0001607939-21-000010 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40956
Entity Registrant Name	Udemy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1779864
Entity Address, Address Line One	600 Harrison Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	415
Local Phone Number	813-1710
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	UDMY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,944,913
Amendment Flag	false
Entity Central Index Key	0001607939
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 130,178	$ 175,031
Accounts receivable, net of allowance for doubtful accounts of $643 and $707 as of December 31, 2020 and September 30, 2021, respectively.	40,655	46,257
Prepaid expenses and other current assets	17,678	6,036
Deferred contract costs, current	17,438	9,640
Total current assets	205,949	236,964
Property and equipment, net	10,590	9,106
Capitalized software, net	18,544	14,013
Restricted cash, non-current	2,900	2,900
Deferred contract costs, non-current	21,859	16,197
Intangible assets, net	14,710	0
Goodwill	12,646	0
Other assets	2,757	2,916
Total assets	289,955	282,096
Current liabilities:
Accounts payable	26,220	23,710
Accrued expenses and other current liabilities	39,660	46,778
Content costs payable	30,582	31,483
Accrued compensation and benefits	14,633	20,403
Deferred revenue	165,858	141,439
Total current liabilities	276,953	263,813
Deferred revenue, non-current	1,362	937
Other liabilities, non-current	4,181	3,927
Total liabilities	282,496	268,677
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock, $0.00001 par value - 86,348,646 shares authorized; 85,391,338 and 85,403,933 shares issued and outstanding; and aggregate liquidation value of $274,009 and $274,011 as of December 31, 2020 and September 30, 2021, respectively.	274,267	274,104
Stockholders' deficit:
Common stock, $0.00001 par value - 150,000,000 shares authorized; 35,627,503 and 38,001,226 shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively.	0	0
Additional paid-in capital	150,337	117,818
Accumulated deficit	(417,145)	(378,503)
Total stockholders’ deficit	(266,808)	(260,685)
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit	$ 289,955	$ 282,096

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 707	$ 643
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)	86,348,646	86,348,646
Redeemable convertible preferred stock, issued (in shares)	85,403,933	85,391,338
Redeemable convertible preferred stock, outstanding (in shares)	85,403,933	85,391,338
Liquidation preference	$ 274,011	$ 274,009
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	38,001,226	35,627,503
Common stock, shares outstanding (in shares)	38,001,226	35,627,503

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 129,563	$ 118,436	$ 380,206	$ 319,804
Cost of revenue	57,986	48,926	171,902	153,596
Gross profit	71,577	69,510	208,304	166,208
Operating expenses
Sales and marketing	52,258	46,045	156,399	142,221
Research and development	16,703	11,945	46,898	36,240
General and administrative	12,166	8,996	41,969	35,031
Total operating expenses	81,127	66,986	245,266	213,492
Income (loss) from operations	(9,550)	2,524	(36,962)	(47,284)
Other income (expense)
Interest expense, net	(61)	(64)	(452)	(1,078)
Other income (expense), net	(196)	(100)	(714)	38
Total other expense, net	(257)	(164)	(1,166)	(1,040)
Net income (loss) before taxes	(9,807)	2,360	(38,128)	(48,324)
Income tax (provision) benefit	545	(495)	(514)	(2,261)
Net income (loss) attributable to common stockholders	$ (9,262)	$ 1,865	$ (38,642)	$ (50,585)
Net income (loss) per share attributable to common stockholders
Basic (in dollars per share)	$ (0.25)	$ 0.05	$ (1.04)	$ (1.54)
Diluted (in dollars per share)	$ (0.25)	$ 0.02	$ (1.04)	$ (1.54)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders
Basic (in shares)	37,740,586	34,016,248	37,068,570	32,746,492
Diluted (in shares)	37,740,586	123,842,757	37,068,570	32,746,492

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2019	79,472,483
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2019	$ 155,645
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series E Convertible Preferred Stock, net of $52 issuance costs (in shares)	2,569,043
Issuance of Series E Convertible Preferred Stock, net of $52 issuance costs	$ 39,948
Redeemable convertible preferred stock, ending balance balance (in shares) at Sep. 30, 2020	82,041,526
Redeemable convertible preferred stock, ending balance at Sep. 30, 2020	$ 195,593
Beginning balance (in shares) at Dec. 31, 2019		30,619,605
Beginning balance at Dec. 31, 2019	(225,590)	$ 0	$ 75,293	$ (300,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	23,816		23,816
Exercise of stock options (in shares)		4,438,769
Exercise of stock options	8,714		8,714
Net income (loss)	(50,585)			(50,585)
Ending balance (in shares) at Sep. 30, 2020		35,058,374
Ending balance at Sep. 30, 2020	$ (243,645)	$ 0	107,823	(351,468)
Redeemable convertible preferred stock, beginning balance (in shares) at Jun. 30, 2020	82,041,526
Redeemable convertible preferred stock, beginning balance at Jun. 30, 2020	$ 195,593
Redeemable convertible preferred stock, ending balance balance (in shares) at Sep. 30, 2020	82,041,526
Redeemable convertible preferred stock, ending balance at Sep. 30, 2020	$ 195,593
Beginning balance (in shares) at Jun. 30, 2020		33,853,413
Beginning balance at Jun. 30, 2020	(250,360)	$ 0	102,973	(353,333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,987		2,987
Exercise of stock options (in shares)		1,204,961
Exercise of stock options	1,863		1,863
Net income (loss)	1,865			1,865
Ending balance (in shares) at Sep. 30, 2020		35,058,374
Ending balance at Sep. 30, 2020	$ (243,645)	$ 0	107,823	(351,468)
Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2020	85,391,338
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2020	$ 274,104
Increase (Decrease) in Temporary Equity [Roll Forward]
Exercise of Series A-1 redeemable convertible preferred stock warrants (in shares)	12,595
Exercise of Series A-1 redeemable convertible preferred stock warrants	$ 163
Redeemable convertible preferred stock, ending balance balance (in shares) at Sep. 30, 2021	85,403,933
Redeemable convertible preferred stock, ending balance at Sep. 30, 2021	$ 274,267
Beginning balance (in shares) at Dec. 31, 2020		35,627,503
Beginning balance at Dec. 31, 2020	(260,685)	$ 0	117,818	(378,503)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	24,511		24,511
Exercise of stock options (in shares)		2,312,423
Exercise of stock options	8,008		8,008
Restricted stock issued for business combination (in shares)		61,300
Net income (loss)	(38,642)			(38,642)
Ending balance (in shares) at Sep. 30, 2021		38,001,226
Ending balance at Sep. 30, 2021	$ (266,808)	$ 0	150,337	(417,145)
Redeemable convertible preferred stock, beginning balance (in shares) at Jun. 30, 2021	85,403,933
Redeemable convertible preferred stock, beginning balance at Jun. 30, 2021	$ 274,267
Redeemable convertible preferred stock, ending balance balance (in shares) at Sep. 30, 2021	85,403,933
Redeemable convertible preferred stock, ending balance at Sep. 30, 2021	$ 274,267
Beginning balance (in shares) at Jun. 30, 2021		37,523,533
Beginning balance at Jun. 30, 2021	(266,771)	$ 0	141,112	(407,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,578		7,578
Exercise of stock options (in shares)		416,393
Exercise of stock options	1,647		1,647
Restricted stock issued for business combination (in shares)		61,300
Net income (loss)	(9,262)			(9,262)
Ending balance (in shares) at Sep. 30, 2021		38,001,226
Ending balance at Sep. 30, 2021	$ (266,808)	$ 0	$ 150,337	$ (417,145)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 52

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (38,642)	$ (50,585)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	10,400	7,812
Amortization of deferred sales commissions	11,995	4,995
Stock-based compensation	23,704	23,452
Provision for doubtful accounts	324	147
Change in fair value of warrant liability	0	39
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets	(537)	(6,907)
Deferred contract costs	(25,455)	(10,367)
Accounts payable, accrued expenses and other liabilities	(13,455)	(1,192)
Content costs payable	(989)	313
Deferred revenue	23,234	22,650
Net cash used in operating activities	(9,421)	(9,643)
Cash flows from investing activities:
Purchases of property and equipment	(4,554)	(3,945)
Capitalized software costs	(9,767)	(6,749)
Payments related to business combinations, net of cash acquired	(24,490)	0
Net cash used in investing activities	(38,811)	(10,694)
Cash flows from financing activities:
Net proceeds from exercise of stock options	7,619	7,944
Net proceeds from issuance of redeemable convertible preferred stock	2	39,948
Payment of redeemable convertible preferred stock issuance costs	(2,250)	0
Payment of deferred offering costs	(1,992)	0
Net cash provided by financing activities	3,379	47,892
Net increase (decrease) in cash, cash equivalents and restricted cash	(44,853)	27,555
Cash, cash equivalents and restricted cash—Beginning of period	177,931	51,751
Cash, cash equivalents and restricted cash—End of period	133,078	79,306
Supplemental disclosures of cash flow information:
Interest paid	72	40
Income taxes paid	385	37
Supplemental disclosure of non-cash investing and financing activities:
Unpaid deferred offering costs	3,090	0
Stock-based compensation in capitalized software costs	1,451	541
Acquisition holdback liability	1,500	0
Changes in purchases of property and equipment in accounts payable and accrued expenses	$ 119	$ 254

Organization and description of business	9 Months Ended
Organization and description of business	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business	Organization and description of business Description of Business Udemy, Inc. (“Udemy” or the “Company”) was incorporated in January 2010 under the laws of the state of Delaware. The Company is headquartered in San Francisco, California. Udemy is a global marketplace platform for teaching and learning, connecting millions of learners to the skills they need to succeed. The Company’s platform allows learners all over the world to access affordable and relevant content from expert instructors. Udemy combines high-quality content, insights and analytics, and technology into a single, unified platform that is purpose-built to meet the specific needs of both individual learners and enterprise customers. Initial Public Offering On October 29, 2021, the Company completed its initial public offering ("IPO") of common stock, in which it sold 14,500,000 shares. The shares were sold at a price to the public of $29.00 per share for net proceeds of $397.4 million, after deducting underwriting discounts and commissions of $23.1 million. Underwriters were granted an option for a period of 30 days to purchase up to 2,175,000 additional shares of common stock. Upon the completion of the IPO, deferred offering costs of $6.2 million were reclassified into additional paid-in capital as a reduction of the net proceeds received from the IPO. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 85,403,933 shares of common stock on a one-for-one basis. On November 24, 2021, the underwriters exercised the right to purchase 650,000 additional shares of common stock from the Company, resulting in additional net proceeds of $17.8 million, after deducting underwriting discounts and commissions of $1.0 million. The remaining option to purchase additional shares expired unexercised at the end of the 30 day period.

