0001607939-22-000118 | 10-Q | XBRL Viewer

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Income taxes	9 Months Ended
Income taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income taxes	11. 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 resulted in an effective tax rate of (1.1)% and 5.6% for the three months ended September 30, 2022 and 2021, respectively, and (1.1)% and (1.3)% for the nine months ended September 30, 2022 and 2021, respectively. During the three and nine months ended September 30, 2022, as compared to the same periods 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 September 30, 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 net operating loss (“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 or state taxing 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

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+ Details

Revenue recognition

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue recognition

3. Revenue recognition

Deferred revenue— Revenue recognized for the three months ended September 30, 2022 from amounts included in deferred revenue as of June 30, 2022 was $122.5 million. Revenue recognized for the three months ended September 30, 2021 from amounts included in deferred revenue as of June 30, 2021 was $92.4 million.

Revenue recognized for the nine months ended September 30, 2022 from amounts included in deferred revenue as of December 31, 2021 was $187.4 million. Revenue recognized for the nine months ended September 30, 2021 from amounts included in deferred revenue as of December 31, 2020 was $127.4 million.

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


	September 30,		December 31,		December 31,
	2022		2021		2020
Deferred revenue:
Enterprise	$	186,646	$	148,966	$	84,241
Consumer	54,302		61,588		58,135
Total deferred revenue	$	240,948	$	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 primarily relate to unearned revenue from Consumer single course purchase arrangements and unearned and unbilled revenue from multi-year Enterprise subscription contracts with future installment payments at the end of any given period. As of September 30, 2022, the aggregate transaction price for remaining performance obligations was $433.7 million, of which 69% is expected to be recognized 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
Nine months ended September 30, 2022	$	44,545	$	40,203	$	(22,558)	$	62,190
Nine months ended September 30, 2021	$	25,837	$	25,455	$	(11,995)	$	39,297

- 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
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+ Details

Related party transactions	9 Months Ended
Related party transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related party transactions	13. Related party transactions Naspers Ltd. (“Naspers”), through an investment entity controlled by Prosus N.V. (“Prosus”), beneficially owns more than 5% of the Company’s outstanding capital stock. A current member of the Company’s Board of Directors is an executive officer of a Prosus operating subsidiary, OLX Global B.V. A former member of the Company’s Board of Directors, who resigned in September 2022, was an executive officer of Prosus. Naspers and certain entities directly and indirectly controlled by Naspers are customers of the Company’s Enterprise subscription offering. The Company recorded $0.3 million and $0.3 million of revenue from services provided to these customers during the three months ended September 30, 2022 and 2021, respectively, and $1.1 million and $0.9 million for the nine months ended September 30, 2022 and 2021. As of September 30, 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 September 30, 2022 and 2021, the Company recorded $0.2 million and $0.1 million, respectively, of expenses with these vendors. During the nine months ended September 30, 2022 and 2021, the Company recorded $0.7 million and $0.3 million, respectively, of expense with these vendors. As of September 30, 2022 and December 31, 2021, the Company had an accounts payable balance with these vendors of zero and $0.1 million, respectively. Certain members of the Company’s Board of Directors also serve as executive officers for customers of the Company’s Enterprise subscription offering. The Company recorded $0.2 million and $0.4 million of revenue from services provided to these customers during the three and nine months ended September 30, 2022, respectively, and an immaterial amount of revenue for the three and nine months ended September 30, 2021. As of September 30, 2022, the Company had an immaterial accounts receivable balance with these customers, and a balance of zero as of December 31, 2021.

Segment and geographic information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 158,432	$ 129,563	$ 463,767	$ 380,206
Segment cost of revenue	69,080	57,986	201,330	171,902
Gross profit	89,352	71,577	262,437	208,304
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	3,300	2,500	9,000	6,700
Amortization of intangible assets	1,100	400	3,200	400
Depreciation	1,100	1,100	3,400	3,300
Stock-based compensation	24,969	7,220	53,043	23,704
Gross profit	89,352	71,577	262,437	208,304
Operating Segments
Segment Reporting Information [Line Items]
Revenue	158,432	129,563	463,767	380,206
Segment cost of revenue	63,349	54,672	186,202	163,448
Gross profit	95,083	74,891	277,565	216,758
Reconciliation of segment gross profit to gross profit
Gross profit	95,083	74,891	277,565	216,758
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit	5,731	3,314	15,128	8,454
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	3,261	2,501	9,000	6,689
Amortization of intangible assets	725	293	2,175	293
Depreciation	134	170	513	585
Stock-based compensation	1,611	350	3,440	887
Gross profit	5,731	3,314	15,128	8,454
Consumer \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	74,567	79,198	240,364	251,035
Segment cost of revenue	35,901	37,243	111,909	118,606
Gross profit	38,666	41,955	128,455	132,429
Reconciliation of segment gross profit to gross profit
Gross profit	38,666	41,955	128,455	132,429
Enterprise \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	83,865	50,365	223,403	129,171
Segment cost of revenue	27,448	17,429	74,293	44,842
Gross profit	56,417	32,936	149,110	84,329
Reconciliation of segment gross profit to gross profit
Gross profit	$ 56,417	$ 32,936	$ 149,110	$ 84,329

Leases - Lease Payments under Topic 840 (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 7,826
2023	7,212
2024	5,921
2025	809
2026	410
Total lease commitments	$ 22,178

Consolidated balance sheet components (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents, and Marketable Securities

The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands):


As of September 30, 2022	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	418,993	$	—	$	—	$	418,993
Money market funds	1,457		—		—		1,457
U.S. government securities	7,463		1		—		7,464
Total cash and cash equivalents	427,913		1		—		427,914
Marketable securities:
U.S. government securities	66,267		—		(215)		66,052
Total cash, cash equivalents, and marketable securities	$	494,180	$	1	$	(215)	$	493,966

Schedule of Prepaid Expenses and Other Current Assets

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


	September 30,		December 31,
	2022		2021
Prepaid expenses	$	9,904	$	12,465
Capitalized cloud computing costs, current	913		808
Short term deposits	115		745
Other current assets	2,546		1,909
Prepaid expenses and other current assets	$	13,478	$	15,927

Schedule of Property and Equipment, Net

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


	September 30,		December 31,
	2022		2021
Computers and equipment	$	7,843	$	6,798
Furniture and fixtures	4,843		4,701
Purchased software	383		383
Leasehold improvements	19,045		18,932
Construction in progress	18		18
Total property and equipment	32,132		30,832
Less accumulated depreciation and amortization	(24,316)		(20,945)
Property and equipment, net	$	7,816	$	9,887

Schedule of Capitalized Computer Software

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


	September 30,		December 31,
	2022		2021
Capitalized software	$	58,637	$	43,804
Less accumulated amortization	(32,750)		(23,750)
Capitalized software, net	$	25,887	$	20,054

Schedule of Expected Amortization Expense

As of September 30, 2022, expected amortization expense for capitalized software over the remaining asset lives is as follows (in thousands):


Remainder of 2022	$	3,445
2023	12,272
2024	7,947
2025	2,223
Total expected amortization	$	25,887

The expected future amortization expense for intangible assets as of September 30, 2022 was as follows (in thousands):


Remainder of 2022	$	1,066
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Total expected amortization	$	10,397

Net loss per share - Potentially Dilutive Securities Excluded (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	27,785,466	106,686,553	27,785,466	106,686,553
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	0	85,403,933	0	85,403,933
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	10,728,915	21,221,320	10,728,915	21,221,320
RSUs and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	16,760,346	61,300	16,760,346	61,300
Contingently issuable shares under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	296,205	0	296,205	0

Stockholders' equity (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022, and December 31, 2021, respectively:


	September 30,	December 31,
	2022	2021
Stock options to purchase common stock (1)	10,728,915	20,342,259
Shares available for future issuance under:
2021 Equity Incentive Plan	5,287,548	11,417,359
2021 Employee Stock Purchase Plan	2,273,246	2,800,000
Total shares of common stock reserved	18,289,709	34,559,618
(1) Excludes 82,791 and 106,155 cash-settled SARs outstanding as of September 30, 2022, and December 31, 2021, respectively.

