0001607939-22-000030 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		139,654,592
Amendment Flag	false
Entity Central Index Key	0001607939
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 510,965	$ 533,868
Accounts receivable, net of allowance for doubtful accounts of $678 and $678 as of March 31, 2022 and December 31, 2021, respectively.	67,699	73,180
Prepaid expenses and other current assets	15,279	15,927
Deferred contract costs, current	23,074	18,898
Total current assets	617,017	641,873
Property and equipment, net	8,937	9,887
Capitalized software, net	21,693	20,054
Operating lease right-of-use assets	15,994
Restricted cash, non-current	3,629	2,900
Deferred contract costs, non-current	27,927	25,647
Strategic investments	15,000	10,000
Intangible assets, net	12,531	13,597
Goodwill	12,646	12,646
Other assets	3,516	3,247
Total assets	738,890	739,851
Current liabilities:
Accounts payable	16,275	34,627
Accrued expenses and other current liabilities	35,697	40,140
Content costs payable	31,606	35,961
Accrued compensation and benefits	20,909	22,341
Operating lease liabilities, current	7,410
Deferred revenue, current	227,701	208,274
Total current liabilities	339,598	341,343
Deferred revenue, non-current	2,817	2,280
Operating lease liabilities, non-current	11,458
Other liabilities, non-current	4,509	6,528
Total liabilities	358,382	350,151
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.00001 par value- 50,000,000 shares authorized; zero shares issued and outstanding as of March 31, 2022 and December 31, 2021.	0	0
Common stock, $0.00001 par value - 950,000,000 shares authorized; 139,573,416 and 139,164,693 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.	1	1
Additional paid-in capital	864,676	848,229
Accumulated other comprehensive income (loss)	9	(1)
Accumulated deficit	(484,178)	(458,529)
Total stockholders’ equity	380,508	389,700
Total liabilities and stockholders' equity	$ 738,890	$ 739,851

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 678	$ 678
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	139,573,416	139,164,693
Common stock, shares outstanding (in shares)	139,573,416	139,164,693

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 152,223	$ 124,550
Cost of revenue	66,438	57,923
Gross profit	85,785	66,627
Operating expenses
Sales and marketing	66,878	53,239
Research and development	22,570	15,413
General and administrative	21,653	14,413
Total operating expenses	111,101	83,065
Loss from operations	(25,316)	(16,438)
Other income (expense)
Interest income (expense), net	243	(218)
Other expense, net	(244)	(428)
Total other expense, net	(1)	(646)
Net loss before taxes	(25,317)	(17,084)
Income tax provision	(332)	(905)
Net loss attributable to common stockholders	$ (25,649)	$ (17,989)
Net loss per share attributable to common stockholders
Basic (in dollars per share)	$ (0.18)	$ (0.50)
Diluted (in dollars per share)	$ (0.18)	$ (0.50)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic (in shares)	139,405,294	36,178,304
Diluted (in shares)	139,405,294	36,178,304

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,649)	$ (17,989)
Foreign currency translation gains	10	0
Comprehensive loss	$ (25,639)	$ (17,989)

- Definition

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

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+ Details

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
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 Mar. 31, 2021	85,403,933
Redeemable convertible preferred stock, ending balance at Mar. 31, 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	$ 0	$ (378,503)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10,562		10,562
Exercise of stock options (in shares)		1,458,200
Exercise of stock options	4,698		4,698
Cumulative translation adjustment	0
Net loss	(17,989)				(17,989)
Ending balance (in shares) at Mar. 31, 2021		37,085,703
Ending balance at Mar. 31, 2021	$ (263,414)	$ 0	133,078	0	(396,492)
Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2021	0
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2021	$ 0
Redeemable convertible preferred stock, ending balance balance (in shares) at Mar. 31, 2022	0
Redeemable convertible preferred stock, ending balance at Mar. 31, 2022	$ 0
Beginning balance (in shares) at Dec. 31, 2021		139,164,693
Beginning balance at Dec. 31, 2021	389,700	$ 1	848,229	(1)	(458,529)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	14,930		14,930
Exercise of stock options (in shares)		376,578
Exercise of stock options	1,517		1,517
Vesting of restricted stock units (in shares)		32,145
Cumulative translation adjustment	10			10
Net loss	(25,649)				(25,649)
Ending balance (in shares) at Mar. 31, 2022		139,573,416
Ending balance at Mar. 31, 2022	$ 380,508	$ 1	$ 864,676	$ 9	$ (484,178)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (25,649)	$ (17,989)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,967	3,069
Amortization of deferred sales commissions	6,582	3,481
Stock-based compensation	13,342	10,512
Provision for doubtful accounts	110	3
Non-cash operating lease expense	1,573
Other	75	0
Changes in operating assets and liabilities:
Accounts receivable	5,371	2,039
Prepaid expenses and other assets	198	(2,738)
Deferred contract costs	(13,038)	(7,956)
Accounts payable, accrued expenses and other liabilities	(21,964)	(16,265)
Content costs payable	(4,355)	(1,986)
Operating lease liabilities	(1,151)
Deferred revenue	19,964	14,072
Net cash used in operating activities	(13,975)	(13,758)
Cash flows from investing activities:
Purchases of property and equipment	(156)	(933)
Capitalized software costs	(3,121)	(3,289)
Purchases of strategic investments	(5,000)	0
Net cash used in investing activities	(8,277)	(4,222)
Cash flows from financing activities:
Net proceeds from exercise of Series A-1 redeemable convertible preferred stock warrants	0	2
Net proceeds from exercise of stock options	1,658	4,489
Payment of redeemable convertible preferred stock issuance costs	0	(2,250)
Payment of deferred offering costs	(1,586)	0
Net cash provided by financing activities	72	2,241
Effect of foreign exchange rates on cash flows	6	0
Net decrease in cash, cash equivalents and restricted cash	(22,174)	(15,739)
Cash, cash equivalents and restricted cash—Beginning of period	536,768	177,931
Cash, cash equivalents and restricted cash—End of period	514,594	162,192
Supplemental disclosures of cash flow information:
Interest paid	2	53
Income taxes paid	64	29
Supplemental disclosure of non-cash investing and financing activities:
Unpaid deferred offering costs	0	58
Stock-based compensation in capitalized costs	1,311	457
Changes in purchases of property and equipment in accounts payable and accrued expenses	$ 523	$ 71

Organization and description of business	3 Months Ended
Organization and description of business	Mar. 31, 2022
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 $6.8 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

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

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 audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was originally filed with the SEC on March 25, 2022.

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 months ended March 31, 2022 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, the carrying value of operating lease right-of-use assets, stock-based compensation, 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, the period of benefit for deferred commissions, the fair value and associated useful lives of intangible assets and goodwill acquired via business combinations, and the valuation of privately-held strategic investments, including impairments. 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 one customer, a reseller partner for the Enterprise segment, who accounted for 10% of total accounts receivable as of March 31, 2022. The Company had no customers which accounted for more than 10% of total accounts receivable as of December 31, 2021. No customer accounted for more than 10% of total revenue during the three months ended March 31, 2022 and 2021.

Summary of significant accounting policies—Except as described below, there were no significant changes to the Company’s significant accounting policies disclosed in Note 2 “Summary of significant accounting policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was originally filed with the SEC on March 25, 2022.

Restricted cash—Restricted cash primarily consists of cash restricted in connection with lease agreements for the Company’s facilities. Restricted cash is included in current assets for leases that expire within one year from the balance sheet date and in non-current assets for leases that expire in more than one year from the balance sheet date.


	As of March 31,		As of December 31,
Reconciliation of cash, cash equivalents and restricted cash	2022		2021

Cash and cash equivalents	$	510,965	$	533,868
Restricted cash, non-current	3,629		2,900
Total cash, cash equivalents and restricted cash	$	514,594	$	536,768

Accounts receivable and allowance for doubtful accounts—Accounts receivable represent amounts owed to the Company for Enterprise subscriptions. Also included in accounts receivable are amounts due from payment processors or mobile application store partners that settle over a period longer than five business days. Accounts receivable balances are recorded at the invoiced amount and are non-interest-bearing. Accounts receivable are presented net of allowances for doubtful accounts. Management assesses the Company’s ability to collect outstanding receivables and records allowances when collection becomes doubtful. The provision for bad debt is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. These estimates are based on the assessment of the credit worthiness of the Company’s customers based on multiple sources of information and analysis of such factors as the Company’s historical collection experience and industry and geographic concentrations of credit risk. Accounts receivable deemed to be uncollectible are written off, net of any amounts that may be collected.


	Balance at Beginning of Period		Charged to Expenses		Charges Utilized/Written-off		Balance at End of Period
Allowance for doubtful accounts
Three Months Ended March 31, 2022	$	678	$	110	$	(110)	$	678
Three Months Ended March 31, 2021	$	643	$	3	$	(26)	$	620

Fair value of financial instruments—The Company considers fair value as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value are either observable or unobservable. Observable inputs reflect assumptions that market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based on their own market assumptions.

