0001607939-24-000188 | 10-Q | XBRL Viewer

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Income taxes	9 Months Ended
Income taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	8. 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 Company had an effective tax rate of (3.54)% and (5.08)% for the three months ended September 30, 2024 and 2023, respectively, and (3.70)% and (3.48)% for the nine months ended September 30, 2024 and 2023, respectively. 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, 2024 and December 31, 2023, 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 positions as part of the income tax provision. To date, the Company has not recognized any interest and penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company is subject to taxation in the U.S. and various foreign jurisdictions. Due to NOL carryforwards and tax credit carryforwards, the statutes of limitations remain open for tax years from inception of the Company through 2023. There are currently no income tax audits underway by U.S. federal or state tax authorities. In October 2023, the Company’s subsidiary, Udemy India LLP received a tax assessment from the India Income Tax Department, for the fiscal year ended March 31, 2021. The assessment challenged the transfer pricing methodology used by Udemy India LLP. The Company believes the proposed adjustment is without merit and will vigorously defend its position; however, it could take a number of years to reach resolution of this matter.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 2024
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.
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, 2024 and 2023, the Company operated under two operating and reportable segments: Enterprise and Consumer. 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 12 – 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 credit losses, 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 service period for consumer 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, the valuation of privately-held strategic investments, including impairments, and the carrying value of our operating lease right-of-use (“ROU”) assets. 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 Company’s 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 that are 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 and maintains an allowance based upon expected credit losses of outstanding receivables. The Company had no customers who accounted for more than 10% of total accounts receivable as of September 30, 2024, or December 31, 2023. No customer accounted for more than 10% of total revenue during the three and nine months ended September 30, 2024 or 2023.
Accounts receivable, net	Accounts receivable, net— 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 is presented net of allowance for credit losses in the accompanying condensed consolidated balance sheets. The Company maintains an allowance based upon expected credit losses of outstanding receivables. Management derives its estimate using a variety of factors, including historical collection and loss patterns; the current aging of receivables; geographic and other customer-specific credit risk factors; and reasonable and supportable forecasts of future economic conditions which inform adjustments to historical loss patterns. The provision for expected credit losses is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Accounts receivable deemed to be uncollectible are written off, net of expected or actual recoveries.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Adopted in 2024 There are no recently issued accounting pronouncements that were adopted by the Company during the nine months ended September 30, 2024. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses and the chief operating decision maker. The standard will become effective for the Company’s fiscal year ended December 31, 2024, and interim periods during the fiscal year ended December 31, 2025, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements.
Strategic investments	The Company evaluates its strategic investments for impairment at each reporting period. This evaluation considers 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. The Company determined that qualitative indicators of impairment existed as of June 30, 2024, and therefore performed an assessment of the fair value of its investment.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Commitments and contingencies - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments	$ 37.7

Stockholders' equity - Schedule of Stock Option Activity (Details) - 2021 Stock incentive Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Options Outstanding
Outstanding, beginning balance (in shares) \| shares	4,571,021
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(2,350,902)
Canceled (in shares) \| shares	(61,728)
Outstanding, ending balance (in shares) \| shares	2,158,391	4,571,021
Vested & expected to vest, awards outstanding (in shares) \| shares	2,158,391
Exercisable, awards outstanding (in shares) \| shares	2,153,129
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 5.08
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	5.43
Canceled (in dollars per share) \| $ / shares	7.94
Outstanding, ending balance (in dollars per share) \| $ / shares	4.61	$ 5.08
Vested & expected to vest, weighted average exercise price (in dollars per share) \| $ / shares	4.61
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 4.58
Outstanding, weighted average remaining contractual term	4 years 6 months 29 days	3 years 2 months 23 days
Outstanding, aggregate intrinsic value \| $	$ 6,961	$ 44,309
Vested & expected to vest, weighted average remaining contractual term	4 years 6 months 29 days
Vested & expected to vest, aggregate intrinsic value \| $	$ 6,961
Exercisable, weighted average remaining contractual term	4 years 6 months 25 days
Exercisable, aggregate intrinsic value \| $	$ 6,961

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		145,013,786
Beginning balance at Dec. 31, 2022	$ 339,310	$ 1	$ 951,946	$ (233)	$ (612,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	79,922		79,922
Exercise of stock options (in shares)		2,540,719
Exercise of stock options	8,616		8,616
Vesting of restricted stock units (in shares)		4,481,848
Vesting of restricted stock units	109	$ 1	108
Issuance of common stock under employee stock purchase plan (in shares)		625,111
Issuance of common stock under employee stock purchase plan	4,757		4,757
Other comprehensive income (loss)	171			171
Net loss	(87,046)				(87,046)
Ending balance (in shares) at Sep. 30, 2023		152,661,464
Ending balance at Sep. 30, 2023	345,839	$ 2	1,045,349	(62)	(699,450)
Beginning balance (in shares) at Jun. 30, 2023		149,845,546
Beginning balance at Jun. 30, 2023	333,121	$ 1	1,015,851	(48)	(682,683)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25,659		25,659
Exercise of stock options (in shares)		1,178,316
Exercise of stock options	3,839		3,839
Vesting of restricted stock units (in shares)		1,637,602
Vesting of restricted stock units	1	$ 1	0
Other comprehensive income (loss)	(14)			(14)
Net loss	(16,767)				(16,767)
Ending balance (in shares) at Sep. 30, 2023		152,661,464
Ending balance at Sep. 30, 2023	345,839	$ 2	1,045,349	(62)	(699,450)
Beginning balance (in shares) at Dec. 31, 2023		157,166,360
Beginning balance at Dec. 31, 2023	356,892	$ 2	1,076,508	80	(719,698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	77,164		77,164
Exercise of stock options (in shares)		2,350,902
Exercise of stock options	857		857
Vesting of restricted stock units (in shares)		5,283,495
Vesting of restricted stock units	113		113
Issuance of common stock under employee stock purchase plan (in shares)		554,039
Issuance of common stock under employee stock purchase plan	4,533		4,533
Shares withheld related to net share settlement of equity awards (in shares)		(3,590,881)
Shares withheld related to net share settlement of equity awards	$ (25,465)		(25,465)
Repurchases of common stock (in shares)	(15,072,277)	(15,072,277)
Repurchases of common stock	$ (142,535)	$ (1)	(142,534)
Other comprehensive income (loss)	122			122
Net loss	(75,424)				(75,424)
Ending balance (in shares) at Sep. 30, 2024		146,691,638
Ending balance at Sep. 30, 2024	196,257	$ 1	991,176	202	(795,122)
Beginning balance (in shares) at Jun. 30, 2024		151,682,337
Beginning balance at Jun. 30, 2024	252,254	$ 2	1,022,147	(44)	(769,851)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	25,531		25,531
Exercise of stock options (in shares)		204,178
Exercise of stock options	480		480
Vesting of restricted stock units (in shares)		1,901,210
Shares withheld related to net share settlement of equity awards (in shares)		(776,148)
Shares withheld related to net share settlement of equity awards	$ (5,560)		(5,560)
Repurchases of common stock (in shares)	(6,319,939)	(6,319,939)
Repurchases of common stock	$ (51,423)	$ (1)	(51,422)
Other comprehensive income (loss)	246			246
Net loss	(25,271)				(25,271)
Ending balance (in shares) at Sep. 30, 2024		146,691,638
Ending balance at Sep. 30, 2024	$ 196,257	$ 1	$ 991,176	$ 202	$ (795,122)

Subsequent events	9 Months Ended
Subsequent events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent events	14. Subsequent events In October 2024, the Company repurchased and immediately retired 1,091,031 shares of common stock for an aggregate principal value of $8.4 million, pursuant to the Repurchase Program as discussed in Note 10 – Stockholders' equity.

Income taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income taxes - Narrative (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	(3.54%)	(5.08%)	(3.70%)	(3.48%)

Restructuring charges (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table summarizes the activity related to the restructuring liability recorded in accrued compensation and benefits in the accompanying condensed consolidated balance sheets (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	—	$	344	$	—	$	—
Restructuring charges	11,035		—		11,035		9,055
Settlements	(1,607)		(344)		(1,607)		(9,055)
Ending balance	$	9,428	$	—	$	9,428	$	—

Segment and geographic information - Schedule of Long-lived Assets by Region (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total long-lived assets	$ 15,154	$ 10,116
United States
Segment Reporting Information [Line Items]
Total long-lived assets	9,602	7,007
Rest of world
Segment Reporting Information [Line Items]
Total long-lived assets	$ 5,552	$ 3,109

Net loss per share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	19,402,607	25,800,545	19,402,607	25,800,545
RSUs, PSUs, and restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	16,806,887	17,858,035	16,806,887	17,858,035
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	2,208,391	7,569,747	2,208,391	7,569,747
Contingently issuable shares under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	387,329	372,763	387,329	372,763

Net loss per share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net loss per share

11. Net loss per share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(25,271)	$	(16,767)	$	(75,424)	$	(87,046)
Denominator:
Weighted-average shares used in computing net loss per share
Basic and diluted	149,179,826		151,307,963		152,867,160		148,392,636
Net loss per share
Basic and diluted	$	(0.17)	$	(0.11)	$	(0.49)	$	(0.59)

