 and $8,786, respectively.

The Company had no computer and office equipment under capital leases as of December 31, 2023, and 2022. Depreciation expense related to assets under capital leases included $291 for the year ended December 31, 2021. During the year ended December 31, 2021, the Company wrote off fully depreciated assets under capital leases of $6,073.

Description of business (Details)		12 Months Ended
Description of business (Details)	Jun. 29, 2021 shares	Dec. 31, 2021 shares
Members’ Interest
Subsidiary, Sale of Stock [Line Items]
Conversion to Delaware corporation (in shares)	134,203,403	134,203,403
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion to Delaware corporation (in shares)		134,203,403
Ratio of conversion of member units to common stock	242

Condensed Financial Information of Registrant (Parent Company Only) - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Revenue	$ 474,369	$ 408,348	$ 323,513
Operating expenses	457,277	393,191	356,523
Operating income	17,092	15,157	(33,010)
Net income (loss) before benefit from income taxes	4,856	13,085	(55,975)
Benefit from income taxes	2,382	2,288	3,538
Net income (loss)	7,238	15,373	(52,437)
Parent Company
Condensed Income Statements, Captions [Line Items]
Revenue	0	0	0
Operating expenses	0	0	0
Operating income	0	0	0
Interest expense, net	0	0	0
Net income (loss) before benefit from income taxes	0	0	0
Benefit from income taxes	0	0	0
Equity in net income (loss) of subsidiaries	7,238	15,373	(52,437)
Net income (loss)	$ 7,238	$ 15,373	$ (52,437)

Employee contribution plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Matching contribution amount	$ 4,704	$ 4,062	$ 2,474

Basis of presentation and summary of significant accounting policies - Restricted Cash Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash Rollforward [Roll Forward]
Restricted cash at beginning of period	$ 2,794	$ 2,869
Release of deposits for facilities leases no longer restricted	(256)	(26)
Release of deposits for medical claims and other	(7)	(49)
Restricted cash at end of period	$ 2,531	$ 2,794

Members’/ Stockholders’ equity (Details)		12 Months Ended
Members’/ Stockholders’ equity (Details)	Jun. 29, 2021 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001
Option exercises \| $		$ 7,989,000	$ 7,155,000	$ 4,435,000
Repurchase of units/common stock \| $			$ 23,655,000	$ 1,204,000
Common Stock
Class of Stock [Line Items]
Stock issued during period for vested RSUs (in shares)		3,492,130	1,084,966	26,931
Option exercises (in shares)		1,001,793	1,586,728
Option exercises \| $		$ 1,000	$ 2,000
Stock issued under the ESPP (in shares)		273,569
Repurchase of units/common stock (in shares)			3,080,061
Repurchase of units/common stock \| $			$ 3,000
Stock issued during the period (in shares)				16,821,330
Conversion to Delaware corporation (in shares)				134,203,403
Ratio of conversion of member units to common stock (in shares)	242
Common Stock \| Publica
Class of Stock [Line Items]
Issuance of common stock (in shares)				2,888,889
Common Stock \| Context
Class of Stock [Line Items]
Issuance of common stock (in shares)				457,959
Common Stock \| IPO
Class of Stock [Line Items]
Stock issued during the period (in shares)				15,000,000
Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Stock issued during the period (in shares)				1,821,330
Additional paid-in capital
Class of Stock [Line Items]
Option exercises \| $		$ 7,988,000	7,153,000	$ 3,360,000
Repurchase of units/common stock \| $			$ 23,652,000
Members’ Interest
Class of Stock [Line Items]
Option exercises (in shares)				246,369
Option exercises \| $				$ 1,075,000
Repurchase of units/common stock (in shares)				99,946
Repurchase of units/common stock \| $				$ 413,000
Conversion to Delaware corporation (in shares)	134,203,403			134,203,403
Units vested (in shares)				17,486

Related-party transactions (Details) - USD ($)	1 Months Ended			12 Months Ended
Related-party transactions (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023	May 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
General and administrative				$ 111,634,000	$ 79,654,000	$ 78,989,000
Due to related party	$ 121,000			121,000	122,000
Costs for sale of stock				0	0	7,233,000
Related Party \| VEP
Related Party Transaction [Line Items]
Additional proceeds from sale of stock	0
Costs for sale of stock	$ 1,770,000
Related Party \| VEP \| Secondary Offering
Related Party Transaction [Line Items]
Number of shares issued in sale of stock (in shares)	11,000,000		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 \| Consulting Services and Other Expenses \| VCG
Related Party Transaction [Line Items]
General and administrative				2,000	77,000	201,000
Due to related party	$ 0			0	0
Related Party \| Travel and Other Expenses \| VEP
Related Party Transaction [Line Items]
General and administrative				100,000	75,000	$ 27,000
Due to related party	$ 30,000			$ 30,000	$ 13,000

Long-term debt - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
2024	$ 0
2025	0
2026	155,000
Total principal payments	$ 155,000

- Definition

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

+ References + Details

Net income (loss) per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net income (loss) per share

For periods prior to the Company’s conversion to a Delaware corporation, including 2021 for which a portion of the period preceded the conversion, the Company has retrospectively presented net income (loss) per share as if the conversion had occurred at the beginning of the earliest period presented. The weighted average shares used in computing net income (loss) per share in these periods are based on the number of units held by members after giving effect to the conversion ratio.

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


	December 31,
	2023		2022		2021
Numerator:
Net income (loss)	$	7,238	$	15,373	$	(52,437)
Denominator:
Basic Shares:
Weighted average shares outstanding	156,272,335		154,699,694		143,535,546
Diluted Shares:
Basic weighted average shares outstanding	156,272,335		154,699,694		143,535,546
Dilutive effect of stock-based awards	5,450,796		2,558,389		—
Weighted-average diluted shares outstanding	161,723,131		157,258,083		143,535,546
Net income (loss) per share
Basic	$	0.05	$	0.10	$	(0.37)
Diluted	$	0.04	$	0.10	$	(0.37)

The following potential outstanding Time-Based Service Options and RSUs were excluded from the computation of diluted net income (loss) per share attributable to common stock/unit-holders for the years presented because including them would have been antidilutive. Since the conditions associated with the vesting of the Return Target Options, RSUs and MSUs have not occurred as of the reporting date, such options are excluded from the table below.


	December 31,
	2023	2022	2021
Options to purchase common stock/member units	1,603,489	4,464,179	6,648,975
RSUs	714,296	1,834,100	2,426,147
MSUs	1,011,426	417,010	—
Total	3,329,211	6,715,289	9,075,122

Intangible assets, net - Gross Book Value, Accumulated Amortization, Net Book Value and Amortization Periods of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Book Value	$ 459,253	$ 458,965
Accumulated Amortization	(280,345)	(241,407)
Net Book Value	178,908	217,558
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Book Value	301,994	301,955
Accumulated Amortization	(142,135)	(112,589)
Net Book Value	$ 159,859	$ 189,366
Weighted Average Remaining Useful Life	8 years 7 months 6 days	9 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years
Gross Book Value	$ 137,361	$ 137,112
Accumulated Amortization	(125,426)	(118,650)
Net Book Value	$ 11,935	$ 18,462
Weighted Average Remaining Useful Life	2 years 7 months 6 days	3 years 6 months
Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		9 years
Gross Book Value	$ 19,700	$ 19,700
Accumulated Amortization	(12,604)	(10,021)
Net Book Value	$ 7,096	$ 9,679
Weighted Average Remaining Useful Life	3 years 4 months 24 days	4 years 4 months 24 days
Favorable leases
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	6 years	6 years
Gross Book Value	$ 198	$ 198
Accumulated Amortization	(180)	(147)
Net Book Value	$ 18	$ 51
Weighted Average Remaining Useful Life	6 months	1 year 6 months
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years	5 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		4 years
Minimum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	5 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	15 years	15 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life		5 years
Maximum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	9 years

Long-term debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Unamortized long-term debt issuance costs	$ (1,275)	$ (1,738)
Total carrying amount	153,725	223,262
Revolving Credit Facility
Debt Instrument [Line Items]
Revolver	$ 155,000	$ 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

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair value disclosures -Schedule of Cash Equivalents Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds		$ 0
Level 1 \| Money market funds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds included in cash and cash equivalents	$ 15,331,000

Business combinations (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
Business combinations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Aug. 09, 2021	Dec. 31, 2023	Dec. 31, 2022
Publica
Business Acquisition [Line Items]
Purchase price		$ 171,366		$ 680
Stock issued for acquisition (in shares)		2,888,889
Value of stock issued for acquisition		$ 49,631
Context
Business Acquisition [Line Items]
Purchase price	$ 22,575		$ 966
Stock issued for acquisition (in shares)	457,959
Value of stock issued for acquisition	$ 10,391

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Intangible assets, net - Amortization Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 37,776
2025	34,164
2026	29,929
2027	20,616
2028	14,340
2029 and thereafter	42,083
Net Book Value	$ 178,908	$ 217,558

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Benefit From Income Taxes

The components of net income/(loss) before benefit from income taxes for the years ended December 31, 2023, 2022, and 2021 are as follows:


	December 31,
	2023		2022		2021
United States	$	29,769	$	6,819	$	(63,686)
Foreign Operations	(24,913)		6,266		7,711
Net income (loss) before income taxes	$	4,856	$	13,085	$	(55,975)

Schedule of Components of the (Benefit) Provision for Income Taxes

The components of the benefit from income taxes are as follows:


	December 31,
	2023		2022		2021
Current tax provision
Federal	$	12,889	$	1,094	$	544
Foreign	4,755		3,497		3,715
State and Local	1,505		2,001		1,865
Current tax provision	19,149		6,592		6,124
Deferred tax (benefit) provision
Federal	(12,263)		(661)		(5,812)
Foreign	606		(1,185)		(1,373)
State and Local	(9,874)		(7,034)		(2,477)
Deferred tax benefit	(21,531)		(8,880)		(9,662)
Benefit from income taxes	$	(2,382)	$	(2,288)	$	(3,538)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:


	December 31,
	2023	2022	2021
U.S. federal statutory income tax rate	21.0%	21.0%	21.0%
State income taxes, net of federal benefit	(145.1)	(41.3)	1.7
Effect of non-U.S. operations	120.7	(0.7)	(0.4)
Section 162(m)	134.1	24.4	(10.9)
Stock-based compensation	(7.1)	23.8	(0.9)
Transaction expenses	7.9	(14.7)	(1.4)
US tax on foreign earnings	(39.2)	(6.5)	(5.7)
R&D and other credits	(189.5)	(23.3)	3.7
Change in valuation allowance	42.7	—	(1.0)
Meals and entertainment	3.8	—	—
Other	1.6	(0.2)	0.2
Benefit from income taxes	(49.1)%	(17.5)%	6.3%

The income tax benefit for the years ended December 31, 2023 and December 31, 2022 relates primarily to R&D and other tax credits, favorable change in state tax rates, release of the valuation allowance, and deductible transaction costs. The income tax benefit for the year ended December 31, 2021, relates principally to current period U.S. losses.

On August 16, 2022, Congress passed the Inflation Reduction Act of 2022. The key tax provisions applicable to us are a 15% corporate minimum tax on book income and a 1% excise tax on stock repurchases effective January 1, 2023. We do not expect these tax law changes to have a material impact on our consolidated financial position; however, we will continue to evaluate their impact as further information becomes available.

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax liability for the years ended December 31, 2023, and 2022 are as follows:


	December 31,
	2023		2022
Deferred tax assets
Net Operating Loss (“NOL”) and other carryforwards	$	13,076	$	11,187
Stock-based compensation	5,704		4,886
Interest expense carryforward	—		3,774
Tax credit carryforward	1,573		3,032
Lease liability	6,655		7,582
Payroll and commissions	4,106		2,812
Allowance for credit losses	1,930		1,764
Section 174 capitalized costs	17,651		8,573
Accrued expenses and other liabilities	—		1,231
Total deferred tax assets	50,695		44,841
Valuation allowance	(5,292)		(3,217)
Net deferred tax assets	45,403		41,624
Deferred tax liabilities
Depreciation and amortization	(33,139)		(42,962)
Outside basis difference	(24,315)		(36,056)
Right of use asset	(5,359)		(6,080)
Accrued expenses and other liabilities	(492)		—
Total deferred tax liabilities	(63,305)		(85,098)
Net deferred tax liability	$	(17,902)	$	(43,474)

Schedule of Valuation Allowance

The changes in valuation allowances against deferred income tax assets were as follows:


	December 31,
	2023		2022
Balance at beginning of year	$	3,217	$	3,421
Additions charged to income tax expense	4,547		296
Reductions credited to income tax expense	(2,472)		(500)

Balance at end of year	$	5,292	$	3,217

Schedule of Unrecognized Tax Benefits Roll Forward

Unrecognized tax benefits activity is summarized below:


	December 31,
	2023		2022
Balance at beginning of year	$	2,808	$	932
Additions based on tax positions related to the current year	1,447		896
Additions based on tax positions related to prior years	1,630		980

Balance at end of year	$	5,885	$	2,808

Stock-based compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Time-Based Options
Options
Outstanding balance at beginning of period (in shares)	4,251,290	6,648,975	6,109,427
Granted (in shares)		0	1,381,646
Conversion of return-target options to time-based options (in shares)	9,112
Canceled or forfeited (in shares)	(198,221)	(810,957)	(595,729)
Exercised (in shares)	(1,001,793)	(1,586,728)	(246,369)
Outstanding balance at end of period (in shares)	3,060,388	4,251,290	6,648,975	6,109,427
Vested and expected to vest (in shares)	3,060,388	4,251,290	6,648,975
Exercisable (in shares)	2,688,644	3,033,235	3,169,868
Weighted Average Exercise Price
Outstanding balance at beginning of period (in usd per share)	$ 8.07	$ 7.46	$ 4.82
Granted (in usd per share)		0	17.49
Conversion of return-target options to time-based options (in usd per share)	8.58
Canceled or forfeited (in usd per share)	14.43	10.04	4.95
Exercised (in usd per share)	7.98	4.51	4.36
Outstanding balance at end of period (in usd per share)	7.70	8.07	7.46	$ 4.82
Vested and expected to vest (in usd per share)	7.70	8.07	7.46
Exercisable (in usd per share)	$ 6.64	$ 6.34	$ 4.47
Weighted Average Remaining Contractual Life (years)
Outstanding	5 years 8 months 12 days	6 years 11 months 19 days	7 years 9 months 3 days	8 years 5 months 19 days
Granted			9 years 1 month 20 days
Vested and expected to vest	5 years 8 months 12 days	6 years 11 months 19 days	7 years 9 months 3 days
Exercisable	5 years 5 months 23 days	6 years 7 months 2 days	6 years 2 months 12 days
Intrinsic Value
Outstanding	$ 23,251	$ 12,163	$ 98,055	$ 0
Vested and expected to vest	23,251	12,163	98,055
Exercisable	$ 22,573	$ 10,878	$ 56,227
Return-Target Options
Options
Outstanding balance at beginning of period (in shares)	2,153,264	3,265,126	3,054,701
Granted (in shares)		0	691,306
Conversion of return-target options to time-based options (in shares)	(9,112)
Canceled or forfeited (in shares)	(419,122)	(1,111,862)	(480,881)
Exercised (in shares)	0	0	0
Outstanding balance at end of period (in shares)	1,725,030	2,153,264	3,265,126	3,054,701
Vested and expected to vest (in shares)	1,725,030	2,153,264	3,265,126
Exercisable (in shares)	0	0	0
Weighted Average Exercise Price
Outstanding balance at beginning of period (in usd per share)	$ 8.03	$ 7.53	$ 4.82
Granted (in usd per share)		0	17.49
Conversion of return-target options to time-based options (in usd per share)	8.58
Canceled or forfeited (in usd per share)	10.34	6.54	4.69
Exercised (in usd per share)	0	0	0
Outstanding balance at end of period (in usd per share)	7.47	8.03	7.53	$ 4.82
Vested and expected to vest (in usd per share)	7.47	8.03	7.53
Exercisable (in usd per share)	$ 0	$ 0	$ 0
Weighted Average Remaining Contractual Life (years)
Outstanding	5 years 9 months 10 days	6 years 11 months 19 days	7 years 3 months 7 days	8 years 5 months 19 days
Granted			9 years 1 month 20 days
Vested and expected to vest	5 years 9 months 10 days	6 years 11 months 19 days	7 years 3 months 7 days
Intrinsic Value
Outstanding	$ 13,318	$ 6,190	$ 47,947	$ 0
Vested and expected to vest	13,318	6,190	47,947
Exercisable	$ 0	$ 0	$ 0