The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value:

Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs are observable, unadjusted quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data; and

Level 3—Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The carrying amounts of cash, cash equivalents, restricted cash, and accounts receivable, as well as accounts payable, approximate fair value due to the relatively short-term maturities and are classified as short-term assets and liabilities, respectively, in the accompanying consolidated balance sheets.

The fair value measurements of assets that are measured at fair value on a recurring basis are as follows (in thousands):


	Fair Value Hierarchy
	Level 1		Level 2		Level 3
March 31, 2022
Strategic investments	$	—	$	—	$	15,000
Total as of March 31, 2022	$	—	$	—	$	15,000

The Company did not hold any strategic investments as of March 31, 2021.

The fair value measurements of liabilities that are measured at fair value on a recurring basis are as follows (in thousands):


	Fair Value Hierarchy
	Level 1		Level 2		Level 3
March 31, 2022
Cash settled stock appreciation rights	$	—	$	—	$	508
Total as of March 31, 2022	$	—	$	—	$	508

March 31, 2021
Cash settled stock appreciation rights	$	—	$	—	$	674
Total as of March 31, 2021	$	—	$	—	$	674

During the three months ended March 31, 2021, the remaining outstanding 12,595 warrants to purchase Series A-1 redeemable convertible preferred stock were exercised for an immaterial amount of cash proceeds at an exercise price of $0.196 per share. The Company reclassified the $0.2 million fair value of the warrants into Series A-1 redeemable convertible preferred stock on the consolidated balance sheet. The change in fair value of the warrants during three months ended March 31, 2021 was immaterial.

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of stock appreciation rights are recognized in the condensed consolidated statements of operations, is as follows (in thousands):


	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2021	$	—	$	818	$	10,000
Vesting and remeasurement of stock appreciation rights	—		(310)		—
Purchases of strategic investments	—		—		5,000
Balance— March 31, 2022	$	—	$	508	$	15,000

Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of stock appreciation rights	—		406		—
Balance— March 31, 2021	$	—	$	674	$	—

Operating leases—The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2026. The Company determines if an arrangement contains a lease at inception based on whether there is an identified tangible asset and whether the Company controls the use of the identified asset throughout the period of use.

The Company adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) on January 1, 2022.

Operating leases are included in operating lease right-of-use (“ROU”) assets and in operating lease liabilities in the accompanying condensed consolidated balance sheet. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

The Company measures its operating lease liabilities at lease inception date based on the present value of total lease payments over the lease term. Total lease payments are discounted to present value using the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate (which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease). Because the Company’s operating leases generally do not provide an implicit rate, the Company estimates its incremental borrowing rate using information available at the lease commencement date, including but not limited to credit rating, lease term, and the currency in which the arrangement is denominated. The Company’s operating lease ROU assets are equal to the corresponding operating lease liability, adjusted for payments made to the lessor at or before the commencement date, initial direct costs incurred, and tenant incentives under the lease.

The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company does not allocate consideration between lease and non-lease components. Variable lease payments, such as those for common area maintenance or property taxes, are not included in the measurement of operating lease liabilities and are expensed as incurred. In addition, the Company does not recognize operating ROU assets or operating lease liabilities for leases with a term of 12 months or less for all asset classes. Operating lease expense is recognized on a straight-line basis over the lease term.

Lease accounting prior to the adoption of Topic 842

The Company recorded total rent expense on a straight-line basis over the lease term consistent with Topic 840. The Company recorded the difference between cash rent payments and straight-line rent expense, generally due to rent escalations and tenant improvement allowances, as a deferred rent liability within accrued expenses and other current liabilities and other liabilities, non-current, each of which were immaterial as of December 31, 2021.

Recently Adopted Accounting Pronouncements—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. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard with an effective date of January 1, 2021 using the prospective transition adoption approach. Capitalized implementation costs are recorded in prepaid expenses and other current assets and other assets in the condensed consolidated balance sheet. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires a lessee to record an asset representing the lessees’ 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.

The Company adopted Topic 842 on January 1, 2022, using the modified retrospective approach. The Company elected the package of practical expedients, the use of hindsight in determining the lease term, and the practical expedient to not recognize an operating ROU asset or operating lease liability for leases with a term of 12 months or less. Upon adoption, the Company recognized $17.6 million in operating ROU assets and $20.0 million in operating lease liabilities in its condensed consolidated balance sheets. The difference between the amounts of operating ROU assets and operating lease liabilities consisted of deferred rent and prepaid rent that were derecognized upon transition. There was no adoption date impact to accumulated deficit, and adoption of the new standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which aims to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The Company elected to early adopt this standard on a prospective basis on January 1, 2022. There has been no impact of adoption to date, as the Company has not entered into any business combinations since adoption.

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 condensed 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 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 deferred the effective date for nonpublic entities, including EGCs, that had not yet adopted the original ASU. Under the amended guidance, the standard will be effective for the Company’s fiscal year beginning after December 15, 2022, and early adoption is still permitted. The Company is currently assessing the potential impact of the new standard on the Company’s condensed 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’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements.

Revenue recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue recognition

Deferred revenue— Revenue recognized for the three months ended March 31, 2022 from amounts included in deferred revenue as of December 31, 2021 was $111.4 million. Revenue recognized for the three months ended March 31, 2021 from amounts included in deferred revenue as of December 31, 2020 was $85.3 million.

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


	March 31,		December 31,		December 31,
	2022		2021		2020
Deferred revenue:
Enterprise	$	171,780	$	148,966	$	84,241
Consumer	58,738		61,588		58,135
Total deferred revenue	$	230,518	$	210,554	$	142,376

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 March 31, 2022, the aggregate transaction price for remaining performance obligations was $368.5 million, of which 72% is expected to be recognized during over the next twelve months and the remainder thereafter.

Deferred contract costs—The following table represents a rollforward of the Company’s deferred contract costs (in thousands):


	Balance at Beginning of Period	Additions	Amortization Expense	Balance at End of Period
Three Months Ended March 31, 2022	44,545	13,038	(6,582)	51,001
Three Months Ended March 31, 2021	25,838	7,956	(3,481)	30,313

- 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
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Consolidated balance sheet components

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated balance sheet components

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


	March 31,		December 31,
	2022		2021
Prepaid expenses	$	11,735	$	12,465
Capitalized cloud computing costs, current	735		808
Short term deposits	340		745
Other current assets	2,469		1,909
Prepaid expenses and other current assets	$	15,279	$	15,927

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


	March 31,		December 31,
	2022		2021
Computers and equipment	$	7,001	$	6,798
Furniture and fixtures	4,702		4,701
Purchased software	383		383
Leasehold improvements	19,002		18,932
Construction in progress	13		18
Total property and equipment	31,101		30,832
Less accumulated depreciation and amortization	(22,164)		(20,945)
Property and equipment, net	$	8,937	$	9,887

Depreciation expense was $1.2 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively.

Capitalized software, net consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Capitalized software	$	48,167	$	43,804
Less accumulated amortization	(26,474)		(23,750)
Capitalized software, net	$	21,693	$	20,054

Amortization expense of capitalized software was $2.7 million and $2.0 million for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, expected amortization expense for capitalized software over the remaining asset lives is as follows (in thousands):


Remainder of 2022	$	8,180
2023	8,782
2024	4,457
2025	274
Total expected amortization	$	21,693

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

The Company adopted Topic 842 as of January 1, 2022 using the modified retrospective approach.

The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2026.

During the three months ended March 31, 2022, the Company recorded operating lease costs of $1.7 million and variable lease costs of $0.2 million. During the three months ended March 31, 2022, the Company recorded an immaterial amount for short term lease expense and sublease income, and did not enter into any new leases.

The following table sets forth a summary of and other information pertaining to the Company’s operating leases for the three months ended March 31, 2022 (dollar amounts in thousands):


	Three Months Ended March 31,
	2022
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	1,151
Weighted average remaining term (years)	2.7
Weighted average discount rate	3.8		%

Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of March 31, 2022, were as follows (in thousands):


Remainder of 2022	$	5,697
2023	7,176
2024	5,825
2025	809
2026	410
Gross lease payments	19,917
Less imputed interest	(1,049)
Present value of operating lease liabilities	$	18,868

Future minimum lease payments as measured under Topic 840 for noncancellable operating leases as of December 31, 2021, were as follows (in thousands):


2022	$	7,826
2023	7,212
2024	5,921
2025	809
2026	410
Total lease commitments	$	22,178

Rent expense for operating leases under Topic 840 was $1.4 million for the three months ended March 31, 2021.

