0001544522-24-000057 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

8. Leases

The Company has operating leases primarily for office space. The leases have remaining lease terms of one to eight years, some of which include options to extend the lease for up to an additional six years. The Company's leases do not contain any residual value guarantee.

The following table presents various components of the lease costs (in thousands):


Operating Leases	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	2,904	$	2,652	$	8,968	$	7,644
Short-term lease cost	137		76		354		322
Variable lease cost	947		823		2,807		2,394
Total lease cost	$	3,988	$	3,551	$	12,129	$	10,360

The weighted-average remaining term of the Company's operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:


Lease Term and Discount Rate	September 30, 2024		September 30, 2023
Weighted-average remaining lease term (in years)	4.5		5.1
Weighted-average discount rate	9.0	%	8.7	%

The following table presents supplemental information arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of the operating lease liabilities, and as such, are excluded from the amounts below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Supplemental Cash Flow Information:	2024		2023		2024		2023
Cash payments included in the measurement of operating lease liabilities	$	733	$	4,472	$	4,734	$	10,879
Operating right-of-use assets obtained in exchange for lease obligations, net of modifications	(628)		4,914		3,973		4,914

As of September 30, 2024, maturities of the operating lease liabilities are as follows (in thousands):


	Operating Leases
Remainder of 2024	$	1,084
2025	11,038
2026	8,839
2027	7,119
2028	6,992
Thereafter	6,116
Total lease payments	41,188
Less: imputed interest	(10,030)
Present value of operating lease liabilities	$	31,158

As of September 30, 2024, there were no material future payments related to signed leases that have not yet commenced

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying condensed consolidated financial statements have been prepared in conformity 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, and all intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Consolidated Financial Statements	The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations, of comprehensive loss, of cash flows, and of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the related notes to such condensed consolidated financial statements are unaudited. These unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024 and its results of operations and cash flows for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 16, 2024.
Use of Estimates	The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the following: •determination of standalone selling price (SSP) for each distinct performance obligation included in customer contracts with multiple performance obligations; •allowance for doubtful accounts; •benefit period of deferred contract acquisition costs; •capitalization of internal-use software development costs; •fair value of goodwill; •useful lives of long-lived assets, including intangible assets; •valuation of deferred tax assets; •valuation of employee defined benefit plan and other compensation liabilities; •fair value of share-based awards; and •incremental borrowing rate used for operating leases.
Concentrations of Risk	Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company’s cash, cash equivalents and marketable securities are generally held with large financial institutions and are in excess of the federally insured limits provided on such deposits. In addition, the Company has cash and cash equivalents held in international bank accounts, which are denominated primarily in euros, British Pounds, and Indian Rupees. There were no customers that individually exceeded 10% of the Company’s revenue for the three and nine months ended September 30, 2024 and 2023 or that represented 10% or more of the Company’s consolidated accounts receivable balance as of September 30, 2024. The Company primarily relies upon its third-party cloud infrastructure partner, Amazon Web Services, to serve customers and operate certain aspects of its services. Any disruption of this cloud infrastructure partner would impact the Company's operations and its business could be adversely impacted.
Significant Accounting Policies and Recent Accounting Pronouncements	The Company's significant accounting policies are described in the Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies that have had a material impact on the condensed consolidated financial statements and the related notes for the three and nine months ended September 30, 2024, except for the addition of the following revenue recognition policy for the business acquired in June 2024 (see Note 6): Software license revenue is generally sold as bundled arrangements that include the rights to a software license and maintenance. For these contracts, the transaction price is allocated to the separate performance obligations on the basis of relative standalone selling price. Software license revenue consists of term licenses and is recognized upfront, upon making the software available to the customer. The associated software maintenance revenue is generally recognized ratably over the contract term as support and updates are provided to the customers over the term of the arrangement. Recent Accounting Pronouncements There have been no recently issued accounting pronouncements that are expected to have a material impact on the Company's condensed consolidated financial statements.
Revenue From Contracts with Customers	The Company primarily derives revenue from subscription fees and related professional services. The Company also sells software licenses with associated maintenance and professional services based on product offerings introduced upon the acquisition of Device42 in the quarter ended June 30, 2024. The Company sells subscriptions and software licenses directly to customers and indirectly through channel partners with arrangements that are non-cancelable and non-refundable. The Company’s subscription arrangements do not provide customers with the right to take possession of the software supporting the solutions and, as a result, are accounted for as service arrangements. The Company records revenue net of sales or value-added taxes.
Fair Value Measurements	The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1—Inputs are observable and reflect quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. Level 3—Inputs that are unobservable. Money market funds and U.S. treasury securities are classified within Level 1 because they are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Other debt securities and investments are classified within Level 2 if the investments are valued using model driven valuations which use observable inputs such as quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Available-for-sale debt securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