Summary of significant accounting policies	9 Months Ended
Summary of significant accounting policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of Consolidation and Presentation—The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation, and all other normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the periods presented have been made. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company's final prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the SEC on October 29, 2021(the “Final Prospectus”). Segment Information—The Company defines its segments as those operations the chief operating decision maker (“CODM”), determined to be the Chief Executive Officer of the Company, regularly reviews to allocate resources and assess performance. For the three and nine months ended September 30, 2020 and 2021, the Company operated under two operating and reportable segments: Consumer and Enterprise. The Company continually monitors and reviews its segment reporting structure in accordance with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, to determine whether any changes have occurred that would impact its reportable segments. For further information on the Company’s segment reporting, see Note 16 “Segment and Geographic Information.” Use of Estimates—The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for doubtful accounts, useful lives of property and equipment, capitalization of internally developed software and associated useful lives, valuation of stock option grants, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated instructor withholding tax obligations, estimated period of consumption for Consumer learners’ single course purchases, fair value of the Company’s common stock and convertible preferred stock, the period of benefit for deferred commissions, and the fair value and associated useful lives of intangible assets and goodwill acquired via business combinations. Management periodically evaluates such estimates and assumptions for continued reasonableness. Actual results may ultimately differ from management’s estimates and such differences could be material to the financial position and results of operations. Coronavirus disease 2019 (“COVID-19”)—In March 2020, the World Health Organization declared the outbreak of the coronavirus disease named COVID-19 a pandemic. The COVID-19 pandemic has created and may continue to create significant uncertainty in global financial markets. This uncertainty may positively or adversely impact certain aspects of the business, including but not limited to customer demand and spending, the ability to raise capital, impairment of assets, and cash collections. While the Company has not experienced a material negative impact to its business, results of operations, financial position, and liquidity, the future duration, impact, and disruption of the COVID-19 outbreak to the Company’s operations is uncertain. Concentration of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. For cash, cash equivalents, and restricted cash, the Company is exposed to credit risk in the event of default by the financial institutions to the extent the amounts recorded on the accompanying condensed consolidated balance sheets are in excess of federal insurance limits. The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, management performs ongoing evaluations of its customers’ financial condition. The Company analyzes the need for reserves for potential credit losses and records allowances for doubtful accounts when necessary. The Company had no customer which accounted for more than 10% of total accounts receivable as of December 31, 2020 and as of September 30, 2021. No customer accounted for more than 10% of total revenue during the three and nine months ended September 30, 2020 and 2021. Summary of Significant Accounting Policies—Except as described below, there have been no significant changes to the Company's significant accounting policies as of and for the three and nine months ended September 30, 2021, as compared to the significant accounting policies described in the Final Prospectus. Business Combinations—In accordance with applicable accounting standards, the Company estimates the fair value of acquired assets and assumed liabilities as of the acquisition date of business combinations. The purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The purchase price is determined based on the fair value of the assets transferred, liabilities assumed, and equity interests issued, after considering any transactions that are separate from the business combination. The excess of fair value of purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and deferred revenue. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer relationships and developed technology, costs to recreate acquired vendor relationships, royalty rates, and discount rates. The estimates are inherently uncertain and subject to revision as additional information is obtained during the measurement period for an acquisition, which may last up to one year from the acquisition date. During the measurement period, management may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with a corresponding offset to goodwill. After the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to earnings. Goodwill and Intangible Assets—Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Goodwill represents the excess purchase price over net assets acquired in the Company’s business combinations. The Company evaluates and tests the recoverability of its goodwill for impairment at least annually during its fourth quarter of each fiscal year or more often if and when circumstances indicate that goodwill may not be recoverable. Recently Adopted Accounting Pronouncements—In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements, which clarifies, corrects errors in and makes improvements to several topics in the FASB Accounting Standard Codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and were effective upon issuance of the ASU. This ASU is effective for the Company for its fiscal year ended December 31, 2020. The Company adopted the ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. The updated guidance simplifies the accounting for non-employee share-based payment transactions. The amendments in the new guidance specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. This ASU is effective for the Company for its fiscal year ended December 31, 2021, with early adoption permitted. The Company early-adopted the ASU on January 1, 2020. The Company was required to remeasure any liability-classified non-employee awards that have not been settled as of the adoption date through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The ASU is effective for the Company beginning in its fiscal year ending December 31, 2020. The Company adopted the ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. New Accounting Pronouncements Not Yet Adopted—In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard introduces the new leases standard that applies a right-of-use (“ROU”) model and requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. At inception, lessees must classify all leases as either finance or operating based on five criteria. Balance sheet recognition of finance and operating leases is similar, but the pattern of expense recognition in the income statement, as well as the effect on the statement of cash flows, differs depending on the lease classification. In June 2020, the FASB issued ASU No. 2020-05 in 2020, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including EGCs, that had not yet adopted the original ASU. Under the amended guidance, the leasing standard will be effective for the Company’s fiscal year beginning after December 15, 2021, and early adoption is still permitted. The Company expects to use the modified retrospective approach upon adoption. The Company also plans to elect the package of practical expedients, the use of hindsight in determining the lease term, and the practical expedient to not recognize a ROU asset or lease liability for leases with a term of 12 months or less. The Company is currently assessing whether these amendments will have a material effect on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The FASB issued ASU 2019-10 in November 2019, which established an effective date for the Company, given its status as an EGC, during its fiscal year ending December 31, 2023, with early adoption permitted. The Company is currently assessing whether these amendments will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project, which requires capitalization of certain costs incurred only during the application development stage and costs to be expensed during the preliminary project and post-implementation stage. This ASU is effective for the Company beginning in its fiscal year ended December 31, 2021. The Company is currently assessing the potential impact of the new standard on the Company’s consolidated financial statements. In December 31, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of income taxes and reducing the cost and complexity in accounting for income taxes. The ASU is effective for the company beginning in its fiscal year ending December 31, 2022. The Company is currently assessing the potential impact of the new standard on the Company’s consolidated financial statements.

Revenue recognition

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue recognition

Deferred revenue— Revenue recognized for the three months ended September 30, 2020 from amounts included in deferred revenue as of June 30, 2020 was $83.6 million. Revenue recognized for the three months ended September 30, 2021 from amounts included in deferred revenue as of June 30, 2021 was $92.4 million.

Revenue recognized for the nine months ended September 30, 2020 from amounts included in deferred revenue as of December 31, 2019 was $81.9 million. Revenue recognized for the nine months ended September 30, 2021 from amounts included in deferred revenue as of December 31, 2020 was $127.4 million.

The below table presents a summary of deferred revenue balances by reportable segment (in thousands):


	December 31,		September 30,
	2020		2021
Deferred revenue:
Enterprise	$	84,241	$	112,642
Consumer	58,135		54,578
Total deferred revenue	$	142,376	$	167,220

Remaining performance obligations—Remaining performance obligations represent the aggregate amount of the transaction price in contracts for performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations relate to unearned revenue from consumer single course purchase arrangements and unearned and unbilled revenue from multi-year enterprise subscription contracts with future installment payments at the end of any given period. As of September 30, 2021, the aggregate transaction price for remaining performance obligations was $247.9 million, of which 77% is expected to be recognized during over the next twelve months and the remainder thereafter.

Deferred contract costs—During the three months ended September 30, 2020 and 2021, the Company capitalized $3.6 million and $9.7 million, respectively, of commissions and amortized $2.0 million and $4.8 million, respectively, to sales and marketing expense.

During the nine months ended September 30, 2020 and 2021, the Company capitalized $9.7 million and $25.5 million, respectively, of commissions and amortized $5.0 million and $12.0 million, respectively, to sales and marketing expense.

As of December 31, 2020 and September 30, 2021, the amount of deferred commissions included in deferred contract costs was $25.8 million and $39.3 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
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+ Details

Consolidated balance sheet components

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated balance sheet components

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31,		September 30,
	2020		2021
Prepaid expenses	$	4,904	$	7,690
Deferred offering costs	—		5,082
Short term deposits	—		773
Other current assets	1,132		4,133
Prepaid expenses and other current assets	$	6,036	$	17,678

Property and equipment consisted of the following (in thousands):


	December 31,		September 30,
	2020		2021
Computers and equipment	$	6,171	$	6,722
Furniture and fixtures	4,181		4,697
Purchased software	280		383
Leasehold improvements	15,164		15,699
Construction in progress	16		2,884
Total property and equipment	25,812		30,385
Less accumulated depreciation and amortization	(16,706)		(19,795)
Property and equipment, net	$	9,106	$	10,590

Depreciation expense was $1.0 million and $1.1 million for the three months ended September 30, 2020 and 2021, respectively, and $2.8 million and $3.3 million for the nine months ended September 30, 2020 and 2021, respectively.

Capitalized software consisted of the following (in thousands):


	December 31,		September 30,
	2020		2021
Capitalized software	$	28,472	$	39,690
Less accumulated amortization	(14,459)		(21,146)
Capitalized software, net	$	14,013	$	18,544

Amortization expense of capitalized software was $1.7 million and $2.5 million for the three months ended September 30, 2020 and 2021, respectively, and $5.0 million and $6.7 million for the nine months ended September 30, 2020 and 2021, respectively.

As of September 30, 2021, expected amortization expense over the remaining asset lives is as follows (in thousands):


Remainder of 2021	$	2,483
2022	8,352
2023	5,956
2024	1,753
Total expected amortization	$	18,544

Business combinations

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business combinations

On August 24, 2021, the Company closed on the acquisition of CorpU, an online learning platform and content catalog focused on blended executive training. The acquisition is intended to deepen the Company’s UB offerings through CorpU’s cohort-based learning in scalable, virtual environments. The transaction has been accounted for as a business combination.

The purchase price was $28.6 million, of which $27.1 million was paid at closing with the remaining balance recorded in the accrued expenses and other current liabilities caption of the accompanying condensed consolidated balance sheets. The remaining balance is expected to be paid in August 2022 after adjustment for any indemnification losses incurred by the Company for which it is entitled to recover.

The Company issued 61,300 shares of restricted common stock to a former executive of CorpU, which is not included in the calculation of the acquisition purchase price, and is accounted for as post-acquisition stock-based compensation over a three year term.

The total purchase consideration of the CorpU acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. Management determined the preliminary fair values based on a number of factors, including a valuation from an independent third-party valuation firm. The excess of the purchase price over the net assets acquired was recorded as goodwill. Goodwill is attributable to the assembled workforce and anticipated synergies arising from the acquisition, and has been allocated to our Enterprise reporting segment for the purposes of annual impairment testing. The goodwill recorded in the acquisition is not expected to be deductible for income tax purposes.

The assets acquired and liabilities assumed were recorded at fair value as follows (in thousands):


Cash and cash equivalents	$	2,641
Accounts receivable, net	250
Prepaid expenses and other current assets	67
Property and equipment, net	133
Intangible assets	15,100
Goodwill	12,646
Accounts payable and other liabilities	(596)
Deferred revenue	(1,610)
Total acquisition consideration	$	28,631

The preliminary measurements set forth above may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.

The Company has included the financial results of CorpU in the condensed consolidated financial statements from the date of acquisition, which for the three and nine months ended September 30, 2021 were not material. The business combination does not qualify as an acquisition of a significant business, and therefore pro forma

financial statements were not required. Acquisition costs of $0.3 million were included in general and administrative expenses in the condensed consolidated financial statements.

Intangible assets and goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and goodwill

As of September 30, 2021, intangible assets were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(66)	$	5,434
Vendor relationships	3 years	4,500		(153)		4,347
Developed technology	3 years	4,200		(140)		4,060
Tradename	2 years	900		(31)		869
Total		$	15,100	$	(390)	$	14,710

The Company did not have any intangible assets as of December 31, 2020. Amortization expense of intangible assets for the three and nine months ended September 30, 2021 was $0.4 million.

The expected future amortization expense for intangible assets as of September 30, 2021 was as follows (in thousands):


Remainder of 2021	$	1,113
2022	4,267
2023	4,108
2024	2,795
Thereafter	2,427
Total expected amortization	$	14,710

Goodwill in the amount of $12.6 million was established as part of the CorpU acquisition on August 24, 2021. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of September 30, 2021.