Strategic investments	3 Months Ended
Strategic investments	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Strategic investments	Strategic investments In the fiscal year ended December 31, 2021, the Company made a strategic investment of $10.0 million in cash for preferred shares of privately held online education platform technology company. On February 28, 2022, the Company completed the second tranche purchase of this investment, which resulted in an incremental cash investment of $5.0 million, for a total value of $15.0 million. The estimation of fair value for this investment requires the use of significant unobservable inputs, and as a result, the Company classifies this investment as Level 3 within the fair value hierarchy. The carrying value of this investment is adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other expense, net in the condensed consolidated statements of operations. As of March 31, 2022, there have been no observable transactions that would cause the Company to adjust the carrying amount of the investment, resulting in no realized or unrealized gains or losses for the three months ended March 31, 2022. The Company evaluates this investment for impairment at each reporting period based on a qualitative assessment that considers various potential impairment indicators. This evaluation consists of several factors including, but not limited to, an assessment of a significant adverse change in the economic environment, significant adverse changes in the general market condition of the geographies and industries in which the investee operates, and other publicly available information that affects the value of the investment. No adverse factors were noted in the assessment performed as of March 31, 2022, resulting in no impairment losses during the three months ended March 31, 2022. The Company did not own any strategic investments during the three months ended March 31, 2021.

Business combinations

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business combinations

On August 24, 2021, the Company completed its 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 the 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 Company has included the financial results of CorpU in the condensed consolidated financial statements from the date of acquisition, which for the three months ended March 31, 2022, was 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 consolidated financial statements during the year of acquisition.

Intangible assets, net and goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net and goodwill

As of March 31, 2022, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(552)	$	4,948
Vendor relationships	3 years	4,500		(903)		3,597
Developed technology	3 years	4,200		(843)		3,357
Tradename	2 years	900		(271)		629
Total		$	15,100	$	(2,569)	$	12,531

As of December 31, 2021, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(323)	$	5,177
Vendor relationships	3 years	4,500		(529)		3,971
Developed technology	3 years	4,200		(493)		3,707
Tradename	2 years	900		(158)		742
Total		$	15,100	$	(1,503)	$	13,597

Amortization expense of intangible assets for the three months ended March 31, 2022 was $1.1 million. The Company did not have any intangible assets during the three months ended March 31, 2021.

The expected future amortization expense for intangible assets as of March 31, 2022 was as follows (in thousands):


Remainder of 2022	$	3,200
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Total expected amortization	$	12,531

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 March 31, 2022.

Accrued expenses and other current liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

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


	March 31,		December 31,
	2022		2021
Accrued expenses	$	5,524	$	7,326
Indirect tax reserves	17,411		18,392
Indirect tax payables	9,790		10,786
Deferred rent, current	—		803
Other current liabilities	2,972		2,833
Accrued expenses and other current liabilities	$	35,697	$	40,140

Indirect tax payables relate to amounts collected from customers on behalf of third-party taxing authorities, primarily on sales in the U.S. and in international jurisdictions. 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 instructor withholding tax reserves.

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 March 31, 2022, the Company determined that it was probable that it would owe an estimated $15.7 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 March 31,
	2022		2021
Balance, beginning of period	$	17,036	$	22,166
Amounts charged to (released from) expense	(1,343)		168
Net payments and settlements	—		—
Balance, end of period	$	15,693	$	22,334

The change in the instructor withholding tax reserve during the three months ended March 31, 2022 is based on a revision of certain key assumptions, including the expected relief on certain instructor payments the Company 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 March 31, 2022 and December 31, 2021. The Company estimated a potential range of loss between $12.0 million and $15.7 million as of March 31, 2022.

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingenciesNoncancellable purchase commitments—The Company has contractual commitments with its cloud infrastructure provider, network service providers and paid advertising vendors that are noncancellable. As of March 31, 2022, the Company had approximately $17.3 million worth of future minimum payments under the Company’s noncancellable purchase commitments which are 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. The Company has recorded an immaterial amount related to all outstanding litigation matters as of March 31, 2022.

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The provision for income taxes for interim periods is determined using an estimate of the Company’s 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 provision for the three months ended March 31, 2022 and 2021 resulted in an effective tax rate of (1.3)% and (5.3)%, respectively. During the three months ended March 31, 2022, as compared to the same period in the prior year, the effective tax rate decreased primarily due to changes in foreign tax expense and foreign withholding taxes. The difference between the 21% statutory federal tax rate and the effective tax rate was primarily a result of income earned in jurisdictions with higher statutory tax rates, foreign withholding taxes, and tax credits offset by change in valuation allowance. As of March 31, 2022 and December 31, 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. Due to NOL carryforwards and tax credit carryforwards, the statutes of limitations remain open for tax years from inception of the Company through 2021. There are currently no income tax audits underway by U.S. federal, state, or foreign tax authorities.

- 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
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+ Details

Employee retirement plan	3 Months Ended
Employee retirement plan	Mar. 31, 2022
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 $0.3 million and $0.2 million for the three months ended March 31, 2022 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	3 Months Ended
Related party transactions	Mar. 31, 2022
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, and another entity affiliated with Naspers, are also customers of the Company’s Enterprise subscription offering. The Company recorded $0.4 million and $0.3 million of revenue from services provided to these customers during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, the Company had an accounts receivable balance with these customers of $0.1 million and $0.1 million, respectively. Insight Partners, where a member of the Company’s Board of directors is a Managing Director, is affiliated with certain vendors that the Company has contracted to provide technology and software solutions. During the three months ended March 31, 2022 and 2021, respectively, the Company recorded $0.2 million and no general and administrative expenses with these vendors, respectively. As of March 31, 2022 and December 31, 2021, the Company had an accounts payable balance with these vendors of zero and $0.1 million, respectively. A member of the Company’s Board of Directors is a co-founder and current executive officer for a customer of the Company’s Enterprise subscription offering. The Company recorded an immaterial amount of revenue from services provided to this customer during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, the Company had an accounts receivable balance with this customer of $0.2 million and zero, respectively.

Stockholders' equity

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stockholders' equity

Stockholders’ equity

Preferred stock—In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 50,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors.

Common stock— Common stockholders are entitled to one vote per share. The Company had the following common stock reserved for future issuance as of March 31, 2022, and December 31, 2021, respectively:


	March 31,	December 31,
	2022	2021
Stock options to purchase common stock (1)	19,703,879	20,342,259
Shares available for future issuance under:
2021 Equity Incentive Plan	10,084,842	11,417,359
2021 Employee Stock Purchase Plan	2,800,000	2,800,000
Total shares of common stock reserved	32,588,721	34,559,618
(1) Excludes 105,623 and 106,155 cash-settled stock appreciation rights (“SARs”) outstanding as of March 31, 2022 and December 31, 2021, respectively.

Equity incentive plans— In 2010, the Company adopted the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan provided for incentive stock options (“ISOs”), non-statutory stock options (“NSOs”, collectively with ISOs, “stock options”), SARs, restricted stock, and restricted stock units (“RSUs”) to be granted to eligible employees, directors, and consultants. The 2010 Plan was terminated in October 2021 in connection with the

IPO but continues to govern the terms and conditions of the outstanding awards granted pursuant to the 2010 Plan. No further equity awards will be granted under the 2010 Plan.

The Company adopted the 2021 Equity Incentive Plan (the "2021 Plan") in September 2021, which became effective on October 28, 2021 (collectively with the 2010 Plan, the “Equity Incentive Plans”) and was approved by the Company’s stockholders. The 2021 Plan provides for the granting of ISOs, NSOs, SARs, restricted stock, RSUs, and performance awards to eligible employees, directors, and consultants.

The Company initially reserved 13,800,000 shares for issuance under the 2021 Plan. The amount available for issuance is subject to an annual increase on the first day of each calendar year, beginning on January 1, 2023, in an amount equal to 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding calendar year or a lesser amount determined by the Company’s Board of Directors or compensation committee. The amount available for issuance shall also include Returning Shares, which are any shares subject to awards granted under the 2010 Plan that, on or after October 29, 2021, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest.

Stock options—The Company may grant stock options at exercise prices not less than the fair market value at the date of grant. These options generally expire 10 years from the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each award, which is generally even over four years.

The following is a summary of activity for stock options under the Equity Incentive Plans (amounts in thousands, except share and per share amounts):


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2021	19,942,259	$	9.70	8.14	$	226,350
Granted	—	—
Exercised	(376,578)	4.03
Canceled	(261,802)	15.06
Balance - March 31, 2022	19,303,879	$	9.74	7.88	$	102,880
Vested & Expected to Vest as of March 31, 2022	19,303,879	$	9.74	7.88	$	102,880
Exercisable as of March 31, 2022	9,129,677	$	5.30	7.25	$	67,191

There were no stock options granted during the three months ended March 31, 2022.