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

Goodwill and Intangible Assets, Net - Summary of Estimated Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining three months)	$ 3,592
2025	13,854
2026	13,553
2027	13,553
2028	13,591
Thereafter	36,289
Net Carrying Value	$ 94,432

Commitment and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual commitments	$ 292.2

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		289,093,000
Beginning balance at Dec. 31, 2022	$ 1,051,818	$ 3	$ 4,562,319	$ (7,431)	$ (3,503,073)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		205,000
Issuance of common stock upon exercise of stock options	61		61
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares)		5,196,000
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes	$ (52,380)		(52,380)
Issuance of common stock under employee stock purchase plan, net of shares withheld for taxes (in shares)	367,319	367,000
Issuance of common stock under employee stock purchase plan, net of shares withheld and retired for taxes	$ 4,312		4,312
Stock-based compensation	161,489		161,489
Other comprehensive income (loss)	2,539			2,539
Net loss	(109,355)				(109,355)
Ending balance (in shares) at Sep. 30, 2023		294,861,000
Ending balance at Sep. 30, 2023	1,058,484	$ 3	4,675,801	(4,892)	(3,612,428)
Beginning balance (in shares) at Jun. 30, 2023		292,839,000
Beginning balance at Jun. 30, 2023	1,057,653	$ 3	4,644,686	(5,641)	(3,581,395)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		61,000
Issuance of common stock upon exercise of stock options	16		16
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares)		1,961,000
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes	(24,510)		(24,510)
Stock-based compensation	55,609		55,609
Other comprehensive income (loss)	749			749
Net loss	(31,033)				(31,033)
Ending balance (in shares) at Sep. 30, 2023		294,861,000
Ending balance at Sep. 30, 2023	1,058,484	$ 3	4,675,801	(4,892)	(3,612,428)
Beginning balance (in shares) at Dec. 31, 2023		296,695,000
Beginning balance at Dec. 31, 2023	$ 1,072,262	$ 3	4,713,522	(754)	(3,640,509)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	134,000	133,000
Issuance of common stock upon exercise of stock options	$ 39		39
Issuance of common stock and options in connection with acquisition (in shares)		687,000
Issuance of common stock and options in connection with acquisition	12,874		12,874
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares)		4,755,000
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes	$ (48,897)		(48,897)
Issuance of common stock under employee stock purchase plan, net of shares withheld for taxes (in shares)	308,059	308,000
Issuance of common stock under employee stock purchase plan, net of shares withheld and retired for taxes	$ 3,630		3,630
Stock-based compensation	166,010		166,010
Other comprehensive income (loss)	2,576			2,576
Net loss	(73,468)				(73,468)
Ending balance (in shares) at Sep. 30, 2024		302,578,000
Ending balance at Sep. 30, 2024	1,135,026	$ 3	4,847,178	1,822	(3,713,977)
Beginning balance (in shares) at Jun. 30, 2024		300,961,000
Beginning balance at Jun. 30, 2024	1,115,099	$ 3	4,800,143	(1,029)	(3,684,018)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		12,000
Issuance of common stock upon exercise of stock options	3		3
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes (in shares)		1,605,000
Issuance of common stock upon vesting and settlement of restricted stock units, net of shares withheld for taxes	(11,540)		(11,540)
Stock-based compensation	58,572		58,572
Other comprehensive income (loss)	2,851			2,851
Net loss	(29,959)				(29,959)
Ending balance (in shares) at Sep. 30, 2024		302,578,000
Ending balance at Sep. 30, 2024	$ 1,135,026	$ 3	$ 4,847,178	$ 1,822	$ (3,713,977)