Property and equipment, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,050	$ 907	$ 1,719
Write down of property plant and equipment	$ 267	$ 294	$ 8,786
Impairment, Long -Lived Asset, Held-for-Use, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag	wrote off assets	wrote off assets	wrote off assets
Capitalized Computer and Office Equipment
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 291
Write down of property plant and equipment			$ 6,073

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2023
	Estimated Useful Life	Gross Book Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life
Customer relationships	5-15 years	$	301,994	$	(142,135)	$	159,859	8.6 years
Developed technology	5 years	137,361		(125,426)		11,935		2.6 years
Trademarks	5-9 years	19,700		(12,604)		7,096		3.4 years
Favorable leases	6 years	198		(180)		18		0.5 years
Total		$	459,253	$	(280,345)	$	178,908


	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	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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Amortization expense for the subsequent five years and thereafter is as follows:


2024	$	37,776
2025	34,164
2026	29,929
2027	20,616
2028	14,340
2029 and thereafter	42,083
	$	178,908

Basis of presentation and summary of significant accounting policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023	Jan. 01, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Employee retention tax credit	$ 0	$ 6,981,000	$ 0
Unrealized gain (loss), foreign currency transaction, after tax	484,000	(5,229,000)	(24,000)
Realized gain (loss), foreign currency transaction, after tax	(914,000)	480,000	(621,000)
Interest income	2,774,000	466,000	7,000
Goodwill, impairment loss	0	0	0
Contract liability	682,000	99,000
Payments to acquire software	31,749,000	15,379,000	13,654,000
Internal use software payable	$ 1,444,000	1,517,000
Estimated Useful Life	3 years
Advertising expense	$ 2,900,000	2,333,000	$ 1,861,000
Operating lease right-of-use assets, net	21,668,000	22,787,000			$ 21,666,000
Lease liability	28,958,000				$ 29,361,000
Adjustments to retained earnings	$ 8,954,000	$ 775,000
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustments to retained earnings				$ 941,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 7,238	$ 15,373	$ (52,437)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	54,966	50,396	62,286
Stock-based compensation	81,103	44,752	58,766
Foreign currency (gain) loss, net	(484)	5,233	0
Deferred tax benefit	(21,531)	(8,880)	(9,662)
Loss on extinguishment of debt	0	0	3,721
Facility exit costs	0	0	6,519
Amortization of debt issuance costs	463	464	1,136
Allowance for credit losses	3,816	1,837	3,024
Non-cash interest expense	0	0	394
Employee retention tax credit	0	(6,981)	0
Impairment of assets	33	974	218
Changes in operating assets and liabilities:
Increase in accounts receivable	(8,148)	(18,581)	(9,095)
Increase in unbilled receivables	(4,685)	(5,830)	(8,504)
Decrease (increase) in prepaid expenses and other current assets	6,418	(10,641)	(3,617)
Increase in operating leases, net	(29)	(852)	0
Decrease (increase) in other long-term assets	375	(1,057)	(614)
Increase in accounts payable and accrued expenses and other long-term liabilities	11,478	6,286	12,246
Increase in accrued rent	0	0	260
Increase (decrease) in deferred revenue	582	(88)	(976)
Increase (decrease) in due to/from related party	28	62	(70)
Net cash provided by operating activities	131,623	72,467	63,595
Cash flows from investing activities:
Payment for acquisitions, net of acquired cash	(966)	(1,603)	(186,435)
Purchase of property and equipment	(1,975)	(2,016)	(955)
Acquisition and development of internal use software and other	(31,777)	(14,673)	(12,702)
Net cash used in investing activities	(34,718)	(18,292)	(200,092)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	0	0	281,589
Payments for offering costs	0	0	(7,233)
Repayment of long-term debt	(145,000)	(35,000)	(356,396)
Repayment of short-term debt	0	(1,816)	0
Proceeds from the Revolver	75,000	15,000	245,000
Payments for debt issuance costs	0	0	(2,318)
Principal payments on capital lease obligations	0	0	(326)
Cash paid for unit repurchases	0	0	(1,201)
Proceeds from exercise of stock options	7,989	7,155	1,075
Payments for repurchase of common stock	0	(23,655)	0
Cash received from Employee Stock Purchase Program (ESPP)	3,160	845	0
Net cash (used in) provided by financing activities	(58,851)	(37,471)	160,190
Net increase in cash, cash equivalents, and restricted cash	38,054	16,704	23,693
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(435)	(3,111)	(2,336)
Cash, cash equivalents, and restricted cash, at beginning of year	89,671	76,078	54,721
Cash, cash equivalents, and restricted cash, at end of year	127,290	89,671	76,078
Cash paid during the year for:
Interest	11,229	8,511	17,109
Taxes	10,985	16,396	2,238
Non-cash investing and financing activities:
Property and equipment acquired included in accounts payable	431	97	105
Internal use software acquired included in accounts payable	1,444	1,517	859
Conversion of members’ equity to additional paid-in capital	0	0	165,385
Lease liabilities arising from right of use assets	$ 6,282	$ 29,624	$ 0

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charge

The restructuring charge was recorded as follows:


	December 31, 2022
Cost of revenue	$	128
Sales and marketing	1,248
Technology and development	3,114
General and administrative	805
Total	$	5,295

Activity impacting the Company's restructuring reserves, recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets, was as follows:


Total charge	$	5,295
Payments	(980)
Balance at December 31, 2022	4,315
Restructuring reserve increase	69
Payments and impact of FX	(4,384)
Balance at December 31, 2023	$	—

Related-party transactions	12 Months Ended
Related-party transactions	Dec. 31, 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”). Total expenses incurred by the Company for VCG (a Vista related party) were $2, $77 and $201 for the years ended December 31, 2023, 2022 and 2021, respectively. These costs were included in general and administrative expenses. There were no amounts due to VCG as of December 31, 2023, and 2022. The Company incurs various travel and other expenses related to services provided by Vista Equity Partners Management, LLC (“VEP”). The Company incurred expenses of $100, $75 and $27 during the years ended December 31, 2023, 2022 and 2021, respectively, for various travel and other expenses. These costs were included in general and administrative expenses. Amounts due to VEP were $30 and $13 as of December 31, 2023, and 2022, 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”). In December 2023, funds affiliated with Vista conducted an underwritten secondary offering of 11,000,000 shares of the Company's common stock. The Company did not receive any proceeds from these sales, but bore the costs associated therewith (other than underwriting discounts and commissions), which were $1,770 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 that are immaterial individually and in the aggregate to the Consolidated Balance Sheets and Consolidated Statements of Operations and Comprehensive Income (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
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-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
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
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-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
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-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
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: 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)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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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

Description of business	12 Months Ended
Description of business	Dec. 31, 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”), formerly known as Kavacha Topco, LLC, is a leading global digital advertising verification company by revenue. 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 cloud-based technology platform provides actionable insights and delivers independent measurement and verification of digital advertising across all devices, channels, and formats, including desktop, mobile, connected TV (“CTV”), social, display, and video. The Company’s proprietary and Media Rating Council (the “MRC”) accredited Quality Impressions® metric is designed to verify that digital ads are served to a real person rather than a bot in a brand-safe and suitable environment within the correct geography. 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 has its operations within the United States ("U.S.") in New York, California, and Illinois. Operations outside the U.S. include but are not limited to countries such as the United Kingdom ("U.K."), Ireland, France, Germany, Spain, Italy, Singapore, Australia, Japan, India and the Nordics. Corporate conversion On February 23, 2021, the Company amended the certificate of formation of Kavacha Topco, LLC to change the name of the Company to Integral Ad Science Holding LLC and on June 29, 2021, the Company converted to a Delaware corporation pursuant to a statutory conversion and changed its legal name to Integral Ad Science Holding Corp. in connection with its initial public offering ("IPO"). All of the outstanding member units were converted into 134,203,403 shares of common stock of the Company on a proportion of 1 member unit for 242 shares of common stock with the same voting rights. On June 29, 2021, the Company priced its IPO, which closed on July 2, 2021.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd 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 usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	158,757,620	153,990,128
Common stock, shares, outstanding (in shares)	158,757,620	153,990,128

Stock-based compensation - Narrative (Details)				3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended			20 Months Ended
Stock-based compensation - Narrative (Details)	Aug. 01, 2022	Jun. 29, 2021	Aug. 01, 2018	Jun. 30, 2023 USD ($)	Apr. 30, 2022	Jul. 31, 2023 $ / shares shares	Jan. 31, 2023 $ / shares shares	Dec. 31, 2023 USD ($) day shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 USD ($) shares	Aug. 01, 2023 shares	Jul. 02, 2021 USD ($)	Dec. 31, 2020 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense								$ 81,103,000	$ 44,752,000	$ 58,766,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense								333,000	0	0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense								51,791,000	27,618,000	6,336,000
Time-Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards								23,251,000	12,163,000	98,055,000	$ 23,251,000			$ 0
Stock-based compensation expense								$ 6,268,000	$ 16,821,000	$ 52,430,000
Stock options outstanding (in shares) \| shares								3,060,388	4,251,290	6,648,975	3,060,388			6,109,427
Time-Based Options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Stock-based compensation expense								$ 3,989,000	$ 13,727,000	$ 50,656,000
Time-Based Options \| 2018 Plan \| Share-Based Payment Arrangement, 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 \| Share-Based Payment Arrangement, 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) \| shares								2,295,480			2,295,480
Time-Based Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense								$ 2,279,000	3,094,000	1,774,000
Stock options outstanding (in shares) \| shares								764,908			764,908
Return-Target Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards								$ 13,318,000	6,190,000	47,947,000	$ 13,318,000			$ 0
Stock-based compensation expense								$ 21,339,000	$ 0	$ 0
Stock options outstanding (in shares) \| shares								1,725,030	2,153,264	3,265,126	1,725,030			3,054,701
Return-Target Options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum equity return multiple			3.0
Stock-based compensation expense								$ 18,215,000	$ 0	$ 0
Return-Target Options \| Amended and Restated 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold for vesting based on cash redemption													$ 1,170,000,000
Fair value of awards													$ 36,395,000
Stock-based compensation expense				$ 23,450,000
Stock options outstanding (in shares) \| shares								1,342,092			1,342,092
Return-Target Options \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense								$ 3,124,000	0	0
Stock options outstanding (in shares) \| 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) \| shares								1,147,846			1,147,846
Stock authorized for awards (in shares) \| 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%
RSUs \| 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%
Stock-based compensation expense								$ 34,698,000	22,548,000	6,336,000
MSUs \| 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
MSUs \| 2021 Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting eligibility, payout factor								0
MSUs \| 2021 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting eligibility, payout factor								2.25
MSUs \| 2021 Plan \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rate (as a percent)								25.00%
MSUs \| 2021 Plan \| Share-Based Payment Arrangement, 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-based compensation expense								$ 1,372,000	$ 313,000	$ 0
Stock authorized for awards (in shares) \| 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) \| 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								$ 25,000			$ 25,000
Purchase price of ESPP shares, percent								85.00%
Offering period	6 months
Stock issued under the ESPP (in shares) \| shares						162,406	111,163		0
ESPP purchase (in dollars per share) \| $ / shares						$ 8.77	$ 7.93
Shares available for future purchase under ESPP (in shares) \| shares												4,299,888

Condensed Financial Information of Registrant (Parent Company Only)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant (Parent Company Only)

INTEGRAL AD SCIENCE HOLDING CORP.

(PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS


	December 31,
(IN THOUSANDS, EXCEPT SHARE DATA)	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—
Total current assets	—		—
Investment in subsidiaries	909,456		808,216
Total assets	$	909,456	$	808,216
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	—	$	—
Total current liabilities	—		—
Total liabilities	—		—
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at December 31, 2023, 0 shares issued and outstanding at December 31, 2023 and 2022	—		—
Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023, 158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and 2022, respectively	159		154
Additional paid-in-capital	901,259		810,186
Accumulated other comprehensive loss	(916)		(2,899)
Accumulated earnings	8,954		775
Total stockholders’ equity	909,456		808,216
Total liabilities and stockholders’ equity	$	909,456	$	808,216

INTEGRAL AD SCIENCE HOLDING CORP.

(PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2023		2022		2021
Revenue	$	—	$	—	$	—
Operating expenses	—		—		—
Operating income	—		—		—
Interest income, net	—		—		—
Income before provision for income taxes and equity in net income of subsidiaries	—		—		—
Benefit from income taxes	—		—		—
Equity in net income (loss) of subsidiaries	7,238		15,373		(52,437)
Net income (loss)	$	7,238	$	15,373	$	(52,437)

INTEGRAL AD SCIENCE HOLDING CORP.

(PARENT COMPANY ONLY)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31,
	2023		2022		2021
Net income (loss)	$	7,238	$	15,373	$	(52,437)
Other comprehensive income (loss), net of tax:
Subsidiaries’ other comprehensive income (loss)	1,983		(2,584)		(4,838)
Total other comprehensive income (loss)	1,983		(2,584)		(4,838)
Total comprehensive income (loss)	$	9,221	$	12,789	$	(57,275)

Business and basis of presentation

Description of business

The Company owns 100% of Kavacha Intermediate, LLC, which owns 100% of Kavacha Holdings, Inc, which owns 100% of Integral Ad Science, Inc.

The Company is a holding company with no material operations of its own, no direct outstanding debt obligations and it conducts substantially all its activities through its subsidiaries. The Company’s wholly owned subsidiaries are subject to the terms and restrictions in the Credit Agreement. Included in the Credit Agreement are terms that limit the ability of the borrower, Integral Ad Science, Inc., to pay dividends or lend to the Company. Those limitations are subject to certain exceptions as defined in the Credit Agreement. The Credit Agreement limits the ability of Integral Ad Science, Inc. and the Company’s subsidiaries to, among other things, pay dividends or distributions, incur additional debt, incur liens on assets, enter into certain investments, loans or advances, and enter into merger or consolidation agreements. As a result of the aforementioned restrictions, substantially all of the assets of the Company’s subsidiaries are restricted.

Basis of presentation

These condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the parent’s investments in subsidiaries are presented under the equity method of accounting. A condensed statement of cash flows was not presented because the parent has no material operating, investing, or financing cash flow activities for the years ended December 31, 2023, 2022 and 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. As such, these parent-only statements should be read in conjunction with the accompanying notes to the consolidated financial statements.

Basis of presentation and summary of significant accounting policies

12 Months Ended

Dec. 31, 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 consolidated financial statements. These accounting policies have been consistently applied in the preparation of the consolidated financial statements.

(a) Basis of presentation

The Company’s 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. Certain prior period amounts have been reclassified to conform to the current period presentation.

(b) Basis of consolidation

The 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. Actual results could differ from these estimates. Significant estimates include the estimated useful lives of intangible assets and internal use

software, the allowance for credit losses, 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 heightened inflation, changes to fiscal and monetary policy, higher 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 2021. 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, within Employee retention tax credit on the Company's Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and included within Prepaid expenses and other current assets on the Company's Consolidated Balance Sheets as of December 31, 2022. As of December 31, 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 income (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 Consolidated Statements of Operations and Comprehensive Income (Loss).

For the years ended December 31, 2023, 2022, and 2021, foreign exchange loss, net consists of unrealized foreign exchange gains of $484 and losses of $5,229 and $24, respectively, and realized transaction losses of $914, gains of $480 and losses of $621, respectively.