Schedule of Weighted Average Assumptions, Options

The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the Exchanged Awards as of August 6, 2022:


Risk-free interest rate			3.0%
Expected volatility			68.6%
Expected life (in years)			4.9
Expected dividend yield			—%

Summary of Option Activity

The following is a summary of activity for stock options under the Equity Incentive Plans:


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021	19,942,259	$	9.70	8.14	$	226,350
Granted	—	—
Exercised	(1,273,968)	4.44
Canceled in connection with the Equity Exchange	(6,762,489)	18.62
Canceled	(1,226,887)	13.49
Balance - September 30, 2022	10,678,915	$	4.25	6.63	$	84,557
Vested & expected to vest as of September 30, 2022	10,678,915	$	4.25	6.63	$	84,557
Exercisable as of September 30, 2022	8,388,865	$	3.95	6.49	$	68,602

Summary of Stock Appreciation Rights

The following is a summary of activity for SARs under the Equity Incentive Plans:


	SARs Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021	106,155	$	8.45	8.25	$	1,267
Granted	—	—
Exercised	(743)	3.63
Canceled in connection with the Equity Exchange	(21,055)	19.19
Canceled	(1,566)	18.95
Balance - September 30, 2022	82,791	$	5.57	7.06	$	546
Vested & expected to vest as of September 30, 2022	82,791	$	5.57	7.06	$	546
Exercisable as of September 30, 2022	61,845	$	5.36	6.98	$	423

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	8,183,583	$	13.40
Awarded in connection with the Equity Exchange (1)	7,133,544	$	19.06
Released	(294,779)	$	18.29
Canceled	(847,920)	$	19.15
Unvested - September 30, 2022	16,719,479	$	17.60
(1) Inclusive of 175,000 Performance-Based Awards that were separately modified, as discussed below.

Summary of Performance-Based Options

The following table summarizes the activities of Performance-Based Awards under the Equity Incentive Plans:


	Performance-Based Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021	400,000	$	10.12	8.60	$	3,768
Granted	—
Exercised	—
Canceled (1)	(350,000)	11.13
Balance - September 30, 2022	50,000	$	3.06	5.83	$	452
Vested & expected to vest as of September 30, 2022	50,000	$	3.06	5.83	$	452
Exercisable as of September 30, 2022	10,416	$	3.06	5.83	$	94
(1) 175,000 shares were canceled as part of the Equity Exchange, and 175,000 shares were canceled as part of the modification discussed above.

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	1,611	$	350	$	3,440	$	888
Sales and marketing	9,372		2,149		18,516		5,784
Research and development	6,258		1,304		13,303		4,445
General and administrative	7,728		3,417		17,784		12,587
Total stock-based compensation expense	$	24,969	$	7,220	$	53,043	$	23,704

Related party transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Naspers
Related Party Transaction [Line Items]
Ownership percentage			5.00%
Affiliated Entity \| Naspers Ltd. and Other Entity
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.3	$ 0.3	$ 1.1	$ 0.9
Accounts receivable, related parties	0.1		0.1		$ 0.1
Affiliated Entity \| Certain Vendors
Related Party Transaction [Line Items]
General and administrative expenses, related party	0.2	0.1	0.7	0.3
Accounts payable, related parties	0.0		0.0		$ 0.1
Board of Directors \| Enterprise Subscription Offering
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.2	$ 0.0	$ 0.4	$ 0.0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		141,322,356
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Central Index Key	0001607939
Current Fiscal Year End Date	--12-31

Stockholders' equity - SARs Activity (Details) - Stock Appreciation Rights - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
RSUs Outstanding
Outstanding, beginning balance (in shares)	106,155
Granted (in shares)	0
Exercised (in shares)	(743)
Canceled in connection with the Equity Exchange (in shares)	(21,055)
Canceled (in shares)	(1,566)
Outstanding, ending balance (in shares)	82,791	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)	3.63
Canceled in connection with the Equity Exchange (in USD per share)	19.19
Canceled (in USD per share)	18.95
Outstanding, ending balance (in USD per share)	$ 5.57	$ 8.45
Outstanding, Weighted Average Remaining Contractual Term (in years)	7 years 21 days	8 years 3 months
Outstanding, Aggregate Intrinsic Value	$ 546	$ 1,267
Vested and Expected to Vest, Awards Outstanding (in shares)	82,791
Vested and Expected to Vest, Weighted Average Exercise Price (in USD per shares)	$ 5.57
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	7 years 21 days
Vested and Expected to Vest, Aggregate Intrinsic Value	$ 546
Exercisable, Awards Outstanding (in shares)	61,845
Exercisable, Weighted Average Exercise Price (in USD per share)	$ 5.36
Exercisable, Weighted Average Remaining Contractual Term (in years)	6 years 11 months 23 days
Exercisable, Aggregate Intrinsic Value	$ 423

Segment and geographic information (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue
Consumer	$	74,567	$	79,198	$	240,364	$	251,035
Enterprise	83,865		50,365		223,403		129,171
Total Revenue	$	158,432	$	129,563	$	463,767	$	380,206

Segment cost of revenue
Consumer	35,901		37,243		111,909		118,606
Enterprise	27,448		17,429		74,293		44,842
Total segment cost of revenue	$	63,349	$	54,672	$	186,202	$	163,448

Segment gross profit
Consumer	38,666		41,955		128,455		132,429
Enterprise	56,417		32,936		149,110		84,329
Total segment gross profit	$	95,083	$	74,891	$	277,565	$	216,758

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	3,261		2,501		9,000		6,689
Amortization of intangible assets	725		293		2,175		293
Depreciation	134		170		513		585
Stock-based compensation	1,611		350		3,440		887
Total reconciling items	5,731		3,314		15,128		8,454
Total gross profit	$	89,352	$	71,577	$	262,437	$	208,304

Summary of Revenue by Region

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
North America	$	65,809	$	51,209	$	189,284	$	148,425
Europe, Middle East, Africa	45,788		39,050		139,729		124,666
Asia Pacific	35,210		29,200		101,125		77,509
Latin America	11,625		10,104		33,629		29,606
Total revenue	$	158,432	$	129,563	$	463,767	$	380,206

Summary of Long-lived Assets by Region

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


	September 30,		December 31,
	2022		2021
North America	$	14,590	$	6,922
Rest of world	6,098		2,832
Total long-lived assets	$	20,688	$	9,754

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (101,722)	$ (38,642)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15,616	10,400
Amortization of deferred sales commissions	22,558	11,995
Stock-based compensation	53,043	23,704
Provision for doubtful accounts	467	324
Accretion of marketable securities	(138)	0
Non-cash operating lease expense	4,643	0
Unrealized loss on strategic investments	2,896	0
Other	460	0
Changes in operating assets and liabilities:
Accounts receivable	1,132	5,715
Prepaid expenses and other assets	1,375	(6,252)
Deferred contract costs	(40,203)	(25,455)
Accounts payable, accrued expenses and other liabilities	(14,257)	(13,455)
Content costs payable	(1,525)	(989)
Operating lease liabilities	(5,012)	0
Deferred revenue	30,395	23,234
Net cash used in operating activities	(30,272)	(9,421)
Cash flows from investing activities:
Purchases of marketable securities	(66,128)	0
Purchases of property and equipment	(1,397)	(4,554)
Capitalized software costs	(10,652)	(9,767)
Purchases of strategic investments	(5,000)	0
Payments related to business combination, net of cash acquired	(1,500)	(24,490)
Net cash used in investing activities	(84,677)	(38,811)
Cash flows from financing activities:
Net proceeds from exercise of stock options	5,785	7,619
Proceeds from share purchases under employee stock purchase plan	5,563	0
Payment of redeemable convertible preferred stock issuance costs	0	(2,250)
Payment of deferred offering costs	(1,586)	(1,992)
Net proceeds from exercise of Series A-1 redeemable convertible preferred stock warrants	0	2
Net cash provided by financing activities	9,762	3,379
Effect of foreign exchange rates on cash flows	(38)	0
Net decrease in cash, cash equivalents and restricted cash	(105,225)	(44,853)
Cash, cash equivalents and restricted cash—Beginning of period	536,768	177,931
Cash, cash equivalents and restricted cash—End of period	431,543	133,078
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	427,914	130,178
Restricted cash	3,629	2,900
Total cash, cash equivalents, and restricted cash	431,543	133,078
Supplemental disclosures of cash flow information:
Interest paid	13	72
Income taxes paid	516	385
Supplemental disclosure of non-cash investing and financing activities:
Unpaid deferred offering costs	0	3,090
Stock-based compensation in capitalized costs	4,310	1,451
Acquisition holdback liability	0	1,500
Changes in purchases of property and equipment in accounts payable and accrued expenses	108	119
Unrealized gains and losses on marketable securities	$ 215	$ 0

Accrued expenses and other current liabilities - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Historical Tax Withholding Possible Loss
Loss Contingencies [Line Items]
Estimate of possible loss	$ 16.1

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	10. Commitments and contingencies Noncancellable purchase commitments— The Company has contractual commitments with its cloud infrastructure provider, network service providers and paid advertising vendors that are noncancellable. As of September 30, 2022, the Company had approximately $14.6 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 September 30, 2022.