Total aggregate intrinsic value of options exercised during the three months ended March 31, 2022 and 2021 was $3.9 million and $23.4 million, respectively.

As of March 31, 2022, total unrecognized stock-based compensation expense related to unvested stock options was $84.9 million, which will be recognized over a weighted average period of 2.3 years.

Stock appreciation rights—The Company may grant SARs at exercise prices not less than the fair market value at the date of grant. The SARs are liability-classified awards that generally expire 10 years from the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each award, which is generally even over four years.

The following is a summary of activity for SARs under the Equity Incentive Plans (amounts in thousands, except share and per share amounts):


	SARs Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2021	106,155	$	8.45	8.25	$	1,267
Granted	—	—
Exercised	—	—
Canceled	(532)	10.02
Balance - March 31, 2022	105,623	$	8.45	7.95	$	595
Vested & Expected to Vest as of March 31, 2022	105,623	$	8.45	7.95	$	595
Exercisable as of March 31, 2022	55,585	$	5.57	7.61	$	384

There were no SARs granted during the three months ended March 31, 2022.

As of March 31, 2022, total compensation cost related to unvested SARs not yet recognized was $0.3 million, which will be recognized over a weighted average period of 2.1 years.

Restricted stock units—The Company first issued RSU awards in the fiscal year ended December 31, 2021. The fair value of RSUs is determined using the fair value of the Company’s common stock on the date of grant. The Company recognizes stock-based compensation expense for RSUs with service-based vesting conditions on a straight-line basis over the requisite service period for each award, which typically vest over a three or four-year period.

A summary of RSU activity under the 2021 Plan is as follows:


	RSUs Outstanding	Weighted Average Grant Date Fair Value
Unvested - December 31, 2021	2,545,051	$27.64
Granted	1,683,039	$14.32
Released	(32,165)	$27.21
Canceled	(88,700)	$20.90
Unvested - March 31, 2022	4,107,225	$22.33

As of March 31, 2022, total unrecognized stock-based compensation expense related to unvested RSUs was $83.3 million, which will be recognized over a weighted average period of 3.8 years.

Performance-based awards—Under the Equity Incentive Plans, 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 stock options with service-based vesting conditions. Grants for Performance-Based Awards are made out of the same pool of stock options available for future issuance under the Equity Incentive Plans.

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 March 31, 2022, and December 31, 2021.

In 2018, the Company granted an award of 50,000 stock options that was 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. Upon the completion 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. Prior to the Company’s IPO on October, 29, 2021, management considered the performance-based vesting conditions improbable of being satisfied. Upon completion of the IPO, the performance condition was satisfied, and the Company recognized an immaterial amount of cumulative 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 $230.0 million in UB Annual Recurring Revenue (“ARR”), and the other 50% vesting when the Company achieves $330.0 million in UB ARR. 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 $230.0 million UB ARR performance condition was achieved in the fourth quarter of fiscal year 2021, and the Board of Directors’ compensation committee formally certified satisfaction of the performance condition in February 2022.

The following table summarizes the activities of Performance-Based Awards under the Equity Incentive Plans (amounts in thousands, except share and per share amounts):


	Performance-Based Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2021	400,000	$	10.12	8.60	$	3,768
Granted	—
Exercised	—
Canceled	—
Balance - March 31, 2022	400,000	$	10.12	8.36	$	936
Vested & Expected to Vest as of March 31, 2022	400,000	$	10.12	8.36	$	936
Exercisable as of March 31, 2022	179,166	$	10.94	8.59	$	272

As of March 31, 2022, total compensation cost related to unvested Performance-Based Awards not yet recognized was $0.4 million, which will be recognized over a weighted average period of 0.6 years.

Employee stock purchase plan— The 2021 Employee Stock Purchase Plan (the “ESPP”) became effective on October 29, 2021. The Company initially reserved 2,800,000 shares of the Company's common stock under the ESPP. Shares reserved for issuance shall increase on the first day of the fiscal year, beginning in fiscal 2023, in an amount equal to the least of 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, three times the initial number of shares reserved under the ESPP, or a lesser amount determined by the Company’s Board of Directors or compensation committee.

The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount of 15% during an offering period. Offering periods are 24-month periods beginning on the first trading day on or after May 20 or November 20 (defined as the enrollment date), except for the first offering period which commenced on October 29, 2021, and will end on November 20, 2023. Each offering period has four purchase periods which last approximately 6 months, or the length of time between exercise dates (defined as the first trading day on or after May 20 and November 20 of each purchase period), except that the first purchase period of any offering period is the time between the enrollment date and first exercise date. At the start of an offering period, eligible employees may elect to contribute up to 15% of their eligible compensation each payroll period during that offering period to purchase shares of common stock in accordance with the ESPP.

On each exercise date, eligible employees will purchase the Company’s common stock at a price per share equal to 85% of the lesser of the fair market value of the Company’s common stock on (i) the enrollment date or (ii) the exercise date. For the three months ended March 31, 2022, no shares of common stock were issued under the ESPP, as the first exercise date had not yet occurred.

As of March 31, 2022, total unrecognized compensation cost for the ESPP was $5.3 million, which will be recognized over a weighted average period of 1.6 years.

Other equity transactions— 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 $1.6 million during the three months ended March 31, 2021, 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.

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 months ended March 31, 2022, was $0.2 million. As of March 31, 2022, total compensation cost related to the restricted stock not yet recognized was $1.7 million, which will be recognized over a weighted average period of 2.4 years.

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


	Three Months Ended March 31,
	2022		2021
Cost of revenue	$	840	$	300
Sales and marketing	4,137		1,924
Research and development	3,334		2,090
General and administrative	5,031		6,198
Total stock-based compensation expense	$	13,342	$	10,512

The Company capitalized $1.2 million and $0.5 million of stock-based compensation expense as capitalized software during the three months ended March 31, 2022 and 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
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+ Details

Net loss per share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net loss per share

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss attributable to common stockholders	$	(25,649)	$	(17,989)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic and diluted	139,405,294		36,178,304
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.18)	$	(0.50)

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 March 31,
	2022	2021
Redeemable convertible preferred stock	—	85,403,933
Stock options	19,703,879	19,646,473
RSUs and restricted stock	4,168,525	—
Contingently issuable shares under ESPP	440,920	—
Total potentially dilutive securities	24,313,324	105,050,406

Segment and geographic information

3 Months Ended

Mar. 31, 2022

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 Ended March 31,
	2022		2021
Revenue
Consumer	$	87,312	$	87,873
Enterprise	64,911		36,677
Total Revenue	$	152,223	$	124,550

Segment cost of revenue
Consumer	39,797		42,450
Enterprise	22,163		12,958
Total segment cost of revenue	$	61,960	$	55,408

Segment gross profit
Consumer	47,515		45,423
Enterprise	42,748		23,719
Total segment gross profit	$	90,263	$	69,142

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	2,724		2,012
Amortization of intangible assets	725		—
Depreciation	189		203
Stock-based compensation	840		300
Total reconciling items	4,478		2,515
Total gross profit	$	85,785	$	66,627

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 March 31,
	2022		2021
North America	$	60,588	$	48,010
Europe, Middle East, Africa	47,725		43,501
Asia Pacific	33,188		23,484
Latin America	10,722		9,555
Total revenue	$	152,223	$	124,550

No single country other than the United States represented 10% or more of the Company’s total revenue during the three months ended March 31, 2022 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):


	March 31,		December 31,
	2022		2021
North America	$	6,185	$	6,922
Rest of world	2,641		2,832
Total long-lived assets	$	8,826	$	9,754

- 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
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+ Details