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,
	2024	2023	2024	2023
RSUs, PSUs, and restricted stock	16,806,887	17,858,035	16,806,887	17,858,035
Stock options	2,208,391	7,569,747	2,208,391	7,569,747
Contingently issuable shares under ESPP	387,329	372,763	387,329	372,763
Total potentially dilutive securities	19,402,607	25,800,545	19,402,607	25,800,545

Investments and fair value measurements - Summary of the Changes in the Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 10,311	$ 10,311	$ 12,104
Vesting and remeasurement of SARs	0	0	0	0
Exercises of SARs			0	0
Unrealized loss on strategic investments			(10,311)	(1,793)
Ending balance	0	10,311	0	10,311
Stock Appreciation Rights (SARs)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	16	30	48	462
Vesting and remeasurement of SARs	(6)	(4)	(31)	(183)
Exercises of SARs			(7)	(253)
Unrealized loss on strategic investments			0	0
Ending balance	$ 10	$ 26	$ 10	$ 26

Segment and geographic information - Narrative (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments	2	2	2	2

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	7. Commitments and contingencies Noncancellable purchase commitments— The Company has contractual commitments with its cloud infrastructure provider, network service providers and paid advertising and sponsorship vendors that are noncancellable. The Company had $37.7 million worth of future minimum payments under noncancellable purchase commitments with remaining terms in excess of one year as of September 30, 2024, which are expected to be paid through 2027. 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 in the accrued expenses and other current liabilities caption of the accompanying condensed consolidated balance sheets as of September 30, 2024, and December 31, 2023.

Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 1,027
2025	3,014
2026	4,072
2027	2,231
2028	2,298
2029	1,166
Gross lease payments	13,808
Less imputed interest	(1,695)
Present value of operating lease liabilities	$ 12,113

Related party transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

The following tables summarize the Company’s related party transactions (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue recognized from services provided to customers
Naspers and affiliates	$	0.5	$	0.7	$	1.3	$	1.4
Insight and affiliates	0.1		0.5		0.5		0.5
Companies affiliated with Board members	0.1		0.1		0.3		0.3

Expense recognized from services provided by vendors
Insight and affiliates	0.2		0.3		0.6		0.6


	September 30,		December 31,
	2024		2023
Amounts in accounts receivable
Naspers and affiliates	$	0.2	immaterial
Insight and affiliates	—		$	0.2
Companies affiliated with Board members	—		0.4

Amounts in accounts payable and accrued expenses and other current liabilities
Insight and affiliates	—		immaterial

Investments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Investments on Condensed Consolidated Balance Sheets

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


As of September 30, 2024	Level 1		Level 2		Level 3
Assets
Cash equivalents1:
Money market funds	$	160,819	$	—	$	—
Time deposits	6,445		—		—
Marketable securities:
U.S. government securities	—		152,546		—
Strategic investments	—		—		—
Total assets	$	167,264	$	152,546	$	—

Liabilities
Accrued expenses and other current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	4
Other liabilities, non-current:
Cash settled stock appreciation rights	—		—		6
Total liabilities	$	—	$	—	$	10


As of December 31, 2023	Level 1		Level 2		Level 3
Assets
Cash equivalents1:
Money market funds	$	266,692	$	—	$	—
Marketable securities:
U.S. government securities	—		171,372		—
Strategic investments	—		—		10,311
Total assets	$	266,692	$	171,372	$	10,311

Other liabilities, non-current:
Cash settled stock appreciation rights	$	—	$	—	$	48

(1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $37.3 million and $38.9 million of cash, as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Investments on Condensed Consolidated Balance Sheets

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


As of September 30, 2024	Level 1		Level 2		Level 3
Assets
Cash equivalents1:
Money market funds	$	160,819	$	—	$	—
Time deposits	6,445		—		—
Marketable securities:
U.S. government securities	—		152,546		—
Strategic investments	—		—		—
Total assets	$	167,264	$	152,546	$	—

Liabilities
Accrued expenses and other current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	4
Other liabilities, non-current:
Cash settled stock appreciation rights	—		—		6
Total liabilities	$	—	$	—	$	10


As of December 31, 2023	Level 1		Level 2		Level 3
Assets
Cash equivalents1:
Money market funds	$	266,692	$	—	$	—
Marketable securities:
U.S. government securities	—		171,372		—
Strategic investments	—		—		10,311
Total assets	$	266,692	$	171,372	$	10,311

Other liabilities, non-current:
Cash settled stock appreciation rights	$	—	$	—	$	48

Schedule 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 vesting and remeasurement of stock appreciation rights (SARs) and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):


	Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2024	$	16	$	—
Vesting and remeasurement of SARs	(6)		—


Balance— September 30, 2024	$	10	$	—

Balance— June 30, 2023	$	30	$	10,311
Vesting and remeasurement of SARs	(4)		—
Balance— September 30, 2023	$	26	$	10,311

Balance— December 31, 2023	$	48	$	10,311
Vesting and remeasurement of SARs	(31)		—
Exercises of SARs	(7)		—
Unrealized loss on strategic investments	—		(10,311)
Balance— September 30, 2024	$	10	$	—

Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(183)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— September 30, 2023	$	26	$	10,311

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


	Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2024	$	16	$	—
Vesting and remeasurement of SARs	(6)		—


Balance— September 30, 2024	$	10	$	—

Balance— June 30, 2023	$	30	$	10,311
Vesting and remeasurement of SARs	(4)		—
Balance— September 30, 2023	$	26	$	10,311

Balance— December 31, 2023	$	48	$	10,311
Vesting and remeasurement of SARs	(31)		—
Exercises of SARs	(7)		—
Unrealized loss on strategic investments	—		(10,311)
Balance— September 30, 2024	$	10	$	—

Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(183)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— September 30, 2023	$	26	$	10,311

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Summary of significant accounting policies

9 Months Ended

Sep. 30, 2024

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.

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, 2024 and 2023, the Company operated under two operating and reportable segments: Enterprise and Consumer. 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 12 – 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 credit losses, 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 service period for consumer 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, the valuation of privately-held strategic investments, including impairments, and the carrying value of our operating lease right-of-use (“ROU”) assets. 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 Company’s financial position and results of operations.

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 that are 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 and maintains an allowance based upon expected credit losses of outstanding receivables. The Company had no customers who accounted for more than 10% of total accounts receivable as of September 30, 2024, or December 31, 2023. No customer accounted for more than 10% of total revenue during the three and nine months ended September 30, 2024 or 2023.

Summary of significant accounting policies— There have been no significant changes to the policies as 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, 2023, which was filed with the SEC on February 26, 2024 (the “Annual Report”).

Accounts receivable, net— 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 is presented net of allowance for credit losses in the accompanying condensed consolidated balance sheets.

The Company maintains an allowance based upon expected credit losses of outstanding receivables. Management derives its estimate using a variety of factors, including historical collection and loss patterns; the current aging of receivables; geographic and other customer-specific credit risk factors; and reasonable and supportable forecasts of future economic conditions which inform adjustments to historical loss patterns. The provision for expected credit losses is recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. Accounts receivable deemed to be uncollectible are written off, net of expected or actual recoveries.


	Balance at Beginning of Period		Charged to Expenses		Charges Utilized/Written-off, Net of Recoveries		Balance at End of Period
Allowance for credit losses (in thousands)
Nine Months Ended September 30, 2024	$	1,270	$	1,026	$	(1,312)	$	984
Nine Months Ended September 30, 2023	$	1,528	$	1,309	$	(1,370)	$	1,467

Recently Adopted Accounting Pronouncements Adopted in 2024

There are no recently issued accounting pronouncements that were adopted by the Company during the nine months ended September 30, 2024.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses and the chief operating decision maker. The standard will become effective for the Company’s fiscal year ended December 31, 2024, and interim periods during the fiscal year ended December 31, 2025, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard will become effective for the Company’s fiscal year ended December 31, 2025, with early adoption permitted. The Company is currently assessing the potential impact of the new standard on the Company’s condensed consolidated financial statements.