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	14. Subsequent Events Share Repurchase Program In November 2024, the Board of Directors of the Company approved a stock repurchase program for the repurchase of up to $400 million of the Company’s outstanding Class A common stock. Under the repurchase program, the Company may repurchase shares of the Company’s outstanding Class A common stock from time to time in the open market, through privately negotiated transactions and/or other means in compliance with the Exchange Act and the rules and regulations thereunder. The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion, and will depend on a variety of factors, including business, economic and market conditions, prevailing stock prices, corporate and regulatory requirements, and other considerations. The repurchase program may be suspended or discontinued at any time. Restructuring In November 2024, the Company committed to a restructuring plan (the Plan) to better align the Company's talent with its strategic priorities and to improve operating efficiency. The Company estimates that this will result in approximately 13% reduction in headcount and approximately $11 million to $13 million in charges in the fourth quarter of 2024, consisting primarily of cash expenditures for separation-related payments, employee benefits and related costs. The Company expects that the Plan will be substantially complete by the end of the fiscal year ending December 31, 2024.

Leases - Narrative (Details)	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, option to extend, term	6 years
Lease not yet commenced	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term	8 years

Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Long-Lived Assets by Geographical Region

The following table summarizes revenue by geographic location (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
North America	$	86,363	$	68,847	$	239,300	$	194,158
Europe, Middle East and Africa	71,455		59,128		202,828		168,332
Asia Pacific	22,986		21,111		67,830		61,497
Other	5,771		4,464		15,891		12,334
Total revenue	$	186,575	$	153,550	$	525,849	$	436,321

The following table summarizes long-lived assets by geographic information (in thousands):


	September 30, 2024		December 31, 2023
North America	$	19,342	$	22,635
Europe, Middle East and Africa	7,139		2,244
Asia Pacific	29,531		30,617
Total long-lived assets	$	56,012	$	55,496

Stockholders' Equity and Stock Based Compensation - 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]
Stock-based compensation, net of amounts capitalized	$ 58,709	$ 55,125	$ 166,290	$ 160,067
Capitalized stock-based compensation	361	484	1,117	1,422
Total stock-based compensation expense	59,070	55,609	167,407	161,489
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	1,830	1,710	5,033	5,137
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	13,454	9,623	32,475	28,662
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	15,303	18,757	50,980	51,786
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	28,122	25,035	77,802	74,482
General and administrative \| RSUs and PRSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 12,100	$ 14,100	$ 38,300	$ 41,800