(f) Concentrations of credit risk

Our assets that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

Cash equivalents consist of money market funds, which are invested through financial institutions in the United States. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant credit risk to cash.

Accounts receivable are spread over many customers in various countries. The Company maintains an allowance for credit losses on uncollectible accounts receivable based on expected collectability and through the ongoing performance of credit evaluations of customers’ financial condition.

As of December 31, 2023, and 2022, no customer accounted for more than 10% of accounts receivable.

The Company has entered into long-term revenue share agreements with certain demand-side platforms. The results of operations would be adversely affected if these agreements were to be terminated.

(g) Cash, cash equivalents, and restricted cash

Cash and cash equivalents include money market accounts and other highly liquid investments with an original maturity date of three months or less at the time of purchase. Cash amounts with restrictions are classified as restricted cash within the Consolidated Balance Sheets.

The Company generated interest income of $2,774, $466, and $7 during years ended December 31, 2023, 2022 and 2021, respectively.

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


Restricted cash as of December 31, 2021	$	2,869
Release of deposits for facilities leases no longer restricted	(26)
Release of deposits for medical claims and other	(49)
Restricted cash as of December 31, 2022	$	2,794
Release of deposits for facilities leases no longer restricted	(256)
Release of deposits for medical claims and other	(7)
Restricted cash as of December 31, 2023	$	2,531

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


	December 31,
	2023		2022
Cash and cash equivalents	$	124,759	$	86,877
Short-term restricted cash	54		45
Long-term restricted cash (held in other long-term assets)	2,477		2,749
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	127,290	$	89,671

(h) Accounts receivable, net

Accounts receivable are carried at the original invoiced amount less an allowance for credit losses. The allowance is estimated based on management’s knowledge of its customers’ financial condition, credit history, and existing economic conditions. 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. The allowance for credit losses is recorded in general and administrative expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).

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


	December 31,
	2023		2022		2021
Balance at beginning of year	$	6,691	$	5,883	$	4,257
Additional provision	3,816		1,837		3,024
Receivables written-off/reversals	(591)		(1,029)		(1,398)
Impact of ASC 326 adoption	(1,271)		—		—
Balance at the end of year	$	8,645	$	6,691	$	5,883

(i) Property and equipment, net

Property and equipment are recognized in the Consolidated Balance Sheet at cost less accumulated depreciation. The Company depreciates its property and equipment using the straight-line method of depreciation over the estimated useful lives of the respective assets, with the exception of leasehold improvements, which is the shorter of the useful life of the asset or the lease term.

The cost of repairs and maintenance are expensed as incurred. Major renewals or improvements that extend the useful lives of the assets are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation thereon are removed, and any resulting gain or loss is recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Long lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability is assessed based on the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds its estimated fair value and is recognized as a reduction in the carrying amount of the asset. As of December 31, 2023, 2022 and 2021, there were no events or changes in circumstances to indicate that the carrying amount of the assets may not be recoverable.

(j) Leases

For arrangements where there is an identified asset and the contract conveys the right to control its use, the Company will recognize lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. Right-of-use ("ROU") assets represent the Company's right to use leased assets over the term of the lease, adjusted for incremental direct costs and lease incentives such as tenant improvements. ROU assets and lease liabilities are determined based on the present value of future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. Incremental borrowing rates were determined for each lease based on the Company's borrowing rate adjusted for term differences and foreign currency risk. For operating leases, ROU assets are reduced over the lease term by the straight-line lease expense recognized less the amount of accretion of the lease liability determined using the effective interest method.

Some real estate leases contain lease and non-lease components. Non-lease components generally represent use-based charges for common area maintenance, taxes and utilities. The Company has elected not to separate lease and non-lease components. Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company recognizes variable lease payments in the period in which the obligation for those payments is incurred. Some contracts also contain lease incentives such as tenant improvement allowances and rent holidays, which are treated as a reduction of lease payments for the measurement of the lease liability.

Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense for these arrangements is recorded as paid over the lease term.

The Company will recognize renewal options as part of its right-of-use assets and lease liabilities if it concludes that it is reasonably certain to exercise the option. Additionally, these lease arrangements do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts.

All long-lived assets used in the Company’s operations are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is assessed based on the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds its estimated fair value and is recognized as a reduction in the carrying amount of the asset. As of

December 31, 2023, there were no events or changes in circumstances to indicate that the carrying amount of the assets may not be recoverable.

(k) Goodwill

Goodwill is the excess of purchase price over the fair value of the net tangible and identifiable intangible assets acquired. In testing goodwill for impairment, there is an option to begin with a qualitative assessment, commonly referred to as “Step 0”, to determine whether it is more likely than not that the fair value of a reporting unit containing goodwill is less than its carrying value. This qualitative assessment may include, but is not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, entity-specific financial performance and other events, such as changes in management, strategy and primary user base. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative goodwill impairment analysis is performed which is referred to as “Step 1”. Depending upon the results of that analysis, if the carrying amount of the reporting unit exceeds its fair value, goodwill may be written down and impairment expense is recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2023, 2022 and 2021, there were no impairment charges taken.

(l) Intangible assets, net

Intangible assets consist of developed technology, customer relationships, favorable leases, and trademarks. Intangible assets are recorded at fair value at the time of their acquisition and are stated within our Consolidated Balance Sheets net of accumulated amortization. Intangible assets are amortized on a straight-line basis or using an accelerated method, over their estimated useful lives. Amortization expenses are recorded as operating expenses within our Consolidated Statements of Operations and Comprehensive Income (Loss). Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. As of December 31, 2023, 2022 and 2021, there were no events or changes in circumstances to indicate that the carrying amount of the assets may not be recoverable.

(m) Fair value measurements

The Company follows ASC 820-10, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the most advantageous market for the asset or liability in an orderly transaction. Fair value measurement is based on a hierarchy of observable or unobservable inputs. The standard describes three levels of inputs that may be used to measure fair value.

Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical securities as of the reporting date;

Level 2 — Inputs to the valuation methodology are other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk etc. as of the reporting date, and the fair value can be determined through the use of models or other valuation methodologies; and

Level 3 — Inputs to the valuation methodology are unobservable inputs in situations where there is little, or no market activity of the securities and the reporting entity makes estimates and assumptions relating to the pricing of the securities including assumptions regarding risk.

We segregate all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.

(n) Revenue recognition

The Company’s customers include advertisers and publishers. The Company’s pre-bid and post-bid verification solutions enable advertisers to measure campaign performance and value across viewability, ad fraud prevention, brand safety and suitability, and contextual targeting for ads on desktop, mobile in-app, social, and CTV platforms. The Company's pre-bid optimization solution is directly integrated with DSPs to help optimize return on ad spend by directing budgets to the best available inventory. The Company’s solutions help publishers globally deliver high quality ad inventory that is fraud free, viewable, brand safe and suitable, and geographically targeted.

The Company's revenue is derived from three distinct channels:

•Optimization revenue (f/k/a programmatic revenue) represents pre-bid solutions which help optimize return on ad spend by directing budgets to the most effective inventory.

•Measurement revenue (f/k/a advertiser direct revenue) represents post-bid solutions which measure campaign performance and value across viewability, ad fraud prevention, brand safety and suitability, attention, and more.

•Publisher revenue (f/k/a supply side revenue) represents solutions with publisher customers that identify high quality ad inventory that is fraud free, viewable, brand safe and suitable, and geographically targeted on a global basis. Publisher revenue is also derived from our Publica LLC ("Publica") business through an IAS suite of CTV ad serving products that publishers adopt to help them power their streaming ad break decisioning.

The Company recognizes revenue under the five-step model in accordance with ASC 606.

Identify the contract with a customer

The Company maintains agreements with each customer primarily in the form of written master service agreements, which set out the rights and obligations of the arrangement, including key terms and access to the Company’s platform. The Company ensures the following criteria are met when determining if a contract exists (i) contract is approved by all parties, (ii) each party’s rights regarding the services to be transferred are identified, (iii) payment terms are specified, (iv) contract has commercial substance, and (v) collectability of substantially all consideration is probable.

Identify the performance obligations in the contract

For all contracts, the Company identifies performance obligations at contract inception by evaluating whether the promised services are distinct. Performance obligations within the majority of the Company’s contracts comprise a series of distinct services that are satisfied ratably over time and are treated as a single performance obligation. Promises identified within standard contracts include (i) access to the Company’s platform, (ii) customer support services, and (iii) updates and enhancements to the Company’s platform and data.

Determine the transaction price

Once the Company identifies the performance obligations within the contract, the Company will determine the transaction price based on contractual amounts and stated terms. Contracts with the Company’s customers primarily utilize a usage-based structure, where CPM pricing is consistent over the contract term. Contracts with the Company’s customers may also utilize other pricing arrangements, including minimum commitments, overages based on tiered pricing or flat fees.

Allocate the transaction price to the performance obligations in the contract

Transaction prices in the Company’s arrangements are allocated to each distinct service, ensuring that revenue is recorded in the right period and for the right amount.

Recognize revenue when a performance obligation is satisfied

The Company recognizes revenue when control of the promised services are transferred to customers. The Company recognizes revenue by multiplying the CPM and the number of impressions measured. An impression is measured by the platform when a digital ad is served to a real person rather than a bot in a brand-safe and suitable environment within the correct geography. This method utilizes the “right to invoice” practical expedient as the invoiced amount directly corresponds to the value of the Company’s performance to date.

The Company evaluated arrangements with its customers where the customer purchases the Company’s services through a DSP to determine if such revenue should be reported on a gross or net basis. In these arrangements, the demand side platform collects the fee on behalf of the Company for the purchase of advertising inventory on an exchange. In these transactions, the Company is primarily responsible for providing these services directly to the customer and has latitude in establishing the sales price with the customers. As a result, the Company records revenue for the gross amounts paid by the customers for these services and records the amounts retained by the demand side platforms as a cost of revenue.

Invoices are typically issued with net 30-days to net 90-days terms and customers do not have a contractual right to refunds. Cash payments received prior to the Company’s delivery of its services are recorded to deferred revenue until the performance obligation is satisfied. The Company recorded deferred revenue (contract liabilities) to account for billings in excess of revenue recognized, primarily related to contractual minimums billed in advance and customer prepayment of $682 and $99 as of December 31, 2023 and 2022, respectively.

The Company recognizes expenses when direct fulfillment costs are incurred. Sales commissions represent incremental contract costs of obtaining a contract. The majority of these costs are recorded in sales and marketing expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).

See Note 11, Segment data, for disaggregated revenue by geographic region.

(o) Net income (loss) per share

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares outstanding during the reporting period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to the shareholders by the weighted-average number of shares and potentially dilutive securities outstanding during the period.

(p) Income taxes

The Company is subject to U.S. federal, state, local, and foreign income taxation on its income. The Company accounts for income taxes using an asset and liability approach, which requires estimates of taxes payable or refunds for the current period and estimates of deferred income tax assets and liabilities for the anticipated future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax purposes. Current and deferred income tax assets and liabilities are based on provisions of the enacted income tax laws and are measured using the enacted income tax rates and laws that are expected to be in effect when the future tax events are expected to reverse. The effects of future changes in income tax laws or rates are not anticipated. The income tax provision is comprised of the current income tax expense and the change in deferred income tax assets and liabilities.

The portion of any deferred tax asset for which it is more likely than not that a tax benefit will not be realized is offset by recording a valuation allowance. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

The tax effects of an uncertain tax position ("UTP") taken or expected to be taken in income tax returns are recognized only if it is “more-likely-than-not” to be sustained on examination by the taxing authorities, based on its technical merits as of the reporting date. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes estimated interest and penalties related to UTPs in income tax expense.

The Company recognizes the resolution of an UTP in the period when it is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examination. The Company evaluated all potential uncertain tax positions and identified no significant uncertain positions.

(q) Business combinations

The Company determines if the acquisition of an entity or a group of assets is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, the assets acquired, and liabilities assumed, including amounts attributed to noncontrolling interests, are recorded at fair value. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. One of the most significant estimates relates to the determination of the fair value of these assets and liabilities. The determination of the fair values is based on estimates and judgments made by management. The Company’s estimates of fair value are based upon assumptions it believes to be reasonable, but which are inherently uncertain and unpredictable. Additionally, uncertain tax positions and tax-related valuation allowances are recorded in connection with a business combination as of the acquisition date. Measurement period adjustments are reflected at the time identified, up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets acquired and liabilities assumed is received and is not to exceed one year from the acquisition date. The Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. If outside of the measurement period, any subsequent adjustments are recorded in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

(r) 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 assumptions below in valuing its time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options"), return target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of Vista Equity Partners ("Vista"), and funds controlled by Vista and registration of the shares held by Vista, market stock units ("MSUs"), and shares to be purchased under the 2021 Employee Stock Purchase Plan ("ESPP").

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 — Since the Company does not have substantive trading history of its common stock, volatility is estimated based upon observed option implied volatilities for 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 units.

Fair value — Prior to the IPO, because there was no public market for the Company’s common stock/units, the board of directors determined the best estimate of the fair value of the Company’s option grants, based on reasonable judgment and numerous objective and subjective factors, including independent third-party valuations of the Company’s common stock/units, operating and financial performance, and general and industry-specific economic outlook, amongst other factors. As a result of the IPO, the Company’s shares are traded in the public market, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.


	December 31,
	2023			2022			2021
Estimated fair value	$3.35	-	$38.36	$3.26	-	$15.15	$8.16	-	$14.04
Expected volatility (%)	50.0%	-	65.0%	70.0%	-	80.0%	65.0%	-	80.0%
Expected term (in years)	0.26	-	4.00	0.50	-	4.00	3.00	-	10.00
Risk-free interest rate (%)	3.63%	-	5.55%	2.96%	-	3.97%	0.46%	-	0.98%
Dividend yield	—			—			—

(s) Internal use software, net

Software development costs consist primarily of costs incurred in research and development, software engineering, and web design activities and related employee compensation costs to create, enhance, and deploy the software infrastructure. Software development costs are expensed as incurred where the amounts primarily relate to planning activities, minor developments or normal maintenance activities that do not meet the requirements under ASC 350-40, Internal Use Software. The majority of these costs are recorded in technology and development expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Capitalized costs would include costs incurred during the software development stage, which occurs after the preliminary design stage. Such costs include consultant costs and salaries of engineers and data scientists. Enhancements to existing internal use software are capitalized when it is more likely than not that they will result in significant additional capabilities. For the years ended December 31, 2023, 2022 and 2021, respectively, the Company incurred $31,749, $15,379 and $13,654 of costs that met the requirements of internal use software capitalization, with $1,444 and $1,517 of these costs included in accounts payable as of December 31, 2023 and 2022, respectively. These costs were capitalized when incurred and are recognized in the Consolidated Balance Sheets at cost less accumulated amortization. The Company amortizes the software using the straight-line method over three years.

(t) Advertising Costs

The Company expenses advertising costs as incurred. The Company incurred $2,900, $2,333 and $1,861 in advertising expense during the years ended December 31, 2023, 2022 and 2021, respectively.

(u) Recently adopted accounting pronouncements

In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”) effective January 1, 2021, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company early adopted ASU No. 2019-12, which did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU No. 2018-15”), which requires customers in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. The guidance requires certain costs incurred during the application development stage to be capitalized and other costs incurred during the preliminary project and post-implementation stages to be expensed as they are incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrange is ready for its intended use. A customer’s accounting for the hosting component of the arrangement is not affected. The Company adopted this guidance on January 1, 2021 on a prospective basis. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements.

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 changed 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 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 a cease-use liability previously recognized under 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 Income (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 an adjustment to retained earnings on January 1, 2023, of $941, net of tax. Refer to Note 2(h), 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”). The 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.

In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," 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. The Company adopted ASU 2021-08 on December 31, 2023, resulting in no material effect on the Company's consolidated results of operations, financial position or cash flows.

(v) Accounting pronouncements not yet adopted

On November 27, 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires incremental disclosures related to an entity's reportable segments. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2023. The Company does not expect the adoption of ASU No. 2023-07 to have a material impact on its consolidated financial statements.