Consolidated balance sheet components - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) security	Aug. 24, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Number of continuous unrealized loss position for twelve months or longer \| security	0		0		0
Depreciation	$ 700	$ 700	$ 2,200	$ 2,300
Amortization of capitalized software	5,000	4,500	14,800	12,700
Amortization of intangible assets	700	$ 1,000	2,600	$ 3,100
Goodwill	$ 12,646		$ 12,646		$ 12,646
CorpU
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill						$ 12,600

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Stockholders' equity - Schedule of Weighted Average Assumptions, Options (Details)	9 Months Ended
	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	51.90%
Expected life (in years)	1 year 3 months 18 days
Expected dividend yield	0.00%
Contingently issuable shares under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	5.10%

- Definition

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

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-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of significant accounting policies - Narrative (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments	2	2	2	2

Investments and fair value measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Impairment of strategic investment	$ 10.3	$ 1.8	$ 2.9
Strategic investment’s cost basis				$ 15.0

Consolidated balance sheet components (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	37,299	$	—	$	—	$	37,299
Money market funds	160,819		—		—		160,819
Time deposits	6,445		—		—		6,445
Total cash and cash equivalents	204,563		—		—		204,563
Marketable securities:
U.S. government securities	152,381		165		—		152,546
Total cash, cash equivalents, and marketable securities	$	356,944	$	165	$	—	$	357,109


As of December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	38,872	$	—	$	—	$	38,872
Money market funds	266,692		—		—		266,692
Total cash and cash equivalents	305,564		—		—		305,564
Marketable securities:
U.S. government securities	171,296		76		—		171,372
Total cash, cash equivalents, and marketable securities	$	476,860	$	76	$	—	$	476,936

Schedule of Property and Equipment, Net

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


	September 30,		December 31,
	2024		2023
Leasehold improvements	$	19,064	$	19,064
Computers and equipment	8,180		7,770
Furniture and fixtures	4,720		4,705
Purchased software	383		383
Construction in progress	160		—
Total property and equipment	32,507		31,922
Less accumulated depreciation and amortization	(29,187)		(27,483)
Property and equipment, net	$	3,320	$	4,439

Schedule of Capitalized Software, Net

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


	September 30,		December 31,
	2024		2023
Capitalized software	$	101,796	$	85,160
Less accumulated amortization	(68,521)		(53,772)
Capitalized software, net	$	33,275	$	31,388

Schedule of Expected Amortization Expense

As of September 30, 2024, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):


Remainder of 2024	$	5,037
2025	16,450
2026	9,392
2027	2,396
Total expected amortization	$	33,275

The expected future amortization expense for intangible assets as of September 30, 2024 was as follows (in thousands):


Remainder of 2024	$	228
2025	917
2026	917
2027	594
Total expected amortization	$	2,656

Schedule of Intangible Assets Acquired through Business Combination

Intangible assets, net and goodwill— As of September 30, 2024, 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	$	(2,844)	$	2,656
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(12,444)	$	2,656

As of December 31, 2023, 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	$	(2,156)	$	3,344
Vendor relationships	3 years	4,500		(3,528)		972
Developed technology	3 years	4,200		(3,293)		907
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(9,877)	$	5,223

Schedule of Accrued Expenses and Other Current Liabilities

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


	September 30,		December 31,
	2024		2023
Accrued expenses	$	12,933	$	13,773
Indirect tax reserves	2,031		$	1,432
Indirect tax payables	7,103		$	8,758
Other current liabilities	3,392		$	3,815
Accrued expenses and other current liabilities	$	25,459	$	27,778

Consolidated balance sheet components

9 Months Ended

Sep. 30, 2024

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, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	37,299	$	—	$	—	$	37,299
Money market funds	160,819		—		—		160,819
Time deposits	6,445		—		—		6,445
Total cash and cash equivalents	204,563		—		—		204,563
Marketable securities:
U.S. government securities	152,381		165		—		152,546
Total cash, cash equivalents, and marketable securities	$	356,944	$	165	$	—	$	357,109


As of December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	38,872	$	—	$	—	$	38,872
Money market funds	266,692		—		—		266,692
Total cash and cash equivalents	305,564		—		—		305,564
Marketable securities:
U.S. government securities	171,296		76		—		171,372
Total cash, cash equivalents, and marketable securities	$	476,860	$	76	$	—	$	476,936

Realized gains and losses reclassified from accumulated other comprehensive loss to other income, net were zero for the three and nine months ended September 30, 2024 and 2023.

The Company had no securities in an unrealized loss position as of September 30, 2024 and December 31, 2023. The Company does not intend to sell available-for-sale marketable debt securities in unrealized loss positions, and it is more likely than not that the Company will hold these securities until maturity or recovery of the cost basis. As of September 30, 2024 and December 31, 2023, the Company did not have an allowance for credit losses related to its available-for-sale debt securities due to a zero loss expectation for the portfolio which consists solely of U.S. government securities.

As of September 30, 2024, the entirety of the Company’s marketable securities portfolio had remaining contractual maturities of one year or less.

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


	September 30,		December 31,
	2024		2023
Leasehold improvements	$	19,064	$	19,064
Computers and equipment	8,180		7,770
Furniture and fixtures	4,720		4,705
Purchased software	383		383
Construction in progress	160		—
Total property and equipment	32,507		31,922
Less accumulated depreciation and amortization	(29,187)		(27,483)
Property and equipment, net	$	3,320	$	4,439

Depreciation expense was $0.7 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively, and $2.2 million and $2.3 million for the nine months ended September 30, 2024 and 2023, respectively.

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


	September 30,		December 31,
	2024		2023
Capitalized software	$	101,796	$	85,160
Less accumulated amortization	(68,521)		(53,772)
Capitalized software, net	$	33,275	$	31,388

Amortization expense of capitalized software was $5.0 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $14.8 million and $12.7 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):


Remainder of 2024	$	5,037
2025	16,450
2026	9,392
2027	2,396
Total expected amortization	$	33,275

Intangible assets, net and goodwill— As of September 30, 2024, 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	$	(2,844)	$	2,656
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(12,444)	$	2,656

As of December 31, 2023, 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	$	(2,156)	$	3,344
Vendor relationships	3 years	4,500		(3,528)		972
Developed technology	3 years	4,200		(3,293)		907
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(9,877)	$	5,223

Amortization expense of intangible assets was $0.7 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $2.6 million and $3.1 million for the nine months ended September 30, 2024 and 2023, respectively.

The expected future amortization expense for intangible assets as of September 30, 2024 was as follows (in thousands):


Remainder of 2024	$	228
2025	917
2026	917
2027	594
Total expected amortization	$	2,656

Goodwill in the amount of $12.6 million was established as part of the CorpU acquisition on August 24, 2021, and allocated to the Enterprise segment. 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, 2024.

The Company tests for impairment at least annually, or whenever events or changes in circumstances occur that could impact the recoverability of these assets. No such triggering events were noted for the three and nine months ended September 30, 2024 and 2023.

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


	September 30,		December 31,
	2024		2023
Accrued expenses	$	12,933	$	13,773
Indirect tax reserves	2,031		$	1,432
Indirect tax payables	7,103		$	8,758
Other current liabilities	3,392		$	3,815
Accrued expenses and other current liabilities	$	25,459	$	27,778

Stockholders' equity (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance consisted of the following:


	September 30,	December 31,
	2024	2023
2010 Equity Incentive Plan:
Stock options outstanding	2,208,391	4,621,021
2021 Equity Incentive Plan:
RSUs outstanding and PSUs(1)	17,394,641	16,738,309
Shares available for future issuance under:
2021 Equity Incentive Plan	9,658,846	4,093,695
2021 Employee Stock Purchase Plan	3,374,376	2,350,803
Total shares of common stock reserved	32,636,254	27,803,828
(1) For those PSUs in their respective performance periods, the number of shares reserved for issuance is based on the maximum achievement of the corporate performance metrics.

Schedule of RSU and PSU Activity

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


	RSUs Outstanding	Weighted Average Grant Date Fair Value		PSUs Outstanding(1)	Weighted Average Grant Date Fair Value
Unvested - December 31, 2023	15,769,577	$	14.07	645,833	$	8.89
Granted	7,809,727	9.63		553,568	10.98
Released	(5,118,303)	14.81		(165,192)	8.89
Canceled	(2,141,728)	13.69		(235,596)	8.89
Unvested - September 30, 2024	16,319,273	$	11.77	798,613	$	10.34
Awards vested, not yet released - September 30, 2024	13,832	$	8.77	—	$	—
(1) Canceled PSU shares consist of awards forfeited as well as the difference in the number of shares granted at target in 2023 and the shares certified by the Board based on actual achievement.

Schedule of Option Activity

The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans:


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2023	4,571,021	$	5.08	3.23	$	44,309
Granted	—	—
Exercised	(2,350,902)	5.43
Canceled	(61,728)	7.94
Balance - September 30, 2024	2,158,391	$	4.61	4.58	$	6,961
Vested & expected to vest as of September 30, 2024	2,158,391	$	4.61	4.58	$	6,961
Exercisable as of September 30, 2024	2,153,129	$	4.58	4.57	$	6,961

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,
	2024		2023		2024		2023
Cost of revenue	$	1,807	$	1,788	$	5,277	$	5,130
Sales and marketing	7,573		7,646		22,578		23,022
Research and development	7,183		7,045		21,187		19,762
General and administrative	6,839		7,005		21,382		23,806
Restructuring charges	(160)		—		(160)		1,208
Total stock-based compensation expense	$	23,242	$	23,484	$	70,264	$	72,928

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 employee stock purchase rights granted under the new ESPP offering period:


	Nine Months Ended
	September 30, 2024
Risk-free interest rate	5.1	%
Expected volatility	51.9	%
Expected life (in years)	1.3
Expected dividend yield	—	%

Consolidated balance sheet components - Schedule of Intangible Assets Acquired through Business Combination (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 15,100	$ 15,100
Accumulated Amortization	(12,444)	(9,877)
Total expected amortization	$ 2,656	$ 5,223
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	(2,844)	(2,156)
Total expected amortization	$ 2,656	$ 3,344
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	(4,500)	(3,528)
Total expected amortization	$ 0	$ 972
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	(4,200)	(3,293)
Total expected amortization	$ 0	$ 907
Tradename
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	2 years	2 years
Intangible Assets, Gross	$ 900	$ 900
Accumulated Amortization	(900)	(900)
Total expected amortization	$ 0	$ 0