Stockholders' Equity and Stock Based Compensation - Summary of Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares (in thousands)
Beginning balance (in shares) \| shares	2,395
Assumed options from acquisition (in shares) \| shares	512
Stock options exercised (in shares) \| shares	(134)
Stock options cancelled / forfeited / expired (in shares) \| shares	0
Ending balance (in shares) \| shares	2,773	2,395
Options vested or expected to vest (in shares) \| shares	2,773
Options exercisable (in shares) \| shares	1,353
Weighted-Average Exercise Price
Beginning balance (in USD per share) \| $ / shares	$ 10.39
Assumed options from acquisition (in USD per share) \| $ / shares	3.26
Stock options exercised (in USD per share) \| $ / shares	0.29
Stock options cancelled / forfeited / expired (in USD per share) \| $ / shares	0
Ending balance (in USD per share) \| $ / shares	9.56	$ 10.39
Options vested or expected to vest (in USD per share) \| $ / shares	9.56
Options exercisable (in USD per share) \| $ / shares	$ 9.23
Weighted-Average Remaining Contractual Term (in years)
Weighted-Average Remaining Contractual Term (in years)	7 years 6 months	7 years
Options vested or expected to vest as of the end of the period	7 years 6 months
Options exercisable as of the end of the period	5 years 8 months 12 days
Aggregate Intrinsic Value
Aggregate intrinsic value \| $	$ 9,188	$ 31,368
Options vested or expected to vest as of the end of the period \| $	9,188
Options exercisable as of the end of the period \| $	$ 4,981

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net Loss Per Share

Basic net loss per share attributable to common stockholders is computed by dividing the net loss by the number of weighted-average outstanding shares of common stock. Diluted net loss per share attributable to common stockholders is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result. The Company considers its stock options and RSUs as potential common stock equivalents, but excluded them from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2024 and 2023, as their effect was antidilutive.

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders, are the same for both Class A and Class B common stock on both an individual and combined basis.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(29,959)	$	(31,033)	$	(73,468)	$	(109,355)








Denominator:




Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic and diluted	302,096		294,146		299,931		292,103


Net loss per share attributable to Class A and Class B common stockholders - basic and diluted	$	(0.10)	$	(0.11)	$	(0.24)	$	(0.37)

The following table summarizes the potential common equivalents that were excluded from the computation of diluted net loss per share attributable to Class A and Class B common stockholders for the periods presented (in thousands):


	Three and Nine Months Ended September 30,
	2024	2023

RSUs and PRSUs	25,157	29,262
Stock options	2,773	2,550
ESPP	331	241
Total	28,261	32,053

Cash Equivalents and Marketable Securities - Amortized Cost and Fair Value Based on Contractual Maturities (Details) - Marketable Securities - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 543,010
Due after one year but within five years	118,662
Amortized Cost	661,672	$ 698,277
Fair Value
Due within one year	544,074
Due after one year but within five years	119,809
Total	$ 663,883	$ 697,928

Stockholders' Equity and Stock Based Compensation - Summary of Stock Options Fair Value Assumptions (Details) - Stock options	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Stock price volatility	65.00%	65.00%
Risk-free interest rate	4.29%	4.29%
Dividend yield	0.00%	0.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

7. Goodwill and Intangible Assets, Net

The change in the carrying amounts of goodwill during the nine months ended September 30, 2024 is presented below (in thousands):




Balance as of December 31, 2023	$	6,181
Goodwill acquired (Note 6)	140,833
Balance as of September 30, 2024	$	147,014

Acquired intangible assets consist of developed technology, customer relationships and trademarks and are amortized on a straight-line basis over their estimated useful lives. The following tables summarize acquired intangible assets as of September 30, 2024:


	September 30, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
	(amounts in thousands)						(in years)
Developed technology	$	41,196	$	(12,134)	$	29,062	5.7
Customer relationships	69,200		(4,306)		64,894		7.7
Trademarks	700		(224)		476		0.7
Total	$	111,096	$	(16,664)	$	94,432

Amortization of acquired intangible assets is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Cost of revenue	$	1,289	$	—	$	1,639	$	158

Sales and marketing	2,303		—		2,929		145


Total amortization expense	$	3,592	$	—	$	4,568	$	303

As of September 30, 2024, expected future amortization expense related to acquired intangible assets is as follows (in thousands):


Year Ending December 31,	Amortization Expense
2024 (remaining three months)	$	3,592
2025	13,854
2026	13,553
2027	13,553
2028	13,591
Thereafter	36,289
Total future amortization	$	94,432