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2022
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 audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was originally filed with the SEC on March 25, 2022.
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 months ended March 31, 2022 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, the carrying value of operating lease right-of-use assets, stock-based compensation, 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, the period of benefit for deferred commissions, the fair value and associated useful lives of intangible assets and goodwill acquired via business combinations, and the valuation of privately-held strategic investments, including impairments. 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.
Restricted cash	Restricted cash—Restricted cash primarily consists of cash restricted in connection with lease agreements for the Company’s facilities. Restricted cash is included in current assets for leases that expire within one year from the balance sheet date and in non-current assets for leases that expire in more than one year from the balance sheet date.
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts—Accounts receivable represent amounts owed to the Company for Enterprise subscriptions. Also included in accounts receivable are amounts due from payment processors or mobile application store partners that settle over a period longer than five business days. Accounts receivable balances are recorded at the invoiced amount and are non-interest-bearing. Accounts receivable are presented net of allowances for doubtful accounts. Management assesses the Company’s ability to collect outstanding receivables and records allowances when collection becomes doubtful. The provision for bad debt is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. These estimates are based on the assessment of the credit worthiness of the Company’s customers based on multiple sources of information and analysis of such factors as the Company’s historical collection experience and industry and geographic concentrations of credit risk. Accounts receivable deemed to be uncollectible are written off, net of any amounts that may be collected.
Fair value of financial instruments	Fair value of financial instruments—The Company considers fair value as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value are either observable or unobservable. Observable inputs reflect assumptions that market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based on their own market assumptions. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value: Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2—Inputs are observable, unadjusted quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data; and Level 3—Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The carrying amounts of cash, cash equivalents, restricted cash, and accounts receivable, as well as accounts payable, approximate fair value due to the relatively short-term maturities and are classified as short-term assets and liabilities, respectively, in the accompanying consolidated balance sheets.
Operating leases	Operating leases—The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2026. The Company determines if an arrangement contains a lease at inception based on whether there is an identified tangible asset and whether the Company controls the use of the identified asset throughout the period of use. The Company adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) on January 1, 2022. Operating leases are included in operating lease right-of-use (“ROU”) assets and in operating lease liabilities in the accompanying condensed consolidated balance sheet. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company measures its operating lease liabilities at lease inception date based on the present value of total lease payments over the lease term. Total lease payments are discounted to present value using the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate (which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease). Because the Company’s operating leases generally do not provide an implicit rate, the Company estimates its incremental borrowing rate using information available at the lease commencement date, including but not limited to credit rating, lease term, and the currency in which the arrangement is denominated. The Company’s operating lease ROU assets are equal to the corresponding operating lease liability, adjusted for payments made to the lessor at or before the commencement date, initial direct costs incurred, and tenant incentives under the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company does not allocate consideration between lease and non-lease components. Variable lease payments, such as those for common area maintenance or property taxes, are not included in the measurement of operating lease liabilities and are expensed as incurred. In addition, the Company does not recognize operating ROU assets or operating lease liabilities for leases with a term of 12 months or less for all asset classes. Operating lease expense is recognized on a straight-line basis over the lease term. Lease accounting prior to the adoption of Topic 842 The Company recorded total rent expense on a straight-line basis over the lease term consistent with Topic 840. The Company recorded the difference between cash rent payments and straight-line rent expense, generally due to rent escalations and tenant improvement allowances, as a deferred rent liability within accrued expenses and other current liabilities and other liabilities, non-current, each of which were immaterial as of December 31, 2021.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements—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. The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard with an effective date of January 1, 2021 using the prospective transition adoption approach. Capitalized implementation costs are recorded in prepaid expenses and other current assets and other assets in the condensed consolidated balance sheet. The adoption of this ASU did not have a material impact on the condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires a lessee to record an asset representing the lessees’ 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. The Company adopted Topic 842 on January 1, 2022, using the modified retrospective approach. The Company elected the package of practical expedients, the use of hindsight in determining the lease term, and the practical expedient to not recognize an operating ROU asset or operating lease liability for leases with a term of 12 months or less. Upon adoption, the Company recognized $17.6 million in operating ROU assets and $20.0 million in operating lease liabilities in its condensed consolidated balance sheets. The difference between the amounts of operating ROU assets and operating lease liabilities consisted of deferred rent and prepaid rent that were derecognized upon transition. There was no adoption date impact to accumulated deficit, and adoption of the new standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which aims to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The Company elected to early adopt this standard on a prospective basis on January 1, 2022. There has been no impact of adoption to date, as the Company has not entered into any business combinations since adoption. 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 condensed 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 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 deferred the effective date for nonpublic entities, including EGCs, that had not yet adopted the original ASU. Under the amended guidance, the standard will be effective for the Company’s fiscal year beginning after December 15, 2022, and early adoption is still permitted. The Company is currently assessing the potential impact of the new standard on the Company’s condensed 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’s fiscal year beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements.

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash


	As of March 31,		As of December 31,
Reconciliation of cash, cash equivalents and restricted cash	2022		2021

Cash and cash equivalents	$	510,965	$	533,868
Restricted cash, non-current	3,629		2,900
Total cash, cash equivalents and restricted cash	$	514,594	$	536,768

Restrictions on Cash and Cash Equivalents


	As of March 31,		As of December 31,
Reconciliation of cash, cash equivalents and restricted cash	2022		2021

Cash and cash equivalents	$	510,965	$	533,868
Restricted cash, non-current	3,629		2,900
Total cash, cash equivalents and restricted cash	$	514,594	$	536,768

Accounts Receivable, Allowance for Credit Loss


	Balance at Beginning of Period		Charged to Expenses		Charges Utilized/Written-off		Balance at End of Period
Allowance for doubtful accounts
Three Months Ended March 31, 2022	$	678	$	110	$	(110)	$	678
Three Months Ended March 31, 2021	$	643	$	3	$	(26)	$	620

Fair Value, Assets Measured on Recurring Basis

The fair value measurements of assets that are measured at fair value on a recurring basis are as follows (in thousands):


	Fair Value Hierarchy
	Level 1		Level 2		Level 3
March 31, 2022
Strategic investments	$	—	$	—	$	15,000
Total as of March 31, 2022	$	—	$	—	$	15,000

Fair Value, Liabilities Measured on Recurring Basis

The fair value measurements of liabilities that are measured at fair value on a recurring basis are as follows (in thousands):


	Fair Value Hierarchy
	Level 1		Level 2		Level 3
March 31, 2022
Cash settled stock appreciation rights	$	—	$	—	$	508
Total as of March 31, 2022	$	—	$	—	$	508

March 31, 2021
Cash settled stock appreciation rights	$	—	$	—	$	674
Total as of March 31, 2021	$	—	$	—	$	674

Summary of the Changes in the Fair Value of Level 3 Financial Instruments


	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2021	$	—	$	818	$	10,000
Vesting and remeasurement of stock appreciation rights	—		(310)		—
Purchases of strategic investments	—		—		5,000
Balance— March 31, 2022	$	—	$	508	$	15,000

Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of stock appreciation rights	—		406		—
Balance— March 31, 2021	$	—	$	674	$	—

Summary of the Changes in the Fair Value of Level 3 Financial Instruments


	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— December 31, 2021	$	—	$	818	$	10,000
Vesting and remeasurement of stock appreciation rights	—		(310)		—
Purchases of strategic investments	—		—		5,000
Balance— March 31, 2022	$	—	$	508	$	15,000

Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of stock appreciation rights	—		406		—
Balance— March 31, 2021	$	—	$	674	$	—

Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2022

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):


	March 31,		December 31,		December 31,
	2022		2021		2020
Deferred revenue:
Enterprise	$	171,780	$	148,966	$	84,241
Consumer	58,738		61,588		58,135
Total deferred revenue	$	230,518	$	210,554	$	142,376

Schedule of Deferred Contract Costs

The following table represents a rollforward of the Company’s deferred contract costs (in thousands):


	Balance at Beginning of Period	Additions	Amortization Expense	Balance at End of Period
Three Months Ended March 31, 2022	44,545	13,038	(6,582)	51,001
Three Months Ended March 31, 2021	25,838	7,956	(3,481)	30,313

Consolidated balance sheet components (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	March 31,		December 31,
	2022		2021
Prepaid expenses	$	11,735	$	12,465
Capitalized cloud computing costs, current	735		808
Short term deposits	340		745
Other current assets	2,469		1,909
Prepaid expenses and other current assets	$	15,279	$	15,927

Schedule of Property and Equipment, Net

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


	March 31,		December 31,
	2022		2021
Computers and equipment	$	7,001	$	6,798
Furniture and fixtures	4,702		4,701
Purchased software	383		383
Leasehold improvements	19,002		18,932
Construction in progress	13		18
Total property and equipment	31,101		30,832
Less accumulated depreciation and amortization	(22,164)		(20,945)
Property and equipment, net	$	8,937	$	9,887

Schedule of Capitalized Computer Software

Capitalized software, net consisted of the following (in thousands):


	March 31,		December 31,
	2022		2021
Capitalized software	$	48,167	$	43,804
Less accumulated amortization	(26,474)		(23,750)
Capitalized software, net	$	21,693	$	20,054

Schedule of Expected Amortization Expense

As of March 31, 2022, expected amortization expense for capitalized software over the remaining asset lives is as follows (in thousands):


Remainder of 2022	$	8,180
2023	8,782
2024	4,457
2025	274
Total expected amortization	$	21,693

The expected future amortization expense for intangible assets as of March 31, 2022 was as follows (in thousands):


Remainder of 2022	$	3,200
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Total expected amortization	$	12,531

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Other Information Pertaining to Operating Leases

The following table sets forth a summary of and other information pertaining to the Company’s operating leases for the three months ended March 31, 2022 (dollar amounts in thousands):


	Three Months Ended March 31,
	2022
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	1,151
Weighted average remaining term (years)	2.7
Weighted average discount rate	3.8		%

Schedule of Future Minimum Lease Payments

Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year as of March 31, 2022, were as follows (in thousands):