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	$ 1.7		$ 5.1
Variable lease, costs	0.2		0.6
Sublease income	$ 0.0		$ 0.0
Operating lease, rent expense		$ 1.4		$ 4.2

Stockholders' equity - Narrative (Details)				1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
Stockholders' equity - Narrative (Details)	Aug. 06, 2022 USD ($) shares	May 20, 2022 USD ($)	Aug. 24, 2021 $ / shares shares	Feb. 28, 2022 shares	Sep. 30, 2022 USD ($) award $ / shares shares	Dec. 31, 2021 USD ($) award $ / shares shares	Sep. 30, 2021 USD ($)	Mar. 31, 2021 $ / shares shares	Sep. 30, 2022 USD ($) vote award period $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2018 installment shares	Jul. 11, 2022 $ / 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			50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.00001	$ 0.00001			$ 0.00001
Number of votes per common stock \| vote									1
Equity exchange participation rate					97.00%				97.00%
Stock-based compensation in capitalized costs	$ 45,700,000								$ 4,310,000	$ 1,451,000
Award vesting date												6 years
Aggregate intrinsic value of options exercised in period									11,000,000	46,700,000
Unrecognized compensation costs, options					$ 7,700,000				$ 7,700,000
Total shares of common stock reserved (in shares) \| shares					18,289,709	34,559,618			18,289,709
Stock-based compensation					$ 24,969,000		$ 7,220,000		$ 53,043,000	23,704,000
Stock-based compensation capitalized as a software					1,600,000		500,000		$ 4,200,000	1,500,000
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 initial public offering (in shares) \| shares								236,086
Initial public offering, price per share (in dollars per share) \| $ / shares								$ 23.75
Stock-based compensation										1,600,000
Stock Options And SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range options and non options (in dollars per share) \| $ / shares													$ 11.13
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis													1
Shares exchanged \| shares	6,958,544
Unrecognized compensation costs, period for recognition (in years)									2 years 10 months 24 days
Unrecognized compensation costs, excluding options					$ 233,600,000				$ 233,600,000
Restricted stock issued for business combination, grant date fair value (in dollars per share) \| $ / shares					$ 17.60	$ 27.64			$ 17.60
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting date	2 years
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 date	3 years
Award vesting period (in years)									4 years
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)									1 year
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)									1 year 2 months 12 days
Granted (in shares) \| shares									0
Unrecognized compensation costs, excluding options					$ 200,000				$ 200,000
Canceled (in shares) \| shares									1,566
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)									10 years
Granted (in shares) \| shares											350,000	50,000
Unrecognized compensation costs, period for recognition (in years)									2 years 7 months 6 days
Number of Performance-Based Awards outstanding \| award					1	2			1
Number of equal monthly installments \| installment												48
Unrecognized compensation costs					$ 100,000				$ 100,000
Performance-Based Awards \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage											50.00%
Required annual recurring revenues, vesting term						$ 230,000,000					$ 230,000,000
Canceled (in shares) \| shares				175,000
Performance-Based Awards \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation in capitalized costs									$ 900,000
Award vesting rights, percentage											50.00%
Required annual recurring revenues, vesting term											$ 330,000,000
Canceled (in shares) \| shares				175,000
Contingently issuable shares under ESPP
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					7,300,000				$ 7,300,000
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%
Shares issued under ESPP (in shares) \| shares									525,037
Incremental compensation cost		$ 3,400,000
Restricted stock \| CorpU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)			3 years						1 year 10 months 24 days
Unrecognized compensation costs, excluding options					1,300,000				$ 1,300,000
Stock-based compensation					$ 200,000		$ 0		$ 500,000	$ 0
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
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				13,800,000
Annual percentage increase, term									0.05
Granted (in shares) \| shares									0

Segment and geographic information - Long-lived Assets by Region (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total long-lived assets	$ 20,688	$ 9,754
North America
Segment Reporting Information [Line Items]
Total long-lived assets	14,590	6,922
Rest of world
Segment Reporting Information [Line Items]
Total long-lived assets	$ 6,098	$ 2,832

Leases - Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 1,871
2023	6,981
2024	5,660
2025	809
2026	410
Gross lease payments	15,731
Less imputed interest	(709)
Present value of operating lease liabilities	$ 15,022

Investments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):


As of September 30, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,457	$	—	$	—
U.S. government securities	—		7,464		—
Total cash equivalents	$	1,457	$	7,464	$	—

Marketable securities:
U.S. government securities	$	—	$	66,052	$	—

Noncurrent assets:
Strategic investments	$	—	$	—	$	12,104

Liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	522


As of December 31, 2021	Level 1		Level 2		Level 3
Noncurrent assets:
Strategic investments	$	—	$	—	$	10,000

Liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	818

Schedule of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):


As of September 30, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,457	$	—	$	—
U.S. government securities	—		7,464		—
Total cash equivalents	$	1,457	$	7,464	$	—

Marketable securities:
U.S. government securities	$	—	$	66,052	$	—

Noncurrent assets:
Strategic investments	$	—	$	—	$	12,104

Liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	522


As of December 31, 2021	Level 1		Level 2		Level 3
Noncurrent assets:
Strategic investments	$	—	$	—	$	10,000

Liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	818

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

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


	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2022	$	—	$	419	$	15,000
Vesting and remeasurement of SARs, net of exercises	—		165		—
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— September 30, 2022	$	—	$	522	$	12,104

Balance— June 30, 2021	$	—	$	791	$	—
Vesting and remeasurement of SARs	—		121		—
Balance— September 30, 2021	$	—	$	912	$	—

Balance— December 31, 2021	$	—	$	818	$	10,000
Vesting and remeasurement of SARs, net of exercises	—		(234)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— September 30, 2022	$	—	$	522	$	12,104

Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs	—		644		—
Balance— September 30, 2021	$	—	$	912	$	—

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


	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2022	$	—	$	419	$	15,000
Vesting and remeasurement of SARs, net of exercises	—		165		—
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— September 30, 2022	$	—	$	522	$	12,104

Balance— June 30, 2021	$	—	$	791	$	—
Vesting and remeasurement of SARs	—		121		—
Balance— September 30, 2021	$	—	$	912	$	—

Balance— December 31, 2021	$	—	$	818	$	10,000
Vesting and remeasurement of SARs, net of exercises	—		(234)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— September 30, 2022	$	—	$	522	$	12,104

Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs	—		644		—
Balance— September 30, 2021	$	—	$	912	$	—

Intangible assets, net and goodwill - Expected Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 1,066
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Intangible Assets, Net	$ 10,397	$ 13,597

Investments and fair value measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Investments and fair value measurements

4. Investments and fair value measurements

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, accounts receivable, and accounts payable approximate fair value due to the relatively short-term maturities and are classified as short-term assets and liabilities, as appropriate, in the accompanying condensed consolidated balance sheets.

The Company’s money market funds and sweep account are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices in active markets. The Company’s investments in U.S. government securities are classified within Level 2 of the fair value hierarchy because they have been valued using inputs other than quoted prices in active markets that are directly or indirectly observable. The Company’s strategic investment is classified within Level 3 of the fair value hierarchy because it has been valued using significant unobservable inputs for which the Company has been required to develop its own assumptions.

The Company accounts for its strategic investment under the measurement alternative, under which the cost to purchase is adjusted to fair value when there are observable transactions, less impairment. The Company evaluates its strategic investment for impairment at each reporting period. This evaluation consists of several potential qualitative and quantitative impairment indicators including, but not limited to, the investee's financial metrics, whether there were any significant adverse changes in the economic environment or general market conditions of the geographies and industries in which the investee operates, and any other publicly available information that may affect the value of the investment. Based on the assessment performed as of September 30, 2022, the Company recognized an impairment loss of $2.9 million during the three and nine months ended September 30, 2022, which is recorded in other expense, net in the accompanying condensed consolidated statements of operations.

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):


As of September 30, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,457	$	—	$	—
U.S. government securities	—		7,464		—
Total cash equivalents	$	1,457	$	7,464	$	—

Marketable securities:
U.S. government securities	$	—	$	66,052	$	—

Noncurrent assets:
Strategic investments	$	—	$	—	$	12,104

Liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	522


As of December 31, 2021	Level 1		Level 2		Level 3
Noncurrent assets:
Strategic investments	$	—	$	—	$	10,000

Liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	818


	Warrants		Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2022	$	—	$	419	$	15,000
Vesting and remeasurement of SARs, net of exercises	—		165		—
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— September 30, 2022	$	—	$	522	$	12,104

Balance— June 30, 2021	$	—	$	791	$	—
Vesting and remeasurement of SARs	—		121		—
Balance— September 30, 2021	$	—	$	912	$	—

Balance— December 31, 2021	$	—	$	818	$	10,000
Vesting and remeasurement of SARs, net of exercises	—		(234)		—
Purchases of strategic investments	—		—		5,000
Amount reclassified from liability to equity upon exchange	—		(62)		—
Unrealized loss on strategic investments	—		—		(2,896)
Balance— September 30, 2022	$	—	$	522	$	12,104

Balance— December 31, 2020	$	160	$	268	$	—
Exercise of redeemable convertible preferred stock warrants	(160)		—		—
Vesting and remeasurement of SARs	—		644		—
Balance— September 30, 2021	$	—	$	912	$	—

During the nine months ended September 30, 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 condensed consolidated balance sheet. The change in fair value of the warrants during nine months ended September 30, 2021 was immaterial.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue recognition - Deferred Contracts Costs Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Deferred contract costs [Roll Forward]
Balance at Beginning of Period	$ 44,545	$ 25,837
Additions	40,203	25,455
Amortization Expense	(22,558)	(11,995)
Balance at End of Period	$ 62,190	$ 39,297

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 122.5	$ 92.4	$ 187.4	$ 127.4
Remaining performance obligation, amount	$ 433.7		$ 433.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	69.00%		69.00%
Revenue, remaining performance obligation, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	31.00%		31.00%
Revenue, remaining performance obligation, period

Consolidated balance sheet components - Expected Amortization Expense Capitalized Software (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2022	$ 3,445
2023	12,272
2024	7,947
2025	2,223
Capitalized software, net	$ 25,887	$ 20,054

Organization and description of business	9 Months Ended
Organization and description of business	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and description of business	1. 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.