On December 14, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires companies to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The ASU also requires entities to disclosure more detailed information about income taxes paid, including by jurisdiction, pretax income (or loss) from continuing operations and income tax expense (or benefit). This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU No. 2023-09 on its consolidated financial statements.

Goodwill - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 674,094	$ 676,513
Measurement period adjustments		(231)
Impact of changes in exchange rates and other	1,188	(2,188)
Goodwill at end of period	$ 675,282	$ 674,094

- 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

Accounts payable and accrued expenses and other long-term liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accounts payable and accrued expenses and other long-term liabilities

Accounts payable and accrued expenses consisted of the following:


	December 31,
	2023		2022
Accounts payable	$	12,092	$	10,487
Accrued payroll	9,250		12,623
Accrued professional fees	3,281		3,150
Accrued bonuses and commissions	20,413		16,527
Accrued revenue sharing	4,136		3,522
Taxes payable	6,436		3,130
Accrued hosting fees	9,475		5,949
Other accrued expenses	7,149		5,411
Total accounts payable and accrued expenses	$	72,232	$	60,799

Other long-term liabilities consisted of the following:


	December 31,
	2023		2022
Security deposit received	$	672	$	672
Fin 48 liability	5,511		394
Total other long-term liabilities	$	6,183	$	1,066

Restructuring - Restructuring Charge (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total	$ 69	$ 5,295
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total		128
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total		1,248
Technology and development
Restructuring Cost and Reserve [Line Items]
Total		3,114
General and administrative
Restructuring Cost and Reserve [Line Items]
Total		$ 805

- 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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2024, underwriters exercised their option to purchase an additional 1,650,000 shares of the Company's common stock from funds affiliated with Vista, in connection with the secondary offering completed in December 2023. The Company did not receive any proceeds from these sales, but bore the costs associated therewith (other than underwriting discounts and commissions), which were $32 and will be recorded within General and administrative expenses in the 2024 Condensed Consolidated Statement of Operations and Comprehensive Loss.

Income taxes - Change in Valuation Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Balance at beginning of year	$ 3,217	$ 3,421
Additions charged to income tax expense	4,547	296
Reductions credited to income tax expense	(2,472)	(500)
Balance at end of year	$ 5,292	$ 3,217

Internal use software, net (Tables)

12 Months Ended

Dec. 31, 2023

Internal Use Software [Abstract]

Schedule of Internal Use Software, Net

Internal use software consisted of the following:


		December 31,
	Estimated Useful Life	2023		2022
Internal use software	3 - 5 years	$	69,797	$	47,658
Less: Asset impairments		(33)		(199)
Less: Accumulated amortization		(29,463)		(23,817)
Total internal use software, net		$	40,301	$	23,642

Schedule of Estimated Amortization Expense for Assets

The estimated amortization expense for assets held at December 31, 2023, is as follows:


	Estimated Amortization Expense
2024	$	19,183
2025	14,928
2026	6,190
Total	$	40,301

Segment data - Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 474,369	$ 408,348	$ 323,513
Long lived assets	25,437	25,199
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	327,589	279,254	204,341
Long lived assets	13,848	16,016
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	111,004	96,679	86,187
Long lived assets	8,577	6,419
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	35,776	32,415	$ 32,985
Long lived assets	$ 3,012	$ 2,764

- 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
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-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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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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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
-SubTopic 10
-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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Segment data

12 Months Ended

Dec. 31, 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 Company’s 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 consolidated financial statements.

The following table summarizes revenue by geographic area:


	December 31,
	2023		2022		2021
Revenue:
Americas	$	327,589	$	279,254	$	204,341
EMEA	111,004		96,679		86,187
APAC	35,776		32,415		32,985
Total	$	474,369	$	408,348	$	323,513

For the years ended December 31, 2023, 2022 and 2021, revenue in the U.S. was $310,822, $264,166 and $188,636, respectively.

The following table summarizes long lived assets (including property and equipment, net and operating lease right-of-use assets), net by geographic area for the years ended December 31, 2023, and 2022:


	December 31,
	2023		2022
Long lived assets:
Americas	$	13,848	$	16,016
EMEA	8,577		6,419
APAC	3,012		2,764
Total	$	25,437	$	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Restructuring

12 Months Ended

Dec. 31, 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 recognizes a liability and the related expense for these restructuring costs when the liability is incurred and can 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.

The restructuring charge was recorded as follows:


	December 31, 2022
Cost of revenue	$	128
Sales and marketing	1,248
Technology and development	3,114
General and administrative	805
Total	$	5,295

Activity impacting the Company's restructuring reserves, recorded within Accounts payable and accrued expenses on the Consolidated Balance Sheets, was as follows:


Total charge	$	5,295
Payments	(980)
Balance at December 31, 2022	4,315
Restructuring reserve increase	69
Payments and impact of FX	(4,384)
Balance at December 31, 2023	$	—

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years 2 months 12 days
Weighted average discount rate	6.10%
Operating lease payments	$ 8,792	$ 7,746
Proceeds from lease payment	2,756	1,345
Security deposits	$ 1,925	$ 2,275
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	8 years 9 months 18 days

Accounts payable and accrued expenses and other long-term liabilities - Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Security deposit received	$ 672	$ 672
Fin 48 liability	5,511	394
Other long-term liabilities	$ 6,183	$ 1,066

Employee contribution plans	12 Months Ended
Employee contribution plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee contribution plans	Employee contribution plans The Company is a sponsor of certain qualified defined contribution plans covering all eligible employees. Such plans provide for matching contributions and in certain plans profit-sharing contributions. The Company made matching contributions of $4,704, $4,062 and $2,474 for the years ended December 31, 2023, 2022, and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 5,292	$ 3,217	$ 3,421
Change in valuation allowance	(1,855)
Operating loss carryforward, not subject to expiration	10,000	10,000
Unrecognized Tax Benefits	5,885	2,808	$ 932
Accrued liabilities for interest and penalties	87	70
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	10,000	10,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	151,800	170,600
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 28,300	$ 2,500

Long-term debt

12 Months Ended

Dec. 31, 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"), that 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 years ended December 31, 2023, and 2022 the Company drew $75,000 and $15,000, respectively, and paid down $145,000 and $35,000, respectively, under 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 proceeds of the Revolver, together with cash on hand, were used to repay the outstanding balance of the term loan and revolving loan under the prior credit agreement entered into on July 19, 2018. In connection with the Revolver, the Company incurred costs of $2,318 that are included in Long-term debt, net, in the Consolidated Balance Sheets. In connection with the extinguishment of the term loan and revolving loan under the prior credit agreement, the Company wrote off deferred financing costs of $3,721 as a loss on extinguishment.

The June 23, 2023, amendment changed the market interest rate on outstanding borrowings from LIBOR to SOFR. The amendment 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. The interest rates for the Revolver under the Credit Agreement (i) for U.S. dollar loans are equal to (i) the applicable rate for base rate loans range 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 range from 1.7826% to 2.5326%, and (iv) for RFR Loans denominated in euro range from 1.7965% 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 December 31, 2023 was 7.4%.

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 Net Leverage Ratio (as defined in the Credit Agreement) of 3.50:1.00 or lower and maintaining a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 2.50 to 1.00. As of December 31, 2023, the Company was in compliance with all covenants contained in the Credit Agreement.


	December 31,
	2023		2022
Revolver	$	155,000	$	225,000
Less: Unamortized long-term debt issuance costs	(1,275)		(1,738)
Total carrying amount	$	153,725	$	223,262

Amortization expense related to debt issuance costs for the years ended December 31, 2023, 2022 and 2021 was $463, $464 and $1,136, respectively. The Company recognized interest expense of $14,547, $9,055 and $17,749 during the years ended December 31, 2023, 2022 and 2021, respectively. Amortization of debt issuance costs is recorded to interest expense, net on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).

Future principal payments of long-term debt as of December 31, 2023 are as follows:


Year Ending December 31,
2024	$	—
2025	—
2026	155,000
Total principal payments	$	155,000

Net income (loss) per share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss)	$ 7,238	$ 15,373	$ (52,437)
Denominator:
Weighted average shares outstanding - basic (in shares)	156,272,335	154,699,694	143,535,546
Dilutive effect of stock-based awards (in shares)	5,450,796	2,558,389	0
Weighted-average diluted shares outstanding	161,723,131	157,258,083	143,535,546
Net income (loss) per share:
Basic (in dollars per share)	$ 0.05	$ 0.10	$ (0.37)
Diluted (in dollars per share)	$ 0.04	$ 0.10	$ (0.37)

- 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

Segment data (Tables)

12 Months Ended

Dec. 31, 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:


	December 31,
	2023		2022		2021
Revenue:
Americas	$	327,589	$	279,254	$	204,341
EMEA	111,004		96,679		86,187
APAC	35,776		32,415		32,985
Total	$	474,369	$	408,348	$	323,513


	December 31,
	2023		2022
Long lived assets:
Americas	$	13,848	$	16,016
EMEA	8,577		6,419
APAC	3,012		2,764
Total	$	25,437	$	25,199

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'/MEMBERS' EQUITY - USD ($)	Total	Cumulative Effect, Period of Adoption, Adjustment	Publica	Context	Members’ Interest	Common Stock	Common Stock Publica	Common Stock Context	Additional paid-in capital	Additional paid-in capital Publica	Additional paid-in capital Context	Accumulated other comprehensive income (loss)	Accumulated earnings (deficit)	Accumulated earnings (deficit) Cumulative Effect, Period of Adoption, Adjustment
Beginning balance, units (in shares) at Dec. 31, 2020					134,039,494
Beginning balance at Dec. 31, 2020	$ 431,479,000				$ 553,717,000	$ 0			$ 0			$ 4,523,000	$ (126,761,000)
Beginning balance (in shares) at Dec. 31, 2020						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of units/common stock (in shares)					(99,946)
Repurchase of units/common stock	(1,204,000)				$ (413,000)								(791,000)
Units vested (in shares)					17,486
Units vested	0
Option exercises (in shares)					246,369
Option exercises	4,435,000				$ 1,075,000				3,360,000
Foreign currency translation adjustment	(4,838,000)											(4,838,000)
Net loss prior to corporate conversion	(37,832,000)												(37,832,000)
Conversion to Delaware corporation (in shares)					(134,203,403)	(134,203,403)
Conversion of Delaware corporation	0				$ (554,379,000)	$ 134,000			388,860,000				165,385,000
Rounding units/shares as a result of corporate conversion (in shares)						(17)
Stock-based compensation	55,222,000								55,222,000
RSUs and MSUs vested (in shares)						26,931
RSUs and MSUs vested	150,000								150,000
Issuance of common stock in connection with initial public offering (in shares)						16,821,330
Issuance of common stock in connection with initial public offering	274,357,000					$ 17,000			274,340,000
Issuance of common stock for acquisition (in shares)							2,888,889	457,959
Issuance of common stock for acquisition			$ 49,631,000	$ 10,391,000			$ 3,000			$ 49,628,000	$ 10,391,000
Net loss	(14,600,000)												(14,600,000)
Net income (loss)	(52,437,000)
Ending balance, units (in shares) at Dec. 31, 2021					0
Ending balance (in shares) at Dec. 31, 2021						154,398,495
Ending balance at Dec. 31, 2021	767,190,000				$ 0	$ 154,000			781,951,000			(315,000)	(14,600,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of units/common stock (in shares)						(3,080,061)
Repurchase of units/common stock	(23,655,000)					$ (3,000)			(23,652,000)
Option exercises (in shares)						1,586,728
Option exercises	7,155,000					$ 2,000			7,153,000
Foreign currency translation adjustment	(2,584,000)											(2,584,000)
Stock-based compensation	44,733,000
RSUs and MSUs vested (in shares)						1,084,966
RSUs and MSUs vested	1,000					$ 1,000
Net income (loss)	$ 15,373,000												15,373,000
Ending balance, units (in shares) at Dec. 31, 2022					0
Ending balance (in shares) at Dec. 31, 2022	153,990,128					153,990,128
Ending balance at Dec. 31, 2022	$ 808,216,000	$ 941,000			$ 0	$ 154,000			810,186,000			(2,899,000)	775,000	$ 941,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update [Extensible Enumeration]	Accounting Standards Update 2016-13
Option exercises (in shares)						1,001,793
Option exercises	$ 7,989,000					$ 1,000			7,988,000
ESPP purchase (in shares)						273,569
ESPP purchase	2,306,000								2,306,000
Foreign currency translation adjustment	1,983,000											1,983,000
Stock-based compensation	80,779,000								80,779,000
RSUs and MSUs vested (in shares)						3,492,130
RSUs and MSUs vested	4,000					$ 4,000
Net income (loss)	$ 7,238,000												7,238,000
Ending balance, units (in shares) at Dec. 31, 2023					0
Ending balance (in shares) at Dec. 31, 2023	158,757,620					158,757,620
Ending balance at Dec. 31, 2023	$ 909,456,000				$ 0	$ 159,000			$ 901,259,000			$ (916,000)	$ 8,954,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Revenue	$ 474,369	$ 408,348	$ 323,513
Operating expenses:
Cost of revenue (excluding depreciation and amortization shown below)	99,352	75,755	54,572
Sales and marketing	117,989	106,286	86,412
Technology and development	72,906	76,351	67,019
General and administrative	111,634	79,654	78,989
Depreciation and amortization	54,966	50,396	62,286
Facility exit costs	0	0	6,600
Foreign exchange loss, net	430	4,749	645
Total operating expenses	457,277	393,191	356,523
Operating income (loss)	17,092	15,157	(33,010)
Interest expense, net	(12,236)	(9,053)	(19,244)
Employee retention tax credit	0	6,981	0
Loss on extinguishment of debt	0	0	(3,721)
Net income (loss) before benefit from income taxes	4,856	13,085	(55,975)
Benefit from income taxes	2,382	2,288	3,538
Net income (loss)	$ 7,238	$ 15,373	$ (52,437)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.05	$ 0.10	$ (0.37)
Diluted (in dollars per share)	$ 0.04	$ 0.10	$ (0.37)
Weighted average shares outstanding:
Basic (in shares)	156,272,335	154,699,694	143,535,546
Diluted (in shares)	161,723,131	157,258,083	143,535,546
Other comprehensive income (loss):
Foreign currency translation adjustments	$ 1,983	$ (2,584)	$ (4,838)
Total comprehensive income (loss)	$ 9,221	$ 12,789	$ (57,275)

Basis of presentation and summary of significant accounting policies - Valuation Assumptions of Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (%), minimum	50.00%	70.00%	65.00%
Expected volatility (%), maximum	65.00%	80.00%	80.00%
Risk-free interest rate (%), minimum	3.63%	2.96%	0.46%
Risk-free interest rate (%), maximum	5.55%	3.97%	0.98%
Dividend yield	0.00%	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	$ 8.16
Expected term (in years)	3 months 3 days	6 months	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value (in dollars per share)	$ 38.36	$ 15.15	$ 14.04
Expected term (in years)	4 years	4 years	10 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 124,759	$ 86,877
Restricted cash	54	45
Accounts receivable, net	74,609	67,884
Unbilled receivables	46,548	41,550
Prepaid expenses and other current assets	18,959	24,761
Due from related party	0	29
Total current assets	264,929	221,146
Property and equipment, net	3,769	2,412
Internal use software, net	40,301	23,642
Intangible assets, net	178,908	217,558
Goodwill	675,282	674,094
Operating lease right-of-use assets, net	21,668	22,787
Deferred tax asset, net	2,465	2,020
Other long-term assets	4,402	5,024
Total assets	1,191,724	1,168,683
Current liabilities:
Accounts payable and accrued expenses	72,232	60,799
Operating lease liabilities, current	9,435	6,749
Due to related party	121	122
Deferred revenue	682	99
Total current liabilities	82,470	67,769
Deferred tax liability, net	20,367	45,495
Long-term debt	153,725	223,262
Operating lease liabilities, non-current	19,523	22,875
Other long-term liabilities	6,183	1,066
Total liabilities	282,268	360,467
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at December 31, 2023; 0 shares issued and outstanding at December 31, 2023 and 2022	0	0
Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023, 158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and 2022, respectively	159	154
Additional paid-in-capital	901,259	810,186
Accumulated other comprehensive loss	(916)	(2,899)
Accumulated earnings	8,954	775
Total stockholders’ equity	909,456	808,216
Total liabilities and stockholders’ equity	$ 1,191,724	$ 1,168,683

Intangible assets, net

12 Months Ended

Dec. 31, 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:


	December 31, 2023
	Estimated Useful Life	Gross Book Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life
Customer relationships	5-15 years	$	301,994	$	(142,135)	$	159,859	8.6 years
Developed technology	5 years	137,361		(125,426)		11,935		2.6 years
Trademarks	5-9 years	19,700		(12,604)		7,096		3.4 years
Favorable leases	6 years	198		(180)		18		0.5 years
Total		$	459,253	$	(280,345)	$	178,908


	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	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 years ended December 31, 2023, 2022 and 2021 were $38,829, $39,857 and $52,576, respectively.