Remainder of 2022	$	5,697
2023	7,176
2024	5,825
2025	809
2026	410
Gross lease payments	19,917
Less imputed interest	(1,049)
Present value of operating lease liabilities	$	18,868

Schedule of Future Minimum Lease Payments under Topic 840

Future minimum lease payments as measured under Topic 840 for noncancellable operating leases as of December 31, 2021, were as follows (in thousands):


2022	$	7,826
2023	7,212
2024	5,921
2025	809
2026	410
Total lease commitments	$	22,178

Business combinations (Tables)

3 Months Ended

Mar. 31, 2022

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, net and goodwill (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Acquired through Business Combination

As of March 31, 2022, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(552)	$	4,948
Vendor relationships	3 years	4,500		(903)		3,597
Developed technology	3 years	4,200		(843)		3,357
Tradename	2 years	900		(271)		629
Total		$	15,100	$	(2,569)	$	12,531

As of December 31, 2021, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(323)	$	5,177
Vendor relationships	3 years	4,500		(529)		3,971
Developed technology	3 years	4,200		(493)		3,707
Tradename	2 years	900		(158)		742
Total		$	15,100	$	(1,503)	$	13,597

Schedule of Expected Amortization Expense

As of March 31, 2022, expected amortization expense for capitalized software over the remaining asset lives is as follows (in thousands):


Remainder of 2022	$	8,180
2023	8,782
2024	4,457
2025	274
Total expected amortization	$	21,693

The expected future amortization expense for intangible assets as of March 31, 2022 was as follows (in thousands):


Remainder of 2022	$	3,200
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Total expected amortization	$	12,531

Accrued expenses and other current liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 31,		December 31,
	2022		2021
Accrued expenses	$	5,524	$	7,326
Indirect tax reserves	17,411		18,392
Indirect tax payables	9,790		10,786
Deferred rent, current	—		803
Other current liabilities	2,972		2,833
Accrued expenses and other current liabilities	$	35,697	$	40,140

Schedule of Changes to the Withholding Tax Reserve

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


	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	17,036	$	22,166
Amounts charged to (released from) expense	(1,343)		168
Net payments and settlements	—		—
Balance, end of period	$	15,693	$	22,334

- 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
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14326-108349

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121557415&loc=d3e14557-108349

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

Stockholders' equity (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Common Stock Reserved for Future Issuance

The Company had the following common stock reserved for future issuance as of March 31, 2022, and December 31, 2021, respectively:


	March 31,	December 31,
	2022	2021
Stock options to purchase common stock (1)	19,703,879	20,342,259
Shares available for future issuance under:
2021 Equity Incentive Plan	10,084,842	11,417,359
2021 Employee Stock Purchase Plan	2,800,000	2,800,000
Total shares of common stock reserved	32,588,721	34,559,618
(1) Excludes 105,623 and 106,155 cash-settled stock appreciation rights (“SARs”) outstanding as of March 31, 2022 and December 31, 2021, respectively.

Summary of Option Activity

The following is a summary of activity for stock options under the Equity Incentive Plans (amounts in thousands, except share and per share amounts):


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2021	19,942,259	$	9.70	8.14	$	226,350
Granted	—	—
Exercised	(376,578)	4.03
Canceled	(261,802)	15.06
Balance - March 31, 2022	19,303,879	$	9.74	7.88	$	102,880
Vested & Expected to Vest as of March 31, 2022	19,303,879	$	9.74	7.88	$	102,880
Exercisable as of March 31, 2022	9,129,677	$	5.30	7.25	$	67,191

Summary of Stock Appreciation Rights

The following is a summary of activity for SARs under the Equity Incentive Plans (amounts in thousands, except share and per share amounts):


	SARs Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2021	106,155	$	8.45	8.25	$	1,267
Granted	—	—
Exercised	—	—
Canceled	(532)	10.02
Balance - March 31, 2022	105,623	$	8.45	7.95	$	595
Vested & Expected to Vest as of March 31, 2022	105,623	$	8.45	7.95	$	595
Exercisable as of March 31, 2022	55,585	$	5.57	7.61	$	384

Schedule of Restricted Stock Unit Activity

A summary of RSU activity under the 2021 Plan is as follows:


	RSUs Outstanding	Weighted Average Grant Date Fair Value
Unvested - December 31, 2021	2,545,051	$27.64
Granted	1,683,039	$14.32
Released	(32,165)	$27.21
Canceled	(88,700)	$20.90
Unvested - March 31, 2022	4,107,225	$22.33

Summary of Performance-Based Options

The following table summarizes the activities of Performance-Based Awards under the Equity Incentive Plans (amounts in thousands, except share and per share amounts):


	Performance-Based Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance - December 31, 2021	400,000	$	10.12	8.60	$	3,768
Granted	—
Exercised	—
Canceled	—
Balance - March 31, 2022	400,000	$	10.12	8.36	$	936
Vested & Expected to Vest as of March 31, 2022	400,000	$	10.12	8.36	$	936
Exercisable as of March 31, 2022	179,166	$	10.94	8.59	$	272

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 March 31,
	2022		2021
Cost of revenue	$	840	$	300
Sales and marketing	4,137		1,924
Research and development	3,334		2,090
General and administrative	5,031		6,198
Total stock-based compensation expense	$	13,342	$	10,512

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Net Earnings (Loss) per Share

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss attributable to common stockholders	$	(25,649)	$	(17,989)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic and diluted	139,405,294		36,178,304
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.18)	$	(0.50)

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 March 31,
	2022	2021
Redeemable convertible preferred stock	—	85,403,933
Stock options	19,703,879	19,646,473
RSUs and restricted stock	4,168,525	—
Contingently issuable shares under ESPP	440,920	—
Total potentially dilutive securities	24,313,324	105,050,406

Segment and geographic information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Information by Each Reportable Segment

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


	Three Months Ended March 31,
	2022		2021
Revenue
Consumer	$	87,312	$	87,873
Enterprise	64,911		36,677
Total Revenue	$	152,223	$	124,550

Segment cost of revenue
Consumer	39,797		42,450
Enterprise	22,163		12,958
Total segment cost of revenue	$	61,960	$	55,408

Segment gross profit
Consumer	47,515		45,423
Enterprise	42,748		23,719
Total segment gross profit	$	90,263	$	69,142

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	2,724		2,012
Amortization of intangible assets	725		—
Depreciation	189		203
Stock-based compensation	840		300
Total reconciling items	4,478		2,515
Total gross profit	$	85,785	$	66,627

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 March 31,
	2022		2021
North America	$	60,588	$	48,010
Europe, Middle East, Africa	47,725		43,501
Asia Pacific	33,188		23,484
Latin America	10,722		9,555
Total revenue	$	152,223	$	124,550

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):


	March 31,		December 31,
	2022		2021
North America	$	6,185	$	6,922
Rest of world	2,641		2,832
Total long-lived assets	$	8,826	$	9,754

Organization and description of business (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Nov. 24, 2021 USD ($) shares	Oct. 29, 2021 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Subsequent Event [Line Items]
Payment of redeemable convertible preferred stock issuance costs			$ 0	$ 2,250
Common Stock
Subsequent Event [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares) \| shares		85,403,933
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		$ 6,800
Redeemable convertible preferred stock converted into shares of common stock, conversion basis		1
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	30 days
Underwriters purchase option, number of shares, maximum (in shares) \| shares		2,175,000

Summary of significant accounting policies - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($) $ / shares shares	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Exercise price of warrants (in USD per share) \| $ / shares		$ 0.196
Redeemable convertible preferred stock	$ 0	$ 274,267		$ 0	$ 274,104
Operating lease right-of-use assets	15,994
Operating lease liabilities	$ 18,868
Reclassification
Concentration Risk [Line Items]
Redeemable convertible preferred stock warrants outstanding		$ (200)
Series A-1 Preferred Stock
Concentration Risk [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares) \| shares		12,595
Series A-1 Preferred Stock \| Reclassification
Concentration Risk [Line Items]
Redeemable convertible preferred stock		$ 200
Accounting Standards Update 2016-02 \| Cumulative Effect, Period of Adoption, Adjustment
Concentration Risk [Line Items]
Operating lease right-of-use assets			$ 17,600
Operating lease liabilities			$ 20,000
Reseller Partner \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

Summary of significant accounting policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 510,965	$ 533,868
Restricted cash, non-current	3,629	2,900
Total cash, cash equivalents and restricted cash	$ 514,594	$ 536,768	$ 162,192	$ 177,931

Summary of significant accounting policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 678	$ 643
Charged to Expenses	110	3
Charges Utilized/Written-off	(110)	(26)
Balance at End of Period	$ 678	$ 620