Business combinations - Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 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

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (46,693)	$ (9,262)	$ (101,722)	$ (38,642)
Foreign currency translation loss, net of tax	(32)	0	(50)	0
Change in unrealized gain or loss on marketable securities, net of tax	(214)	0	(214)	0
Comprehensive loss	$ (46,939)	$ (9,262)	$ (101,986)	$ (38,642)

- 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

Accrued expenses and other current liabilities - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ 7,771	$ 7,326
Indirect tax reserves	19,259	18,392
Indirect tax payables	7,288	10,786
Deferred rent, current	0	803
Other current liabilities	2,459	2,833
Accrued expenses and other current liabilities	$ 36,777	$ 40,140

Net loss per share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(46,693)	$	(9,262)	$	(101,722)	$	(38,642)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic and diluted	140,951,605		37,740,586		140,116,156		37,068,570
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.33)	$	(0.25)	$	(0.73)	$	(1.04)

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

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Redeemable convertible preferred stock	—	85,403,933	—	85,403,933
Stock options	10,728,915	21,221,320	10,728,915	21,221,320
RSUs and restricted stock	16,760,346	61,300	16,760,346	61,300
Contingently issuable shares under ESPP	296,205	—	296,205	—
Total potentially dilutive securities	27,785,466	106,686,553	27,785,466	106,686,553

Segment and geographic information - Narrative (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments	2	2	2	2

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

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
Nine months ended September 30, 2022	$	678	$	467	$	(73)	$	1,072
Nine months ended September 30, 2021	$	643	$	324	$	(260)	$	707

Stockholders' equity - RSU Activity (Details) - $ / shares	1 Months Ended	9 Months Ended
	Feb. 28, 2022	Sep. 30, 2022
Restricted Stock Units (RSUs)
RSUs Outstanding
Unvested beginning balance (in shares)		2,545,051
Granted (in shares)		8,183,583
Awarded in connection with the stock option exchange program (in shares)		7,133,544
Released (in shares)		(294,779)
Canceled (in shares)		(847,920)
Unvested ending balance (in shares)		16,719,479
Weighted Average Grant Date Fair Value
Unvested beginning balance (in USD per share)		$ 27.64
Granted (in USD per share)		13.40
Awarded in connection with the stock option exchange program (in USD per share)		19.06
Released (in USD per share)		18.29
Canceled (in USD per share)		19.15
Unvested ending balance (in USD per share)		$ 17.60
Performance-Based Awards \| Share-based Payment Arrangement, Tranche Two
Weighted Average Grant Date Fair Value
Number of awards separately modified (in shares)	175,000

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (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 Sep. 30, 2021	85,403,933
Redeemable convertible preferred stock, ending balance at Sep. 30, 2021	$ 274,267
Beginning balance (in shares) at Dec. 31, 2020		35,627,503
Beginning balance at Dec. 31, 2020	(260,685)	$ 0	$ 117,818	$ 0	$ (378,503)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	24,511		24,511
Exercise of stock options (in shares)		2,312,423
Exercise of stock options	8,008		8,008
Vesting of restricted stock units (in shares)		61,300
Net loss	(38,642)				(38,642)
Ending balance (in shares) at Sep. 30, 2021		38,001,226
Ending balance at Sep. 30, 2021	$ (266,808)	$ 0	150,337	0	(417,145)
Redeemable convertible preferred stock, beginning balance (in shares) at Jun. 30, 2021	85,403,933
Redeemable convertible preferred stock, beginning balance at Jun. 30, 2021	$ 274,267
Redeemable convertible preferred stock, ending balance balance (in shares) at Sep. 30, 2021	85,403,933
Redeemable convertible preferred stock, ending balance at Sep. 30, 2021	$ 274,267
Beginning balance (in shares) at Jun. 30, 2021		37,523,533
Beginning balance at Jun. 30, 2021	(266,771)	$ 0	141,112	0	(407,883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	7,578		7,578
Exercise of stock options (in shares)		416,393
Exercise of stock options	1,647		1,647
Vesting of restricted stock units (in shares)		61,300
Net loss	(9,262)				(9,262)
Ending balance (in shares) at Sep. 30, 2021		38,001,226
Ending balance at Sep. 30, 2021	$ (266,808)	$ 0	150,337	0	(417,145)
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 Sep. 30, 2022	0
Redeemable convertible preferred stock, ending balance at Sep. 30, 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	57,457		57,457
Exercise of stock options (in shares)		1,273,968
Exercise of stock options	5,653		5,653
Vesting of restricted stock units (in shares)		294,759
Vesting of restricted stock units	67		67
Reclassification of stock appreciation rights	62		62
Other comprehensive loss	(264)			(264)
Issuances of common stock under employee stock purchase plan (in shares)		526,754
Reclassification of stock appreciation rights	5,563		5,563
Net loss	(101,722)				(101,722)
Ending balance (in shares) at Sep. 30, 2022		141,260,174
Ending balance at Sep. 30, 2022	$ 356,516	$ 1	917,031	(265)	(560,251)
Redeemable convertible preferred stock, beginning balance (in shares) at Jun. 30, 2022	0
Redeemable convertible preferred stock, beginning balance at Jun. 30, 2022	$ 0
Redeemable convertible preferred stock, ending balance balance (in shares) at Sep. 30, 2022	0
Redeemable convertible preferred stock, ending balance at Sep. 30, 2022	$ 0
Beginning balance (in shares) at Jun. 30, 2022		140,622,937
Beginning balance at Jun. 30, 2022	374,946	$ 1	888,522	(19)	(513,558)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	26,428		26,428
Exercise of stock options (in shares)		427,684
Exercise of stock options	2,019		2,019
Vesting of restricted stock units (in shares)		209,553
Vesting of restricted stock units	0
Reclassification of stock appreciation rights	62		62
Other comprehensive loss	(246)			(246)
Net loss	(46,693)				(46,693)
Ending balance (in shares) at Sep. 30, 2022		141,260,174
Ending balance at Sep. 30, 2022	$ 356,516	$ 1	$ 917,031	$ (265)	$ (560,251)

Revenue recognition - Deferred Revenue Balances by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 240,948	$ 210,554	$ 142,376
Enterprise
Disaggregation of Revenue [Line Items]
Total deferred revenue	186,646	148,966	84,241
Consumer
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 54,302	$ 61,588	$ 58,135

Investments and fair value measurements - Investments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Fair Value	$ 493,966
Strategic investments	12,104	$ 10,000
Level 1
Assets
Cash equivalents	1,457
Strategic investments	0	0
Liabilities
Cash settled stock appreciation rights	0	0
Level 1 \| U.S. government securities
Assets
Cash equivalents	0
Fair Value	0
Level 1 \| Money market funds
Assets
Cash equivalents	1,457
Level 2
Assets
Cash equivalents	7,464
Strategic investments	0	0
Liabilities
Cash settled stock appreciation rights	0	0
Level 2 \| U.S. government securities
Assets
Cash equivalents	7,464
Fair Value	66,052
Level 2 \| Money market funds
Assets
Cash equivalents	0
Level 3
Assets
Cash equivalents	0
Strategic investments	12,104	10,000
Liabilities
Cash settled stock appreciation rights	522	$ 818
Level 3 \| U.S. government securities
Assets
Cash equivalents	0
Fair Value	0
Level 3 \| Money market funds
Assets
Cash equivalents	$ 0