Accrued expenses and other current liabilities

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,		September 30,
	2020		2021
Accrued expenses	$	6,796	$	8,308
Indirect tax reserves	26,645		19,817
Indirect tax payables	11,365		8,339
Deferred rent, current	597		693
Other current liabilities	1,375		2,503
Total accrued expenses and other current liabilities	$	46,778	$	39,660

Indirect tax payables relate to amounts collected from customers on behalf of third-party taxing authorities, primarily sales and use taxes owed on the Company’s sales in various U.S. state jurisdictions, and indirect taxes owed on sales outside of the U.S. Indirect tax payables also include withholding taxes on payments made to the Company’s instructors before remitting these amounts to the taxing authorities.

Indirect tax reserves primarily relate to Sales and other Indirect Tax Reserves and Instructor Withholding Tax Reserves.

Sales and other Indirect Tax Reserves—The Company determined that it was required to pay indirect tax in various domestic and international jurisdictions for the periods prior to January 1, 2020. As of December 31, 2020, the outstanding liability totaled $3.4 million for estimated amounts not collected from customers. The Company completed its process of filing voluntary disclosure agreements and remitting the estimated indirect tax during the nine months ending September 30, 2021, and has no remaining outstanding liability as of September 30, 2021.

Instructor Withholding Tax Reserves—The Company conducts operations in many tax jurisdictions throughout the United States and the rest of the world. The Company has an obligation to comply with information reporting and tax withholding requirements with regards to certain payments made to its U.S. and non-U.S. instructors. Under United States federal tax rules, in the case where the Company withholds less than the correct amount of tax or fails to report it, it is liable for the correct amount that it was required to withhold, plus interest and potential penalties. The Company may be entitled to relief on certain payments if the Company can obtain documentation (e.g. taxpayer identification forms) from instructors establishing that the instructor payee qualifies for reduced withholding tax rates, or that the instructor payee reported the payments and paid the corresponding taxes owed.

Prior to March 2020, the Company had not obtained appropriate taxpayer identification forms from instructors, nor remitted applicable tax withholding amounts to the U.S. Internal Revenue Service (“IRS”) where required. In accordance with GAAP, the Company recorded a provision for its tax exposure when it was both probable that a liability had been incurred and the amount of the exposure could be reasonably estimated. Given the significant quantity of instructor payments the Company makes in its operations, the Company has applied a statistical sampling approach that is analogous to methods commonly used by the IRS when determining the extent of withholding tax obligations during IRS audits for the historical instructor payments.

The instructor withholding provision estimate includes several key assumptions including, but not limited to, the tax characterization of the Company’s payments made to instructors, the historical lookback practices and scoping precedents of the IRS, the methods for sourcing of instructor payments to U.S. and non-U.S. jurisdictions, and management’s estimate of the penalty relief on certain instructor payments it will be entitled to.

Beginning in March 2020, the Company began collecting appropriate taxpayer identification forms from its instructors, assessing whether the forms justified a reduced rate of withholding or withholding exemption, and remitting withholding tax payments to the IRS where required. The Company also began reporting payments to its non-U.S. instructors and the IRS annually where required to do so.

As of September 30, 2021, the Company determined that it was probable that it would owe an estimated $18.5 million for withholding taxes related to historical payments to its instructors. The Company has recorded this amount in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Changes in the estimated amount the Company has determined it will owe are recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Estimated interest is recorded in interest income (expense), net in the accompanying condensed consolidated statement of operations.

Changes to the instructor withholding tax reserve are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Balance, beginning of period	$	21,923	$	22,534	$	20,926	$	22,166
Amounts charged to expense	98		(4,028)		1,095		(3,660)
Net payments and settlements	(1,586)		—		(1,586)		—
Balance, end of period	$	20,435	$	18,506	$	20,435	$	18,506

The change in our instructor withholding tax reserve during the three months ending September 30, 2021 is based on a revision of certain key assumptions, including the expected relief on certain instructor payments we will be entitled to.

In 2020, the Company began approaching the IRS to address the historical withholding amounts for instructors. Final settlement of the matter could differ materially from the estimate recorded in the accompanying condensed consolidated balance sheets, and there exists a reasonable possibility that the Company could incur losses that are significantly more or significantly less than the Company has accrued as of December 31, 2020 and September 30, 2021. The Company estimated a potential range of loss between $11.8 million and $19.2 million as of September 30, 2021.

Commitments and contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Operating Leases—The Company entered into various non-cancelable operating lease agreements for its facilities that expire over the next five years. Certain operating leases contain provisions under which monthly rent escalates over time. When lease agreements contain escalating rent clauses or free rent periods, the Company recognizes rent expense on a straight-line basis over the term of the lease. Future minimum lease payments under non-cancelable operating leases as of September 30, 2021, are as follows (in thousands):


Remainder of 2021	$	1,619
2022	6,428
2023	6,114
2024	5,160
2025	809
Thereafter	410
Total lease commitments	$	20,540

The Company incurred rent expense of $1.4 million and $1.4 million for the three months ended September 30, 2020 and 2021, respectively, and $4.0 million and $4.2 million for the nine months ended September 30, 2020 and 2021, respectively.

Noncancelable Purchase Commitments—The Company has contractual commitments with its cloud infrastructure provider, network service providers and paid advertising vendors that are noncancelable. As of September 30, 2021, the Company had approximately $14.6 million of future minimum payments under the Company’s non-cancelable purchase commitments which is expected to be paid through 2024.

Indemnification—The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. In general, the Company does not record any liability for these indemnities in the accompanying condensed consolidated balance sheets as the amounts cannot be reasonably estimated and are not considered probable. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. To date, losses recorded in the Company’s condensed consolidated statements of operations in connection with the indemnification provisions have not been material.

Litigation—From time to time, in the ordinary course of business, the Company is subject to legal proceedings, claims, investigations, and other proceedings, including claims of alleged infringement of third-party patents and other intellectual property rights, and commercial, employment, and other matters. In accordance with generally accepted accounting principles, the Company makes a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least annually and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. The outcome of such litigation is not expected to have a material effect on the financial position, results of operation and cash flows of the Company.

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The provision or benefit from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into consideration in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company records a cumulative adjustment to the provision. The income tax benefit (expense) for the three months ended September 30, 2020 and 2021 resulted in an effective tax rate of 21.0% and 5.6%, respectively. During the three months ended September 30, 2021 as compared to the prior year period, our effective tax rate decreased primarily due to foreign withholding tax and the filing of foreign tax returns. The filing of foreign tax returns resulted in the recognition of a foreign income tax benefit during the three months ended September 30, 2021. The income tax expense for the nine months ended September 30, 2020 and 2021 resulted in an effective tax rate of (4.7)% and (1.3)%, respectively. During the nine months ended September 30, 2021 as compared to the prior year period, our effective tax rate increased primarily due to foreign withholding tax and filing of foreign tax returns. The Company’s effective tax rate is the result of the mix of income in various tax jurisdictions that are subject to a broad range of income tax rates. The provision for income taxes differs from the tax computed at the U.S. federal statutory income tax rate due primarily to income earned in jurisdictions with higher statutory tax rates, state taxes, and tax credits. As of December 31, 2020 and September 30, 2021, the Company has provided a valuation allowance against U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. If management's assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which management makes the determination. The Company recognizes interest and penalties associated with uncertain tax benefits as part of the income tax provision. To date, the Company has not recognized any interest and penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company is subject to taxation in the U.S. and various foreign jurisdictions. The tax years subsequent to 2015 remain open and subject to examination by federal, state, and foreign taxing authorities in which the Company is subject to tax.

- 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
-Publisher FASB
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+ Details

Employee retirement plan	9 Months Ended
Employee retirement plan	Sep. 30, 2021
Retirement Benefits [Abstract]
Employee retirement plan	Employee retirement planThe Company maintains a 401(k) retirement savings plan covering eligible employees. Employee contributions to the plan consist of a percentage based on eligible employee compensation. The Company matches 25% of an employee’s contribution up to 6% of the employee’s compensation, with a cap of $500 annually, subject to a two-year graded vesting schedule that vests 50% after an employee’s first year of employment and 100% after two years of employment. The Company contributed an immaterial amount for the three months ended September 30, 2020 and 2021, and $0.2 million and $0.3 million for the nine months ended September 30, 2020 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Related party transactions	9 Months Ended
Related party transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related party transactions	Related party transactions Naspers Ltd. (“Naspers”) is affiliated with OLX Group B.V., where a member of the Company’s Board of Directors serves as an executive officer, and Prosus N.V., where another member of the Company’s Board of Directors serves as an executive officer. Naspers is also customer of the Company’s Enterprise subscription offering. The Company recorded $0.3 million and $0.3 million of revenue from services provided to this customer during the three months ended September 30, 2020 and 2021, respectively, and $0.8 million and $0.9 million of revenue from services provided during the nine months ended September 30, 2020, and 2021, respectively. As of December 31, 2020, the Company had an outstanding accounts receivable balance with this customer of $0.3 million. As of September 30, 2021, the accounts receivable balance was zero. Insight, where a member of the Company’s Board of directors is a Managing Director, is affiliated with Sift Science. We have contracted with Sift Science for certain technology and software solutions since 2020. During the three months ended September 30, 2020 and 2021, we recorded $0.1 million and $0.1 million, respectively, in general and administrative expenses for these solutions, representing less than 1% of our general and administrative expenses for the periods. During the nine months ended September 30, 2020, and 2021, we recorded approximately $0.2 million and $0.3 million, respectively, in general and administrative expenses for these solutions, representing less than 1% of our general and administrative expenses for the period.

Redeemable convertible preferred stock

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

Redeemable convertible preferred stock

Redeemable convertible preferred stock is recorded at the issuance price, net of issuance costs. The Company’s redeemable convertible preferred stock consisted of the following (amounts in thousands, except share and per share amounts):


December 31, 2020	Shares Authorized	Shares Issued and Outstanding	Issuance Price Per Share		Carrying Value		Liquidation Amount
Series A	8,483,166	8,483,166	$	0.24	$	2,010	$	2,050
Series A-1	15,295,184	15,132,282	0.20		5,765		2,966
Series B	22,956,103	22,956,103	0.54		12,230		12,310
Series C	16,198,348	16,198,348	1.98		31,901		32,000
Series D	16,702,584	16,702,584	6.22		103,739		103,852
Series E	2,569,043	2,569,043	15.57		39,948		40,000
Series F	4,144,218	3,349,812	24.13		78,511		80,831
	86,348,646	85,391,338			$	274,104	$	274,009


September 30, 2021	Shares Authorized	Shares Issued and Outstanding	Issuance Price Per Share		Carrying Value		Liquidation Amount
Series A	8,483,166	8,483,166	$	0.24	$	2,010	$	2,050
Series A-1	15,295,184	15,144,877	0.20		5,928		2,968
Series B	22,956,103	22,956,103	0.54		12,230		12,310
Series C	16,198,348	16,198,348	1.98		31,901		32,000
Series D	16,702,584	16,702,584	6.22		103,739		103,852
Series E	2,569,043	2,569,043	15.57		39,948		40,000
Series F	4,144,218	3,349,812	24.13		78,511		80,831
	86,348,646	85,403,933			$	274,267	$	274,011

Upon the closing of the Company’s IPO on October 29, 2021, all outstanding shares of its redeemable convertible preferred stock automatically converted into 85,403,933 shares of Common Stock on a one-for-one basis (Note 17).