Stockholders' equity - RSU and PSU Activity (Details) - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2024
Restricted Stock Units (RSUs)
Outstanding
Unvested beginning balance (in shares)		15,769,577		15,769,577
Granted (in shares)				7,809,727
Released (in shares)				(5,118,303)
Canceled (in shares)				(2,141,728)
Unvested ending balance (in shares)				16,319,273
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share)		$ 14.07		$ 14.07
Granted (in dollars per share)				9.63
Released (in dollars per share)				14.81
Canceled (in dollars per share)				13.69
Unvested ending balance (in dollars per share)				$ 11.77
Awards vested, not yet released (in shares)				13,832
Awards vested, not yet released (in dollars per share)				$ 8.77
Performance-Based Awards
Outstanding
Unvested beginning balance (in shares)		645,833		645,833
Granted (in shares)	450,170	553,568	645,833	553,568
Released (in shares)				(165,192)
Canceled (in shares)				(235,596)
Unvested ending balance (in shares)				798,613
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share)		$ 8.89		$ 8.89
Granted (in dollars per share)				10.98
Released (in dollars per share)				8.89
Canceled (in dollars per share)				8.89
Unvested ending balance (in dollars per share)				$ 10.34
Awards vested, not yet released (in shares)				0
Awards vested, not yet released (in dollars per share)				$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (25,271)	$ (16,767)	$ (75,424)	$ (87,046)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
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)	146,691,638	157,166,360
Common stock, shares outstanding (in shares)	146,691,638	157,166,360

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2024
Leases [Abstract]
Operating lease, right-of-use asset, addition	$ 9.8
Renewal option term		5 years
Lessee, tenant improvements allowance	2.1
Decrease in restricted cash related to new and renewed lease agreements	$ (2.5)

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 195,417	$ 184,722	$ 586,623	$ 539,392
Cost of revenue	72,362	77,264	221,888	229,903
Gross profit	123,055	107,458	364,735	309,489
Operating expenses
Sales and marketing	85,997	76,492	260,288	233,520
Research and development	32,976	30,307	96,607	90,829
General and administrative	22,266	22,155	74,299	71,112
Restructuring charges	11,275	0	11,275	10,263
Total operating expenses	152,514	128,954	442,469	405,724
Loss from operations	(29,459)	(21,496)	(77,734)	(96,235)
Other income (expense), net
Interest income	4,732	5,542	15,655	14,758
Interest expense	504	(124)	424	(464)
Other income (expense), net	(185)	122	(11,077)	(2,181)
Total other income, net	5,051	5,540	5,002	12,113
Net loss before taxes	(24,408)	(15,956)	(72,732)	(84,122)
Income tax provision	(863)	(811)	(2,692)	(2,924)
Net loss	$ (25,271)	$ (16,767)	$ (75,424)	$ (87,046)
Net loss per share
Basic (in dollars per share)	$ (0.17)	$ (0.11)	$ (0.49)	$ (0.59)
Diluted (in dollars per share)	$ (0.17)	$ (0.11)	$ (0.49)	$ (0.59)
Weighted-average shares used in computing net loss per share
Basic (in shares)	149,179,826	151,307,963	152,867,160	148,392,636
Diluted (in shares)	149,179,826	151,307,963	152,867,160	148,392,636

Consolidated balance sheet components - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2024	$ 5,037
2025	16,450
2026	9,392
2027	2,396
Total expected amortization	$ 33,275	$ 31,388

Net loss per share (Tables)

9 Months Ended

Sep. 30, 2024

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 (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(25,271)	$	(16,767)	$	(75,424)	$	(87,046)
Denominator:
Weighted-average shares used in computing net loss per share
Basic and diluted	149,179,826		151,307,963		152,867,160		148,392,636
Net loss per share
Basic and diluted	$	(0.17)	$	(0.11)	$	(0.49)	$	(0.59)

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,
	2024	2023	2024	2023
RSUs, PSUs, and restricted stock	16,806,887	17,858,035	16,806,887	17,858,035
Stock options	2,208,391	7,569,747	2,208,391	7,569,747
Contingently issuable shares under ESPP	387,329	372,763	387,329	372,763
Total potentially dilutive securities	19,402,607	25,800,545	19,402,607	25,800,545

Net loss per share - Schedule of Net Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (25,271)	$ (16,767)	$ (75,424)	$ (87,046)
Weighted-average shares used in computing net loss per share
Basic (in shares)	149,179,826	151,307,963	152,867,160	148,392,636
Diluted (in shares)	149,179,826	151,307,963	152,867,160	148,392,636
Net loss per share
Basic (in dollars per share)	$ (0.17)	$ (0.11)	$ (0.49)	$ (0.59)
Diluted (in dollars per share)	$ (0.17)	$ (0.11)	$ (0.49)	$ (0.59)

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

Revenue recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 152.8	$ 143.4	$ 252.9	$ 242.9
Remaining performance obligation, amount	$ 532.6		$ 532.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	74.00%		74.00%
Revenue, remaining performance obligation, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	28.00%		28.00%
Revenue, remaining performance obligation, period

Restructuring charges - Summary of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 11,275	$ 0	$ 10,100	$ 11,275	$ 10,263
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	0	344	0	0	0
Restructuring charges	11,035	0	$ 8,900	11,035	9,055
Settlements	(1,607)	(344)		(1,607)	(9,055)
Ending balance	$ 9,428	$ 0		$ 9,428	$ 0

Consolidated balance sheet components - Schedule Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 12,933	$ 13,773
Indirect tax reserves	2,031	1,432
Indirect tax payables	7,103	8,758
Other current liabilities	3,392	3,815
Accrued expenses and other current liabilities	$ 25,459	$ 27,778

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,901,417
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Central Index Key	0001607939
Current Fiscal Year End Date	--12-31

Restructuring charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring charges

13. Restructuring charges

2024 Restructuring— On September 11, 2024, the Company committed to a restructuring plan aimed at driving greater operational efficiencies through the reduction of organizational layers, optimization of the Company’s go-to-market organization, and relocating certain roles to lower cost locations (collectively, the “2024 Restructuring”). The 2024 Restructuring impacted approximately 280 of the Company’s global workforce, primarily targeting employees located in higher-cost regions, such as the United States, as well as those within the Company’s sales and marketing and research and development functions. Of those impacted, approximately 57% had no future substantive service requirement as of the communication date, while the remaining population will continue to provide services as employees during a retention period to assist with transition and training through no later than March 31, 2025.

As a result, the Company expects to recognize total restructuring charges of approximately $18.0 million, of which recognized $11.3 million was recognized into expense during the third quarter of 2024. The majority of the charges were made up of $9.9 million in personnel-related costs, consisting of one-time severance payments, salary and wages earned over legally required retention periods, and other benefits.

For impacted employees with no future substantive service requirement, restructuring costs were recognized in-full as of the communication date. For employees rendering services through a retention period, one-time severance costs settled at the end of the retention period are recognized as restructuring costs on a straight-line basis from the communication date to the end of the applicable retention period. Other direct and incremental costs are recognized as incurred.

2023 Restructuring— On February 13, 2023, the Company communicated to its employees that in response to current macroeconomic conditions and to further streamline its operations and cost structure, it would reduce its global workforce by approximately 10% (collectively, the “2023 Restructuring”). As a result, the Company recognized restructuring charges of $10.1 million in the first quarter of 2023, primarily consisting of $8.9 million of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. The Company also recognized $1.2 million of stock-based compensation expense on the communication date, resulting from impacted employees having no future substantive service requirement but continuing to vest into their equity awards during legally required retention periods as well as certain modifications to enable additional vesting after impacted employees’ termination dates. The restructuring plan was completed in the third quarter of 2023.

Restructuring charges are presented as separate operating expenses within the Company’s condensed consolidated statements of operations. The following table summarizes the activity related to the restructuring liability recorded in accrued compensation and benefits in the accompanying condensed consolidated balance sheets (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	—	$	344	$	—	$	—
Restructuring charges	11,035		—		11,035		9,055
Settlements	(1,607)		(344)		(1,607)		(9,055)
Ending balance	$	9,428	$	—	$	9,428	$	—

Subsequent events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Oct. 31, 2024 USD ($) shares
Subsequent Event [Line Items]
Shares repurchased and retired (in shares) \| shares	1,091,031
Shares repurchased and retired, value \| $	$ 8.4

Related party transactions

9 Months Ended

Sep. 30, 2024

Related party transactions

9. 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 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.

Insight Partners (“Insight”), where a member of the Company’s Board of Directors is a Managing Director, has certain affiliates who are customers of the Company’s Enterprise subscription offering. Insight Partners is also affiliated with certain vendors that the Company has contracted to provide technology and software solutions.

Certain members of the Company’s Board of Directors also serve as executive officers for customers of the Company’s Enterprise subscription offering.