Stockholders' equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Options Outstanding
Outstanding, beginning balance (in shares)	20,342,259
Outstanding, ending balance (in shares)	10,728,915	20,342,259
2021 Stock incentive Plan
Options Outstanding
Outstanding, beginning balance (in shares)	19,942,259
Granted (in shares)	0
Exercised (in shares)	(1,273,968)
Exchanged in connection with the stock option exchange program (in shares)	(6,762,489)
Canceled (in shares)	(1,226,887)
Outstanding, ending balance (in shares)	10,678,915	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)	4.44
Exchanged in connection with the stock option exchange program (in USD per share)	18.62
Canceled (in USD per share)	13.49
Outstanding, ending balance (in USD per share)	$ 4.25	$ 9.70
Outstanding, Weighted Average Remaining Contractual Term (in years)	6 years 7 months 17 days	8 years 1 month 20 days
Outstanding, Aggregate Intrinsic Value	$ 84,557	$ 226,350
Vested and Expected to Vest, Awards Outstanding (in shares)	10,678,915
Vested and Expected to Vest, Weighted Average Exercise Price (in USD per shares)	$ 4.25
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	6 years 7 months 17 days
Vested and Expected to Vest, Aggregate Intrinsic Value	$ 84,557
Exercisable, Awards Outstanding (in shares)	8,388,865
Exercisable, Weighted Average Exercise Price (in USD per share)	$ 3.95
Exercisable, Weighted Average Remaining Contractual Term (in years)	6 years 5 months 26 days
Exercisable, Aggregate Intrinsic Value	$ 68,602
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)	(350,000)
Outstanding, ending balance (in shares)	50,000	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)	11.13
Outstanding, ending balance (in USD per share)	$ 3.06	$ 10.12
Outstanding, Weighted Average Remaining Contractual Term (in years)	5 years 9 months 29 days	8 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value	$ 452	$ 3,768
Vested and Expected to Vest, Awards Outstanding (in shares)	50,000
Vested and Expected to Vest, Weighted Average Exercise Price (in USD per shares)	$ 3.06
Vested and Expected to Vest, Weighted Average Remaining Contractual Term (in years)	5 years 9 months 29 days
Vested and Expected to Vest, Aggregate Intrinsic Value	$ 452
Exercisable, Awards Outstanding (in shares)	10,416
Exercisable, Weighted Average Exercise Price (in USD per share)	$ 3.06
Exercisable, Weighted Average Remaining Contractual Term (in years)	5 years 9 months 29 days
Exercisable, Aggregate Intrinsic Value	$ 94

Commitments and contingencies - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total lease commitments	$ 14.6

Consolidated balance sheet components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 9,904	$ 12,465
Capitalized cloud computing costs, current	913	808
Short term deposits	115	745
Other current assets	2,546	1,909
Prepaid expenses and other current assets	$ 13,478	$ 15,927

Leases - Other Information (Details) $ in Thousands	9 Months Ended
Leases - Other Information (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$ 4,853
Weighted average remaining term (years)	2 years 2 months 12 days
Weighted average discount rate	3.80%

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 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 and nine months ended September 30, 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, capitalization of internally developed software and associated useful lives, 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, marketable securities, restricted cash, and accounts receivable. For cash 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’s investments, classified as cash equivalents and marketable securities, consist of high-credit-quality instruments and fixed-income securities.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.
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts— Accounts receivable primarily 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.
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.
Marketable securities	Marketable securities— Marketable securities consist of obligations issued by the U.S. Treasury and other U.S. federal agencies, corporate debt, and commercial paper securities, with an original maturity greater than 90 days at the date of purchase and are classified as available-for-sale securities. As the Company views these securities as available to support current operations, it has classified all available-for-sale securities as current assets. Available-for-sale securities are initially recorded at cost and periodically adjusted to fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit), while realized gains and losses are reported within other income (expense), net as a component of net loss. An impairment charge is recorded in the condensed consolidated statements of operations for declines in fair value below the cost of an individual investment that are deemed to be other-than-temporary.
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. Based on the market value of its common stock held by non-affiliates as of the last business day of the second fiscal quarter ended June 30, 2022, the Company will cease to be an EGC on December 31, 2022. 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. The Company will meet the criteria to become a large accelerated filer as of December 31, 2022, upon which time the ASU will become effective for the fiscal year ending on December 31, 2022. 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.

Stockholders' equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 24,969	$ 7,220	$ 53,043	$ 23,704
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,611	350	3,440	888
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	9,372	2,149	18,516	5,784
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	6,258	1,304	13,303	4,445
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 7,728	$ 3,417	$ 17,784	$ 12,587

Organization and description of business (Details) $ / shares in Units, $ in Thousands			9 Months Ended
	Nov. 24, 2021 USD ($) shares	Oct. 29, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
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

Business combinations

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Business combinations

7. 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. The remaining balance of $1.5 million was paid during the three months ended September 30, 2022.

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 and nine months ended September 30, 2022 and 2021 were not material. The business combination does not qualify as an acquisition of a significant business, and therefore pro forma financial statements were not required. Acquisition costs of $0.3 million were included in general and administrative expenses in the consolidated financial statements during the year of acquisition.

Stockholders' equity - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options to purchase common stock (in shares)	10,728,915	20,342,259
Total shares of common stock reserved (in shares)	18,289,709	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)	82,791	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)	5,287,548	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)	2,273,246	2,800,000

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

6. 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 September 30, 2022, the Company recorded operating lease costs of $1.7 million and variable lease costs of $0.2 million. During the nine months ended September 30, 2022, the Company recorded operating lease costs of $5.1 million and variable lease costs of $0.6 million. During the three and nine months ended September 30, 2022, the Company recognized an immaterial amount for short term lease expense and no sublease income.

The following tables set forth a summary of information pertaining to the Company’s operating leases (dollar amounts in thousands):


	Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	4,853

	As of September 30, 2022
Weighted average remaining term (years)	2.2
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 September 30, 2022, were as follows (in thousands):


Remainder of 2022	$	1,871
2023	6,981
2024	5,660
2025	809
2026	410
Gross lease payments	15,731
Less imputed interest	(709)
Present value of operating lease liabilities	$	15,022

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 September 30, 2021, and $4.2 million for the nine months ended September 30, 2021.

Segment and geographic information - Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 158,432	$ 129,563	$ 463,767	$ 380,206
North America
Segment Reporting Information [Line Items]
Revenue	65,809	51,209	189,284	148,425
Europe, Middle East, Africa
Segment Reporting Information [Line Items]
Revenue	45,788	39,050	139,729	124,666
Asia Pacific
Segment Reporting Information [Line Items]
Revenue	35,210	29,200	101,125	77,509
Latin America
Segment Reporting Information [Line Items]
Revenue	$ 11,625	$ 10,104	$ 33,629	$ 29,606

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

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

+ Details

Stockholders' equity - Weighted Average Assumptions (Details) - Stock options	Aug. 06, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.00%
Expected volatility	68.60%
Expected life (in years)	4 years 10 months 24 days
Expected dividend yield	0.00%

Consolidated balance sheet components - Cash, Cash Equivalents, and Marketable Securities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 494,180
Unrealized Gains	1
Unrealized Losses	(215)
Fair Value	493,966
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	427,913
Unrealized Gains	1
Unrealized Losses	0
Fair Value	427,914
Cash and Cash Equivalents \| Cash
Cash and Cash Equivalents [Line Items]
Amortized cost	418,993
Unrealized Gains	0
Unrealized Losses	0
Fair Value	418,993
Cash and Cash Equivalents \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	1,457
Unrealized Gains	0
Unrealized Losses	0
Fair Value	1,457
Cash and Cash Equivalents \| U.S. government securities
Cash and Cash Equivalents [Line Items]
Amortized cost	7,463
Unrealized Gains	1
Unrealized Losses	0
Fair Value	7,464
Marketable Securities \| U.S. government securities
Cash and Cash Equivalents [Line Items]
Amortized cost	66,267
Unrealized Gains	0
Unrealized Losses	(215)
Fair Value	$ 66,052

Consolidated balance sheet components - Capitalized Software (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software	$ 58,637	$ 43,804
Less accumulated amortization	(32,750)	(23,750)
Capitalized software, net	$ 25,887	$ 20,054

Summary of significant accounting policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 segment	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 segment	Jan. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment	2	2	2	2
Number of reportable segments \| segment	2	2	2	2
Operating lease right-of-use assets	$ 12,939		$ 12,939			$ 0
Operating lease liabilities	$ 15,022		$ 15,022
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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,072	$ 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)	141,260,274	139,164,693
Common stock, shares outstanding (in shares)	141,260,274	139,164,693

Intangible assets, net and goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Aug. 24, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,100	$ 400	$ 3,200	$ 400
Goodwill	$ 12,646		$ 12,646		$ 12,646
CorpU
Finite-Lived Intangible Assets [Line Items]
Goodwill						$ 12,646

- Definition

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

+ References + Details

Segment and geographic information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment and geographic information

16. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue
Consumer	$	74,567	$	79,198	$	240,364	$	251,035
Enterprise	83,865		50,365		223,403		129,171
Total Revenue	$	158,432	$	129,563	$	463,767	$	380,206