Summary of significant accounting policies - Fair Value of Recurring Assets and Liabilities (Details) - USD ($)	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021	Mar. 31, 2021
Assets
Strategic investments	$ 15,000,000	$ 15,000,000	$ 10,000,000
Fair Value, Recurring \| Level 1
Assets
Strategic investments	0
Total assets, fair value	0
Liabilities
Cash settled stock appreciation rights	0			$ 0
Total liabilities, fair value	0			0
Fair Value, Recurring \| Level 2
Assets
Strategic investments	0
Total assets, fair value	0
Liabilities
Cash settled stock appreciation rights	0			0
Total liabilities, fair value	0			0
Fair Value, Recurring \| Level 3
Assets
Strategic investments	15,000,000			0
Total assets, fair value	15,000,000
Liabilities
Cash settled stock appreciation rights	508,000			674,000
Total liabilities, fair value	$ 508,000			$ 674,000

Summary of significant accounting policies - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Strategic Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,000	$ 0
Purchases of strategic investments	5,000
Ending balance	15,000	0
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	160
Exercise of redeemable convertible preferred stock warrants		(160)
Ending balance	0	0
Stock Appreciation Rights
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	818	268
Vesting and remeasurement of stock appreciation rights	(310)	406
Ending balance	$ 508	$ 674

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 111.4	$ 85.3
Remaining performance obligation, amount	$ 368.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	72.00%
Revenue, remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	23.00%
Revenue, remaining performance obligation, period

Revenue recognition - Deferred Revenue Balances by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 230,518	$ 210,554	$ 142,376
Enterprise
Disaggregation of Revenue [Line Items]
Total deferred revenue	171,780	148,966	84,241
Consumer
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 58,738	$ 61,588	$ 58,135

Revenue recognition - Deferred Contracts Costs Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Deferred contract costs [Roll Forward]
Balance at Beginning of Period	$ 44,545	$ 25,838
Additions	13,038	7,956
Amortization Expense	(6,582)	(3,481)
Balance at End of Period	$ 51,001	$ 30,313

Consolidated balance sheet components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 11,735	$ 12,465
Capitalized cloud computing costs, current	735	808
Short term deposits	340	745
Other current assets	2,469	1,909
Prepaid expenses and other current assets	$ 15,279	$ 15,927

Consolidated balance sheet components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 31,101	$ 30,832
Less accumulated depreciation and amortization	(22,164)	(20,945)
Property and equipment, net	8,937	9,887
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	7,001	6,798
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	4,702	4,701
Purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment	383	383
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	19,002	18,932
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 13	$ 18

Consolidated balance sheet components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1.2	$ 1.1
Amortization of capitalized software	$ 2.7	$ 2.0

Consolidated balance sheet components - Capitalized Software (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software	$ 48,167	$ 43,804
Less accumulated amortization	(26,474)	(23,750)
Capitalized software, net	$ 21,693	$ 20,054

Consolidated balance sheet components - Expected Amortization Expense Capitalized Software (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2022	$ 8,180
2023	8,782
2024	4,457
2025	274
Capitalized software, net	$ 21,693	$ 20,054

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease, rent expense		$ 1.4
Operating lease costs	$ 1.7
Variable Lease, Cost	$ 0.2

Leases - Other Information (Details) $ in Thousands	3 Months Ended
Leases - Other Information (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$ 1,151
Weighted average remaining term (years)	2 years 8 months 12 days
Weighted average discount rate	3.80%

Leases - Lease Payments (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 5,697
2023	7,176
2024	5,825
2025	809
2026	410
Gross lease payments	19,917
Less imputed interest	(1,049)
Present value of operating lease liabilities	$ 18,868

Leases - Lease Payments under Topic 840 (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022	$ 7,826
2023	7,212
2024	5,921
2025	809
2026	410
Total lease commitments	$ 22,178

Strategic investments (Details) - USD ($) $ in Thousands		3 Months Ended
Strategic investments (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Strategic investments	$ 15,000	$ 15,000		$ 10,000
Purchases of strategic investments	$ 5,000	$ 5,000	$ 0

Business combinations - Narrative (Details) - CorpU - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Aug. 24, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 28.6
Cash consideration paid	$ 27.1
Acquisition costs			$ 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	2 years 4 months 24 days

Business combinations - Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Aug. 24, 2021
Business Acquisition [Line Items]
Goodwill	$ 12,646	$ 12,646
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, net and goodwill - Intangible Assets Acquired through Business Combination (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 15,100,000	$ 15,100,000
Accumulated Amortization	(2,569,000)	(1,503,000)
Intangible Assets, Net	$ 12,531,000	$ 13,597,000	$ 0
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	6 years	6 years
Intangible Assets, Gross	$ 5,500,000	$ 5,500,000
Accumulated Amortization	(552,000)	(323,000)
Intangible Assets, Net	$ 4,948,000	$ 5,177,000
Vendor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross	$ 4,500,000	$ 4,500,000
Accumulated Amortization	(903,000)	(529,000)
Intangible Assets, Net	$ 3,597,000	$ 3,971,000
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross	$ 4,200,000	$ 4,200,000
Accumulated Amortization	(843,000)	(493,000)
Intangible Assets, Net	$ 3,357,000	$ 3,707,000
Tradename
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	2 years	2 years
Intangible Assets, Gross	$ 900,000	$ 900,000
Accumulated Amortization	(271,000)	(158,000)
Intangible Assets, Net	$ 629,000	$ 742,000

Intangible assets, net and goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Aug. 24, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,100
Goodwill	$ 12,646	$ 12,646
CorpU
Finite-Lived Intangible Assets [Line Items]
Goodwill			$ 12,646

Intangible assets, net and goodwill - Expected Future Amortization (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 3,200,000
2023	4,108,000
2024	2,795,000
2025	917,000
2026	917,000
Thereafter	594,000
Intangible Assets, Net	$ 12,531,000	$ 13,597,000	$ 0

Accrued expenses and other current liabilities - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 5,524	$ 7,326
Indirect tax reserves	17,411	18,392
Indirect tax payables	9,790	10,786
Deferred rent, current	0	803
Other current liabilities	2,972	2,833
Accrued expenses and other current liabilities	$ 35,697	$ 40,140

Accrued expenses and other current liabilities - Narrative (Details) - Historical Tax Withholding Possible Loss - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Loss contingency accrual	$ 15,693	$ 17,036	$ 22,334	$ 22,166
Minimum
Loss Contingencies [Line Items]
Estimate of possible loss	12,000
Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 15,700

Accrued expenses and other current liabilities - Changes to Withholding Tax Reserve (Details) - Historical Tax Withholding Possible Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	$ 17,036	$ 22,166
Amounts charged to (released from) expense	(1,343)	168
Net payments and settlements	0	0
Balance, end of period	$ 15,693	$ 22,334

Commitments and contingencies - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total lease commitments	$ 17.3

Income taxes (Details)	3 Months Ended
Income taxes (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	(1.30%)	(5.30%)

Employee retirement plan (Details) - USD ($)	3 Months Ended
Employee retirement plan (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
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	$ 300,000	$ 200,000

Related party transactions (Details) - USD ($)	3 Months Ended
Related party transactions (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Affiliated Entity \| Naspers Ltd. and Other Entity
Related Party Transaction [Line Items]
Revenue from related parties	$ 400,000	$ 300,000
Accounts receivable, related parties	100,000		$ 100,000
Affiliated Entity \| Certain Vendors
Related Party Transaction [Line Items]
General and administrative expenses, related party	200,000	$ 0
Accounts payable, related parties	0		100,000
Board of Directors Member \| Carbon Health Technologies
Related Party Transaction [Line Items]
Accounts receivable, related parties	$ 200,000		$ 0