Amortization expense for the subsequent five years and thereafter is as follows:


2024	$	37,776
2025	34,164
2026	29,929
2027	20,616
2028	14,340
2029 and thereafter	42,083
	$	178,908

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company leases office spaces under non-cancelable lease terms and has a remaining lease term of up to 8.8 years, with a number of month-to-month leases that are accounted for as short-term leases. The weighted-average remaining term of the Company's operating leases was 4.2 years as of December 31, 2023. The weighted-average discount rate used to measure the present value of the operating lease liabilities was 6.1% as of December 31, 2023.

The following table presents components of lease cost recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss):


	December 31, 2023		December 31, 2022
Lease costs:
Operating lease costs	$	8,742	$	7,141
Short-term lease costs	2,537		3,393
Variable lease costs	683		395
Sublease income	(2,624)		(2,624)
Total lease costs	$	9,338	$	8,306

For the years ended December 31, 2023, and 2022, operating cash flows included $8,792 and $7,746 of cash paid for operating lease liabilities and $2,756 and $1,345 received from the sublease. As of December 31, 2023, there were no material operating leases that have not yet commenced.

As of December 31, 2023, and 2022, the Company has provided $1,925 and $2,275, respectively, in security deposits which are recorded within Other long-term assets on the Company's Consolidated Balance Sheets.

As of December 31, 2023, the maturities of remaining lease payments included in the measurement of operating leases are as follows:


Year Ended December 31,
2024	$	10,858
2025	8,080
2026	6,734
2027	2,391
2028	755
Thereafter	4,504
Total lease payments	33,322
Less: imputed interest	(4,364)
Total operating lease liability	$	28,958

Accounts payable and accrued expenses and other long-term liabilities - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 12,092	$ 10,487
Accrued payroll	9,250	12,623
Accrued professional fees	3,281	3,150
Accrued bonuses and commissions	20,413	16,527
Accrued revenue sharing	4,136	3,522
Taxes payable	6,436	3,130
Accrued hosting fees	9,475	5,949
Other accrued expenses	7,149	5,411
Total accounts payable and accrued expenses	$ 72,232	$ 60,799

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,411
Entity Common Stock, Shares Outstanding		159,520,093
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement relating to the 2024 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001842718

Condensed Financial Information of Registrant (Parent Company Only) - Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ 7,238	$ 15,373	$ (52,437)
Total comprehensive income (loss)	9,221	12,789	(57,275)
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income (loss)	7,238	15,373	(52,437)
Total other comprehensive income (loss)	1,983	(2,584)	(4,838)
Total comprehensive income (loss)	$ 9,221	$ 12,789	$ (57,275)

- Definition

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

+ References

+ Details

Intangible assets, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 38,829	$ 39,857	$ 52,576

Long-term debt - Narrative (Details) $ in Thousands		12 Months Ended
Long-term debt - Narrative (Details) $ in Thousands	Sep. 29, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 0	$ 3,721
Amortization of debt issuance costs		463	464	1,136
Interest expense		14,547	9,055	$ 17,749
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 300,000
Incremental increases in maximum borrowing capacity	5,000
Proceeds from line of credit		75,000	15,000
Repayments of long-term lines of credit		$ 145,000	$ 35,000
Debt costs	$ 2,318
Effective interest rate on debt		7.40%
Minimum net leverage ratio	3.50
Minimum interest coverage ratio	2.50
Revolving Credit Facility \| Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee rate	0.20%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Sterling
Debt Instrument [Line Items]
Basis spread on variable rate	1.7826%
Revolving Credit Facility \| Credit Agreement \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	1.7965%
Revolving Credit Facility \| Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee rate	0.35%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Sterling
Debt Instrument [Line Items]
Basis spread on variable rate	2.5326%
Revolving Credit Facility \| Credit Agreement \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	2.5456%
Revolving Credit Facility \| Prior Credit Agreement
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 3,721
Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	30,000
Incremental increases in maximum borrowing capacity	5,000
Alternative Currency \| Credit Agreement
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	100,000
Incremental increases in maximum borrowing capacity	$ 5,000

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease, Cost

The following table presents components of lease cost recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss):


	December 31, 2023		December 31, 2022
Lease costs:
Operating lease costs	$	8,742	$	7,141
Short-term lease costs	2,537		3,393
Variable lease costs	683		395
Sublease income	(2,624)		(2,624)
Total lease costs	$	9,338	$	8,306

Schedule of Lessee, Operating Lease, Liability, Maturity

As of December 31, 2023, the maturities of remaining lease payments included in the measurement of operating leases are as follows:


Year Ended December 31,
2024	$	10,858
2025	8,080
2026	6,734
2027	2,391
2028	755
Thereafter	4,504
Total lease payments	33,322
Less: imputed interest	(4,364)
Total operating lease liability	$	28,958

Segment data - Narrative (Details) $ in Thousands	12 Months Ended
Segment data - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Revenue	$ 474,369	$ 408,348	$ 323,513
United States
Segment Reporting Information [Line Items]
Revenue	$ 310,822	$ 264,166	$ 188,636

- Definition

+ References

+ Details

Leases - Maturities of Remaining Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2022
Leases [Abstract]
2024	$ 10,858
2025	8,080
2026	6,734
2027	2,391
2028	755
Thereafter	4,504
Total lease payments	33,322
Less: imputed interest	(4,364)
Total operating lease liability	$ 28,958	$ 29,361

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ 7,238	$ 15,373	$ (52,437)

- Definition

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

+ References

+ Details

Long-term debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments


	December 31,
	2023		2022
Revolver	$	155,000	$	225,000
Less: Unamortized long-term debt issuance costs	(1,275)		(1,738)
Total carrying amount	$	153,725	$	223,262

Schedule of Future Principal Payments of Long-term Debt

Future principal payments of long-term debt as of December 31, 2023 are as follows:


Year Ending December 31,
2024	$	—
2025	—
2026	155,000
Total principal payments	$	155,000

- 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

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+ Details

Fair value disclosures (Tables)

12 Months Ended

Dec. 31, 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

December 31, 2023

Level 1

15,331

Subsequent Events (Details) - USD ($)	1 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($)	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Costs for sale of stock			$ 0	$ 0	$ 7,233,000
VEP \| Related Party
Subsequent Event [Line Items]
Proceeds from sale of stock		$ 0
Costs for sale of stock		$ 1,770,000
Subsequent Event \| VEP \| Related Party
Subsequent Event [Line Items]
Proceeds from sale of stock	$ 0
Costs for sale of stock	$ 32,000
Subsequent Event \| VEP \| Related Party \| Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in sale of stock (in shares)	1,650,000

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


		December 31,
	Estimated Useful Lives	2023		2022
Computer and office equipment	1-3 years	$	4,070	$	3,761
Computer software	3-5 years	218		218
Leasehold improvements	Various	2,535		1,060
Furniture	5 years	585		308
Total property and equipment		7,408		5,347
Less: Accumulated depreciation		(3,639)		(2,935)
Total property and equipment, net		$	3,769	$	2,412

Condensed Financial Information of Registrant (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheet

INTEGRAL AD SCIENCE HOLDING CORP.

(PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS


	December 31,
(IN THOUSANDS, EXCEPT SHARE DATA)	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	—
Total current assets	—		—
Investment in subsidiaries	909,456		808,216
Total assets	$	909,456	$	808,216
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	—	$	—
Total current liabilities	—		—
Total liabilities	—		—
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at December 31, 2023, 0 shares issued and outstanding at December 31, 2023 and 2022	—		—
Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023, 158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and 2022, respectively	159		154
Additional paid-in-capital	901,259		810,186
Accumulated other comprehensive loss	(916)		(2,899)
Accumulated earnings	8,954		775
Total stockholders’ equity	909,456		808,216
Total liabilities and stockholders’ equity	$	909,456	$	808,216

Schedule of Condensed Income Statement

INTEGRAL AD SCIENCE HOLDING CORP.

(PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2023		2022		2021
Revenue	$	—	$	—	$	—
Operating expenses	—		—		—
Operating income	—		—		—
Interest income, net	—		—		—
Income before provision for income taxes and equity in net income of subsidiaries	—		—		—
Benefit from income taxes	—		—		—
Equity in net income (loss) of subsidiaries	7,238		15,373		(52,437)
Net income (loss)	$	7,238	$	15,373	$	(52,437)

Schedule of Condensed Statement of Comprehensive Income

INTEGRAL AD SCIENCE HOLDING CORP.

(PARENT COMPANY ONLY)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31,
	2023		2022		2021
Net income (loss)	$	7,238	$	15,373	$	(52,437)
Other comprehensive income (loss), net of tax:
Subsidiaries’ other comprehensive income (loss)	1,983		(2,584)		(4,838)
Total other comprehensive income (loss)	1,983		(2,584)		(4,838)
Total comprehensive income (loss)	$	9,221	$	12,789	$	(57,275)

Internal use software, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Internal Use Software [Abstract]
Internal use software expense	$ 15,087	$ 9,632	$ 7,768
Write off of fully amortized assets	9,625
Write off of internal use software	$ 33	$ 199

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

Integral Ad Science Holding LLC, filed a check the box election to be treated as a regarded entity for U.S. federal income tax purposes. The components of net income/(loss) before benefit from income taxes for the years ended December 31, 2023, 2022, and 2021 are as follows:


	December 31,
	2023		2022		2021
United States	$	29,769	$	6,819	$	(63,686)
Foreign Operations	(24,913)		6,266		7,711
Net income (loss) before income taxes	$	4,856	$	13,085	$	(55,975)

The components of the benefit from income taxes are as follows:


	December 31,
	2023		2022		2021
Current tax provision
Federal	$	12,889	$	1,094	$	544
Foreign	4,755		3,497		3,715
State and Local	1,505		2,001		1,865
Current tax provision	19,149		6,592		6,124
Deferred tax (benefit) provision
Federal	(12,263)		(661)		(5,812)
Foreign	606		(1,185)		(1,373)
State and Local	(9,874)		(7,034)		(2,477)
Deferred tax benefit	(21,531)		(8,880)		(9,662)
Benefit from income taxes	$	(2,382)	$	(2,288)	$	(3,538)

The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the periods presented:


	December 31,
	2023	2022	2021
U.S. federal statutory income tax rate	21.0%	21.0%	21.0%
State income taxes, net of federal benefit	(145.1)	(41.3)	1.7
Effect of non-U.S. operations	120.7	(0.7)	(0.4)
Section 162(m)	134.1	24.4	(10.9)
Stock-based compensation	(7.1)	23.8	(0.9)
Transaction expenses	7.9	(14.7)	(1.4)
US tax on foreign earnings	(39.2)	(6.5)	(5.7)
R&D and other credits	(189.5)	(23.3)	3.7
Change in valuation allowance	42.7	—	(1.0)
Meals and entertainment	3.8	—	—
Other	1.6	(0.2)	0.2
Benefit from income taxes	(49.1)%	(17.5)%	6.3%

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of net deferred tax liability for the years ended December 31, 2023, and 2022 are as follows:


	December 31,
	2023		2022
Deferred tax assets
Net Operating Loss (“NOL”) and other carryforwards	$	13,076	$	11,187
Stock-based compensation	5,704		4,886
Interest expense carryforward	—		3,774
Tax credit carryforward	1,573		3,032
Lease liability	6,655		7,582
Payroll and commissions	4,106		2,812
Allowance for credit losses	1,930		1,764
Section 174 capitalized costs	17,651		8,573
Accrued expenses and other liabilities	—		1,231
Total deferred tax assets	50,695		44,841
Valuation allowance	(5,292)		(3,217)
Net deferred tax assets	45,403		41,624
Deferred tax liabilities
Depreciation and amortization	(33,139)		(42,962)
Outside basis difference	(24,315)		(36,056)
Right of use asset	(5,359)		(6,080)
Accrued expenses and other liabilities	(492)		—
Total deferred tax liabilities	(63,305)		(85,098)
Net deferred tax liability	$	(17,902)	$	(43,474)

Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the consolidated financial statements. Deferred tax liabilities and assets are determined based on the differences between the book and tax bases of particular assets and liabilities, using tax rates in effect for the years in which the differences are expected to reverse.

The Company evaluates the realizability of deferred tax assets on a jurisdictional basis at each reporting date. In evaluating our ability to recover deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. A valuation allowance is established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not realizable, the Company establishes a valuation allowance. The Company recorded valuation allowances in the amounts of $5,292 and $3,217 at December 31, 2023, and 2022, respectively. The Company recorded a valuation allowance against NOL and foreign tax credit carryforwards. The Company released $1,855 of its valuation allowance, which

was originally established against certain NOL carryforwards, and is primarily attributable to the Company’s improved profitability. Given the Company’s current and anticipated future earnings, the Company believes that there is a reasonable possibility that sufficient positive evidence may become available in a future period to allow the Company to reach a conclusion that a portion of the valuation allowance may be released in 2024. Release of all, or a portion, of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease in income tax expense for the period the release is recorded.

The Company has not provided for U.S. federal income and foreign withholding taxes on undistributed earnings from non-U.S. operations as of December 31, 2023, because the Company intends to reinvest such earnings indefinitely outside of the United States. If the Company were to distribute these earnings, foreign tax credits may become available under current law to reduce the resulting U.S. income tax liability. The amount of any unrecognized deferred tax liability related to these earnings is not practicable to determine.

The Company had U.S. federal net operating losses of $10,000 as of both December 31, 2023 and December 31, 2022, that are subject to Section 382 limitations. Additionally, the Company had state net operating losses of $151,800 and $170,600 as of December 31, 2023, and 2022, respectively. As a result of the Tax Cuts and Jobs Act, federal NOLs generated in tax years ending after December 31, 2017, are limited to a deduction of 80% of the taxpayer’s taxable income. Furthermore, the post 2017 federal NOLs are subject to an indefinite carryforward period; therefore, $10,000 as of December 31, 2023, and 2022 of the federal NOL may be carried forward indefinitely. The majority of the Company’s state net operating loss carryforwards will begin to expire, if not utilized, in 2029. Not all states have conformed to the Tax Cuts and Jobs Act; therefore, there are some states with indefinite carryforward periods. The Company has foreign NOL carryforwards of approximately $28,300 and $2,500 at December 31, 2023, and 2022, respectively, the majority of which are indefinite lived.

The changes in valuation allowances against deferred income tax assets were as follows:


	December 31,
	2023		2022
Balance at beginning of year	$	3,217	$	3,421
Additions charged to income tax expense	4,547		296
Reductions credited to income tax expense	(2,472)		(500)

Balance at end of year	$	5,292	$	3,217

Uncertain tax positions

The Company has adopted certain provisions of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in income tax returns. The provisions also provide guidance on the de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities and accounting for interest and penalties associated with tax positions.

As of December 31, 2023, the Company had $5,885 of unrecognized tax benefits, which represents an amount that, if recognized, would impact the effective tax rate in future periods. As of December 31, 2022, the Company had $2,808 of unrecognized tax benefits. Accrued liabilities for interest and penalties were $87 and $70 for December 31, 2023, and 2022, respectively.