Segment cost of revenue
Consumer	35,901		37,243		111,909		118,606
Enterprise	27,448		17,429		74,293		44,842
Total segment cost of revenue	$	63,349	$	54,672	$	186,202	$	163,448

Segment gross profit
Consumer	38,666		41,955		128,455		132,429
Enterprise	56,417		32,936		149,110		84,329
Total segment gross profit	$	95,083	$	74,891	$	277,565	$	216,758

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	3,261		2,501		9,000		6,689
Amortization of intangible assets	725		293		2,175		293
Depreciation	134		170		513		585
Stock-based compensation	1,611		350		3,440		887
Total reconciling items	5,731		3,314		15,128		8,454
Total gross profit	$	89,352	$	71,577	$	262,437	$	208,304

Geographic information

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
North America	$	65,809	$	51,209	$	189,284	$	148,425
Europe, Middle East, Africa	45,788		39,050		139,729		124,666
Asia Pacific	35,210		29,200		101,125		77,509
Latin America	11,625		10,104		33,629		29,606
Total revenue	$	158,432	$	129,563	$	463,767	$	380,206

No single country other than the United States represented 10% or more of the Company’s total revenue during the three and nine months ended September 30, 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, and operating lease ROU assets, by geographic region (in thousands):


	September 30,		December 31,
	2022		2021
North America	$	14,590	$	6,922
Rest of world	6,098		2,832
Total long-lived assets	$	20,688	$	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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Consolidated balance sheet components - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of continuous unrealized loss position for twelve months or longer \| security	0		0
Depreciation	$ 1.1	$ 1.1	$ 3.4	$ 3.3
Amortization of capitalized software	$ 3.3	$ 2.5	$ 9.0	$ 6.7

Employee retirement plan (Details) - USD ($)	3 Months Ended		9 Months Ended
Employee retirement plan (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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	$ 0	$ 0	$ 400,000	$ 300,000

Summary of significant accounting policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of significant accounting policies

2. 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 and nine months ended September 30, 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, capitalization of internally developed software and associated useful lives, 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, marketable securities, restricted cash, and accounts receivable. For cash 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’s investments, classified as cash equivalents and marketable securities, consist of high-credit-quality instruments and fixed-income securities.

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. No customer accounted for more than 10% of total accounts receivable as of September 30, 2022, or December 31, 2021. No customer accounted for more than 10% of total revenue during the three and nine months ended September 30, 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.

Accounts receivable and allowance for doubtful accounts— Accounts receivable primarily 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
Nine months ended September 30, 2022	$	678	$	467	$	(73)	$	1,072
Nine months ended September 30, 2021	$	643	$	324	$	(260)	$	707

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.

Marketable securities— Marketable securities consist of obligations issued by the U.S. Treasury and other U.S. federal agencies, corporate debt, and commercial paper securities, with an original maturity greater than 90 days at the date of purchase and are classified as available-for-sale securities. As the Company views these securities as available to support current operations, it has classified all available-for-sale securities as current assets. Available-for-sale securities are initially recorded at cost and periodically adjusted to fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit), while realized gains and losses are reported within other income (expense), net as a component of net loss. An impairment charge is recorded in the condensed consolidated statements of operations for declines in fair value below the cost of an individual investment that are deemed to be other-than-temporary.

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. Based on the market value of its common stock held by non-affiliates as of the last business day of the second fiscal quarter ended June 30, 2022, the Company will cease to be an EGC on December 31, 2022.

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. The Company will meet the criteria to become a large accelerated filer as of December 31, 2022, upon which time the ASU will become effective for the fiscal year ending on December 31, 2022. 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.

Investments and fair value measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price of warrants (in USD per share)			$ 0.196
Fair value of warrants			$ 0.2
Impairment of strategic investment	$ 2.9	$ 2.9
Series A-1 Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)			12,595

Revenue recognition (Tables)

9 Months Ended

Sep. 30, 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):


	September 30,		December 31,		December 31,
	2022		2021		2020
Deferred revenue:
Enterprise	$	186,646	$	148,966	$	84,241
Consumer	54,302		61,588		58,135
Total deferred revenue	$	240,948	$	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
Nine months ended September 30, 2022	$	44,545	$	40,203	$	(22,558)	$	62,190
Nine months ended September 30, 2021	$	25,837	$	25,455	$	(11,995)	$	39,297

Intangible assets, net and goodwill - Intangible Assets Acquired through Business Combination (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross		$ 15,100	$ 15,100
Accumulated Amortization		(4,703)	(1,503)
Intangible Assets, Net		$ 10,397	13,597
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	6 years	6 years
Intangible Assets, Gross		$ 5,500	5,500
Accumulated Amortization		(1,010)	(323)
Intangible Assets, Net		$ 4,490	5,177
Vendor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross		$ 4,500	4,500
Accumulated Amortization		(1,653)	(529)
Intangible Assets, Net		$ 2,847	3,971
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Intangible Assets, Gross		$ 4,200	4,200
Accumulated Amortization		(1,543)	(493)
Intangible Assets, Net		$ 2,657	3,707
Tradename
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	2 years	2 years
Intangible Assets, Gross		$ 900	900
Accumulated Amortization		(497)	(158)
Intangible Assets, Net		$ 403	$ 742

Stockholders' equity

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stockholders' equity

14. 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 September 30, 2022, and December 31, 2021, respectively:


	September 30,	December 31,
	2022	2021
Stock options to purchase common stock (1)	10,728,915	20,342,259
Shares available for future issuance under:
2021 Equity Incentive Plan	5,287,548	11,417,359
2021 Employee Stock Purchase Plan	2,273,246	2,800,000
Total shares of common stock reserved	18,289,709	34,559,618
(1) Excludes 82,791 and 106,155 cash-settled SARs outstanding as of September 30, 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.

Equity Exchange— On July 11, 2022, the Company launched an equity exchange program (the “Equity Exchange”) in which eligible employees and executives were able to exchange certain outstanding stock options and SARs, whether vested or unvested, with a per share exercise price equal to or greater than $11.13, for RSUs on a one-for-one basis. Upon expiration of the offer to exchange on August 6, 2022, 6,958,544 stock options and SARs (collectively, the “Exchanged Awards”) were canceled and immediately exchanged for an equivalent number of new RSUs, representing a participation rate by eligible awards of approximately 97%.

The incremental stock-based compensation expense associated with the Equity Exchange was calculated as the excess of the fair value of each new RSU awarded, as measured on the date exchanged, over the fair value of the corresponding Exchanged Awards, as measured immediately prior to the exchange closing on August 6, 2022. The fair value of the new RSUs was estimated using the fair value of the Company’s common stock on the exchange date. The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the Exchanged Awards as of August 6, 2022:


Risk-free interest rate			3.0%
Expected volatility			68.6%
Expected life (in years)			4.9
Expected dividend yield			—%

The Company will recognize the $45.7 million of incremental stock-based compensation expense associated with the modification, as well as the remaining unrecognized expense associated with the Exchanged Awards at the time of the exchange, on a straight-line basis over the requisite service period for the new RSUs, adjusted as needed for those new RSUs issued for certain Exchanged Awards whose per share exercise prices were lower than the Company’s stock price at the exchange date. The requisite service periods for the new RSUs are determined by the per share exercise price of the corresponding Exchanged Awards, ranging from two to three years.

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:


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021	19,942,259	$	9.70	8.14	$	226,350
Granted	—	—
Exercised	(1,273,968)	4.44
Canceled in connection with the Equity Exchange	(6,762,489)	18.62
Canceled	(1,226,887)	13.49
Balance - September 30, 2022	10,678,915	$	4.25	6.63	$	84,557
Vested & expected to vest as of September 30, 2022	10,678,915	$	4.25	6.63	$	84,557
Exercisable as of September 30, 2022	8,388,865	$	3.95	6.49	$	68,602

There were no stock options granted during the nine months ended September 30, 2022.

Total aggregate intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021, was $11.0 million and $46.7 million, respectively.

As of September 30, 2022, total unrecognized stock-based compensation expense related to unvested stock options was $7.7 million, which will be recognized over a weighted average period of 1.0 year.

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:


	SARs Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021	106,155	$	8.45	8.25	$	1,267
Granted	—	—
Exercised	(743)	3.63
Canceled in connection with the Equity Exchange	(21,055)	19.19
Canceled	(1,566)	18.95
Balance - September 30, 2022	82,791	$	5.57	7.06	$	546
Vested & expected to vest as of September 30, 2022	82,791	$	5.57	7.06	$	546
Exercisable as of September 30, 2022	61,845	$	5.36	6.98	$	423

There were no SARs granted during the nine months ended September 30, 2022.

As of September 30, 2022, total compensation cost related to unvested SARs not yet recognized was $0.2 million, which will be recognized over a weighted average period of 1.2 years.