The following tables summarize the Company’s related party transactions (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue recognized from services provided to customers
Naspers and affiliates	$	0.5	$	0.7	$	1.3	$	1.4
Insight and affiliates	0.1		0.5		0.5		0.5
Companies affiliated with Board members	0.1		0.1		0.3		0.3

Expense recognized from services provided by vendors
Insight and affiliates	0.2		0.3		0.6		0.6


	September 30,		December 31,
	2024		2023
Amounts in accounts receivable
Naspers and affiliates	$	0.2	immaterial
Insight and affiliates	—		$	0.2
Companies affiliated with Board members	—		0.4

Amounts in accounts payable and accrued expenses and other current liabilities
Insight and affiliates	—		immaterial

- Definition

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

+ References

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-Topic 946
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related party transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue	$ 195,417	$ 184,722	$ 586,623	$ 539,392
General and administrative	22,266	22,155	74,299	71,112
Accounts receivable, net	81,164		81,164		$ 92,555
Accounts payable	4,273		4,273		2,506
Board of Directors
Related Party Transaction [Line Items]
Revenue	100	100	300	300
Accounts receivable, net	0		0		400
Naspers \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue	500	700	1,300	1,400
Accounts receivable, net	200		200		0
Insight \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue	100	500	500	500
General and administrative	200	$ 300	600	$ 600
Accounts receivable, net	0		0		200
Accounts payable	$ 0		$ 0		$ 0

- Definition

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

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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and geographic information - Schedule of Financial Information by Each Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 195,417	$ 184,722	$ 586,623	$ 539,392
Segment cost of revenue	72,362	77,264	221,888	229,903
Gross profit	123,055	107,458	364,735	309,489
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	5,000	4,500	14,800	12,700
Amortization of intangible assets	700	1,000	2,600	3,100
Depreciation	700	700	2,200	2,300
Stock-based compensation	23,242	23,484	70,264	72,928
Gross profit	123,055	107,458	364,735	309,489
Operating Segments
Segment Reporting Information [Line Items]
Revenue	195,417	184,722	586,623	539,392
Segment cost of revenue	65,014	70,155	199,625	209,602
Gross profit	130,403	114,567	386,998	329,790
Reconciliation of segment gross profit to gross profit
Gross profit	130,403	114,567	386,998	329,790
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gross profit	7,348	7,109	22,263	20,301
Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	5,014	4,494	14,783	12,667
Amortization of intangible assets	430	725	1,880	2,175
Depreciation	97	102	323	329
Stock-based compensation	1,807	1,788	5,277	5,130
Gross profit	7,348	7,109	22,263	20,301
Enterprise \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	126,123	109,101	364,319	305,962
Segment cost of revenue	33,330	34,784	99,644	101,603
Gross profit	92,793	74,317	264,675	204,359
Reconciliation of segment gross profit to gross profit
Gross profit	92,793	74,317	264,675	204,359
Consumer \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	69,294	75,621	222,304	233,430
Segment cost of revenue	31,684	35,371	99,981	107,999
Gross profit	37,610	40,250	122,323	125,431
Reconciliation of segment gross profit to gross profit
Gross profit	$ 37,610	$ 40,250	$ 122,323	$ 125,431

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (75,424)	$ (87,046)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	19,515	18,069
Amortization of deferred contract costs	43,863	34,482
Stock-based compensation	70,264	72,928
Allowance for credit losses	1,026	1,309
Accretion of marketable securities	(6,651)	(5,323)
Non-cash operating lease expense	3,641	4,468
Unrealized loss on strategic investments	10,311	1,793
Other	1,319	931
Changes in operating assets and liabilities:
Accounts receivable	10,364	20,363
Prepaid expenses and other assets	(5,508)	(3,628)
Deferred contract costs	(46,626)	(45,205)
Accounts payable, accrued expenses and other liabilities	5,962	(7,102)
Content costs payable	(3,978)	505
Operating lease liabilities	(4,523)	(5,168)
Deferred revenue	19,906	3,887
Net cash provided by operating activities	43,461	5,263
Cash flows from investing activities:
Purchases of marketable securities	(239,783)	(225,536)
Proceeds from maturities of marketable securities	265,350	231,300
Purchases of property and equipment	(1,116)	(435)
Capitalized software costs	(10,247)	(9,321)
Net cash provided by (used in) investing activities	14,204	(3,992)
Cash flows from financing activities:
Net proceeds from exercise of stock options	921	8,277
Proceeds from share purchases under employee stock purchase plan	4,533	4,757
Taxes paid related to net share settlement of equity awards	(25,363)	0
Repurchases of common stock	(141,591)	0
Net cash provided by (used in) financing activities	(161,500)	13,034
Effect of foreign exchange rates on cash flows	61	(116)
Net increase (decrease) in cash, cash equivalents and restricted cash	(103,774)	14,189
Cash, cash equivalents and restricted cash—Beginning of period	309,552	317,314
Cash, cash equivalents and restricted cash—End of period	205,778	331,503
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	204,563	327,974
Restricted cash, current	100	100
Restricted cash, non-current	1,115	3,429
Total cash, cash equivalents and restricted cash	205,778	331,503
Supplemental disclosures of cash flow information:
Interest paid	0	3,186
Income taxes paid	1,165	1,337
Supplemental disclosure of non-cash investing and financing activities:
Stock-based compensation in capitalized costs	6,953	6,966
Net change in unrealized gain (loss) on marketable securities	89	218
Operating lease right-of-use assets exchanged for operating lease liabilities	9,779	0
Accrued excise tax on share repurchases	$ 944	$ 0

Consolidated balance sheet components - Schedule of Expected Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2024	$ 228
2005	917
2026	917
2027	594
Total expected amortization	$ 2,656	$ 5,223

Stockholders' equity - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended				9 Months Ended
	Jan. 01, 2024 shares	Feb. 29, 2024 shares	Sep. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 shares	Sep. 30, 2023 USD ($)	Mar. 31, 2023 shares	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($)	May 02, 2024 USD ($)	Feb. 14, 2024 USD ($)	Dec. 31, 2023 $ / shares shares	Oct. 29, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in 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
Preferred stock, shares outstanding (in shares)			0				0				0
Preferred stock, shares issued (in shares)			0				0				0
Number of votes per common stock \| vote							1
Share repurchase program, shares authorized \| $									$ 150,000	$ 100,000
Extension repurchase program \| $									$ 50,000
Repurchases of common stock (in shares)			6,319,939				15,072,277
Repurchases of common stock \| $			$ 51,423				$ 142,535
Total shares of common stock reserved (in shares)			32,636,254				32,636,254				27,803,828
Common stock, shares issued (in shares)			146,691,638				146,691,638				157,166,360
Stock-based compensation capitalized as a software \| $			$ 2,300		$ 2,100		$ 6,800	$ 6,800
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							7,809,727
Unrecognized compensation costs, excluding options \| $			$ 150,800				$ 150,800
Unrecognized compensation costs, period for recognition (in years)							2 years 8 months 12 days
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares right to receive (in shares)							1
Granted (in shares)		450,170		553,568		645,833	553,568
Award vesting rights, percentage		75.00%		75.00%
Corporate performance metric attainment percentage			0.45				0.45
Authorized attainment percentage of shares issued		70.00%
Unrecognized compensation costs, excluding options \| $			$ 2,500				$ 2,500
Unrecognized compensation costs, period for recognition (in years)							1 year 7 months 6 days
Performance-Based Awards \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage							25.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)							4 years
Contractual term (in years)							10 years
Stock options outstanding (in shares)			2,208,391				2,208,391				4,621,021
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised (in shares)							1,558
Exercised (in dollars per share) \| $ / shares							$ 6.58
SARs outstanding (in shares)			3,000				3,000
Contingently issuable shares under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, excluding options \| $			$ 3,300				$ 3,300
Unrecognized compensation costs, period for recognition (in years)							1 year
Total shares of common stock reserved (in shares)	1,571,663											2,800,000
Minimum annual increase in shares reserved for issuance							1.00%
Percent of outstanding shares							300.00%
Common stock, shares issued (in shares)			554,039				554,039
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)							3 years
Minimum \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				0.00%
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)							4 years
Maximum \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				150.00%
2021 Stock incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)			13,800,000				13,800,000
Annual percentage increase, term							0.05
Number of shares reserved for future issuance increased (in shares)	7,858,318
Stock options outstanding (in shares)			2,158,391				2,158,391				4,571,021
Exercisable, awards outstanding (in shares)			2,153,129				2,153,129
Amended and Restated 2010 Equity Incentive Plan \| Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			50,000				50,000
Exercisable, awards outstanding (in shares)			35,416				35,416

Consolidated balance sheet components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 32,507	$ 31,922
Less accumulated depreciation and amortization	(29,187)	(27,483)
Property and equipment, net	3,320	4,439
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	19,064	19,064
Computers and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	8,180	7,770
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	4,720	4,705
Purchased software
Property, Plant and Equipment [Line Items]
Total property and equipment	383	383
Construction in Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 160	$ 0

Summary of significant accounting policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 1,270	$ 1,528
Charged to Expenses	1,026	1,309
Charges Utilized/Written-off, Net of Recoveries	(1,312)	(1,370)
Balance at End of Period	$ 984	$ 1,467

Segment and geographic information (Tables)

9 Months Ended

Sep. 30, 2024

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,
	2024		2023		2024		2023
Revenue
Enterprise	$	126,123	$	109,101	$	364,319	$	305,962
Consumer	69,294		75,621		222,304		233,430
Total revenue	195,417		184,722		586,623		539,392