Common stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Common stock

Common stockCommon stockholders are entitled to one vote per share. The Company had the following common stock reserved for future issuance as of December 31, 2020 and September 30, 2021:


	December 31,	September 30,
	2020	2021
Conversion of convertible preferred stock	85,391,338	85,403,933
Warrants for convertible preferred stock	12,595	—
Stock options to purchase common stock (1)	18,932,979	21,221,320
Stock options available for future issuance	3,917,161	154,768
Total shares of common stock reserved	108,254,073	106,780,021
(1) Excludes 95,475, and 107,104 cash-settled stock appreciation rights (“SARs”) outstanding as of December 31, 2020, and September 30, 2021, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity incentive plans

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity incentive plans

Service-Based Awards—The Company’s 2010 Equity Incentive Plan (the “2010 Plan”), was approved by the Board of Directors of the Company on January 20, 2010, and provides for shares of the Company’s common stock to be granted to employees, directors, and consultants. The 2010 Plan provides for the granting of incentive stock options (“ISOs”), non-statutory stock options (“NSOs”, collectively with ISOs, “Options”), SARs, restricted stock, and restricted stock units, and terminates automatically 10 years after the later of: (i) the date when the Board of Directors adopted the Plan; or (ii) the date when the Board of Directors approved the most recent increase in the number of Shares reserved. Option and SAR awards with service-based vesting conditions generally vest over a period of four years (together, the “Service-Based Awards”).

The Company’s Board of Directors approved an amended and restated 2010 Equity Incentive Plan as of January 27, 2021. The amended and restated plan did not change the number of equity awards available for future grant.

The Company’s Board of Directors approved an amended and restated 2010 Equity Incentive Plan as of September 28, 2021. The amended and restated plan authorized the issuance of 850,000 additional shares, for a total of 44,340,706.

The Company adopted the 2021 Equity Incentive Plan (the "2021 Plan") and 2021 Employee Stock Purchase Plan (the "ESPP") in October 2021, which became effective on October 29, 2021 when the registration statement for the IPO was declared effective (collectively the 2021 Plan and the ESPP are referred to as the "Plans"). The 2021 Plan provides for the granting of incentive and nonstatutory stock options, RSUs and other equity awards. Upon the adoption of the Plans, 13,800,000 shares of the Company's common stock, plus certain automatic annual increases in the number of shares of the Company's common stock were reserved for future issuance under the 2021 Plan. 2,800,000 shares of the Company's common stock, plus certain automatic

annual increases in the number of shares of the Company's common stock, were reserved for issuance under the ESPP.

The following is a summary of activity for Service-Based Awards under the 2010 Plan (amounts in thousands, except share and per share amounts):


	Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2020	18,628,454	$	5.13	8.54	$	123,691
Granted	5,547,194	21.97
Exercised	(2,312,423)	3.43
Canceled	(934,801)	8.72
Balance - September 30, 2021	20,928,424	9.62		8.39	431,175
Vested & Expected to Vest as of September 30, 2021	20,928,424	9.62		8.39	431,175
Exercisable as of September 30, 2021	7,234,464	4.27		7.56	187,772

The weighted average grant date fair values of employee Service-Based Awards granted during the three and nine months ended September 30, 2021 was $16.39 and $16.01 per share, respectively.

As of September 30, 2021, total compensation cost related to unvested Service-Based Awards not yet recognized was $108.5 million, which will be recognized over a weighted average period of 2.7 years.

The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option-pricing model, which is dependent upon several variables, such as the expected option term, expected volatility of the Company’s stock price over the expected term, expected risk-free interest rate over the expected option term, and expected dividend yield rate over the expected option term. These amounts are estimates and, thus, may not be reflective of actual future results, nor amounts ultimately realized by recipients of these grants. The Company recognizes compensation on a straight-line basis over the requisite vesting period for each award. The grant date fair value was calculated using the Black-Scholes option pricing model, based on the following weighted average assumptions:


			Three and Nine Months Ended September 30,
			2021
Risk-free interest rate			1.0 -1.2%
Expected volatility			60.6 - 61.8%
Expected life (in years)			6.0
Expected dividend yield			—

Performance-Based Awards—Under its 2010 Plan, the Company may grant share-based awards whose vesting is contingent on meeting various departmental or company-wide performance goals, such as the achievement of certain sales targets or an IPO event, in lieu of or in addition to a service-based vesting condition (“Performance-Based Awards”). Such awards are generally granted with an exercise price equal to the fair market value of the underlying common stock share on the date of grant and have a contractual term of 10 years. If vesting is dependent on satisfying a performance condition that is probable of being achieved, the Company estimates the expected term as the midpoint between the time at which the performance conditions are probable of being satisfied and the contractual term of the award. If vesting is dependent on satisfying a performance condition that is not probable of being achieved and the service period is not explicitly stated, the Company estimates the expected term as the contractual term. The remaining inputs to the Black-Scholes option pricing model used to determine grant date fair value, including risk-free interest, expected volatility, and expected dividend yield, are calculated using the same method as that used for Service-Based Awards. Grants for Performance-Based Awards are made out of the same pool of stock options available for future issuance under the 2010 Plan.

Compensation expense for Performance-Based Awards is based on the grant date fair market value. The Company recognizes expense for Performance-Based Awards having either (a) multiple performance-based vesting conditions, or (b) performance and graded service-based vesting conditions, by separately attributing each vesting tranche of the award over the requisite service period applicable to each vesting condition.

Management’s estimate of the number of shares expected to vest is based on the anticipated achievement of the specified performance goals. If the performance-based vesting condition is considered probable of being achieved, the Company recognizes expense over the remaining service period based on the probable outcome of achievement. If the performance goals are not met, no compensation cost is recognized, and any previously recognized compensation cost is reversed. For awards with both performance and service-based vesting conditions where the performance condition is considered improbable of being achieved, the Company does not recognize expense until the performance condition is satisfied, after which time expense is recognized over the requisite service period.

The Company had two Performance-Based Awards outstanding as of December 31, 2020 and September 30, 2021.

In 2018, the Company granted an award of 50,000 stock options that will become eligible to vest upon the closing of the Company’s IPO occurring prior to the sixth (6th) anniversary of the date the award was granted and subject to recipient’s continued service to the Company through the IPO closing date. Upon satisfaction of the IPO requirement, the options vest in 48 equal monthly installments thereafter, subject to the recipient continuing to provide service to the Company through each vesting date. In 2020, the Company modified the performance condition of the award to include a change in control event as defined in the Company’s 2010 Plan. Prior to and after the modification through the three and nine months ended September 30, 2021, management considered the performance-based vesting conditions were improbable of being satisfied, as neither the IPO nor the change in control events had occurred at the modification date. Upon the completion of the IPO on October 29, 2021, and the satisfaction of the related performance condition, the Company will recognize an immaterial amount of stock-based compensation expense.

In 2020, the Company granted 350,000 stock options with performance-based vesting conditions, with 50% vesting when the Company achieves $230 million in annual recurring revenue (“ARR”) in Enterprise revenue, and the other 50% vesting when the Company achieves $330 million in ARR in Enterprise revenue. Management considered that both performance-based vesting conditions were probable of being satisfied during the performance period. As such, the Company began recognizing expense for each tranche of the award using the estimated time period by which the performance conditions are probable of being achieved. The following table summarizes the activities of Performance-Based Options under the 2010 Plan (amounts in thousands, except share and per share amounts):


	Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2020	400,000	$	10.12	9.60	$	660
Granted	—	—
Exercised	—	—
Canceled	—	—
Balance - September 30, 2021	400,000	10.12		8.85	8,040
Vested & Expected to Vest as of September 30, 2021	350,000	11.13		9.14	6,682
Exercisable as of September 30, 2021	—	—		—	—

No Performance-Based Awards were granted during the nine months ended September 30, 2021.

As of September 30, 2021, total compensation cost related to unvested Performance-Based Awards not yet recognized was $1.3 million, which will be recognized over a weighted average period of 1.0 year.

Other Equity Transactions—During the first quarter of 2020, the Company facilitated a tender offer for certain eligible employees to sell 891,265 vested stock options and outstanding shares of common stock at a per share price of $11.22 per share. The Company recorded stock-based compensation of zero and $3.5 million during the three and nine months ended September 30, 2020, respectively, in its condensed consolidated statements of operations for the difference between the price paid and the fair value of the Company’s common stock on the date of the transaction.

During the first quarter of 2021, the Company facilitated a tender offer for certain eligible employees to sell 236,086 vested stock options and outstanding shares of common stock to an existing investor at a per share price of $23.75 per share. The Company recorded stock-based compensation of zero and $1.6 million during the three and nine months ended September 30, 2021, respectively, in its condensed consolidated statements of operations for the difference between the price paid and the fair value of the Company’s common stock on the date of the transaction.

Additionally, during the three and nine months ended September 30, 2020 and 2021, the Company waived its right of first refusal and transfer restrictions with respect to certain transfers of outstanding common stock. Where the Company has concluded that such transfers included a deemed compensatory element as a result of both the Company’s role in facilitating the transfers and the buyers of the shares transferred having a pre-existing economic interest in the Company’s equity, the Company recorded stock-based compensation expense for the difference between the price paid and the fair market value on the date of the transaction. The Company recorded $0.5 million and zero stock-based compensation expense for the three months ended September 30, 2020 and 2021, respectively. The Company recorded stock-based compensation expense in an aggregate amount of $13.6 million and $4.0 million during the nine months ended September 30, 2020 and 2021, respectively.

On August 24, 2021, the Company issued 61,300 shares of Udemy restricted common stock to a former executive of CorpU at a grant date fair value per share of $34.14. The total compensation cost recognized during the three and nine months ended September 30, 2021 was immaterial. As of September 30, 2021, total compensation cost related to the restricted stock not yet recognized was $2.0 million, which will be recognized over a weighted average period of 2.9 years.

Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Cost of revenue	$	62	$	350	$	253	$	888
Sales and marketing	509		2,149		5,931		5,784
Research and development	733		1,304		3,917		4,445
General and administrative	1,545		3,417		13,351		12,587
Total stock-based compensation expense	$	2,849	$	7,220	$	23,452	$	23,704

The Company capitalized $0.2 million and $0.5 million of stock-based compensation expense as capitalized software during the three months ended September 30, 2020 and 2021, respectively, and $0.5 million and $1.5 million during the nine months ended September 30, 2020 and 2021, respectively.

Net earnings (loss) per share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net earnings (loss) per share

The following table presents the calculation of basic and diluted net earnings (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Numerator:
Net income (loss) attributable to common stockholders	$	1,865	$	(9,262)	$	(50,585)	$	(38,642)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders
Weighted average common stock outstanding, basic	34,016,248		37,740,586		32,746,492		37,068,570
Weighted average dilutive effect of stock options	7,772,606		—		—		—
Weighted average dilutive effect of preferred stock and related warrants	82,053,903		—		—		—
Weighted average shares, diluted	123,842,757		37,740,586		32,746,492		37,068,570
Net income (loss) per share attributable to common stockholders
Basic	$	0.05	$	(0.25)	$	(1.54)	$	(1.04)
Diluted	$	0.02	$	(0.25)	$	(1.54)	$	(1.04)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations, because the impact of including them would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2021	2020	2021
Redeemable convertible preferred stock	—	85,403,933	82,041,526	85,403,933
Stock options	2,824,703	21,221,320	16,403,213	21,221,320
Early exercised common stock options subject to repurchase	—	—	11,222	—
Redeemable convertible preferred stock warrants	—	—	12,595	—
Restricted stock	—	61,300	—	61,300
Total potentially dilutive securities	2,824,703	106,686,553	98,468,556	106,686,553

Segment and geographic information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment and geographic information

The Company’s Chief Executive Officer is its CODM. The CODM reviews separate financial information presented for the Company’s two segments, Consumer and Enterprise, in order to allocate resources and evaluate the Company’s financial performance.