Restricted stock units— 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	8,183,583	$	13.40
Awarded in connection with the Equity Exchange (1)	7,133,544	$	19.06
Released	(294,779)	$	18.29
Canceled	(847,920)	$	19.15
Unvested - September 30, 2022	16,719,479	$	17.60
(1) Inclusive of 175,000 Performance-Based Awards that were separately modified, as discussed below.

As of September 30, 2022, total unrecognized stock-based compensation expense related to unvested RSUs was $233.6 million, which will be recognized over a weighted average period of 2.9 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 one Performance-Based Award outstanding as of September 30, 2022, and two Performance-Based Awards outstanding as of 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 first, vested tranche of the award participated in the Equity Exchange program, as described in the section above, resulting in the cancellation of 175,000 performance-based stock options and the subsequent issuance of an equal number of RSUs. The $330.0 million UB ARR performance condition was achieved and certified by the Board of Directors’ compensation committee in the third quarter of fiscal year 2022. In the same quarter, after the certification occurred, the second tranche was separately modified under equivalent terms and accounting treatment to those described in the Equity Exchange section above, resulting in the cancellation of 175,000 performance-based stock options and the concurrent issuance of an equal number of RSUs. Modification of the second tranche resulted in incremental stock-based compensation expense of $0.9 million, which will be recognized on a straight-line basis over the requisite service period. Each tranche of the new RSUs fully vest in November 2022.

The following table summarizes the activities of Performance-Based Awards under the Equity Incentive Plans:


	Performance-Based Awards Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2021	400,000	$	10.12	8.60	$	3,768
Granted	—
Exercised	—
Canceled (1)	(350,000)	11.13
Balance - September 30, 2022	50,000	$	3.06	5.83	$	452
Vested & expected to vest as of September 30, 2022	50,000	$	3.06	5.83	$	452
Exercisable as of September 30, 2022	10,416	$	3.06	5.83	$	94
(1) 175,000 shares were canceled as part of the Equity Exchange, and 175,000 shares were canceled as part of the modification discussed above.

As of September 30, 2022, total compensation cost related to unvested Performance-Based Awards not yet recognized was $0.1 million, which will be recognized over a weighted average period of 2.6 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. In the event that the fair market value per share of the Company’s common stock at the end of a six-month purchase period is lower than the fair market value per share at the first day of the related offering period, a reset occurs that automatically cancels the current offering period and enrolls participants in a new offering period.

During the nine months ended September 30, 2022, 525,037 shares of common stock were issued under the ESPP.

On May 20, 2022, the Company’s ESPP purchase price was reset. Under the reset provision, if the closing stock price on the purchase date falls below the closing stock price on the offering date of an ongoing offering period, the ongoing offering terminates immediately following the purchase of ESPP shares on the purchase date. Participants in the terminated offering are then automatically enrolled in the new offering period. The ESPP reset resulted in an incremental compensation cost of $3.4 million which will be recognized on a straight-line basis over the new offering period ending in May 2024.

As of September 30, 2022, total unrecognized compensation cost for the ESPP was $7.3 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 nine months ended September 30, 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 and nine months ended September 30, 2022 was $0.2 million and $0.5 million, respectively, and an immaterial amount for the three and nine months ended September 30, 2021. As of September 30, 2022, total compensation cost related to the restricted stock not yet recognized was $1.3 million, which will be recognized over a weighted average period of 1.9 years.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	1,611	$	350	$	3,440	$	888
Sales and marketing	9,372		2,149		18,516		5,784
Research and development	6,258		1,304		13,303		4,445
General and administrative	7,728		3,417		17,784		12,587
Total stock-based compensation expense	$	24,969	$	7,220	$	53,043	$	23,704

The Company capitalized $1.6 million and $0.5 million of stock-based compensation expense as capitalized software during the three months ended September 30, 2022 and 2021, respectively, and $4.2 million and $1.5 million during the nine months ended September 30, 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 427,914	$ 533,868
Marketable securities	66,052	0
Accounts receivable, net of allowance for doubtful accounts of $1,072 and $678 as of September 30, 2022, and December 31, 2021, respectively.	71,580	73,180
Prepaid expenses and other current assets	13,478	15,927
Deferred contract costs, current	29,373	18,898
Total current assets	608,397	641,873
Property and equipment, net	7,816	9,887
Capitalized software, net	25,887	20,054
Operating lease right-of-use assets	12,939	0
Restricted cash, non-current	3,629	2,900
Deferred contract costs, non-current	32,817	25,647
Strategic investments	12,104	10,000
Intangible assets, net	10,397	13,597
Goodwill	12,646	12,646
Other assets	3,761	3,247
Total assets	730,393	739,851
Current liabilities:
Accounts payable	17,060	34,627
Accrued expenses and other current liabilities	36,777	40,140
Content costs payable	34,437	35,961
Accrued compensation and benefits	25,111	22,341
Operating lease liabilities, current	7,008	0
Deferred revenue, current	237,852	208,274
Total current liabilities	358,245	341,343
Operating lease liabilities, non-current	8,014	0
Deferred revenue, non-current	3,096	2,280
Other liabilities, non-current	4,522	6,528
Total liabilities	373,877	350,151
Note 10 – Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value - 50,000,000 shares authorized; zero shares issued and outstanding as of September 30, 2022, and December 31, 2021.	0	0
Common stock, $0.00001 par value - 950,000,000 shares authorized; 141,260,274 and 139,164,693 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively.	1	1
Additional paid-in capital	917,031	848,229
Accumulated other comprehensive loss	(265)	(1)
Accumulated deficit	(560,251)	(458,529)
Total stockholders’ equity	356,516	389,700
Total liabilities and stockholders' equity	$ 730,393	$ 739,851

Accrued expenses and other current liabilities (Tables)

9 Months Ended

Sep. 30, 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):


	September 30,		December 31,
	2022		2021
Accrued expenses	$	7,771	$	7,326
Indirect tax reserves	19,259		18,392
Indirect tax payables	7,288		10,786
Deferred rent, current	—		803
Other current liabilities	2,459		2,833
Accrued expenses and other current liabilities	$	36,777	$	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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Balance, beginning of period	$	15,850	$	22,534	$	17,036	$	22,166
Amounts charged to (released from) expense	201		(4,028)		(985)		(3,660)
Net payments and settlements	—		—		—		—
Balance, end of period	$	16,051	$	18,506	$	16,051	$	18,506

Intangible assets, net and goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net and goodwill

8. Intangible assets, net and goodwill

As of September 30, 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	$	(1,010)	$	4,490
Vendor relationships	3 years	4,500		(1,653)		2,847
Developed technology	3 years	4,200		(1,543)		2,657
Tradename	2 years	900		(497)		403
Total		$	15,100	$	(4,703)	$	10,397

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 September 30, 2022 and 2021, was $1.1 million and $0.4 million, respectively, and for the nine months ended September 30, 2022 and 2021 was $3.2 million and $0.4, respectively.

The expected future amortization expense for intangible assets as of September 30, 2022 was as follows (in thousands):


Remainder of 2022	$	1,066
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Total expected amortization	$	10,397

Goodwill in the amount of $12.6 million was established as part of the CorpU acquisition on August 24, 2021. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of September 30, 2022.

Business combinations (Tables)

9 Months Ended

Sep. 30, 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

Accrued expenses and other current liabilities

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

9. Accrued expenses and other current liabilities

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


	September 30,		December 31,
	2022		2021
Accrued expenses	$	7,771	$	7,326
Indirect tax reserves	19,259		18,392
Indirect tax payables	7,288		10,786
Deferred rent, current	—		803
Other current liabilities	2,459		2,833
Accrued expenses and other current liabilities	$	36,777	$	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.