Goodwill and Intangible Assets, Net - Summary of Acquired Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	$ 3,592	$ 0	$ 4,568	$ 303
Cost of revenue
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	1,289	0	1,639	158
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired intangible assets	$ 2,303	$ 0	$ 2,929	$ 145

- 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

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill

The change in the carrying amounts of goodwill during the nine months ended September 30, 2024 is presented below (in thousands):




Balance as of December 31, 2023	$	6,181
Goodwill acquired (Note 6)	140,833
Balance as of September 30, 2024	$	147,014

Schedule of Finite-Lived Intangible Assets

The following tables summarize acquired intangible assets as of September 30, 2024:


	September 30, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life
	(amounts in thousands)						(in years)
Developed technology	$	41,196	$	(12,134)	$	29,062	5.7
Customer relationships	69,200		(4,306)		64,894		7.7
Trademarks	700		(224)		476		0.7
Total	$	111,096	$	(16,664)	$	94,432

Finite-lived Intangible Assets Amortization Expense

Amortization of acquired intangible assets is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Cost of revenue	$	1,289	$	—	$	1,639	$	158

Sales and marketing	2,303		—		2,929		145


Total amortization expense	$	3,592	$	—	$	4,568	$	303

Summary of Estimated Future Amortization Expense

As of September 30, 2024, expected future amortization expense related to acquired intangible assets is as follows (in thousands):


Year Ending December 31,	Amortization Expense
2024 (remaining three months)	$	3,592
2025	13,854
2026	13,553
2027	13,553
2028	13,591
Thereafter	36,289
Total future amortization	$	94,432

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	286,574	$	—	$	286,574
U.S. treasury securities	15,469		—		15,469

Corporate debt securities	—		9,292		9,292
Marketable securities:
U.S. treasury securities	309,450		—		309,450
U.S. government agency securities	—		227,899		227,899
Corporate debt securities	—		68,981		68,981
Certificates of deposit	—		57,553		57,553
Total financial assets	$	611,493	$	363,725	$	975,218


	December 31, 2023
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	77,832	$	—	$	77,832
U.S. treasury securities	239,749		—		239,749
U.S. government agency securities	—		8,389		8,389
Corporate debt securities	—		36,905		36,905
Marketable securities:
U.S. treasury securities	264,495		—		264,495
U.S. government agency securities	—		366,693		366,693
Corporate debt securities	—		66,740		66,740
Term bond mutual funds	—		1,578		1,578
Total financial assets	$	582,076	$	480,305	$	1,062,381

Revenue From Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue From Contracts with Customers

2. Revenue From Contracts with Customers

The Company primarily derives revenue from subscription fees and related professional services. The Company also sells software licenses with associated maintenance and professional services based on product offerings introduced upon the acquisition of Device42 in the quarter ended June 30, 2024.

The Company sells subscriptions and software licenses directly to customers and indirectly through channel partners with arrangements that are non-cancelable and non-refundable. The Company’s subscription arrangements

do not provide customers with the right to take possession of the software supporting the solutions and, as a result, are accounted for as service arrangements.

The Company records revenue net of sales or value-added taxes.

Disaggregation of Revenue

The following table summarizes revenue by the Company’s product and service offerings (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Subscription services, software licenses and maintenance	$	184,409	$	150,033	$	518,582	$	425,755

Professional services	2,166		3,517		7,267		10,566
Total revenue	$	186,575	$	153,550	$	525,849	$	436,321

See Note 13 for revenue by geographic location.

Unbilled Receivables, Deferred Revenue and Remaining Performance Obligations

Unbilled receivables primarily represent revenue recognized in excess of billings from non-cancellable multi-year contract arrangements. As of September 30, 2024 and December 31, 2023, the Company had $5.7 million and $0.2 million of unbilled receivables, respectively. Unbilled receivables are included within accounts receivable, net on the condensed consolidated balance sheet. Deferred revenue consists of customer billings in excess of revenue being recognized. As of September 30, 2024, non-current deferred revenue of $3.3 million was included in Other Liabilities on the condensed consolidated balance sheet. As of December 31, 2023, the Company did not have any non-current portion of deferred revenue.