The Consumer segment targets individual learners seeking to obtain hands-on learning, gain valuable job skills to advance their professional careers, or learn a new personal skill. The Enterprise segment is focused on helping business and government customers upskill and reskill their employees and public servants. The CODM measures the performance of each segment primarily based on segment revenue and segment gross profit.

Segment gross profit, as presented below, is defined as segment revenue less segment cost of revenue. Segment cost of revenue includes content costs, hosting and platform costs, customer support services, and payment processing fees that are allocable to each segment. Segment gross profit excludes amortization of capitalized software, depreciation, stock-based compensation, and amortization of intangible assets allocated to cost of revenue as the CODM does not include the information in his measurement of the performance of the operating segments. Additionally, the Company does not allocate sales and marketing expenses, research and

development expenses, and general and administrative expenses because the CODM does not include the information in his measurement of the performance of the operating segments. The Udemy platform supports the operations of each segment.

The CODM does not use asset information by segments to assess performance and make decisions regarding allocation of resources, and the Company does not track its long-lived assets by segment. The geographic identification of these assets is set forth below.

Financial information for each reportable segment was as follows (in thousands):


	Three Months September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Revenue
Consumer	$	91,077	$	79,198	$	248,334	$	251,035
Enterprise	27,359		50,365		71,470		129,171
Total Revenue	$	118,436	$	129,563	$	319,804	$	380,206

Segment cost of revenue
Consumer	37,779		37,243		123,642		118,606
Enterprise	9,199		17,429		24,240		44,842
Total segment cost of revenue	$	46,978	$	54,672	$	147,882	$	163,448

Segment gross profit
Consumer	53,298		41,955		124,692		132,429
Enterprise	18,160		32,936		47,230		84,329
Total segment gross profit	$	71,458	$	74,891	$	171,922	$	216,758

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	1,741		2,501		4,977		6,689
Amortization of intangible assets	—		293		—		293
Depreciation	145		170		484		585
Stock-based compensation	62		350		253		887
Total reconciling items	1,948		3,314		5,714		8,454
Total gross profit	$	69,510	$	71,577	$	166,208	$	208,304

Geographic Information

Revenue: The following table summarizes the revenue by region based on the billing address of the Company’s customers (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
North America	$	45,692	$	51,209	$	125,833	$	148,425
Europe, Middle East, Africa	36,693		39,050		103,744		124,666
Asia Pacific	25,506		29,200		62,900		77,509
Latin America	10,545		10,104		27,327		29,606
Total revenue	$	118,436	$	129,563	$	319,804	$	380,206

No single country other than the United States represented 10% or more of the Company’s total revenue during the three and nine months ended September 30, 2020 and 2021.

Long-lived assets: The following table presents the Company’s long-lived assets, which consist of tangible property and equipment net of depreciation, by geographic region (in thousands):


	December 31,		September 30,
	2020		2021
North America	$	5,327	$	7,366
Rest of world	3,653		3,070
Total long-lived assets	$	8,980	$	10,436

- 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
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent events	9 Months Ended
Subsequent events	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent events	Subsequent events In preparing the unaudited interim condensed consolidated financial statements as of September 30, 2021 and for the nine months ended September 30, 2020 and 2021, the Company has evaluated subsequent events through December 8, 2021, the date the unaudited interim condensed consolidated financial statements were available for issuance. On October 19, 2021, the Company entered into a preferred stock purchase agreement to make a strategic investment in a privately held online education platform technology company for up to $15.0 million in cash. The Company expects the investment to close in two tranches. The first tranche of $10.0 million was paid on October 20, 2021, and subject to certain closing conditions, the second tranche of $5.0 million is expected to be paid during the fiscal year ending December 31, 2022. On October 29, 2021, the Company completed its IPO of common stock, in which it sold 14,500,000 shares. The shares were sold at a price to the public of $29.00 per share for net proceeds of $397.4 million, after deducting underwriting discounts and commissions of $23.1 million. Underwriters were granted an option for a period of 30 days to purchase up to 2,175,000 additional shares of common stock. Upon the completion of the IPO, $6.2 million of deferred offering costs were reclassified into additional paid-in capital as a reduction of the net proceeds received from the IPO. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 85,403,933 shares of common stock on a one-for-one basis. On November 24, 2021, the underwriters exercised the right to purchase 650,000 additional shares of common stock from the Company, resulting in additional net proceeds of $17.8 million, after deducting underwriting discounts and commissions of $1.0 million. The remaining option to purchase additional shares expired unexercised at the end of the 30 day period.

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation—The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation, and all other normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the periods presented have been made. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in the Company's final prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the SEC on October 29, 2021(the “Final Prospectus”).
Segment Information	Segment Information—The Company defines its segments as those operations the chief operating decision maker (“CODM”), determined to be the Chief Executive Officer of the Company, regularly reviews to allocate resources and assess performance. For the three and nine months ended September 30, 2020 and 2021, the Company operated under two operating and reportable segments: Consumer and Enterprise. The Company continually monitors and reviews its segment reporting structure in accordance with Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting, to determine whether any changes have occurred that would impact its reportable segments. For further information on the Company’s segment reporting, see Note 16 “Segment and Geographic Information.”
Use of Estimates	Use of Estimates—The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the results of operations during the reporting periods. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, allowance for doubtful accounts, useful lives of property and equipment, capitalization of internally developed software and associated useful lives, valuation of stock option grants, determination of the income tax valuation allowance and the potential outcome of uncertain tax positions, estimated instructor withholding tax obligations, estimated period of consumption for Consumer learners’ single course purchases, fair value of the Company’s common stock and convertible preferred stock, the period of benefit for deferred commissions, and the fair value and associated useful lives of intangible assets and goodwill acquired via business combinations. Management periodically evaluates such estimates and assumptions for continued reasonableness. Actual results may ultimately differ from management’s estimates and such differences could be material to the financial position and results of operations.
Concentration of Credit Risk	Concentration of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. For cash, cash equivalents, and restricted cash, the Company is exposed to credit risk in the event of default by the financial institutions to the extent the amounts recorded on the accompanying condensed consolidated balance sheets are in excess of federal insurance limits.The Company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, management performs ongoing evaluations of its customers’ financial condition. The Company analyzes the need for reserves for potential credit losses and records allowances for doubtful accounts when necessary.
Business Combinations	Business Combinations—In accordance with applicable accounting standards, the Company estimates the fair value of acquired assets and assumed liabilities as of the acquisition date of business combinations. The purchase consideration is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The purchase price is determined based on the fair value of the assets transferred, liabilities assumed, and equity interests issued, after considering any transactions that are separate from the business combination. The excess of fair value of purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and deferred revenue. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired customer relationships and developed technology, costs to recreate acquired vendor relationships, royalty rates, and discount rates. The estimates are inherently uncertain and subject to revision as additional information is obtained during the measurement period for an acquisition, which may last up to one year from the acquisition date. During the measurement period, management may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with a corresponding offset to goodwill. After the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to earnings.
Goodwill and Intangible Assets	Goodwill and Intangible Assets—Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Goodwill represents the excess purchase price over net assets acquired in the Company’s business combinations. The Company evaluates and tests the recoverability of its goodwill for impairment at least annually during its fourth quarter of each fiscal year or more often if and when circumstances indicate that goodwill may not be recoverable.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements—In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements, which clarifies, corrects errors in and makes improvements to several topics in the FASB Accounting Standard Codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and were effective upon issuance of the ASU. This ASU is effective for the Company for its fiscal year ended December 31, 2020. The Company adopted the ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. The updated guidance simplifies the accounting for non-employee share-based payment transactions. The amendments in the new guidance specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. This ASU is effective for the Company for its fiscal year ended December 31, 2021, with early adoption permitted. The Company early-adopted the ASU on January 1, 2020. The Company was required to remeasure any liability-classified non-employee awards that have not been settled as of the adoption date through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The ASU is effective for the Company beginning in its fiscal year ending December 31, 2020. The Company adopted the ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. New Accounting Pronouncements Not Yet Adopted—In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard introduces the new leases standard that applies a right-of-use (“ROU”) model and requires a lessee to record, for all leases with a lease term of more than 12 months, an asset representing its right to use the underlying asset and a liability to make lease payments. At inception, lessees must classify all leases as either finance or operating based on five criteria. Balance sheet recognition of finance and operating leases is similar, but the pattern of expense recognition in the income statement, as well as the effect on the statement of cash flows, differs depending on the lease classification. In June 2020, the FASB issued ASU No. 2020-05 in 2020, Effective Dates for Certain Entities, which deferred the effective date for nonpublic entities, including EGCs, that had not yet adopted the original ASU. Under the amended guidance, the leasing standard will be effective for the Company’s fiscal year beginning after December 15, 2021, and early adoption is still permitted. The Company expects to use the modified retrospective approach upon adoption. The Company also plans to elect the package of practical expedients, the use of hindsight in determining the lease term, and the practical expedient to not recognize a ROU asset or lease liability for leases with a term of 12 months or less. The Company is currently assessing whether these amendments will have a material effect on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The FASB issued ASU 2019-10 in November 2019, which established an effective date for the Company, given its status as an EGC, during its fiscal year ending December 31, 2023, with early adoption permitted. The Company is currently assessing whether these amendments will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project, which requires capitalization of certain costs incurred only during the application development stage and costs to be expensed during the preliminary project and post-implementation stage. This ASU is effective for the Company beginning in its fiscal year ended December 31, 2021. The Company is currently assessing the potential impact of the new standard on the Company’s consolidated financial statements. In December 31, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of income taxes and reducing the cost and complexity in accounting for income taxes. The ASU is effective for the company beginning in its fiscal year ending December 31, 2022. The Company is currently assessing the potential impact of the new standard on the Company’s consolidated financial statements.