In 2020, the Company approached the IRS to address the historical tax 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 September 30, 2022 and December 31, 2021. As of September 30, 2022, the Company estimated $16.1 million as its best estimate of the probable, potential loss, which has been recorded in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Balance, beginning of period	$	15,850	$	22,534	$	17,036	$	22,166
Amounts charged to (released from) expense	201		(4,028)		(985)		(3,660)
Net payments and settlements	—		—		—		—
Balance, end of period	$	16,051	$	18,506	$	16,051	$	18,506

Employee retirement plan	9 Months Ended
Employee retirement plan	Sep. 30, 2022
Retirement Benefits [Abstract]
Employee retirement plan	12. Employee retirement plan The Company maintains a 401(k) retirement savings plan covering eligible employees. Employee contributions to the plan consist of a percentage based on eligible employee compensation. The Company matches 25% of an employee’s contribution up to 6% of the employee’s compensation, with a cap of $500 annually, subject to a two-year graded vesting schedule that vests 50% after an employee’s first year of employment and 100% after two years of employment. The Company contributed an immaterial amount for the three months ended September 30, 2022 and 2021, and $0.4 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Net loss per share - Calculation of Basic and Diluted Net Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss attributable to common stockholders	$ (46,693)	$ (9,262)	$ (101,722)	$ (38,642)
Net loss attributable to common stockholders	$ (46,693)	$ (9,262)	$ (101,722)	$ (38,642)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic (in shares)	140,951,605	37,740,586	140,116,156	37,068,570
Diluted (in shares)	140,951,605	37,740,586	140,116,156	37,068,570
Net loss per share attributable to common stockholders
Basic (in dollars per share)	$ (0.33)	$ (0.25)	$ (0.73)	$ (1.04)
Diluted (in dollars per share)	$ (0.33)	$ (0.25)	$ (0.73)	$ (1.04)

- Definition

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

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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Income taxes (Details)	3 Months Ended		9 Months Ended
Income taxes (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	(1.10%)	5.60%	(1.10%)	(1.30%)

Investments and fair value measurements - Level 3 Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Exercise of redeemable convertible preferred stock warrants	$ (2,896)		$ (2,896)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	15,000	$ 0	10,000	$ 0
Purchases of strategic investments			5,000
Ending balance	12,104	0	12,104	0
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0	0	160
Exercise of redeemable convertible preferred stock warrants				(160)
Ending balance	0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases of strategic investments			0
Stock Appreciation Rights
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	419	791	818	268
Vesting and remeasurement of SARs	165	121	(234)	644
Amount reclassified from liability to equity upon exchange	(62)		(62)
Ending balance	$ 522	$ 912	522	$ 912
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases of strategic investments			$ 0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 158,432	$ 129,563	$ 463,767	$ 380,206
Cost of revenue	69,080	57,986	201,330	171,902
Gross profit	89,352	71,577	262,437	208,304
Operating expenses
Sales and marketing	77,490	52,258	212,789	156,399
Research and development	28,062	16,703	74,595	46,898
General and administrative	27,051	12,166	72,147	41,969
Total operating expenses	132,603	81,127	359,531	245,266
Loss from operations	(43,251)	(9,550)	(97,094)	(36,962)
Other income (expense)
Interest income (expense), net	592	(61)	962	(452)
Other expense, net	(3,523)	(196)	(4,439)	(714)
Total other expense, net	(2,931)	(257)	(3,477)	(1,166)
Net loss before taxes	(46,182)	(9,807)	(100,571)	(38,128)
Income tax (provision) benefit	(511)	545	(1,151)	(514)
Net loss attributable to common stockholders	(46,693)	(9,262)	(101,722)	(38,642)
Net loss attributable to common stockholders	$ (46,693)	$ (9,262)	$ (101,722)	$ (38,642)
Net loss per share attributable to common stockholders
Basic (in dollars per share)	$ (0.33)	$ (0.25)	$ (0.73)	$ (1.04)
Diluted (in dollars per share)	$ (0.33)	$ (0.25)	$ (0.73)	$ (1.04)
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic (in shares)	140,951,605	37,740,586	140,116,156	37,068,570
Diluted (in shares)	140,951,605	37,740,586	140,116,156	37,068,570

Consolidated balance sheet components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 32,132	$ 30,832
Less accumulated depreciation and amortization	(24,316)	(20,945)
Property and equipment, net	7,816	9,887
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	7,843	6,798
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	4,843	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	19,045	18,932
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 18	$ 18

Business combinations - Narrative (Details) - CorpU - USD ($) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 24, 2021	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 28.6
Cash consideration paid	$ 27.1	$ 1.5
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		1 year 10 months 24 days

Summary of significant accounting policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 678	$ 643
Charged to Expenses	467	324
Charges Utilized/Written-off	(73)	(260)
Balance at End of Period	$ 1,072	$ 707

Intangible assets, net and goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Acquired through Business Combination

As of September 30, 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	$	(1,010)	$	4,490
Vendor relationships	3 years	4,500		(1,653)		2,847
Developed technology	3 years	4,200		(1,543)		2,657
Tradename	2 years	900		(497)		403
Total		$	15,100	$	(4,703)	$	10,397

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 September 30, 2022, expected amortization expense for capitalized software over the remaining asset lives is as follows (in thousands):


Remainder of 2022	$	3,445
2023	12,272
2024	7,947
2025	2,223
Total expected amortization	$	25,887

The expected future amortization expense for intangible assets as of September 30, 2022 was as follows (in thousands):


Remainder of 2022	$	1,066
2023	4,108
2024	2,795
2025	917
2026	917
Thereafter	594
Total expected amortization	$	10,397

Net loss per share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net loss per share

15. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net loss attributable to common stockholders	$	(46,693)	$	(9,262)	$	(101,722)	$	(38,642)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders
Basic and diluted	140,951,605		37,740,586		140,116,156		37,068,570
Net loss per share attributable to common stockholders
Basic and diluted	$	(0.33)	$	(0.25)	$	(0.73)	$	(1.04)

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Redeemable convertible preferred stock	—	85,403,933	—	85,403,933
Stock options	10,728,915	21,221,320	10,728,915	21,221,320
RSUs and restricted stock	16,760,346	61,300	16,760,346	61,300
Contingently issuable shares under ESPP	296,205	—	296,205	—
Total potentially dilutive securities	27,785,466	106,686,553	27,785,466	106,686,553

Consolidated balance sheet components

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated balance sheet components

5. Consolidated balance sheet components

Cash, cash equivalents, and marketable securities— The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands):


As of September 30, 2022	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	418,993	$	—	$	—	$	418,993
Money market funds	1,457		—		—		1,457
U.S. government securities	7,463		1		—		7,464
Total cash and cash equivalents	427,913		1		—		427,914
Marketable securities:
U.S. government securities	66,267		—		(215)		66,052
Total cash, cash equivalents, and marketable securities	$	494,180	$	1	$	(215)	$	493,966

The Company periodically evaluates its investments for other-than-temporary declines in fair value. The unrealized losses on available-for-sale securities were primarily due to unfavorable changes in interest rates subsequent to the initial purchase of these securities. No securities had been in a continuous unrealized loss position for twelve months or longer as of September 30, 2022. The Company expects to recover the full carrying value of its available-for-sale securities in an unrealized loss position as it does not intend or anticipate a need to sell these securities prior to recovering the associated unrealized losses. As a result, the Company does not consider any portion of the unrealized losses as of September 30, 2022 to represent an other-than temporary impairment.

As of September 30, 2022, the entirety of the Company’s marketable securities portfolio had contractual maturities of one year or less.

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


	September 30,		December 31,
	2022		2021
Prepaid expenses	$	9,904	$	12,465
Capitalized cloud computing costs, current	913		808
Short term deposits	115		745
Other current assets	2,546		1,909
Prepaid expenses and other current assets	$	13,478	$	15,927

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


	September 30,		December 31,
	2022		2021
Computers and equipment	$	7,843	$	6,798
Furniture and fixtures	4,843		4,701
Purchased software	383		383
Leasehold improvements	19,045		18,932
Construction in progress	18		18
Total property and equipment	32,132		30,832
Less accumulated depreciation and amortization	(24,316)		(20,945)
Property and equipment, net	$	7,816	$	9,887

Depreciation expense was $1.1 million for both the three months ended September 30, 2022 and 2021, and $3.4 million and $3.3 million for the nine months ended September 30, 2022 and 2021, respectively.

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


	September 30,		December 31,
	2022		2021
Capitalized software	$	58,637	$	43,804
Less accumulated amortization	(32,750)		(23,750)
Capitalized software, net	$	25,887	$	20,054

Amortization expense of capitalized software was $3.3 million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $9.0 million and $6.7 million for the nine months ended September 30, 2022 and 2021, respectively.

As of September 30, 2022, expected amortization expense for capitalized software over the remaining asset lives is as follows (in thousands):


Remainder of 2022	$	3,445
2023	12,272
2024	7,947
2025	2,223
Total expected amortization	$	25,887

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Other Information Pertaining to Operating Leases

The following tables set forth a summary of information pertaining to the Company’s operating leases (dollar amounts in thousands):


	Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities, net of lease incentives	$	4,853

	As of September 30, 2022
Weighted average remaining term (years)	2.2
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 September 30, 2022, were as follows (in thousands):


Remainder of 2022	$	1,871
2023	6,981
2024	5,660
2025	809
2026	410
Gross lease payments	15,731
Less imputed interest	(709)
Present value of operating lease liabilities	$	15,022

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

Accrued expenses and other current liabilities - Changes to Withholding Tax Reserve (Details) - Historical Tax Withholding Possible Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Loss Contingency Accrual [Roll Forward]
Balance, beginning of period	$ 15,850	$ 22,534	$ 17,036	$ 22,166
Amounts charged to (released from) expense	201	(4,028)	(985)	(3,660)
Net payments and settlements	0	0	0	0
Balance, end of period	$ 16,051	$ 18,506	$ 16,051	$ 18,506