Unrecognized tax benefits activity is summarized below:


	December 31,
	2023		2022
Balance at beginning of year	$	2,808	$	932
Additions based on tax positions related to the current year	1,447		896
Additions based on tax positions related to prior years	1,630		980

Balance at end of year	$	5,885	$	2,808

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and several foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2018. However, to the extent the Company generated NOLs or tax credits in closed tax years, future use of the NOL or tax credit carryforward balance would be subject to examination within the relevant statute of limitations for the year in which it was utilized. Given the uncertainty regarding when tax authorities will complete their examinations and the possible outcomes of their examinations, a current estimate of the range of reasonably possible significant increases or decreases of income tax that may occur within the next twelve months cannot be made. There are currently no income tax audits ongoing.

- 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
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Lisa Utzschneider [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 3, 2023, Lisa Utzschneider, Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). The trading plan covers the sale of up to 240,000 shares of common stock of the Company and expires on February 28, 2025.
Name	Lisa Utzschneider
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 3, 2023
Arrangement Duration	483 days
Aggregate Available	240,000	240,000
Tania Secor [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 3, 2023, Tania Secor, Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). The trading plan covers the sale of up to 186,910 shares of common stock of the Company to be acquired upon the vesting of a portion of outstanding restricted stock units and market stock units. The actual number of shares to be sold under the trading plan will depend on the actual number of shares that are paid out pursuant to the terms of the award agreement, as well as shares sold to cover any applicable taxes. However, the number of shares sold cannot not exceed the maximum number set forth in the trading plan. The trading plan expires on October 31, 2024.
Name	Tania Secor
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 3, 2023
Arrangement Duration	363 days
Aggregate Available	186,910	186,910
Alex Gil [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 8, 2023, Alex Gil, Chief Accounting Officer, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). The trading plan covers the sale of up to 30,843 shares of common stock of the Company to be acquired upon the vesting of a portion of outstanding restricted stock units and will depend on shares sold to cover any applicable taxes. However, the number of shares sold cannot exceed the maximum number set forth in the trading plan. The trading plan expires on December 31, 2024.
Name	Alex Gil
Title	Chief Accounting Officer,
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2023
Arrangement Duration	389 days
Aggregate Available	30,843	30,843

Property and equipment, net - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 7,408	$ 5,347
Less: Accumulated depreciation	(3,639)	(2,935)
Total property and equipment, net	3,769	2,412
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,070	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	$ 2,535	1,060
Furniture
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Total property and equipment	$ 585	$ 308
Minimum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	1 year
Minimum \| Computer software
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Maximum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Maximum \| Computer software
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years

Stock-based compensation - Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 81,103	$ 44,752	$ 58,766
Unrecognized stock-based compensation expense	125,120
Time-Based Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,268	16,821	52,430
Unrecognized stock-based compensation expense	$ 3,993
Recognition period for unamortized stock-based compensation expense	1 year 3 months 18 days
Return-Target Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 21,339	0	0
Unrecognized stock-based compensation expense	$ 0
Recognition period for unamortized stock-based compensation expense	0 years
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,372	313	0
2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	333	0	0
2018 Plan \| Time-Based Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,989	13,727	50,656
2018 Plan \| Return-Target Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	18,215	0	0
2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	51,791	27,618	6,336
Unrecognized stock-based compensation expense	121,127
2021 Plan \| Time-Based Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,279	3,094	1,774
2021 Plan \| Return-Target Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,124	0	0
2021 Plan \| RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	34,698	22,548	6,336
Unrecognized stock-based compensation expense	$ 102,181
Recognition period for unamortized stock-based compensation expense	3 years
2021 Plan \| Market Stock Units ("MSUs")
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 17,093	5,070	0
Unrecognized stock-based compensation expense	$ 18,946
Recognition period for unamortized stock-based compensation expense	3 years 2 months 12 days
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 452	507	86
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	23,371	13,520	16,090
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	17,538	9,937	11,196
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 39,742	$ 20,788	$ 31,395

Goodwill

12 Months Ended

Dec. 31, 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 January 1, 2022	$	676,513
Measurement period adjustments	(231)
Impact of changes in exchange rates and other	(2,188)
Goodwill as of December 31, 2022	$	674,094
Impact of changes in exchange rates and other	1,188
Goodwill as of December 31, 2023	$	675,282

For the years ended December 31, 2023, 2022 and 2021, there were no impairment losses related to goodwill.

Income taxes - Components of the (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax provision
Federal	$ 12,889	$ 1,094	$ 544
Foreign	4,755	3,497	3,715
State and Local	1,505	2,001	1,865
Current tax provision	19,149	6,592	6,124
Deferred tax (benefit) provision
Federal	(12,263)	(661)	(5,812)
Foreign	606	(1,185)	(1,373)
State and Local	(9,874)	(7,034)	(2,477)
Deferred tax benefit	(21,531)	(8,880)	(9,662)
Benefit from income taxes	$ (2,382)	$ (2,288)	$ (3,538)

Fair value disclosures

12 Months Ended

Dec. 31, 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

December 31, 2023

Level 1

15,331

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

The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximated fair value due to their short maturities. 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 9, "Long-term debt").

- 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

Internal use software, net - Internal Use Software, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Internal Use Software [Line Items]
Estimated Useful Life	3 years
Internal use software	$ 69,797	$ 47,658
Less: Asset impairments	(33)	(199)
Less: Accumulated amortization	(29,463)	(23,817)
Total internal use software, net	$ 40,301	$ 23,642
Minimum
Internal Use Software [Line Items]
Estimated Useful Life	3 years	3 years
Maximum
Internal Use Software [Line Items]
Estimated Useful Life	5 years	5 years

Goodwill (Tables)

12 Months Ended

Dec. 31, 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 January 1, 2022	$	676,513
Measurement period adjustments	(231)
Impact of changes in exchange rates and other	(2,188)
Goodwill as of December 31, 2022	$	674,094
Impact of changes in exchange rates and other	1,188
Goodwill as of December 31, 2023	$	675,282

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Restructuring - Narrative (Details)	Dec. 07, 2022 employee
Restructuring and Related Activities [Abstract]
Approximate workforce reduction, number of employees	120

Net income (loss) per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

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


	December 31,
	2023		2022		2021
Numerator:
Net income (loss)	$	7,238	$	15,373	$	(52,437)
Denominator:
Basic Shares:
Weighted average shares outstanding	156,272,335		154,699,694		143,535,546
Diluted Shares:
Basic weighted average shares outstanding	156,272,335		154,699,694		143,535,546
Dilutive effect of stock-based awards	5,450,796		2,558,389		—
Weighted-average diluted shares outstanding	161,723,131		157,258,083		143,535,546
Net income (loss) per share
Basic	$	0.05	$	0.10	$	(0.37)
Diluted	$	0.04	$	0.10	$	(0.37)

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share


	December 31,
	2023	2022	2021
Options to purchase common stock/member units	1,603,489	4,464,179	6,648,975
RSUs	714,296	1,834,100	2,426,147
MSUs	1,011,426	417,010	—
Total	3,329,211	6,715,289	9,075,122

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

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	December 31,
	2023		2022
Accounts payable	$	12,092	$	10,487
Accrued payroll	9,250		12,623
Accrued professional fees	3,281		3,150
Accrued bonuses and commissions	20,413		16,527
Accrued revenue sharing	4,136		3,522
Taxes payable	6,436		3,130
Accrued hosting fees	9,475		5,949
Other accrued expenses	7,149		5,411
Total accounts payable and accrued expenses	$	72,232	$	60,799

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following:


	December 31,
	2023		2022
Security deposit received	$	672	$	672
Fin 48 liability	5,511		394
Total other long-term liabilities	$	6,183	$	1,066

Income taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Net Operating Loss (“NOL”) and other carryforwards	$ 13,076	$ 11,187
Stock-based compensation	5,704	4,886
Interest expense carryforward	0	3,774
Tax credit carryforward	1,573	3,032
Lease liability	6,655	7,582
Payroll and commissions	4,106	2,812
Allowance for credit losses	1,930	1,764
Section 174 capitalized costs	17,651	8,573
Accrued expenses and other liabilities	0	1,231
Total deferred tax assets	50,695	44,841
Valuation allowance	(5,292)	(3,217)	$ (3,421)
Net deferred tax assets	45,403	41,624
Deferred tax liabilities
Depreciation and amortization	(33,139)	(42,962)
Outside basis difference	(24,315)	(36,056)
Right of use asset	(5,359)	(6,080)
Accrued expenses and other liabilities	(492)	0
Total deferred tax liabilities	(63,305)	(85,098)
Net deferred tax liability	$ (17,902)	$ (43,474)

Stock-based compensation - Restricted Stock Unit and Market Stock Unit Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Number of Shares
Outstanding balance at beginning of period (in shares)	8,085,367	2,426,147	26,931
Granted (in shares)	4,936,078	8,050,276	2,667,591
Canceled or forfeited (in shares)	(1,064,682)	(1,306,090)	(241,444)
Vested (in shares)	(2,942,328)	(1,084,966)	(26,931)
Outstanding balance at end of period (in shares)	9,014,435	8,085,367	2,426,147
Vested and expected to vest (in shares)	9,014,435
Weighted Average Grant Date Fair Value
Outstanding balance at beginning of period (in usd per share)	$ 11.88	$ 19.43	$ 5.57
Granted (in usd per share)	13.56	10.78	19.32
Canceled or forfeited (in usd per share)	13.35	16.17	18.23
Vested (in usd per share)	12.54	15.48	5.57
Outstanding balance at end of period (in usd per share)	$ 12.41	$ 11.88	$ 19.43
MSUs
Number of Shares
Outstanding balance at beginning of period (in shares)	1,209,262	0
Granted (in shares)	1,446,396	1,465,286
Canceled or forfeited (in shares)	(444,979)	(256,024)
Change in awards based on performance (in shares)	139,609
Vested (in shares)	(549,802)	0
Outstanding balance at end of period (in shares)	1,800,486	1,209,262	0
Vested and expected to vest (in shares)	1,800,486
Weighted Average Grant Date Fair Value
Outstanding balance at beginning of period (in usd per share)	$ 14.55	$ 0
Granted (in usd per share)	21.01	14.53
Canceled or forfeited (in usd per share)	16.52	14.41
Vested (in usd per share)	14.97	0
Change in awards based on performance (in usd per share)	14.93
Outstanding balance at end of period (in usd per share)	$ 19.28	$ 14.55	$ 0

Goodwill - Narrative (Details) - USD ($)	12 Months Ended
Goodwill - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ 0	$ 0	$ 0

Internal use software, net

12 Months Ended

Dec. 31, 2023

Internal Use Software [Abstract]

Internal use software, net

Internal use software consisted of the following:


		December 31,
	Estimated Useful Life	2023		2022
Internal use software	3 - 5 years	$	69,797	$	47,658
Less: Asset impairments		(33)		(199)
Less: Accumulated amortization		(29,463)		(23,817)
Total internal use software, net		$	40,301	$	23,642

Amortization expense for the years ended December 31, 2023, 2022 and 2021 was $15,087, $9,632 and $7,768, respectively. For the year ended December 31, 2023, the Company wrote-off $9,625 of fully amortized assets. For the years ended December 31, 2023 and December 31, 2022, the Company wrote-off $33 and $199,

respectively, of costs related to projects that were no longer being implemented, which were recorded in general and administrative expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).

The estimated amortization expense for assets held at December 31, 2023, is as follows:


	Estimated Amortization Expense
2024	$	19,183
2025	14,928
2026	6,190
Total	$	40,301

Condensed Financial Information of Registrant (Parent Company Only) - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 124,759	$ 86,877
Total current assets	264,929	221,146
Total assets	1,191,724	1,168,683
Current liabilities:
Total current liabilities	82,470	67,769
Total liabilities	282,268	360,467
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023, 158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and 2022, respectively	159	154
Additional paid-in-capital	901,259	810,186
Accumulated other comprehensive loss	(916)	(2,899)
Accumulated earnings	8,954	775
Total stockholders’ equity	909,456	808,216	$ 767,190	$ 431,479
Total liabilities and stockholders’ equity	$ 1,191,724	$ 1,168,683
Preferred stock, par value (in usd 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 usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	158,757,620	153,990,128
Common stock, shares, outstanding (in shares)	158,757,620	153,990,128
Parent Company
Current assets:
Cash and cash equivalents	$ 0	$ 0
Total current assets	0	0
Investment in subsidiaries	909,456	808,216
Total assets	909,456	808,216
Current liabilities:
Total current liabilities	0	0
Total liabilities	0	0
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at December 31, 2023, 0 shares issued and outstanding at December 31, 2023 and 2022	0	0
Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023, 158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and 2022, respectively	159	154
Additional paid-in-capital	901,259	810,186
Accumulated other comprehensive loss	(916)	(2,899)
Accumulated earnings	8,954	775
Total stockholders’ equity	909,456	808,216
Total liabilities and stockholders’ equity	$ 909,456	$ 808,216
Preferred stock, par value (in usd 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 usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	158,757,620	153,990,128
Common stock, shares, outstanding (in shares)	158,757,620	153,990,128

Commitments and contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Facility exit costs		$ 0	$ 0	$ 6,600
Purchase obligation		$ 154,517
New York Corporate Headquarters Facility Exit
Other Commitments [Line Items]
Facility exit costs	$ 6,519

Members’/ Stockholders’ equity	12 Months Ended
Members’/ Stockholders’ equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Members’/ Stockholders’ equity	Members’/Stockholders' equity As discussed in Note 1, "Description of business," the Company converted to a Delaware corporation, which created new elements of the capital structure on June 30, 2021, and modified existing elements of the capital structure in place on January 1, 2021. Common stock As of December 31, 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. During the year ended December 31, 2023, the Company issued 3,492,130 shares of common stock for vested RSUs and MSUs, employees exercised stock options in exchange for 1,001,793 shares of common stock for $7,989, and employees purchased 273,569 shares of common stock through the ESPP. During the year ended December 31, 2022, the Company issued 1,084,966 shares of common stock for vested RSUs and employees exercised stock options in exchange for 1,586,728 shares of common stock for $7,155. During the year ended December 31, 2022, the Company repurchased 3,080,061 shares of common stock for $23,655. The repurchase in excess of par value for the year ended December 31, 2022 was $23,652. During the year ended December 31, 2021, the Company issued and sold 15,000,000 shares of common stock in connection with the closing of its IPO on July 2, 2021, and 1,821,330 shares of common stock in connection with the exercise of the underwriters' option to purchase additional shares that closed on July 28, 2021. The Company issued 2,888,889 shares of common stock in connection with its acquisition of Publica, and 457,959 shares of common stock in connection with its acquisition of Context. During the year ended December 31, 2021, the Company also issued 26,931 shares of common stock for vested RSUs. Members’ equity Prior to the IPO, the Company was a single member LLC, and the Company’s Board of Directors, through the Kavacha Topco, LLC Amended and Restated Limited Liability Company Agreement (the “Operating Agreement”), had the authority to admit additional members. Under the terms of the Operating Agreement, the members of the Company were not obligated for debt, liabilities, contracts or other obligations of the Company. Profits and losses are allocated to members as defined in the Operating Agreement. In conjunction with the pricing of the IPO, the Operating Agreement was terminated, and the Company converted from a Delaware domestic limited liability company to a Delaware domestic corporation. All outstanding member units were converted into 134,203,403 shares of common stock of the Company on a proportion of 1 member unit for 242 shares of common stock. For the year ended December 31, 2021, the Company repurchased 99,946 shares of common stock from members of the Company prior to the IPO, for $1,204. The repurchases in excess of par value for the year ended December 31, 2021, were $791. The repurchase of shares has been accounted for as a reduction in members’/shareholders’ equity in these consolidated financial statements. For the year ended December 31, 2021, the Company also issued 17,486 shares of common stock from members of the Company prior to the IPO, for vested RSUs and issued 246,369 shares of common stock from members of the Company prior to the IPO for options exercised during the year, for $4,435. The Company received proceeds of $3,360 from the exercise.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Condensed Financial Information of Registrant (Parent Company Only) - Narrative (Details)	Dec. 31, 2023
Kavacha Intermediate, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership interest	100.00%
Kavacha Holdings, Inc. \| Kavacha Intermediate, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership interest	100.00%
Integral Ad Science, Inc. \| Kavacha Holdings, Inc.
Condensed Financial Statements, Captions [Line Items]
Ownership interest	100.00%

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 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. Facility Exit Costs In December 2021, the Company vacated its New York Corporate Headquarters and agreed to a sublease agreement through the remainder of the lease term. This resulted in a facility exit charge of $6,519 recorded to 'Facility exit costs' within the Consolidated Statements of Operations and Comprehensive Income (Loss). 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 December 31, 2023, were approximately $154,517 for periods through 2028.