Segment cost of revenue
Enterprise	33,330		34,784		99,644		101,603
Consumer	31,684		35,371		99,981		107,999
Total segment cost of revenue	65,014		70,155		199,625		209,602

Segment gross profit
Enterprise	92,793		74,317		264,675		204,359
Consumer	37,610		40,250		122,323		125,431
Total segment gross profit	130,403		114,567		386,998		329,790

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	5,014		4,494		14,783		12,667
Amortization of intangible assets	430		725		1,880		2,175
Depreciation	97		102		323		329
Stock-based compensation	1,807		1,788		5,277		5,130
Total reconciling items	7,348		7,109		22,263		20,301
Total gross profit	$	123,055	$	107,458	$	364,735	$	309,489

Schedule 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,
	2024		2023		2024		2023
North America	$	77,732	$	73,787	$	232,224	$	217,308
Europe, Middle East, Africa	57,809		55,048		178,078		164,139
Asia Pacific	46,214		42,505		135,426		120,006
Latin America	13,662		13,382		40,895		37,939
Total revenue	$	195,417	$	184,722	$	586,623	$	539,392

Schedule 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,
	2024		2023
United States	$	9,602	$	7,007
Rest of world	5,552		3,109
Total long-lived assets	$	15,154	$	10,116

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 204,563	$ 305,564
Restricted cash, current	100	3,329
Marketable securities	152,546	171,372
Accounts receivable, net	81,164	92,555
Prepaid expenses and other current assets	24,778	20,924
Deferred contract costs, current	44,861	38,584
Total current assets	508,012	632,328
Property and equipment, net	3,320	4,439
Capitalized software, net	33,275	31,388
Operating lease right-of-use assets	11,833	5,691
Restricted cash, non-current	1,115	659
Deferred contract costs, non-current	32,276	35,790
Strategic investments	0	10,311
Intangible assets, net	2,656	5,223
Goodwill	12,646	12,646
Other assets	3,772	2,721
Total assets	608,905	741,196
Current liabilities:
Accounts payable	4,273	2,506
Accrued expenses and other current liabilities	25,459	27,778
Content costs payable	36,299	40,277
Accrued compensation and benefits	32,179	24,332
Operating lease liabilities, current	4,689	5,825
Deferred revenue, current	299,955	279,414
Total current liabilities	402,854	380,132
Operating lease liabilities, non-current	7,424	1,124
Deferred revenue, non-current	2,364	3,000
Other liabilities, non-current	6	48
Total liabilities	412,648	384,304
Note 7 – Commitments and contingencies
Stockholders' equity:
Common stock, $0.00001 par value - 950,000,000 shares authorized; 146,691,638 and 157,166,360 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively.	1	2
Additional paid-in capital	991,176	1,076,508
Accumulated other comprehensive income	202	80
Accumulated deficit	(795,122)	(719,698)
Total stockholders’ equity	196,257	356,892
Total liabilities and stockholders' equity	$ 608,905	$ 741,196

Consolidated balance sheet components - Schedule of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 356,944	$ 476,860
Unrealized Gains	165	76
Unrealized Losses	0	0
Fair Value	357,109	476,936
Cash and cash equivalents:
Cash and Cash Equivalents [Line Items]
Amortized Cost	204,563	305,564
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	204,563	305,564
Cash and cash equivalents: \| Cash
Cash and Cash Equivalents [Line Items]
Amortized Cost	37,299	38,872
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	37,299	38,872
Cash and cash equivalents: \| Money market funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	160,819	266,692
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	160,819	266,692
Cash and cash equivalents: \| Time deposits
Cash and Cash Equivalents [Line Items]
Amortized Cost	6,445
Unrealized Gains	0
Unrealized Losses	0
Fair Value	6,445
Marketable securities: \| U.S. government securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	152,381	171,296
Unrealized Gains	165	76
Unrealized Losses	0	0
Fair Value	$ 152,546	$ 171,372

Revenue recognition - Summary of Deferred Revenue Balances by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 302,319	$ 282,414	$ 278,279
Enterprise
Disaggregation of Revenue [Line Items]
Total deferred revenue	244,713	220,127	219,030
Consumer
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 57,606	$ 62,287	$ 59,249

- Definition

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

+ References + Details

Segment and geographic information - Schedule of Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 195,417	$ 184,722	$ 586,623	$ 539,392
North America
Segment Reporting Information [Line Items]
Total revenue	77,732	73,787	232,224	217,308
Europe, Middle East, Africa
Segment Reporting Information [Line Items]
Total revenue	57,809	55,048	178,078	164,139
Asia Pacific
Segment Reporting Information [Line Items]
Total revenue	46,214	42,505	135,426	120,006
Latin America
Segment Reporting Information [Line Items]
Total revenue	$ 13,662	$ 13,382	$ 40,895	$ 37,939

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Consolidated balance sheet components - Schedule of Capitalized Software, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software	$ 101,796	$ 85,160
Less accumulated amortization	(68,521)	(53,772)
Total expected amortization	$ 33,275	$ 31,388

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

6. Leases

The Company applies the guidance under Topic 842 for leases of real estate facilities under non-cancelable operating leases.

During the second quarter of 2024, new leasing activities resulted in additional operating lease right-of-use assets of $9.8 million. These activities primarily consisted of extensions to lease terms for real estate facilities through fiscal year 2029. The longest remaining lease term, relating to the Company’s San Francisco headquarters, also has a five-year renewal option not included in the lease term as it was not reasonably certain of being exercised at the time of renewal.

As part of these activities, the Company is entitled to receive $2.1 million in tenant incentives for future leasehold improvements to be constructed by the Company, which was still outstanding as of September 30, 2024. The amount of cash restricted in connection with certain new and renewed lease agreements was also reduced by $2.5 million.

The components of lease costs, supplemental cash flow information, lease term, and discount rate for operating leases are as follows (in thousands, except for percentages and years):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease costs	$	1,123	$	1,519	$	3,928	$	4,753
Variable lease costs	$	187	$	271	$	740	$	816
Cash paid for amounts included in the measurement of operating lease liabilities					$	5,024	$	5,481


	September 30,		December 31,
	2024		2023
Weighted average remaining term (years)	3.5		1.3
Weighted average discount rate	5.7	%	3.9	%

Future minimum lease payments (net of expected tenant incentives) under noncancellable operating leases with initial lease terms in excess of one year as of September 30, 2024, were as follows (in thousands):


Remainder of 2024	$	1,027
2025	3,014
2026	4,072
2027	2,231
2028	2,298
2029	1,166
Gross lease payments	13,808
Less imputed interest	(1,695)
Present value of operating lease liabilities	$	12,113

Leases - Schedule of Information Pertaining to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 1,123	$ 1,519	$ 3,928	$ 4,753
Variable lease costs	187	271	740	816
Cash paid for amounts included in the measurement of operating lease liabilities			$ 5,024	$ 5,481
Weighted average remaining term (years)	3 years 6 months		3 years 6 months		1 year 3 months 18 days
Weighted average discount rate	5.70%		5.70%		3.90%

Stockholders' equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved (in shares)	32,636,254	27,803,828
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	2,208,391	4,621,021
Restricted Stock Units RSU and Performance Shares Units PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding and PSUs (in shares)	17,394,641	16,738,309
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options available for future issuance (in shares)	9,658,846	4,093,695
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options available for future issuance (in shares)	3,374,376	2,350,803

- Definition

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

+ References

+ Details

Revenue recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule 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,
	2024		2023		2022
Deferred revenue:
Enterprise	$	244,713	$	220,127	$	219,030
Consumer	57,606		62,287		59,249
Total deferred revenue	$	302,319	$	282,414	$	278,279

Schedule of Deferred Contract Costs

The following table represents a roll forward 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, 2024	$	74,374	$	46,626	$	(43,863)	$	77,137
Nine Months Ended September 30, 2023	$	65,645	$	45,205	$	(34,482)	$	76,368

Revenue recognition - Summary of Deferred Contract Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Deferred contract costs [Roll Forward]
Balance at Beginning of Period	$ 74,374	$ 65,645
Additions	46,626	45,205
Amortization Expense	(43,863)	(34,482)
Balance at End of Period	$ 77,137	$ 76,368

Investments and fair value measurements - Schedule of Investments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Marketable securities:	$ 357,109	$ 476,936
Strategic investments	0	10,311
Total assets	608,905	741,196
Other liabilities, non-current:
Total liabilities	412,648	384,304
Cash
Assets
Marketable securities:	37,300	38,900
Level 1
Assets
Strategic investments	0	0
Total assets	167,264	266,692
Liabilities
Cash settled stock appreciation rights	0
Other liabilities, non-current:
Cash settled stock appreciation rights	0	0
Total liabilities	0
Level 1 \| U.S. government securities
Assets
Marketable securities:	0	0
Level 1 \| Money market funds
Assets
Cash equivalents	160,819	266,692
Level 1 \| Time deposits
Assets
Cash equivalents	6,445
Level 2
Assets
Strategic investments	0	0
Total assets	152,546	171,372
Liabilities
Cash settled stock appreciation rights	0
Other liabilities, non-current:
Cash settled stock appreciation rights	0	0
Total liabilities	0
Level 2 \| U.S. government securities
Assets
Marketable securities:	152,546	171,372
Level 2 \| Money market funds
Assets
Cash equivalents	0	0
Level 2 \| Time deposits
Assets
Cash equivalents	0
Level 3
Assets
Strategic investments	0	10,311
Total assets	0	10,311
Liabilities
Cash settled stock appreciation rights	4
Other liabilities, non-current:
Cash settled stock appreciation rights	6	48
Total liabilities	10
Level 3 \| U.S. government securities
Assets
Marketable securities:	0	0
Level 3 \| Money market funds
Assets
Cash equivalents	0	$ 0
Level 3 \| Time deposits
Assets
Cash equivalents	$ 0

Organization and description of business	9 Months Ended
Organization and description of business	Sep. 30, 2024
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 learning company whose online platform empowers organizations and individuals with flexible and effective skill acquisition and development. The Company’s learning marketplace platform enables tens of thousands of subject matter experts to develop, distribute and enhance content that reaches Udemy’s broad global audience of learners. Udemy leverages technology, data and insights to deliver personalized and effective learning experiences. The Company further curates its highest-quality content from the marketplace for Udemy Business, which enables companies around the world to offer engaging, effective, on-demand learning for all employees, immersive laboratory-style learning for tech teams, and cohort-based learning focused on leadership development.