Revenue recognized during the three months ended September 30, 2024 and 2023 from amounts included in deferred revenue at the beginning of these periods was $136.1 million and $109.5 million, respectively. Revenue recognized during the nine months ended September 30, 2024 and 2023 from amounts included in deferred revenue at the beginning of these periods was $252.8 million and $192.6 million, respectively.

The aggregate balance of remaining performance obligations as of September 30, 2024 was $488.9 million. The Company expects to recognize $358.0 million of the balance as revenue in the next 12 months and the remainder thereafter. The aggregate balance of remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods.

Deferred Contract Acquisition Costs

The change in the balance of deferred contract acquisition costs during the periods presented is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of the period	$	46,036	$	40,962	$	42,672	$	39,675
Add: Contract costs capitalized during the period	7,803		6,391		24,705		19,147
Less: Amortization of contract costs during the period	(7,129)		(6,131)		(20,667)		(17,600)
Balance at end of the period	$	46,710	$	41,222	$	46,710	$	41,222

- 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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements - Assets and Liabilities Measures at Fair Value on a Recurring Basis (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 975,218,000	$ 1,062,381,000
Fair Value, Recurring \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	309,450,000	264,495,000
Fair Value, Recurring \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	227,899,000	366,693,000
Fair Value, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	68,981,000	66,740,000
Fair Value, Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	57,553,000
Fair Value, Recurring \| Term bond mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		1,578,000
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	286,574,000	77,832,000
Fair Value, Recurring \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	15,469,000	239,749,000
Fair Value, Recurring \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:		8,389,000
Fair Value, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	9,292,000	36,905,000
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	611,493,000	582,076,000
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	309,450,000	264,495,000
Fair Value, Recurring \| Level 1 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Recurring \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Recurring \| Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Fair Value, Recurring \| Level 1 \| Term bond mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		0
Fair Value, Recurring \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	286,574,000	77,832,000
Fair Value, Recurring \| Level 1 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	15,469,000	239,749,000
Fair Value, Recurring \| Level 1 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:		0
Fair Value, Recurring \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	363,725,000	480,305,000
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Recurring \| Level 2 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	227,899,000	366,693,000
Fair Value, Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	68,981,000	66,740,000
Fair Value, Recurring \| Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	57,553,000
Fair Value, Recurring \| Level 2 \| Term bond mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value		1,578,000
Fair Value, Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair Value, Recurring \| Level 2 \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair Value, Recurring \| Level 2 \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:		8,389,000
Fair Value, Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	9,292,000	36,905,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0	$ 0

Stockholders' Equity and Stock Based Compensation - Shares of Common Stock Reserved for Future Issuance (Details) shares in Thousands	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	126,827
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	13,166
2011 Stock Plan: \| Share-Based Payment Arrangements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	3,015
2021 Equity Incentive Plan:
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	79,196
2021 Equity Incentive Plan: \| Share-Based Payment Arrangements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	21,894
2021 Equity Incentive Plan: \| Share-Based Payment Arrangements \| Executive Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, equity percentage	100.00%
2021 Equity Incentive Plan: \| Share-Based Payment Arrangements \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, equity percentage	100.00%
2022 Inducement Plan:
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	6,535
2022 Inducement Plan: \| Share-Based Payment Arrangements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance (in shares)	3,021

Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	1 Months Ended
	Jun. 30, 2024 USD ($)
D42 Parent Inc (Device42)
Derivative [Line Items]
Acquisition date cash consideration paid	$ 238.1

Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Accrued interest	$ 4.1	$ 4.4
Mutual funds
Debt Securities, Available-for-sale [Line Items]
Equity securities		$ 1.6

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

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+ Details

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property, Plant and Equipment