Revenue recognition (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Summary of Deferred Revenue Balances by Reportable Segment

The below table presents a summary of deferred revenue balances by reportable segment (in thousands):


	December 31,		September 30,
	2020		2021
Deferred revenue:
Enterprise	$	84,241	$	112,642
Consumer	58,135		54,578
Total deferred revenue	$	142,376	$	167,220

Consolidated balance sheet components (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31,		September 30,
	2020		2021
Prepaid expenses	$	4,904	$	7,690
Deferred offering costs	—		5,082
Short term deposits	—		773
Other current assets	1,132		4,133
Prepaid expenses and other current assets	$	6,036	$	17,678

Schedule of Property and Equipment, Net

Property and equipment consisted of the following (in thousands):


	December 31,		September 30,
	2020		2021
Computers and equipment	$	6,171	$	6,722
Furniture and fixtures	4,181		4,697
Purchased software	280		383
Leasehold improvements	15,164		15,699
Construction in progress	16		2,884
Total property and equipment	25,812		30,385
Less accumulated depreciation and amortization	(16,706)		(19,795)
Property and equipment, net	$	9,106	$	10,590

Schedule of Capitalized Computer Software

Capitalized software consisted of the following (in thousands):


	December 31,		September 30,
	2020		2021
Capitalized software	$	28,472	$	39,690
Less accumulated amortization	(14,459)		(21,146)
Capitalized software, net	$	14,013	$	18,544

Schedule of Expected Amortization Expense

As of September 30, 2021, expected amortization expense over the remaining asset lives is as follows (in thousands):


Remainder of 2021	$	2,483
2022	8,352
2023	5,956
2024	1,753
Total expected amortization	$	18,544

The expected future amortization expense for intangible assets as of September 30, 2021 was as follows (in thousands):


Remainder of 2021	$	1,113
2022	4,267
2023	4,108
2024	2,795
Thereafter	2,427
Total expected amortization	$	14,710

Business combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets and Liabilities Assumed

The assets acquired and liabilities assumed were recorded at fair value as follows (in thousands):


Cash and cash equivalents	$	2,641
Accounts receivable, net	250
Prepaid expenses and other current assets	67
Property and equipment, net	133
Intangible assets	15,100
Goodwill	12,646
Accounts payable and other liabilities	(596)
Deferred revenue	(1,610)
Total acquisition consideration	$	28,631

Intangible assets and goodwill (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Acquired through Business Combination

As of September 30, 2021, intangible assets were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(66)	$	5,434
Vendor relationships	3 years	4,500		(153)		4,347
Developed technology	3 years	4,200		(140)		4,060
Tradename	2 years	900		(31)		869
Total		$	15,100	$	(390)	$	14,710

Schedule of Expected Amortization Expense

As of September 30, 2021, expected amortization expense over the remaining asset lives is as follows (in thousands):


Remainder of 2021	$	2,483
2022	8,352
2023	5,956
2024	1,753
Total expected amortization	$	18,544

The expected future amortization expense for intangible assets as of September 30, 2021 was as follows (in thousands):


Remainder of 2021	$	1,113
2022	4,267
2023	4,108
2024	2,795
Thereafter	2,427
Total expected amortization	$	14,710

Accrued expenses and other current liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,		September 30,
	2020		2021
Accrued expenses	$	6,796	$	8,308
Indirect tax reserves	26,645		19,817
Indirect tax payables	11,365		8,339
Deferred rent, current	597		693
Other current liabilities	1,375		2,503
Total accrued expenses and other current liabilities	$	46,778	$	39,660

Schedule of Changes to the Withholding Tax Reserve

Changes to the instructor withholding tax reserve are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Balance, beginning of period	$	21,923	$	22,534	$	20,926	$	22,166
Amounts charged to expense	98		(4,028)		1,095		(3,660)
Net payments and settlements	(1,586)		—		(1,586)		—
Balance, end of period	$	20,435	$	18,506	$	20,435	$	18,506

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14472-108349

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12053-110248

+ Details

Commitments and contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancelable operating leases as of September 30, 2021, are as follows (in thousands):


Remainder of 2021	$	1,619
2022	6,428
2023	6,114
2024	5,160
2025	809
Thereafter	410
Total lease commitments	$	20,540

Redeemable convertible preferred stock (Tables)

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

The Company’s redeemable convertible preferred stock consisted of the following (amounts in thousands, except share and per share amounts):


December 31, 2020	Shares Authorized	Shares Issued and Outstanding	Issuance Price Per Share		Carrying Value		Liquidation Amount
Series A	8,483,166	8,483,166	$	0.24	$	2,010	$	2,050
Series A-1	15,295,184	15,132,282	0.20		5,765		2,966
Series B	22,956,103	22,956,103	0.54		12,230		12,310
Series C	16,198,348	16,198,348	1.98		31,901		32,000
Series D	16,702,584	16,702,584	6.22		103,739		103,852
Series E	2,569,043	2,569,043	15.57		39,948		40,000
Series F	4,144,218	3,349,812	24.13		78,511		80,831
	86,348,646	85,391,338			$	274,104	$	274,009


September 30, 2021	Shares Authorized	Shares Issued and Outstanding	Issuance Price Per Share		Carrying Value		Liquidation Amount
Series A	8,483,166	8,483,166	$	0.24	$	2,010	$	2,050
Series A-1	15,295,184	15,144,877	0.20		5,928		2,968
Series B	22,956,103	22,956,103	0.54		12,230		12,310
Series C	16,198,348	16,198,348	1.98		31,901		32,000
Series D	16,702,584	16,702,584	6.22		103,739		103,852
Series E	2,569,043	2,569,043	15.57		39,948		40,000
Series F	4,144,218	3,349,812	24.13		78,511		80,831
	86,348,646	85,403,933			$	274,267	$	274,011

Common stock (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

The Company had the following common stock reserved for future issuance as of December 31, 2020 and September 30, 2021:


	December 31,	September 30,
	2020	2021
Conversion of convertible preferred stock	85,391,338	85,403,933
Warrants for convertible preferred stock	12,595	—
Stock options to purchase common stock (1)	18,932,979	21,221,320
Stock options available for future issuance	3,917,161	154,768
Total shares of common stock reserved	108,254,073	106,780,021
(1) Excludes 95,475, and 107,104 cash-settled stock appreciation rights (“SARs”) outstanding as of December 31, 2020, and September 30, 2021, respectively.

Equity incentive plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Activity for Service-Based Awards

The following is a summary of activity for Service-Based Awards under the 2010 Plan (amounts in thousands, except share and per share amounts):


	Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2020	18,628,454	$	5.13	8.54	$	123,691
Granted	5,547,194	21.97
Exercised	(2,312,423)	3.43
Canceled	(934,801)	8.72
Balance - September 30, 2021	20,928,424	9.62		8.39	431,175
Vested & Expected to Vest as of September 30, 2021	20,928,424	9.62		8.39	431,175
Exercisable as of September 30, 2021	7,234,464	4.27		7.56	187,772

Schedule of Weighted Average Assumptions

The grant date fair value was calculated using the Black-Scholes option pricing model, based on the following weighted average assumptions:


			Three and Nine Months Ended September 30,
			2021
Risk-free interest rate			1.0 -1.2%
Expected volatility			60.6 - 61.8%
Expected life (in years)			6.0
Expected dividend yield			—

Summary of Performance-Based Awards

The following table summarizes the activities of Performance-Based Options under the 2010 Plan (amounts in thousands, except share and per share amounts):


	Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2020	400,000	$	10.12	9.60	$	660
Granted	—	—
Exercised	—	—
Canceled	—	—
Balance - September 30, 2021	400,000	10.12		8.85	8,040
Vested & Expected to Vest as of September 30, 2021	350,000	11.13		9.14	6,682
Exercisable as of September 30, 2021	—	—		—	—

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Cost of revenue	$	62	$	350	$	253	$	888
Sales and marketing	509		2,149		5,931		5,784
Research and development	733		1,304		3,917		4,445
General and administrative	1,545		3,417		13,351		12,587
Total stock-based compensation expense	$	2,849	$	7,220	$	23,452	$	23,704

Net earnings (loss) per share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Net Earnings (Loss) per Share

The following table presents the calculation of basic and diluted net earnings (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Numerator:
Net income (loss) attributable to common stockholders	$	1,865	$	(9,262)	$	(50,585)	$	(38,642)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders
Weighted average common stock outstanding, basic	34,016,248		37,740,586		32,746,492		37,068,570
Weighted average dilutive effect of stock options	7,772,606		—		—		—
Weighted average dilutive effect of preferred stock and related warrants	82,053,903		—		—		—
Weighted average shares, diluted	123,842,757		37,740,586		32,746,492		37,068,570
Net income (loss) per share attributable to common stockholders
Basic	$	0.05	$	(0.25)	$	(1.54)	$	(1.04)
Diluted	$	0.02	$	(0.25)	$	(1.54)	$	(1.04)

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations, because the impact of including them would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2021	2020	2021
Redeemable convertible preferred stock	—	85,403,933	82,041,526	85,403,933
Stock options	2,824,703	21,221,320	16,403,213	21,221,320
Early exercised common stock options subject to repurchase	—	—	11,222	—
Redeemable convertible preferred stock warrants	—	—	12,595	—
Restricted stock	—	61,300	—	61,300
Total potentially dilutive securities	2,824,703	106,686,553	98,468,556	106,686,553

Segment and geographic information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Financial Information by Each Reportable Segment

Financial information for each reportable segment was as follows (in thousands):


	Three Months September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
Revenue
Consumer	$	91,077	$	79,198	$	248,334	$	251,035
Enterprise	27,359		50,365		71,470		129,171
Total Revenue	$	118,436	$	129,563	$	319,804	$	380,206

Segment cost of revenue
Consumer	37,779		37,243		123,642		118,606
Enterprise	9,199		17,429		24,240		44,842
Total segment cost of revenue	$	46,978	$	54,672	$	147,882	$	163,448

Segment gross profit
Consumer	53,298		41,955		124,692		132,429
Enterprise	18,160		32,936		47,230		84,329
Total segment gross profit	$	71,458	$	74,891	$	171,922	$	216,758

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	1,741		2,501		4,977		6,689
Amortization of intangible assets	—		293		—		293
Depreciation	145		170		484		585
Stock-based compensation	62		350		253		887
Total reconciling items	1,948		3,314		5,714		8,454
Total gross profit	$	69,510	$	71,577	$	166,208	$	208,304

Summary of Revenue by Region

The following table summarizes the revenue by region based on the billing address of the Company’s customers (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
North America	$	45,692	$	51,209	$	125,833	$	148,425
Europe, Middle East, Africa	36,693		39,050		103,744		124,666
Asia Pacific	25,506		29,200		62,900		77,509
Latin America	10,545		10,104		27,327		29,606
Total revenue	$	118,436	$	129,563	$	319,804	$	380,206

Summary of Long-lived Assets by Region

The following table presents the Company’s long-lived assets, which consist of tangible property and equipment net of depreciation, by geographic region (in thousands):


	December 31,		September 30,
	2020		2021
North America	$	5,327	$	7,366
Rest of world	3,653		3,070
Total long-lived assets	$	8,980	$	10,436

Organization and description of business (Details) $ / shares in Units, $ in Thousands			9 Months Ended
	Nov. 24, 2021 USD ($) shares	Oct. 29, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Event [Line Items]
Payment of redeemable convertible preferred stock issuance costs			$ 2,250	$ 0
Deferred offering costs			$ 5,082		$ 0
IPO \| Subsequent Event
Subsequent Event [Line Items]
Number of shares sold in transaction (in shares) \| shares		14,500,000
Initial public offering, price per share (in dollars per share) \| $ / shares		$ 29.00
Proceeds from sale of stock		$ 397,400
Payment of redeemable convertible preferred stock issuance costs		23,100
Deferred offering costs		$ 6,200
Redeemable convertible preferred stock converted into shares of common stock (in shares) \| shares		85,403,933
Redeemable convertible preferred stock converted into shares of common stock, conversion basis		1
Over-Allotment Option \| Subsequent Event
Subsequent Event [Line Items]
Number of shares sold in transaction (in shares) \| shares	650,000
Proceeds from sale of stock	$ 17,800
Payment of redeemable convertible preferred stock issuance costs	$ 1,000
Underwriters purchase option period		30 days
Underwriters purchase option, number of shares, maximum (in shares) \| shares		2,175,000