Net income (loss) per share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,329,211	6,715,289	9,075,122
Options to purchase common stock/member units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,603,489	4,464,179	6,648,975
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	714,296	1,834,100	2,426,147
MSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,011,426	417,010	0

Income taxes - Income (Loss) Before Benefit From Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 29,769	$ 6,819	$ (63,686)
Foreign Operations	(24,913)	6,266	7,711
Net income (loss) before income taxes	$ 4,856	$ 13,085	$ (55,975)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Income taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 2,808	$ 932
Additions based on tax positions related to the current year	1,447	896
Additions based on tax positions related to prior years	1,630	980
Balance at end of year	$ 5,885	$ 2,808

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Recognized Period Costs

Total stock-based compensation expense for all equity arrangements for the years ended December 31, 2023, 2022, and 2021 were as follows:


	December 31,
	2023		2022		2021
Cost of revenue	$	452	$	507	$	86
Sales and marketing	23,371		13,520		16,090
Technology and development	17,538		9,937		11,196
General and administrative	39,742		20,788		31,395
Total	$	81,103	$	44,752	$	58,766

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


	December 31,						Unamortized Expense as of		Weighted Average Vesting Term
	2023		2022		2021		December 31, 2023
Time-Based Options
2018 Plan	$	3,989	$	13,727	$	50,656
2021 Plan	2,279		3,094		1,774
Total Time-Based Options Expense	$	6,268	$	16,821	$	52,430	$	3,993	1.3 years

Return-Target Options
2018 Plan	$	18,215	$	—	$	—
2021 Plan	3,124		—		—
Total Return-Target Options Expense	$	21,339	$	—	$	—	$	—	0.0 years

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

Other Equity Awards Under 2021 Plan
Restricted Stock Units ("RSUs")	$	34,698	$	22,548	$	6,336	$	102,181	3.0 years
Market Stock Units ("MSUs")	17,093		5,070		—		18,946		3.2 years
Other Equity Awards Under 2021 Plan Expense	$	51,791	$	27,618	$	6,336	$	121,127

Employee Stock Purchase Plan ("ESPP")	$	1,372	$	313	$	—

Total Stock-Based Compensation Expense	$	81,103	$	44,752	$	58,766	$	125,120

Schedule of Stock Option Activity

Time Based Service Option activity is as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2022	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	(1,001,793)	7.98		—	—
Outstanding as of December 31, 2023	3,060,388	$	7.70	5.70	$	23,251
Vested and expected to vest as of December 31, 2023	3,060,388	$	7.70	5.70	$	23,251
Exercisable as of December 31, 2023	2,688,644	$	6.64	5.48	$	22,573


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding at December 31, 2021	6,648,975	$	7.46	7.76	$	98,055
Granted	—	—		—	—
Canceled or forfeited	(810,957)	10.04		—	—
Exercised	(1,586,728)	4.51		—	—
Outstanding at December 31, 2022	4,251,290	$	8.07	6.97	$	12,163
Vested and expected to vest as of December 31, 2022	4,251,290	$	8.07	6.97	$	12,163
Exercisable at December 31, 2022	3,033,235	$	6.34	6.59	$	10,878


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2020	6,109,427	$	4.82	8.47	$	—
Granted	1,381,646	17.49		9.14	—
Canceled or forfeited	(595,729)	4.95		—	—
Exercised	(246,369)	4.36		—	—
Outstanding as of December 31, 2021	6,648,975	$	7.46	7.76	$	98,055
Vested and expected to vest as of December 31, 2021	6,648,975	$	7.46	7.76	$	98,055
Exercisable as of December 31, 2021	3,169,868	$	4.47	6.20	$	56,227

Return-Target Option activity

Return-Target Option activity is as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2022	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 as of December 31, 2023	1,725,030	$	7.47	5.78	$	13,318
Vested and expected to vest as of December 31, 2023	1,725,030	$	7.47	5.78	$	13,318
Exercisable as of December 31, 2023	—	$	—	—	$	—


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2021	3,265,126	$	7.53	7.27	$	47,947
Granted	—	—		0	—
Canceled or forfeited	(1,111,862)	6.54		—	—
Exercised	—	—		—	—
Outstanding as of December 31, 2022	2,153,264	$	8.03	6.97	$	6,190
Vested and expected to vest as of December 31, 2022	2,153,264	$	8.03	6.97	$	6,190
Exercisable as of December 31, 2022	—	$	—	—	$	—


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2020	3,054,701	$	4.82	8.47	$	—
Granted	691,306	17.49		9.14	—
Canceled or forfeited	(480,881)	4.69		—	—
Exercised	—	—		—	—
Outstanding as of December 31, 2021	3,265,126	$	7.53	7.27	$	47,947
Vested and expected to vest as of December 31, 2021	3,265,126	$	7.53	7.27	$	47,947
Exercisable as of December 31, 2021	—	$	—	—	$	—

Schedule of Restricted Stock Unit Activity

RSU activity for the years ended December 31, 2023, and 2022 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020	26,931	$	5.57
Granted	2,667,591	19.32
Canceled or forfeited	(241,444)	18.23
Vested	(26,931)	5.57
Outstanding as of December 31, 2021	2,426,147	$	19.43
Granted	8,050,276	10.78
Canceled or forfeited	(1,306,090)	16.17
Vested	(1,084,966)	15.48
Outstanding as of December 31, 2022	8,085,367	$	11.88
Granted	4,936,078	13.56
Canceled or forfeited	(1,064,682)	13.35
Vested	(2,942,328)	12.54
Outstanding as of December 31, 2023	9,014,435	$	12.41
Vested and expected to vest as of December 31, 2023	9,014,435

Schedule of Share-Based Payment Arrangement, Market Stock Unit, Activity

MSU activity for the year ended December 31, 2023, is as follows:


	MSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021	—	$	—
Granted	1,465,286	14.53
Canceled or forfeited	(256,024)	14.41
Vested	—	—
Outstanding as of December 31, 2022	1,209,262	$	14.55
Granted	1,446,396	21.01
Canceled or forfeited	(444,979)	16.52
Change in awards based on performance	139,609	14.93
Vested	(549,802)	14.97
Outstanding as of December 31, 2023	1,800,486	$	19.28
Vested and expected to vest as of December 31, 2023	1,800,486

Business combinations	12 Months Ended
Business combinations	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Business combinations	Business combinations Publica On August 9, 2021, a wholly-owned subsidiary of the Company acquired, directly or indirectly, all the membership units and membership interests of Publica. The purchase price related to this acquisition was $171,366 in cash, of which $680 was paid during the year ended December 31, 2022, and 2,888,889 shares of common stock of the Company, valued at $49,631. The acquisition was financed with proceeds received from the Company's IPO, as described in Note 1, "Description of business." Context On December 31, 2021, a wholly-owned subsidiary of the Company acquired, directly or indirectly, all the common equity of Nobora SAS ("Context"). The purchase price related to this acquisition was $22,575 in cash, of which $966 was payable, and paid, in December 2023, and 457,959 shares of common stock of the Company, valued at $10,391. We have included the financial results of business combinations in the consolidated financial statements from the respective dates of acquisition, which were not material. Pro forma revenue and earnings amounts on a combined basis have not been presented as the impacts were not material.

Basis of presentation and summary of significant accounting policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 124,759	$ 86,877
Short-term restricted cash	54	45
Long-term restricted cash (held in other long-term assets)	2,477	2,749
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 127,290	$ 89,671	$ 76,078	$ 54,721

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

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Restricted Cash

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


Restricted cash as of December 31, 2021	$	2,869
Release of deposits for facilities leases no longer restricted	(26)
Release of deposits for medical claims and other	(49)
Restricted cash as of December 31, 2022	$	2,794
Release of deposits for facilities leases no longer restricted	(256)
Release of deposits for medical claims and other	(7)
Restricted cash as of December 31, 2023	$	2,531


	December 31,
	2023		2022
Cash and cash equivalents	$	124,759	$	86,877
Short-term restricted cash	54		45
Long-term restricted cash (held in other long-term assets)	2,477		2,749
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	127,290	$	89,671

Schedule of Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	124,759	$	86,877
Short-term restricted cash	54		45
Long-term restricted cash (held in other long-term assets)	2,477		2,749
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	127,290	$	89,671

Schedule of Allowance for Credit Losses

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


	December 31,
	2023		2022		2021
Balance at beginning of year	$	6,691	$	5,883	$	4,257
Additional provision	3,816		1,837		3,024
Receivables written-off/reversals	(591)		(1,029)		(1,398)
Impact of ASC 326 adoption	(1,271)		—		—
Balance at the end of year	$	8,645	$	6,691	$	5,883

Schedule of Valuation Assumptions of Stock Options


	December 31,
	2023			2022			2021
Estimated fair value	$3.35	-	$38.36	$3.26	-	$15.15	$8.16	-	$14.04
Expected volatility (%)	50.0%	-	65.0%	70.0%	-	80.0%	65.0%	-	80.0%
Expected term (in years)	0.26	-	4.00	0.50	-	4.00	3.00	-	10.00
Risk-free interest rate (%)	3.63%	-	5.55%	2.96%	-	3.97%	0.46%	-	0.98%
Dividend yield	—			—			—

Internal use software, net - Estimated Amortization Expense for Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Internal Use Software [Abstract]
2024	$ 19,183
2025	14,928
2026	6,190
Total internal use software, net	$ 40,301	$ 23,642

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 8,742	$ 7,141
Short-term lease costs	2,537	3,393
Variable lease costs	683	395
Sublease income	(2,624)	(2,624)
Total lease costs	$ 9,338	$ 8,306

Stock-based compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Total stock-based compensation expense for all equity arrangements for the years ended December 31, 2023, 2022, and 2021 were as follows:


	December 31,
	2023		2022		2021
Cost of revenue	$	452	$	507	$	86
Sales and marketing	23,371		13,520		16,090
Technology and development	17,538		9,937		11,196
General and administrative	39,742		20,788		31,395
Total	$	81,103	$	44,752	$	58,766

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


	December 31,						Unamortized Expense as of		Weighted Average Vesting Term
	2023		2022		2021		December 31, 2023
Time-Based Options
2018 Plan	$	3,989	$	13,727	$	50,656
2021 Plan	2,279		3,094		1,774
Total Time-Based Options Expense	$	6,268	$	16,821	$	52,430	$	3,993	1.3 years

Return-Target Options
2018 Plan	$	18,215	$	—	$	—
2021 Plan	3,124		—		—
Total Return-Target Options Expense	$	21,339	$	—	$	—	$	—	0.0 years

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

Other Equity Awards Under 2021 Plan
Restricted Stock Units ("RSUs")	$	34,698	$	22,548	$	6,336	$	102,181	3.0 years
Market Stock Units ("MSUs")	17,093		5,070		—		18,946		3.2 years
Other Equity Awards Under 2021 Plan Expense	$	51,791	$	27,618	$	6,336	$	121,127

Employee Stock Purchase Plan ("ESPP")	$	1,372	$	313	$	—

Total Stock-Based Compensation Expense	$	81,103	$	44,752	$	58,766	$	125,120

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 had issued (i) Time-Based Options that vested 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 vested upon the first to occur of either the 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, obtained possession of voting power to elect a majority of the Company’s board of directors 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 can be repurchased by the Company at cost upon resignation of the employee. Due to this repurchase feature, the Time-Based Options did not automatically 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.

In connection with the Company’s IPO, the 2018 Plan was amended and restated (“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 which resulted in a fair value of $36,395 on the modification date. 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. During the second quarter of 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 and the Company recorded $23,450 of stock-based compensation expense at that time.

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 December 31, 2023, were 2,295,480 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 December 31, 2023, there were 35,121,308 shares reserved for issuance under the 2021 Plan and the total number of shares reserved for issuance under the 2021 Plan will be 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 31 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 December 31, 2023, there are 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.

Time Based Service Option activity

Time Based Service Option activity is as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2022	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	(1,001,793)	7.98		—	—
Outstanding as of December 31, 2023	3,060,388	$	7.70	5.70	$	23,251
Vested and expected to vest as of December 31, 2023	3,060,388	$	7.70	5.70	$	23,251
Exercisable as of December 31, 2023	2,688,644	$	6.64	5.48	$	22,573


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding at December 31, 2021	6,648,975	$	7.46	7.76	$	98,055
Granted	—	—		—	—
Canceled or forfeited	(810,957)	10.04		—	—
Exercised	(1,586,728)	4.51		—	—
Outstanding at December 31, 2022	4,251,290	$	8.07	6.97	$	12,163
Vested and expected to vest as of December 31, 2022	4,251,290	$	8.07	6.97	$	12,163
Exercisable at December 31, 2022	3,033,235	$	6.34	6.59	$	10,878


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2020	6,109,427	$	4.82	8.47	$	—
Granted	1,381,646	17.49		9.14	—
Canceled or forfeited	(595,729)	4.95		—	—
Exercised	(246,369)	4.36		—	—
Outstanding as of December 31, 2021	6,648,975	$	7.46	7.76	$	98,055
Vested and expected to vest as of December 31, 2021	6,648,975	$	7.46	7.76	$	98,055
Exercisable as of December 31, 2021	3,169,868	$	4.47	6.20	$	56,227

Return-Target Option activity

Return-Target Option activity is as follows:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2022	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 as of December 31, 2023	1,725,030	$	7.47	5.78	$	13,318
Vested and expected to vest as of December 31, 2023	1,725,030	$	7.47	5.78	$	13,318
Exercisable as of December 31, 2023	—	$	—	—	$	—


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2021	3,265,126	$	7.53	7.27	$	47,947
Granted	—	—		0	—
Canceled or forfeited	(1,111,862)	6.54		—	—
Exercised	—	—		—	—
Outstanding as of December 31, 2022	2,153,264	$	8.03	6.97	$	6,190
Vested and expected to vest as of December 31, 2022	2,153,264	$	8.03	6.97	$	6,190
Exercisable as of December 31, 2022	—	$	—	—	$	—


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value
Outstanding as of December 31, 2020	3,054,701	$	4.82	8.47	$	—
Granted	691,306	17.49		9.14	—
Canceled or forfeited	(480,881)	4.69		—	—
Exercised	—	—		—	—
Outstanding as of December 31, 2021	3,265,126	$	7.53	7.27	$	47,947
Vested and expected to vest as of December 31, 2021	3,265,126	$	7.53	7.27	$	47,947
Exercisable as of December 31, 2021	—	$	—	—	$	—

Restricted Stock Units

The RSUs under the 2021 Plan granted before April 2022 vest 25% each year and become fully vested after 4 years of service. Beginning in April 2022, the majority of RSUs began vesting 6.25% at the end of each successive quarter and become fully vested after 4 years of service.