The following table summarizes property and equipment, net as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Computers	$	18,740	$	17,188
Capitalized internal-use software	32,950		28,259
Office equipment	5,075		4,357
Furniture and fixtures	9,505		8,886
Motor vehicles	508		808
Leasehold improvements	7,441		5,768
Construction in progress	2,909		751
Total property and equipment	77,128		66,017
Less: accumulated depreciation and amortization	(50,978)		(43,270)
Property and equipment, net	$	26,150	$	22,747

The following table summarizes depreciation expense and internal-use software capitalization and amortization for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Capitalization of costs associated with internal-use software	1,529	2,048	4,691	6,498
Amortization expense of capitalized internal-use software	1,410	1,327	4,206	3,699
Depreciation expense	1,337	1,658	4,278	5,097

Schedule of Accrued Liabilities

Accrued Liabilities

The following table summarizes accrued liabilities as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Accrued compensation	$	24,501	$	20,976


Accrued reseller commissions	11,391		9,641
Accrued advertising and marketing expenses	4,531		2,095
Advanced payments from customers	4,981		4,265
Accrued taxes	12,217		10,964
Operating lease liabilities, current	5,627		2,699
Contributions withheld for employee stock purchase plan	3,226		1,298
Other accrued expenses	7,259		4,670
Total accrued liabilities	$	73,733	$	56,608

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Property and Equipment, net

The following table summarizes property and equipment, net as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Computers	$	18,740	$	17,188
Capitalized internal-use software	32,950		28,259
Office equipment	5,075		4,357
Furniture and fixtures	9,505		8,886
Motor vehicles	508		808
Leasehold improvements	7,441		5,768
Construction in progress	2,909		751
Total property and equipment	77,128		66,017
Less: accumulated depreciation and amortization	(50,978)		(43,270)
Property and equipment, net	$	26,150	$	22,747

The following table summarizes depreciation expense and internal-use software capitalization and amortization for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Capitalization of costs associated with internal-use software	1,529	2,048	4,691	6,498
Amortization expense of capitalized internal-use software	1,410	1,327	4,206	3,699
Depreciation expense	1,337	1,658	4,278	5,097

As of September 30, 2024 and December 31, 2023, the net carrying value of capitalized internal-use software was $14.6 million and $14.1 million, respectively

Accrued Liabilities

The following table summarizes accrued liabilities as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Accrued compensation	$	24,501	$	20,976


Accrued reseller commissions	11,391		9,641
Accrued advertising and marketing expenses	4,531		2,095
Advanced payments from customers	4,981		4,265
Accrued taxes	12,217		10,964
Operating lease liabilities, current	5,627		2,699
Contributions withheld for employee stock purchase plan	3,226		1,298
Other accrued expenses	7,259		4,670
Total accrued liabilities	$	73,733	$	56,608

Noncurrent liabilities include $23.1 million and $22.7 million of long term accrued compensation as of September 30, 2024 and December 31, 2023, respectively.

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Lease, Cost

The following table presents various components of the lease costs (in thousands):


Operating Leases	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	2,904	$	2,652	$	8,968	$	7,644
Short-term lease cost	137		76		354		322
Variable lease cost	947		823		2,807		2,394
Total lease cost	$	3,988	$	3,551	$	12,129	$	10,360

The weighted-average remaining term of the Company's operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:


Lease Term and Discount Rate	September 30, 2024		September 30, 2023
Weighted-average remaining lease term (in years)	4.5		5.1
Weighted-average discount rate	9.0	%	8.7	%


	Three Months Ended September 30,				Nine Months Ended September 30,
Supplemental Cash Flow Information:	2024		2023		2024		2023
Cash payments included in the measurement of operating lease liabilities	$	733	$	4,472	$	4,734	$	10,879
Operating right-of-use assets obtained in exchange for lease obligations, net of modifications	(628)		4,914		3,973		4,914