Stockholders' equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 23,242	$ 23,484	$ 70,264	$ 72,928
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,807	1,788	5,277	5,130
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7,573	7,646	22,578	23,022
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7,183	7,045	21,187	19,762
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	6,839	7,005	21,382	23,806
Restructuring charges
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ (160)	$ 0	$ (160)	$ 1,208

Restructuring charges - Narrative (Details) $ in Thousands			3 Months Ended			9 Months Ended
Restructuring charges - Narrative (Details) $ in Thousands	Sep. 11, 2024 employee	Feb. 13, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee	280
Restructuring and related cost, number of positions eliminated with no future service requirement percent	0.57
Expected restructuring charges			$ 18,000			$ 18,000
Restructuring charges			11,275	$ 0	$ 10,100	11,275	$ 10,263
Reduction in global workforce, percent		10.00%
Restricted Stock Units (RSUs)
Restructuring Cost and Reserve [Line Items]
Unrecognized compensation costs, excluding options			150,800			150,800
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			11,035	$ 0	8,900	$ 11,035	$ 9,055
Personnel-related costs			$ 9,900
Share-Based Payment Arrangement \| Restricted Stock Units (RSUs)
Restructuring Cost and Reserve [Line Items]
Unrecognized compensation costs, excluding options					$ 1,200

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses


	Balance at Beginning of Period		Charged to Expenses		Charges Utilized/Written-off, Net of Recoveries		Balance at End of Period
Allowance for credit losses (in thousands)
Nine Months Ended September 30, 2024	$	1,270	$	1,026	$	(1,312)	$	984
Nine Months Ended September 30, 2023	$	1,528	$	1,309	$	(1,370)	$	1,467

Segment and geographic information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment and geographic information

12. 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, Enterprise and Consumer, in order to allocate resources and evaluate the Company’s financial performance.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Enterprise	$	126,123	$	109,101	$	364,319	$	305,962
Consumer	69,294		75,621		222,304		233,430
Total revenue	195,417		184,722		586,623		539,392

Segment cost of revenue
Enterprise	33,330		34,784		99,644		101,603
Consumer	31,684		35,371		99,981		107,999
Total segment cost of revenue	65,014		70,155		199,625		209,602

Segment gross profit
Enterprise	92,793		74,317		264,675		204,359
Consumer	37,610		40,250		122,323		125,431
Total segment gross profit	130,403		114,567		386,998		329,790

Reconciliation of segment gross profit to gross profit
Amortization of capitalized software	5,014		4,494		14,783		12,667
Amortization of intangible assets	430		725		1,880		2,175
Depreciation	97		102		323		329
Stock-based compensation	1,807		1,788		5,277		5,130
Total reconciling items	7,348		7,109		22,263		20,301
Total gross profit	$	123,055	$	107,458	$	364,735	$	309,489

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,
	2024		2023		2024		2023
North America	$	77,732	$	73,787	$	232,224	$	217,308
Europe, Middle East, Africa	57,809		55,048		178,078		164,139
Asia Pacific	46,214		42,505		135,426		120,006
Latin America	13,662		13,382		40,895		37,939
Total revenue	$	195,417	$	184,722	$	586,623	$	539,392

During the three months ended September 30, 2024 and 2023, as well as the nine months ended September 30, 2024, revenue from the United States and Japan each exceeded 10% of the Company’s total revenue. During the nine months ended September 30, 2023, the United States was the only country to exceed 10% of the Company’s total revenue.

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,
	2024		2023
United States	$	9,602	$	7,007
Rest of world	5,552		3,109
Total long-lived assets	$	15,154	$	10,116

- 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

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Information Pertaining to Operating Leases

The components of lease costs, supplemental cash flow information, lease term, and discount rate for operating leases are as follows (in thousands, except for percentages and years):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease costs	$	1,123	$	1,519	$	3,928	$	4,753
Variable lease costs	$	187	$	271	$	740	$	816
Cash paid for amounts included in the measurement of operating lease liabilities					$	5,024	$	5,481


	September 30,		December 31,
	2024		2023
Weighted average remaining term (years)	3.5		1.3
Weighted average discount rate	5.7	%	3.9	%

Schedule of Future Minimum Lease Payments


Remainder of 2024	$	1,027
2025	3,014
2026	4,072
2027	2,231
2028	2,298
2029	1,166
Gross lease payments	13,808
Less imputed interest	(1,695)
Present value of operating lease liabilities	$	12,113

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,271)	$ (16,767)	$ (75,424)	$ (87,046)
Other comprehensive income (loss):
Foreign currency translation gain (loss), net of tax	65	(32)	33	(48)
Change in unrealized gain (loss) on marketable securities, net of tax	181	18	89	219
Total other comprehensive income (loss)	246	(14)	122	171
Comprehensive loss	$ (25,025)	$ (16,781)	$ (75,302)	$ (86,875)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Revenue recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue recognition

3. Revenue recognition

Deferred revenue— Revenue recognized for the three months ended September 30, 2024, from amounts included in deferred revenue as of June 30, 2024, was $152.8 million. Revenue recognized for the three months ended September 30, 2023, from amounts included in deferred revenue as of June 30, 2023, was $143.4 million.

Revenue recognized for the nine months ended September 30, 2024, from amounts included in deferred revenue as of December 31, 2023, was $252.9 million. Revenue recognized for the nine months ended September 30, 2023, from amounts included in deferred revenue as of December 31, 2022, was $242.9 million.

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


	September 30,		December 31,		December 31,
	2024		2023		2022
Deferred revenue:
Enterprise	$	244,713	$	220,127	$	219,030
Consumer	57,606		62,287		59,249
Total deferred revenue	$	302,319	$	282,414	$	278,279

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 deferred revenue as well as unbilled revenue from multi-year Enterprise subscription contracts with future installment payments, as well as unearned revenue from Consumer single course purchases and subscriptions at the end of any given period. As of September 30, 2024, the aggregate transaction price for remaining performance obligations was $532.6 million, of which 74% is expected to be recognized over the next twelve months and the remainder thereafter.

Deferred contract costs— The following table represents a roll forward 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, 2024	$	74,374	$	46,626	$	(43,863)	$	77,137
Nine Months Ended September 30, 2023	$	65,645	$	45,205	$	(34,482)	$	76,368

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' equity

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders' equity

10. 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. As of September 30, 2024 and December 31, 2023, there were zero shares issued and outstanding.

Common stock— Common stockholders are entitled to one vote per share. Shares of common stock reserved for future issuance consisted of the following:


	September 30,	December 31,
	2024	2023
2010 Equity Incentive Plan:
Stock options outstanding	2,208,391	4,621,021
2021 Equity Incentive Plan:
RSUs outstanding and PSUs(1)	17,394,641	16,738,309
Shares available for future issuance under:
2021 Equity Incentive Plan	9,658,846	4,093,695
2021 Employee Stock Purchase Plan	3,374,376	2,350,803
Total shares of common stock reserved	32,636,254	27,803,828
(1) For those PSUs in their respective performance periods, the number of shares reserved for issuance is based on the maximum achievement of the corporate performance metrics.

Share repurchase program— On February 14, 2024, the Company’s Board of Directors approved a share repurchase program (the “Repurchase Program”) with authorization to purchase up to $100 million of Udemy common stock. The Board of Directors approved a $50 million extension of the Repurchase Program on May 2, 2024, bringing the total authorized under the Repurchase Program to $150 million. The Company may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The number of shares to be repurchased and the timing of the repurchases depend on several factors, including, without limitation, business, economic, and market conditions, corporate, legal, and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The Repurchase Program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock.

Shares repurchased by the Company are accounted for on the settlement date. Upon settlement, repurchased shares are immediately retired and no longer considered issued or outstanding. The total cost to repurchase shares includes any direct costs incurred, including broker commissions and excise taxes, and is recorded as a reduction to additional paid in capital in the condensed consolidated balance sheets. During the three months ended September 30, 2024, the Company repurchased 6,319,939 shares for an aggregate total of $51.4 million, inclusive of direct costs incurred. During the nine months ended September 30, 2024, the Company repurchased 15,072,277 shares for an aggregate total of $142.5 million, inclusive of direct costs incurred.