Summary of significant accounting policies (Details)	9 Months Ended
Summary of significant accounting policies (Details)	Sep. 30, 2021 segment
Accounting Policies [Abstract]
Number of operating segments	2
Number of reportable segments	2

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 83.6	$ 92.4	$ 127.4	$ 81.9
Remaining performance obligation, amount	247.9		247.9
Deferred contract costs, amounts capitalized during the period	9.7	3.6	25.5	9.7
Deferred contract costs, amortization	4.8	$ 2.0	12.0	$ 5.0
Deferred contract costs	$ 39.3		$ 39.3		$ 25.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	77.00%		77.00%
Revenue, remaining performance obligation, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	23.00%		23.00%
Revenue, remaining performance obligation, period

Revenue recognition - Deferred Revenue Balances by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 167,220	$ 142,376
Enterprise
Disaggregation of Revenue [Line Items]
Total deferred revenue	112,642	84,241
Consumer
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 54,578	$ 58,135

Consolidated balance sheet components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 7,690	$ 4,904
Deferred offering costs	5,082	0
Short term deposits	773	0
Other current assets	4,133	1,132
Prepaid expenses and other current assets	$ 17,678	$ 6,036

Consolidated balance sheet components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 30,385	$ 25,812
Less accumulated depreciation and amortization	(19,795)	(16,706)
Property and equipment, net	10,590	9,106
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	6,722	6,171
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	4,697	4,181
Purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment	383	280
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	15,699	15,164
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,884	$ 16

Consolidated balance sheet components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.1	$ 1.0	$ 3.3	$ 2.8
Amortization of capitalized software	$ 2.5	$ 1.7	$ 6.7	$ 5.0

Consolidated balance sheet components - Capitalized Software (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software	$ 39,690	$ 28,472
Less accumulated amortization	(21,146)	(14,459)
Capitalized software, net	$ 18,544	$ 14,013

Consolidated balance sheet components - Expected Amortization Expense (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Remainder of 2021	$ 1,113,000
2022	4,267,000
2023	4,108,000
2024	2,795,000
Intangible Assets, Net	14,710,000	$ 0
Capitalized computer software
Finite-Lived Intangible Assets [Line Items]
Remainder of 2021	2,483,000
2022	8,352,000
2023	5,956,000
2024	1,753,000
Intangible Assets, Net	$ 18,544,000

Business combinations - Narrative (Details) - CorpU - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Aug. 24, 2021	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 28.6
Cash consideration paid	$ 27.1
Acquisition costs		$ 0.3	$ 0.3
Restricted stock
Business Acquisition [Line Items]
Restricted stock issued for business combination (in shares)	61,300
Unrecognized compensation costs, period for recognition (in years)	3 years

Business combinations - Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Aug. 24, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 12,646		$ 0
CorpU
Business Acquisition [Line Items]
Cash and cash equivalents		$ 2,641
Accounts receivable, net		250
Prepaid expenses and other current assets		67
Property and equipment, net		133
Intangible assets		15,100
Goodwill		12,646
Accounts payable and other liabilities		(596)
Deferred revenue		(1,610)
Total acquisition consideration		$ 28,631

Intangible assets and goodwill - Intangible Assets Acquired through Business Combination (Details) - USD ($)	1 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 15,100,000
Accumulated Amortization	(390,000)
Intangible Assets, Net	$ 14,710,000	$ 0
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	6 years
Intangible Assets, Gross	$ 5,500,000
Accumulated Amortization	(66,000)
Intangible Assets, Net	$ 5,434,000
Vendor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Intangible Assets, Gross	$ 4,500,000
Accumulated Amortization	(153,000)
Intangible Assets, Net	$ 4,347,000
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Intangible Assets, Gross	$ 4,200,000
Accumulated Amortization	(140,000)
Intangible Assets, Net	$ 4,060,000
Tradename
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	2 years
Intangible Assets, Gross	$ 900,000
Accumulated Amortization	(31,000)
Intangible Assets, Net	$ 869,000

Intangible assets and goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Aug. 24, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 400	$ 400
Goodwill	$ 12,646	$ 12,646		$ 0
CorpU
Finite-Lived Intangible Assets [Line Items]
Goodwill			$ 12,646

Intangible assets and goodwill - Expected Future Amortization (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 1,113,000
2022	4,267,000
2023	4,108,000
2024	2,795,000
Thereafter	2,427,000
Intangible Assets, Net	$ 14,710,000	$ 0

Accrued expenses and other current liabilities - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued expenses	$ 8,308	$ 6,796
Indirect tax reserves	19,817	26,645
Indirect tax payables	8,339	11,365
Deferred rent, current	693	597
Other current liabilities	2,503	1,375
Total accrued expenses and other current liabilities	$ 39,660	$ 46,778

Accrued expenses and other current liabilities - Narrative (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Sales and other indirect tax liability	$ 0		$ 3,400,000
Historical Tax Withholding Possible Loss
Loss Contingencies [Line Items]
Loss contingency accrual	18,506,000	$ 22,534,000	$ 22,166,000	$ 20,435,000	$ 21,923,000	$ 20,926,000
Minimum \| Historical Tax Withholding Possible Loss
Loss Contingencies [Line Items]
Estimate of possible loss	11,800,000
Maximum \| Historical Tax Withholding Possible Loss
Loss Contingencies [Line Items]
Estimate of possible loss	$ 19,200,000

Accrued expenses and other current liabilities - Changes to Withholding Tax Reserve (Details) - Historical Tax Withholding Possible Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	$ 22,534	$ 21,923	$ 22,166	$ 20,926
Amounts charged to expense	(4,028)	98	(3,660)	1,095
Net payments and settlements	0	(1,586)	0	(1,586)
Balance, end of period	$ 18,506	$ 20,435	$ 18,506	$ 20,435

Commitments and contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease, remaining lease term	5 years		5 years
Operating lease, rent expense	$ 1.4	$ 1.4	$ 4.2	$ 4.0
Noncancelable purchase commitment	$ 14.6		$ 14.6

Commitments and contingencies - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2021	$ 1,619
2022	6,428
2023	6,114
2024	5,160
2025	809
Thereafter	410
Total lease commitments	$ 20,540

Income taxes (Details)	3 Months Ended		9 Months Ended
Income taxes (Details)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	5.60%	21.00%	(1.30%)	(4.70%)

Employee retirement plan (Details) - USD ($)	3 Months Ended		9 Months Ended
Employee retirement plan (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Employer matching contribution, percent of match			25.00%
Employer matching contribution, percent of employees' gross pay			6.00%
Maximum annual contributions per employee			$ 500
Vesting period (in years)			2 years
Annual vesting percentage			50.00%
Vesting percentage after two years of employment			1
Contributions made	$ 0	$ 0	$ 300,000	$ 200,000

Related party transactions (Details) - Affiliated Entity - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Naspers Ltd.
Related Party Transaction [Line Items]
Revenue from related parties	$ 300,000	$ 300,000	$ 900,000	$ 800,000
Accounts receivable, related parties	0		0		$ 300,000
Sift Science
Related Party Transaction [Line Items]
General and administrative expenses, related party	$ 100,000	$ 100,000	$ 300,000	$ 200,000
Related Party Concentration Risk \| General and Administrative Expenses \| Sift Science
Related Party Transaction [Line Items]
Concentration risk, percentage (less than)	1.00%	1.00%	1.00%	1.00%

Redeemable convertible preferred stock (Details) $ / shares in Units, $ in Thousands	Oct. 29, 2021 shares	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) shares	Jun. 30, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Temporary Equity [Line Items]
Shares Authorized (in shares)		86,348,646		86,348,646
Shares Issued (in shares)		85,403,933		85,391,338
Shares Outstanding (in shares)		85,403,933	85,403,933	85,391,338	82,041,526	82,041,526	79,472,483
Carrying Value \| $		$ 274,267	$ 274,267	$ 274,104	$ 195,593	$ 195,593	$ 155,645
Liquidation Amount \| $		$ 274,011		$ 274,009
Subsequent Event \| IPO
Temporary Equity [Line Items]
Redeemable convertible preferred stock converted into shares of common stock (in shares)	85,403,933
Redeemable convertible preferred stock converted into shares of common stock, conversion basis	1
Common Stock \| Subsequent Event \| IPO
Temporary Equity [Line Items]
Redeemable convertible preferred stock converted into shares of common stock (in shares)	85,403,933
Series A Preferred Stock
Temporary Equity [Line Items]
Shares Authorized (in shares)		8,483,166		8,483,166
Shares Issued (in shares)		8,483,166		8,483,166
Shares Outstanding (in shares)		8,483,166		8,483,166
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 0.24		$ 0.24
Carrying Value \| $		$ 2,010		$ 2,010
Liquidation Amount \| $		$ 2,050		$ 2,050
Series A-1
Temporary Equity [Line Items]
Shares Authorized (in shares)		15,295,184		15,295,184
Shares Issued (in shares)		15,144,877		15,132,282
Shares Outstanding (in shares)		15,144,877		15,132,282
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 0.20		$ 0.20
Carrying Value \| $		$ 5,928		$ 5,765
Liquidation Amount \| $		$ 2,968		$ 2,966
Series B
Temporary Equity [Line Items]
Shares Authorized (in shares)		22,956,103		22,956,103
Shares Issued (in shares)		22,956,103		22,956,103
Shares Outstanding (in shares)		22,956,103		22,956,103
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 0.54		$ 0.54
Carrying Value \| $		$ 12,230		$ 12,230
Liquidation Amount \| $		$ 12,310		$ 12,310
Series C
Temporary Equity [Line Items]
Shares Authorized (in shares)		16,198,348		16,198,348
Shares Issued (in shares)		16,198,348		16,198,348
Shares Outstanding (in shares)		16,198,348		16,198,348
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 1.98		$ 1.98
Carrying Value \| $		$ 31,901		$ 31,901
Liquidation Amount \| $		$ 32,000		$ 32,000
Series D
Temporary Equity [Line Items]
Shares Authorized (in shares)		16,702,584		16,702,584
Shares Issued (in shares)		16,702,584		16,702,584
Shares Outstanding (in shares)		16,702,584		16,702,584
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 6.22		$ 6.22
Carrying Value \| $		$ 103,739		$ 103,739
Liquidation Amount \| $		$ 103,852		$ 103,852
Series E
Temporary Equity [Line Items]
Shares Authorized (in shares)		2,569,043		2,569,043
Shares Issued (in shares)		2,569,043		2,569,043
Shares Outstanding (in shares)		2,569,043		2,569,043
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 15.57		$ 15.57
Carrying Value \| $		$ 39,948		$ 39,948
Liquidation Amount \| $		$ 40,000		$ 40,000
Series F
Temporary Equity [Line Items]
Shares Authorized (in shares)		4,144,218		4,144,218
Shares Issued (in shares)		3,349,812		3,349,812
Shares Outstanding (in shares)		3,349,812		3,349,812
Issuance Price Per Share (in dollars per share) \| $ / shares		$ 24.13		$ 24.13
Carrying Value \| $		$ 78,511		$ 78,511
Liquidation Amount \| $		$ 80,831		$ 80,831

Common stock (Details)	9 Months Ended
Common stock (Details)	Sep. 30, 2021 vote shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Number of votes per common stock \| vote	1
Conversion of convertible preferred stock (in shares)	85,403,933	85,391,338
Warrants for convertible preferred stock (in shares)	0	12,595
Stock options to purchase common stock (in shares)	21,221,320	18,932,979
Stock options available for future issuance (in shares)	154,768	3,917,161
Total shares of common stock reserved (in shares)	106,780,021	108,254,073
Stock Appreciation Rights
Class of Stock [Line Items]
Equity instruments other than options, outstanding (in shares)	107,104	95,475