RSU activity for the years ended December 31, 2023, and 2022 is as follows:


	RSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020	26,931	$	5.57
Granted	2,667,591	19.32
Canceled or forfeited	(241,444)	18.23
Vested	(26,931)	5.57
Outstanding as of December 31, 2021	2,426,147	$	19.43
Granted	8,050,276	10.78
Canceled or forfeited	(1,306,090)	16.17
Vested	(1,084,966)	15.48
Outstanding as of December 31, 2022	8,085,367	$	11.88
Granted	4,936,078	13.56
Canceled or forfeited	(1,064,682)	13.35
Vested	(2,942,328)	12.54
Outstanding as of December 31, 2023	9,014,435	$	12.41
Vested and expected to vest as of December 31, 2023	9,014,435

Market Stock Units

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 vesting period. The number of shares eligible to vest is calculated based on a payout factor. The payout factor is calculated by dividing the average closing price of the Company's stock during the ten trading days immediately preceding the applicable vesting date by the closing price of the Company's stock on the vesting commencement date. The payout factor is zero if the quotient is less than 0.60 and is capped at 2.25. This 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 year ended December 31, 2023, is as follows:


	MSUs
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021	—	$	—
Granted	1,465,286	14.53
Canceled or forfeited	(256,024)	14.41
Vested	—	—
Outstanding as of December 31, 2022	1,209,262	$	14.55
Granted	1,446,396	21.01
Canceled or forfeited	(444,979)	16.52
Change in awards based on performance	139,609	14.93
Vested	(549,802)	14.97
Outstanding as of December 31, 2023	1,800,486	$	19.28
Vested and expected to vest as of December 31, 2023	1,800,486

2021 Employee Stock Purchase Plan (“ESPP”)

The Company adopted the ESPP for the primary purpose of incentivizing employees in future periods. As of December 31, 2023, 4,573,457 shares of common stock are reserved for issuance under the ESPP, and the number of shares available for issuance will be increased on January 1 of each calendar year beginning in 2022 and 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 can 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 the first business day of the offering period or 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. No shares were issued under the ESPP for the year ended December 31, 2022. 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.

Basis of presentation and summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentationThe Company’s 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. Certain prior period amounts have been reclassified to conform to the current period presentation.
Basis of consolidation	Basis of consolidation The 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 estimates 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. Actual results could differ from these estimates. Significant estimates include the estimated useful lives of intangible assets and internal use software, the allowance for credit losses, 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 heightened inflation, changes to fiscal and monetary policy, higher 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 income (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 Consolidated Statements of Operations and Comprehensive Income (Loss).
Concentrations of credit risk	Concentrations of credit risk Our assets that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash equivalents consist of money market funds, which are invested through financial institutions in the United States. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses in such amounts and believes it is not exposed to any significant credit risk to cash. Accounts receivable are spread over many customers in various countries. The Company maintains an allowance for credit losses on uncollectible accounts receivable based on expected collectability and through the ongoing performance of credit evaluations of customers’ financial condition.
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cash Cash and cash equivalents include money market accounts and other highly liquid investments with an original maturity date of three months or less at the time of purchase. Cash amounts with restrictions are classified as restricted cash within the Consolidated Balance Sheets.
Accounts receivable, net	Accounts receivable, net Accounts receivable are carried at the original invoiced amount less an allowance for credit losses. The allowance is estimated based on management’s knowledge of its customers’ financial condition, credit history, and existing economic conditions. 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. The allowance for credit losses is recorded in general and administrative expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).
Property and equipment, net	Property and equipment, net Property and equipment are recognized in the Consolidated Balance Sheet at cost less accumulated depreciation. The Company depreciates its property and equipment using the straight-line method of depreciation over the estimated useful lives of the respective assets, with the exception of leasehold improvements, which is the shorter of the useful life of the asset or the lease term. The cost of repairs and maintenance are expensed as incurred. Major renewals or improvements that extend the useful lives of the assets are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation thereon are removed, and any resulting gain or loss is recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss). Long lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability is assessed based on the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds its estimated fair value and is recognized as a reduction in the carrying amount of the asset.
Leases	Leases For arrangements where there is an identified asset and the contract conveys the right to control its use, the Company will recognize lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. Right-of-use ("ROU") assets represent the Company's right to use leased assets over the term of the lease, adjusted for incremental direct costs and lease incentives such as tenant improvements. ROU assets and lease liabilities are determined based on the present value of future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. Incremental borrowing rates were determined for each lease based on the Company's borrowing rate adjusted for term differences and foreign currency risk. For operating leases, ROU assets are reduced over the lease term by the straight-line lease expense recognized less the amount of accretion of the lease liability determined using the effective interest method. Some real estate leases contain lease and non-lease components. Non-lease components generally represent use-based charges for common area maintenance, taxes and utilities. The Company has elected not to separate lease and non-lease components. Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company recognizes variable lease payments in the period in which the obligation for those payments is incurred. Some contracts also contain lease incentives such as tenant improvement allowances and rent holidays, which are treated as a reduction of lease payments for the measurement of the lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expense for these arrangements is recorded as paid over the lease term. The Company will recognize renewal options as part of its right-of-use assets and lease liabilities if it concludes that it is reasonably certain to exercise the option. Additionally, these lease arrangements do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. All long-lived assets used in the Company’s operations are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is assessed based on the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds its estimated fair value and is recognized as a reduction in the carrying amount of the asset.
Goodwill	GoodwillGoodwill is the excess of purchase price over the fair value of the net tangible and identifiable intangible assets acquired. In testing goodwill for impairment, there is an option to begin with a qualitative assessment, commonly referred to as “Step 0”, to determine whether it is more likely than not that the fair value of a reporting unit containing goodwill is less than its carrying value. This qualitative assessment may include, but is not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, entity-specific financial performance and other events, such as changes in management, strategy and primary user base. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a quantitative goodwill impairment analysis is performed which is referred to as “Step 1”. Depending upon the results of that analysis, if the carrying amount of the reporting unit exceeds its fair value, goodwill may be written down and impairment expense is recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Intangible assets, net	Intangible assets, netIntangible assets consist of developed technology, customer relationships, favorable leases, and trademarks. Intangible assets are recorded at fair value at the time of their acquisition and are stated within our Consolidated Balance Sheets net of accumulated amortization. Intangible assets are amortized on a straight-line basis or using an accelerated method, over their estimated useful lives. Amortization expenses are recorded as operating expenses within our Consolidated Statements of Operations and Comprehensive Income (Loss). Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.
Fair value measurements	Fair value measurements The Company follows ASC 820-10, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the most advantageous market for the asset or liability in an orderly transaction. Fair value measurement is based on a hierarchy of observable or unobservable inputs. The standard describes three levels of inputs that may be used to measure fair value. Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical securities as of the reporting date; Level 2 — Inputs to the valuation methodology are other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk etc. as of the reporting date, and the fair value can be determined through the use of models or other valuation methodologies; and Level 3 — Inputs to the valuation methodology are unobservable inputs in situations where there is little, or no market activity of the securities and the reporting entity makes estimates and assumptions relating to the pricing of the securities including assumptions regarding risk. We segregate all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.
Revenue recognition	Revenue recognition The Company’s customers include advertisers and publishers. The Company’s pre-bid and post-bid verification solutions enable advertisers to measure campaign performance and value across viewability, ad fraud prevention, brand safety and suitability, and contextual targeting for ads on desktop, mobile in-app, social, and CTV platforms. The Company's pre-bid optimization solution is directly integrated with DSPs to help optimize return on ad spend by directing budgets to the best available inventory. The Company’s solutions help publishers globally deliver high quality ad inventory that is fraud free, viewable, brand safe and suitable, and geographically targeted. The Company's revenue is derived from three distinct channels: •Optimization revenue (f/k/a programmatic revenue) represents pre-bid solutions which help optimize return on ad spend by directing budgets to the most effective inventory. •Measurement revenue (f/k/a advertiser direct revenue) represents post-bid solutions which measure campaign performance and value across viewability, ad fraud prevention, brand safety and suitability, attention, and more. •Publisher revenue (f/k/a supply side revenue) represents solutions with publisher customers that identify high quality ad inventory that is fraud free, viewable, brand safe and suitable, and geographically targeted on a global basis. Publisher revenue is also derived from our Publica LLC ("Publica") business through an IAS suite of CTV ad serving products that publishers adopt to help them power their streaming ad break decisioning. The Company recognizes revenue under the five-step model in accordance with ASC 606. Identify the contract with a customer The Company maintains agreements with each customer primarily in the form of written master service agreements, which set out the rights and obligations of the arrangement, including key terms and access to the Company’s platform. The Company ensures the following criteria are met when determining if a contract exists (i) contract is approved by all parties, (ii) each party’s rights regarding the services to be transferred are identified, (iii) payment terms are specified, (iv) contract has commercial substance, and (v) collectability of substantially all consideration is probable. Identify the performance obligations in the contract For all contracts, the Company identifies performance obligations at contract inception by evaluating whether the promised services are distinct. Performance obligations within the majority of the Company’s contracts comprise a series of distinct services that are satisfied ratably over time and are treated as a single performance obligation. Promises identified within standard contracts include (i) access to the Company’s platform, (ii) customer support services, and (iii) updates and enhancements to the Company’s platform and data. Determine the transaction price Once the Company identifies the performance obligations within the contract, the Company will determine the transaction price based on contractual amounts and stated terms. Contracts with the Company’s customers primarily utilize a usage-based structure, where CPM pricing is consistent over the contract term. Contracts with the Company’s customers may also utilize other pricing arrangements, including minimum commitments, overages based on tiered pricing or flat fees. Allocate the transaction price to the performance obligations in the contract Transaction prices in the Company’s arrangements are allocated to each distinct service, ensuring that revenue is recorded in the right period and for the right amount. Recognize revenue when a performance obligation is satisfied The Company recognizes revenue when control of the promised services are transferred to customers. The Company recognizes revenue by multiplying the CPM and the number of impressions measured. An impression is measured by the platform when a digital ad is served to a real person rather than a bot in a brand-safe and suitable environment within the correct geography. This method utilizes the “right to invoice” practical expedient as the invoiced amount directly corresponds to the value of the Company’s performance to date. The Company evaluated arrangements with its customers where the customer purchases the Company’s services through a DSP to determine if such revenue should be reported on a gross or net basis. In these arrangements, the demand side platform collects the fee on behalf of the Company for the purchase of advertising inventory on an exchange. In these transactions, the Company is primarily responsible for providing these services directly to the customer and has latitude in establishing the sales price with the customers. As a result, the Company records revenue for the gross amounts paid by the customers for these services and records the amounts retained by the demand side platforms as a cost of revenue. Invoices are typically issued with net 30-days to net 90-days terms and customers do not have a contractual right to refunds. Cash payments received prior to the Company’s delivery of its services are recorded to deferred revenue until the performance obligation is satisfied. The Company recorded deferred revenue (contract liabilities) to account for billings in excess of revenue recognized, primarily related to contractual minimums billed in advance and customer prepayment of $682 and $99 as of December 31, 2023 and 2022, respectively. The Company recognizes expenses when direct fulfillment costs are incurred. Sales commissions represent incremental contract costs of obtaining a contract. The majority of these costs are recorded in sales and marketing expenses within the Consolidated Statements of Operations and Comprehensive Income (Loss).
Net income (loss) per share	Net income (loss) per share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares outstanding during the reporting period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to the shareholders by the weighted-average number of shares and potentially dilutive securities outstanding during the period.
Income taxes	Income taxes The Company is subject to U.S. federal, state, local, and foreign income taxation on its income. The Company accounts for income taxes using an asset and liability approach, which requires estimates of taxes payable or refunds for the current period and estimates of deferred income tax assets and liabilities for the anticipated future tax consequences attributable to differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax purposes. Current and deferred income tax assets and liabilities are based on provisions of the enacted income tax laws and are measured using the enacted income tax rates and laws that are expected to be in effect when the future tax events are expected to reverse. The effects of future changes in income tax laws or rates are not anticipated. The income tax provision is comprised of the current income tax expense and the change in deferred income tax assets and liabilities. The portion of any deferred tax asset for which it is more likely than not that a tax benefit will not be realized is offset by recording a valuation allowance. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The tax effects of an uncertain tax position ("UTP") taken or expected to be taken in income tax returns are recognized only if it is “more-likely-than-not” to be sustained on examination by the taxing authorities, based on its technical merits as of the reporting date. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes estimated interest and penalties related to UTPs in income tax expense. The Company recognizes the resolution of an UTP in the period when it is effectively settled. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position would be sustained upon examination. The Company evaluated all potential uncertain tax positions and identified no significant uncertain positions.
Business combinations	Business combinations The Company determines if the acquisition of an entity or a group of assets is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, the assets acquired, and liabilities assumed, including amounts attributed to noncontrolling interests, are recorded at fair value. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. One of the most significant estimates relates to the determination of the fair value of these assets and liabilities. The determination of the fair values is based on estimates and judgments made by management. The Company’s estimates of fair value are based upon assumptions it believes to be reasonable, but which are inherently uncertain and unpredictable. Additionally, uncertain tax positions and tax-related valuation allowances are recorded in connection with a business combination as of the acquisition date. Measurement period adjustments are reflected at the time identified, up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets acquired and liabilities assumed is received and is not to exceed one year from the acquisition date. The Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. If outside of the measurement period, any subsequent adjustments are recorded in the Company’s Consolidated Statements of Operations and Comprehensive Income (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 assumptions below in valuing its time-based service options, which vest over a period of time subject to continued employment ("Time-Based Options"), return target options ("Return-Target Options"), which vest upon a realized cash return of the equity investment of Vista Equity Partners ("Vista"), and funds controlled by Vista and registration of the shares held by Vista, market stock units ("MSUs"), and shares to be purchased under the 2021 Employee Stock Purchase Plan ("ESPP"). 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 — Since the Company does not have substantive trading history of its common stock, volatility is estimated based upon observed option implied volatilities for 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 units. Fair value — Prior to the IPO, because there was no public market for the Company’s common stock/units, the board of directors determined the best estimate of the fair value of the Company’s option grants, based on reasonable judgment and numerous objective and subjective factors, including independent third-party valuations of the Company’s common stock/units, operating and financial performance, and general and industry-specific economic outlook, amongst other factors. As a result of the IPO, the Company’s shares are traded in the public market, and accordingly the Company uses the applicable closing price of its common stock to determine fair value.
Internal use software, net	Internal use software, net Software development costs consist primarily of costs incurred in research and development, software engineering, and web design activities and related employee compensation costs to create, enhance, and deploy the software infrastructure. Software development costs are expensed as incurred where the amounts primarily relate to planning activities, minor developments or normal maintenance activities that do not meet the requirements under ASC 350-40, Internal Use Software. The majority of these costs are recorded in technology and development expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Capitalized costs would include costs incurred during the software development stage, which occurs after the preliminary design stage. Such costs include consultant costs and salaries of engineers and data scientists. Enhancements to existing internal use software are capitalized when it is more likely than not that they will result in significant additional capabilities.
Advertising Costs	Advertising CostsThe Company expenses advertising costs as incurred.
Recently adopted accounting pronouncements and Accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”) effective January 1, 2021, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. Most amendments within ASU No. 2019-12 are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company early adopted ASU No. 2019-12, which did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU No. 2018-15”), which requires customers in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. The guidance requires certain costs incurred during the application development stage to be capitalized and other costs incurred during the preliminary project and post-implementation stages to be expensed as they are incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrange is ready for its intended use. A customer’s accounting for the hosting component of the arrangement is not affected. The Company adopted this guidance on January 1, 2021 on a prospective basis. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. 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 changed 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 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 a cease-use liability previously recognized under 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 Income (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 an adjustment to retained earnings on January 1, 2023, of $941, net of tax. Refer to Note 2(h), 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”). The 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. In October 2021, the FASB issued ASU 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," 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. The Company adopted ASU 2021-08 on December 31, 2023, resulting in no material effect on the Company's consolidated results of operations, financial position or cash flows. (v) Accounting pronouncements not yet adopted On November 27, 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires incremental disclosures related to an entity's reportable segments. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2023. The Company does not expect the adoption of ASU No. 2023-07 to have a material impact on its consolidated financial statements. On December 14, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires companies to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. The ASU also requires entities to disclosure more detailed information about income taxes paid, including by jurisdiction, pretax income (or loss) from continuing operations and income tax expense (or benefit). This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU No. 2023-09 on its consolidated financial statements.