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. Additionally, any difference in (i) the number of PSUs reserved for future

issuance based on maximum achievement of the corporate performance metric and (ii) the number of PSUs issued based on actual attainment are returned to the 2021 Plan.

On January 1, 2024, the shares available for future grants under the 2021 Plan automatically increased by 7,858,318 pursuant to the above evergreen provision of the 2021 Plan.

Restricted stock units and performance-based restricted stock units— The fair value of RSUs and PSUs are 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.

Each PSU conveys a right to receive one share of the Company’s common stock on the date it vests, provided that the number of PSUs that will ultimately vest may vary based upon achievement of the corporate performance metrics at the end of the performance period. During the performance period, Management estimates the number of PSUs that are expected to vest based on the anticipated achievement. If the performance-based vesting condition is considered probable of being achieved, the Company recognizes expense over the requisite service period based on the probable outcome of achievement. If the performance goals are not met, or are considered improbable, no compensation cost is recognized, and any previously recognized compensation cost is reversed. Total stock-based compensation expense to be recognized may fluctuate during the performance period due to changes in forecasted achievement.

During the first quarter of 2024, the Company granted 553,568 PSUs at target to certain executives, with payout achievement ranging from 0% to 150% of target. One quarter of the eligible PSUs vest upon certification of the corporate performance metrics by the Board of Directors’ compensation committee in the first quarter of 2025, and the remaining 75% will vest equally over the following 12 quarters, subject to continual service by the grantee. Achievement has been considered probable since the grant date, and, as of September 30, 2024, the Company estimated a payout rate of 45% of target based on forecasted achievement.

During the first quarter of 2023, the Company granted 645,833 PSUs at target to certain executives, with payout achievement ranging from 0% to 150% of target. In February 2024, the Board of Directors’ compensation committee certified actual achievement against target of 70%. As a result, 450,170 shares were awarded to the grantees, of which one quarter vested in the quarter of certification, while the remaining 75% will vest equally over the following 12 quarters, subject to continual service by the grantee. The difference in the number of shares granted at target and the shares certified by the Board based on actual achievement were canceled and returned to the pool of available for future issuance under the 2021 Plan.

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


	RSUs Outstanding	Weighted Average Grant Date Fair Value		PSUs Outstanding(1)	Weighted Average Grant Date Fair Value
Unvested - December 31, 2023	15,769,577	$	14.07	645,833	$	8.89
Granted	7,809,727	9.63		553,568	10.98
Released	(5,118,303)	14.81		(165,192)	8.89
Canceled	(2,141,728)	13.69		(235,596)	8.89
Unvested - September 30, 2024	16,319,273	$	11.77	798,613	$	10.34
Awards vested, not yet released - September 30, 2024	13,832	$	8.77	—	$	—
(1) Canceled PSU shares consist of awards forfeited as well as the difference in the number of shares granted at target in 2023 and the shares certified by the Board based on actual achievement.

As of September 30, 2024, total unrecognized stock-based compensation expense related to unvested RSUs was $150.8 million, which will be recognized over a weighted average period of 2.7 years.

As of September 30, 2024, total unrecognized stock-based compensation expense related to unvested PSUs was $2.5 million, which will be recognized over a weighted average period of 1.6 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 having only service-based vesting conditions under the Equity Incentive Plans:


	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (In Thousands)
Balance - December 31, 2023	4,571,021	$	5.08	3.23	$	44,309
Granted	—	—
Exercised	(2,350,902)	5.43
Canceled	(61,728)	7.94
Balance - September 30, 2024	2,158,391	$	4.61	4.58	$	6,961
Vested & expected to vest as of September 30, 2024	2,158,391	$	4.61	4.58	$	6,961
Exercisable as of September 30, 2024	2,153,129	$	4.58	4.57	$	6,961

As of September 30, 2024, total unrecognized stock-based compensation expense related to unvested stock options was immaterial.

Stock appreciation rights— There have been no other changes to the Company’s SARs compared to those described in Note 12— Stockholders’ equity, included in Part II, Item 8 of the Company’s Annual Report.

During the nine months ended September 30, 2024, 1,558 SARs were exercised at an exercise price of $6.58. As of September 30, 2024, there were 3,000 outstanding SARs worth an immaterial total fair value.

Performance-based stock options— There have been no other changes to the Company’s performance-based stock options compared to those described in Note 12— Stockholders’ equity, included in Part II, Item 8 of the Company’s Annual Report.

As of September 30, 2024, there were 50,000 performance-based stock options outstanding, of which 35,416 were exercisable. As of September 30, 2024, total unrecognized stock-based compensation expense related to unvested Performance-Based Options was immaterial.

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. On January 1, 2024, the shares available for future grants under the ESPP automatically increased by 1,571,663 pursuant to the above evergreen provision of the 2021 ESPP.

During the nine months ended September 30, 2024, 554,039 shares of common stock were issued under the ESPP.

On May 20, 2024, the Company’s ESPP purchase price was reset for the November 2023 offering period. 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 period terminates immediately following the purchase of ESPP shares on the purchase date. Participants in the terminated offering period are then automatically enrolled in the new offering period. The ESPP reset resulted in an immaterial amount of incremental compensation cost for the reset participants. This amount, along with the unrecognized expense remaining from the original grant date fair value, will be recognized on a straight-line basis over the new offering period ending in May 2026.


	Nine Months Ended
	September 30, 2024
Risk-free interest rate	5.1	%
Expected volatility	51.9	%
Expected life (in years)	1.3
Expected dividend yield	—	%

As of September 30, 2024, total unrecognized compensation cost for the ESPP was $3.3 million, which will be recognized over a weighted average period of 1.0 year.

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,
	2024		2023		2024		2023
Cost of revenue	$	1,807	$	1,788	$	5,277	$	5,130
Sales and marketing	7,573		7,646		22,578		23,022
Research and development	7,183		7,045		21,187		19,762
General and administrative	6,839		7,005		21,382		23,806
Restructuring charges	(160)		—		(160)		1,208
Total stock-based compensation expense	$	23,242	$	23,484	$	70,264	$	72,928

The Company capitalized $2.3 million and $2.1 million of stock-based compensation expense as capitalized software during three months ended September 30, 2024 and 2023, respectively, and $6.8 million and $6.8 million during the nine months ended September 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Investments and fair value measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Investments and fair value measurements

4. Investments and fair value measurements

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


As of September 30, 2024	Level 1		Level 2		Level 3
Assets
Cash equivalents1:
Money market funds	$	160,819	$	—	$	—
Time deposits	6,445		—		—
Marketable securities:
U.S. government securities	—		152,546		—
Strategic investments	—		—		—
Total assets	$	167,264	$	152,546	$	—

Liabilities
Accrued expenses and other current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	4
Other liabilities, non-current:
Cash settled stock appreciation rights	—		—		6
Total liabilities	$	—	$	—	$	10


As of December 31, 2023	Level 1		Level 2		Level 3
Assets
Cash equivalents1:
Money market funds	$	266,692	$	—	$	—
Marketable securities:
U.S. government securities	—		171,372		—
Strategic investments	—		—		10,311
Total assets	$	266,692	$	171,372	$	10,311

Other liabilities, non-current:
Cash settled stock appreciation rights	$	—	$	—	$	48

The Company’s money market funds and time deposits 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 and cash settled stock appreciation rights are classified within Level 3 of the fair value hierarchy because they have been valued using significant unobservable inputs for which the Company has been required to develop its own assumptions.


	Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2024	$	16	$	—
Vesting and remeasurement of SARs	(6)		—


Balance— September 30, 2024	$	10	$	—

Balance— June 30, 2023	$	30	$	10,311
Vesting and remeasurement of SARs	(4)		—
Balance— September 30, 2023	$	26	$	10,311

Balance— December 31, 2023	$	48	$	10,311
Vesting and remeasurement of SARs	(31)		—
Exercises of SARs	(7)		—
Unrealized loss on strategic investments	—		(10,311)
Balance— September 30, 2024	$	10	$	—

Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(183)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— September 30, 2023	$	26	$	10,311

The Company evaluates its strategic investments for impairment at each reporting period. This evaluation considers 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. The Company determined that qualitative indicators of impairment existed as of June 30, 2024, and therefore performed an assessment of the fair value of its investment.

The fair value analysis involved the use of significant observable and unobservable assumptions, including the investee’s forecasted financial condition in relation to its outstanding obligations, ability to secure additional funds through various alternative scenarios, and a dual market and income approach involving revenue multiples of publicly traded peer companies and financial forecasts provided by the investee. Based on the assessment performed as of June 30, 2024, the Company recognized an impairment loss of $10.3 million during the second quarter of 2024, such that the carrying value of its strategic investments was reduced to zero.

The cost basis of the strategic investments is $15.0 million. In addition to the $10.3 million impairment charge recognized during the second quarter of 2024, the Company previously recognized impairment charges of $1.8 million during the second quarter of 2023 and $2.9 million during the third quarter of 2022. There have been no observable price changes in orderly transactions for identical or similar investments of the same issuer during the periods presented.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
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-Topic 820
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+ Details