Equity incentive plans - Narrative (Details)			3 Months Ended				9 Months Ended		12 Months Ended
Equity incentive plans - Narrative (Details)	Sep. 28, 2021 shares	Aug. 24, 2021 $ / shares shares	Sep. 30, 2021 USD ($) award $ / shares shares	Mar. 31, 2021 $ / shares shares	Sep. 30, 2020 USD ($)	Mar. 31, 2020 $ / shares shares	Sep. 30, 2021 USD ($) award $ / shares shares	Sep. 30, 2020 USD ($) shares	Dec. 31, 2020 USD ($) award shares	Dec. 31, 2018 installment shares	Oct. 29, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares) \| shares			154,768				154,768		3,917,161
Stock-based compensation			$ 7,220,000		$ 2,849,000		$ 23,704,000	$ 23,452,000
Stock-based compensation in capitalized software costs			500,000		200,000		1,451,000	541,000
Amended and Restated 2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance (in shares) \| shares	850,000
Number of shares authorized for issuance (in shares) \| shares	44,340,706
2021 Stock incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares) \| shares											13,800,000
Employee Stock Purchase Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares) \| shares											2,800,000
Tender Offer to Sell Vested Stock Options and Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares sold in transaction (in shares) \| shares						891,265
Sale of stock (in USD per share) \| $ / shares						$ 11.22
Stock-based compensation					0			3,500,000
Tender Offer to Sell Common Stock to an Existing Investor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares sold in transaction (in shares) \| shares				236,086
Sale of stock (in USD per share) \| $ / shares				$ 23.75
Stock-based compensation			0				1,600,000
Other Equity Transaction
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 0		$ 500,000		$ 4,000,000	$ 13,600,000
Service-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)							10 years
Award vesting period (in years)							4 years
Weighted average grant date fair value (in USD per share) \| $ / shares			$ 16.39				$ 16.01
Unrecognized compensation costs			$ 108,500,000				$ 108,500,000
Unrecognized compensation costs, period for recognition (in years)							2 years 8 months 12 days
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)							10 years
Unrecognized compensation costs, period for recognition (in years)							1 year
Number of Performance-Based Awards outstanding \| award			2				2		2
Granted (in shares) \| shares							0	0	350,000	50,000
Number of equal monthly installments \| installment										48
Unrecognized compensation costs, options			$ 1,300,000				$ 1,300,000
Performance-Based Awards \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage									50.00%
Required annual recurring revenues, vesting term									$ 230,000,000
Performance-Based Awards \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage									50.00%
Required annual recurring revenues, vesting term									$ 330,000,000
Restricted stock \| CorpU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)		3 years
Restricted stock issued for business combination (in shares) \| shares		61,300
Restricted stock issued for business combination, grant date fair value (in dollars per share) \| $ / shares		$ 34.14
Unrecognized compensation costs, excluding options			$ 2,000,000				$ 2,000,000
Restricted stock \| CorpU \| Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)		2 years 10 months 24 days

Equity incentive plans - Service-Based Awards (Details) - Service-Based Awards - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Awards Outstanding
Outstanding, beginning balance (in shares)	18,628,454
Granted (in shares)	5,547,194
Exercised (in shares)	(2,312,423)
Canceled (in shares)	(934,801)
Outstanding, ending balance (in shares)	20,928,424	18,628,454
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 5.13
Granted (in USD per share)	21.97
Exercised (in USD per share)	3.43
Canceled (in USD per share)	8.72
Outstanding, ending balance (in USD per share)	$ 9.62	$ 5.13
Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 4 months 20 days	8 years 6 months 14 days
Outstanding, Aggregate Intrinsic Value (in USD)	$ 431,175	$ 123,691
Vested and Expected to Vest (in shares)	20,928,424
Vested and Expected to Vest (in USD per shares)	$ 9.62
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	8 years 4 months 20 days
Vested and Expected to Vest, Aggregate Intrinsic Value (in USD)	$ 431,175
Exercisable (in shares)	7,234,464
Exercisable (in USD per share)	$ 4.27
Exercisable, Weighted Average Remaining Contractual Term (in years)	7 years 6 months 21 days
Exercisable, Aggregate Intrinsic Value (in USD)	$ 187,772

Equity incentive plans - Weighted Average Assumptions (Details) - Service-Based Awards	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.01%	0.01%
Risk-free interest rate, maximum	1.20%	1.20%
Expected volatility, minimum	0.606%	0.606%
Expected volatility, maximum	61.80%	61.80%
Expected life (in years)	6 years	6 years
Expected dividend yield	0.00%	0.00%

Equity incentive plans - Performance-Based Award (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Awards Outstanding
Outstanding, beginning balance (in shares)	18,932,979
Outstanding, ending balance (in shares)	21,221,320		18,932,979
Performance-Based Awards
Awards Outstanding
Outstanding, beginning balance (in shares)	400,000
Granted (in shares)	0	0	350,000	50,000
Exercised (in shares)	0
Canceled (in shares)	0
Outstanding, ending balance (in shares)	400,000		400,000
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 10.12
Granted (in USD per share)	0
Exercised (in USD per share)	0
Canceled (in USD per share)	0
Outstanding, ending balance (in USD per share)	$ 10.12		$ 10.12
Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 10 months 6 days		9 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value (in USD)	$ 8,040		$ 660
Vested and Expected to Vest (in shares)	350,000
Vested and Expected to Vest (in USD per shares)	$ 11.13
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	9 years 1 month 20 days
Vested and Expected to Vest, Aggregate Intrinsic Value (in USD)	$ 6,682
Exercisable (in shares)	0
Exercisable (in USD per share)	$ 0
Exercisable, Aggregate Intrinsic Value (in USD)	$ 0

Equity incentive plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 7,220	$ 2,849	$ 23,704	$ 23,452
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	350	62	888	253
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	2,149	509	5,784	5,931
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,304	733	4,445	3,917
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 3,417	$ 1,545	$ 12,587	$ 13,351

Net earnings (loss) per share - Calculation of Basic and Diluted Net Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss) attributable to common stockholders	$ (9,262)	$ 1,865	$ (38,642)	$ (50,585)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders
Weighted average common stock outstanding, basic (in shares)	37,740,586	34,016,248	37,068,570	32,746,492
Weighted average dilutive effect of stock options (in shares)	0	7,772,606	0	0
Weighted average dilutive effect of preferred stock and related warrants (in shares)	0	82,053,903	0	0
Weighted average shares, diluted (in shares)	37,740,586	123,842,757	37,068,570	32,746,492
Net income (loss) per share attributable to common stockholders
Basic (in dollars per share)	$ (0.25)	$ 0.05	$ (1.04)	$ (1.54)
Diluted (in dollars per share)	$ (0.25)	$ 0.02	$ (1.04)	$ (1.54)

Net earnings (loss) per share - Potentially Dilutive Securities Excluded (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	106,686,553	2,824,703	106,686,553	98,468,556
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	85,403,933	0	85,403,933	82,041,526
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	21,221,320	2,824,703	21,221,320	16,403,213
Early exercised common stock options subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	0	0	0	11,222
Redeemable convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	0	0	0	12,595
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	61,300	0	61,300	0

Segment and geographic information - Narrative (Details)	9 Months Ended
	Sep. 30, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment and geographic information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 129,563	$ 118,436	$ 380,206	$ 319,804
Segment cost of revenue	57,986	48,926	171,902	153,596
Gross profit	71,577	69,510	208,304	166,208
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	2,500	1,700	6,700	5,000
Amortization of intangible assets	400		400
Depreciation	1,100	1,000	3,300	2,800
Stock-based compensation	7,220	2,849	23,704	23,452
Gross profit	71,577	69,510	208,304	166,208
Operating Segments
Segment Reporting Information [Line Items]
Revenue	129,563	118,436	380,206	319,804
Segment cost of revenue	54,672	46,978	163,448	147,882
Gross profit	74,891	71,458	216,758	171,922
Reconciliation of segment gross profit to gross profit
Gross profit	74,891	71,458	216,758	171,922
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit	3,314	1,948	8,454	5,714
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	2,501	1,741	6,689	4,977
Amortization of intangible assets	293	0	293	0
Depreciation	170	145	585	484
Stock-based compensation	350	62	887	253
Gross profit	3,314	1,948	8,454	5,714
Consumer \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	79,198	91,077	251,035	248,334
Segment cost of revenue	37,243	37,779	118,606	123,642
Gross profit	41,955	53,298	132,429	124,692
Reconciliation of segment gross profit to gross profit
Gross profit	41,955	53,298	132,429	124,692
Enterprise \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	50,365	27,359	129,171	71,470
Segment cost of revenue	17,429	9,199	44,842	24,240
Gross profit	32,936	18,160	84,329	47,230
Reconciliation of segment gross profit to gross profit
Gross profit	$ 32,936	$ 18,160	$ 84,329	$ 47,230

Segment and geographic information - Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 129,563	$ 118,436	$ 380,206	$ 319,804
North America
Segment Reporting Information [Line Items]
Revenue	51,209	45,692	148,425	125,833
Europe, Middle East, Africa
Segment Reporting Information [Line Items]
Revenue	39,050	36,693	124,666	103,744
Asia Pacific
Segment Reporting Information [Line Items]
Revenue	29,200	25,506	77,509	62,900
Latin America
Segment Reporting Information [Line Items]
Revenue	$ 10,104	$ 10,545	$ 29,606	$ 27,327

- Definition

Amount, including 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment and geographic information - Long-lived Assets by Region (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total long-lived assets	$ 10,436	$ 8,980
North America
Segment Reporting Information [Line Items]
Total long-lived assets	7,366	5,327
Rest of world
Segment Reporting Information [Line Items]
Total long-lived assets	$ 3,070	$ 3,653

Subsequent events (Details) $ / shares in Units, $ in Thousands			2 Months Ended	9 Months Ended		12 Months Ended	14 Months Ended
	Nov. 24, 2021 USD ($) shares	Oct. 29, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Event [Line Items]
Payment of redeemable convertible preferred stock issuance costs				$ 2,250	$ 0
Deferred offering costs				$ 5,082				$ 0
Subsequent Event \| Preferred Stock \| Forecast
Subsequent Event [Line Items]
Payment to acquire investment			$ 10,000			$ 5,000	$ 15,000
Subsequent Event \| IPO
Subsequent Event [Line Items]
Number of shares sold in transaction (in shares) \| shares		14,500,000
Initial public offering, price per share (in dollars per share) \| $ / shares		$ 29.00
Proceeds from sale of stock		$ 397,400
Payment of redeemable convertible preferred stock issuance costs		23,100
Deferred offering costs		$ 6,200
Redeemable convertible preferred stock converted into shares of common stock (in shares) \| shares		85,403,933
Redeemable convertible preferred stock converted into shares of common stock, conversion basis		1
Subsequent Event \| Over-Allotment Option
Subsequent Event [Line Items]
Number of shares sold in transaction (in shares) \| shares	650,000
Proceeds from sale of stock	$ 17,800
Payment of redeemable convertible preferred stock issuance costs	$ 1,000
Underwriters purchase option period		30 days
Underwriters purchase option, number of shares, maximum (in shares) \| shares		2,175,000