Stockholders' equity - Narrative (Details)		3 Months Ended		12 Months Ended
Stockholders' equity - Narrative (Details)	Aug. 24, 2021 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) vote award period $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2018 installment shares	Dec. 31, 2021 award $ / shares shares	Oct. 29, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares) \| shares		50,000,000				50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.00001				$ 0.00001
Number of votes per common stock \| vote		1
Aggregate intrinsic value of options exercised in period		$ 3,900,000	$ 23,400,000
Unrecognized compensation costs, options		$ 84,900,000
Total shares of common stock reserved (in shares) \| shares		32,588,721				34,559,618
Stock-based compensation		$ 13,342,000	10,512,000
Stock-based compensation capitalized as a software		$ 1,200,000	$ 500,000
2021 Stock incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares) \| shares		13,800,000
Annual percentage increase, term		0.05
Granted (in shares) \| shares		0
Tender Offer to Sell Common Stock to an 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, term, less than (in USD per share) \| $ / shares			$ 23.75
Stock-based compensation			$ 1,600,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)		10 years
Award vesting period (in years)		4 years
Unrecognized compensation costs, period for recognition (in years)		2 years 3 months 18 days
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)		10 years
Award vesting period (in years)		4 years
Unrecognized compensation costs, period for recognition (in years)		2 years 1 month 6 days
Unrecognized compensation costs, excluding options		$ 300,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)		3 years 9 months 18 days
Unrecognized compensation costs, excluding options		$ 83,300,000
Restricted stock issued for business combination, grant date fair value (in dollars per share) \| $ / shares		$ 22.33				$ 27.64
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
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)		7 months 6 days
Number of Performance-Based Awards outstanding \| award		2				2
Granted (in shares) \| shares				350,000	50,000
Number of equal monthly installments \| installment					48
Unrecognized compensation costs		$ 400,000
Performance-Based Awards \| Amended and Restated 2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares		0
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
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)		1 year 7 months 6 days
Unrecognized compensation costs, excluding options		$ 5,300,000
Total shares of common stock reserved (in shares) \| shares							2,800,000
Percent of outstanding shares		1.00%
ESPP discount percentage from market price, beginning of purchase period		15.00%
Consecutive offering period		24 months
Number of purchase periods \| period		4
Purchase period		6 months
ESPP purchase price of common stock, percent of market price		85.00%
Restricted stock \| CorpU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)	3 years	2 years 4 months 24 days
Unrecognized compensation costs, excluding options		$ 1,700,000
Stock-based compensation	$ 200,000
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

Stockholders' equity - Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options to purchase common stock (in shares)	19,703,879	20,342,259
Total shares of common stock reserved (in shares)	32,588,721	34,559,618
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, outstanding (in shares)	105,623	106,155
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	10,084,842	11,417,359
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	2,800,000	2,800,000

Stockholders' equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Options Outstanding
Outstanding, beginning balance (in shares)	20,342,259
Outstanding, ending balance (in shares)	19,703,879		20,342,259
2021 Stock incentive Plan
Options Outstanding
Outstanding, beginning balance (in shares)	19,942,259
Granted (in shares)	0
Exercised (in shares)	(376,578)
Canceled (in shares)	(261,802)
Outstanding, ending balance (in shares)	19,303,879		19,942,259
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 9.70
Granted (in USD per share)	0
Exercised (in USD per share)	4.03
Canceled (in USD per share)	15.06
Outstanding, ending balance (in USD per share)	$ 9.74		$ 9.70
Outstanding, Weighted Average Remaining Contractual Term (in years)	7 years 10 months 17 days		8 years 1 month 20 days
Outstanding, Aggregate Intrinsic Value	$ 102,880		$ 226,350
Vested and Expected to Vest, Awards Outstanding (in shares)	19,303,879
Vested and Expected to Vest, Weighted Average Exercise Price (in USD per shares)	$ 9.74
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	7 years 10 months 17 days
Vested and Expected to Vest, Aggregate Intrinsic Value	$ 102,880
Exercisable, Awards Outstanding (in shares)	9,129,677
Exercisable, Weighted Average Exercise Price (in USD per share)	$ 5.30
Exercisable, Weighted Average Remaining Contractual Term (in years)	7 years 3 months
Exercisable, Aggregate Intrinsic Value	$ 67,191
Performance-Based Awards
Options Outstanding
Granted (in shares)				350,000	50,000
Performance-Based Awards \| Amended and Restated 2010 Equity Incentive Plan
Options Outstanding
Outstanding, beginning balance (in shares)	400,000
Granted (in shares)	0
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)
Exercised (in USD per share)
Canceled (in USD per share)
Outstanding, ending balance (in USD per share)	$ 10.12		$ 10.12
Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 4 months 9 days	8 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value	$ 936		$ 3,768
Vested and Expected to Vest, Awards Outstanding (in shares)	400,000
Vested and Expected to Vest, Weighted Average Exercise Price (in USD per shares)	$ 10.12
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	8 years 4 months 9 days
Vested and Expected to Vest, Aggregate Intrinsic Value	$ 936
Exercisable, Awards Outstanding (in shares)	179,166
Exercisable, Weighted Average Exercise Price (in USD per share)	$ 10.94
Exercisable, Weighted Average Remaining Contractual Term (in years)	8 years 7 months 2 days
Exercisable, Aggregate Intrinsic Value	$ 272

Stockholders' equity - SARs Activity (Details) - Stock Appreciation Rights - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Outstanding
Outstanding, beginning balance (in shares)	106,155
Granted (in shares)	0
Exercised (in shares)	0
Canceled (in shares)	(532)
Outstanding, ending balance (in shares)	105,623	106,155
Weighted Average Exercise Price
Outstanding, beginning balance (in USD per share)	$ 8.45
Granted (in USD per share)	0
Exercised (in USD per share)	0
Canceled (in USD per share)	10.02
Outstanding, ending balance (in USD per share)	$ 8.45	$ 8.45
Outstanding, Weighted Average Remaining Contractual Term (in years)	7 years 11 months 12 days	8 years 3 months
Outstanding, Aggregate Intrinsic Value	$ 595	$ 1,267
Vested and Expected to Vest, Awards Outstanding (in shares)	105,623
Vested and Expected to Vest, Weighted Average Exercise Price (in USD per shares)	$ 8.45
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	7 years 11 months 12 days
Vested and Expected to Vest, Aggregate Intrinsic Value	$ 595
Exercisable, Awards Outstanding (in shares)	55,585
Exercisable, Weighted Average Exercise Price (in USD per share)	$ 5.57
Exercisable, Weighted Average Remaining Contractual Term (in years)	7 years 7 months 9 days
Exercisable, Aggregate Intrinsic Value	$ 384

Stockholders' equity - RSU Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Outstanding
Unvested beginning balance (in shares) \| shares	2,545,051
Granted (in shares) \| shares	1,683,039
Released (in shares) \| shares	(32,165)
Canceled (in shares) \| shares	(88,700)
Unvested ending balance (in shares) \| shares	4,107,225
Weighted Average Grant Date Fair Value
Unvested beginning balance (in USD per share) \| $ / shares	$ 27.64
Granted (in USD per share) \| $ / shares	14.32
Released (in USD per share) \| $ / shares	27.21
Canceled (in USD per share) \| $ / shares	20.90
Unvested ending balance (in USD per share) \| $ / shares	$ 22.33

Stockholders' equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 13,342	$ 10,512
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	840	300
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	4,137	1,924
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	3,334	2,090
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 5,031	$ 6,198

Net loss per share - Calculation of Basic and Diluted Net Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (25,649)	$ (17,989)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic (in shares)	139,405,294	36,178,304
Diluted (in shares)	139,405,294	36,178,304
Net loss per share attributable to common stockholders
Basic (in dollars per share)	$ (0.18)	$ (0.50)
Diluted (in dollars per share)	$ (0.18)	$ (0.50)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Net loss per share - Potentially Dilutive Securities Excluded (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	24,313,324	105,050,406
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	0	85,403,933
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	19,703,879	19,646,473
RSUs and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	4,168,525	0
Contingently issuable shares under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	440,920	0

Segment and geographic information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 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
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 152,223	$ 124,550
Segment cost of revenue	66,438	57,923
Gross profit	85,785	66,627
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	2,700	2,000
Amortization of intangible assets	1,100
Depreciation	1,200	1,100
Stock-based compensation	13,342	10,512
Gross profit	85,785	66,627
Operating Segments
Segment Reporting Information [Line Items]
Revenue	152,223	124,550
Segment cost of revenue	61,960	55,408
Gross profit	90,263	69,142
Reconciliation of segment gross profit to gross profit
Gross profit	90,263	69,142
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit	4,478	2,515
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	2,724	2,012
Amortization of intangible assets	725	0
Depreciation	189	203
Stock-based compensation	840	300
Gross profit	4,478	2,515
Consumer \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	87,312	87,873
Segment cost of revenue	39,797	42,450
Gross profit	47,515	45,423
Reconciliation of segment gross profit to gross profit
Gross profit	47,515	45,423
Enterprise \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	64,911	36,677
Segment cost of revenue	22,163	12,958
Gross profit	42,748	23,719
Reconciliation of segment gross profit to gross profit
Gross profit	$ 42,748	$ 23,719

Segment and geographic information - Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 152,223	$ 124,550
North America
Segment Reporting Information [Line Items]
Revenue	60,588	48,010
Europe, Middle East, Africa
Segment Reporting Information [Line Items]
Revenue	47,725	43,501
Asia Pacific
Segment Reporting Information [Line Items]
Revenue	33,188	23,484
Latin America
Segment Reporting Information [Line Items]
Revenue	$ 10,722	$ 9,555

- 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.

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+ Details

Segment and geographic information - Long-lived Assets by Region (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total long-lived assets	$ 8,826	$ 9,754
North America
Segment Reporting Information [Line Items]
Total long-lived assets	6,185	6,922
Rest of world
Segment Reporting Information [Line Items]
Total long-lived assets	$ 2,641	$ 2,832