Lessee, Operating Lease, Liability, Maturity

As of September 30, 2024, maturities of the operating lease liabilities are as follows (in thousands):


	Operating Leases
Remainder of 2024	$	1,084
2025	11,038
2026	8,839
2027	7,119
2028	6,992
Thereafter	6,116
Total lease payments	41,188
Less: imputed interest	(10,030)
Present value of operating lease liabilities	$	31,158

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Business Acquisition [Line Items]
Assumed options from acquisition (in shares)		512,000
Stock options
Business Acquisition [Line Items]
Award vesting period		4 years
D42 Parent Inc (Device42)
Business Acquisition [Line Items]
Acquisition date cash consideration paid	$ 238,100
Payments to acquire businesses, gross	225,300
Cash	11,432
Issuance of common stock and options in connection with acquisition	8,900
Option awards	$ 3,900
Assumed options from acquisition (in shares)	511,770
Equity interest issued or issuable	$ 5,700
Share based compensation, value		$ 1,800
Acquisition related costs		$ 2,000
Goodwill, expected tax deductible amount	$ 0
D42 Parent Inc (Device42) \| Stock options
Business Acquisition [Line Items]
Award vesting period		2 years
D42 Parent Inc (Device42) \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	8 years
D42 Parent Inc (Device42) \| Developed technology
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	6 years
D42 Parent Inc (Device42) \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	1 year

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 1,084
2025	11,038
2026	8,839
2027	7,119
2028	6,992
Thereafter	6,116
Total lease payments	41,188
Less: imputed interest	(10,030)
Present value of operating lease liabilities	$ 31,158

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	$ (29,959)	$ (31,033)	$ (73,468)	$ (109,355)

- 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
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss, current	$ 7,530	$ 8,562
Preferred stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	232,730,114	208,940,016
Common stock, outstanding (in shares)	232,730,114	208,940,016
Class B Common Stock
Common stock, par value (in USD per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	350,000,000	350,000,000
Common stock, issued (in shares)	69,847,416	87,754,921
Common stock, outstanding (in shares)	69,847,416	87,754,921

Goodwill and Intangible Assets, Net - Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 6,181
Goodwill acquired (Note 6)	140,833
Goodwill, ending balance	$ 147,014

- 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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 186,575	$ 153,550	$ 525,849	$ 436,321
Cost of revenue	29,806	26,263	83,871	76,360
Gross profit	156,769	127,287	441,978	359,961
Operating expense:
Research and development	47,885	34,885	123,562	101,922
Sales and marketing	101,253	90,673	300,143	265,458
General and administrative	46,495	40,464	133,091	122,712
Total operating expenses	195,633	166,022	556,796	490,092
Loss from operations	(38,864)	(38,735)	(114,818)	(130,131)
Interest and other income, net	13,929	10,993	39,971	31,688
Loss before income taxes	(24,935)	(27,742)	(74,847)	(98,443)
Provision for (benefit from) income taxes	5,024	3,291	(1,379)	10,912
Net loss	$ (29,959)	$ (31,033)	$ (73,468)	$ (109,355)
Net loss per share - basic (in dollars per share)	$ (0.10)	$ (0.11)	$ (0.24)	$ (0.37)
Net loss per share - diluted (in dollars per share)	$ (0.10)	$ (0.11)	$ (0.24)	$ (0.37)
Weighted-average shares used in computing net loss per share - basic (in shares)	302,096	294,146	299,931	292,103
Weighted-average shares used in computing net loss per share - diluted (in shares)	302,096	294,146	299,931	292,103

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 24,501	$ 20,976
Accrued reseller commissions	11,391	9,641
Accrued advertising and marketing expenses	4,531	2,095
Advanced payments from customers	4,981	4,265
Accrued taxes	12,217	10,964
Operating lease liabilities, current	5,627	2,699
Contributions withheld for employee stock purchase plan	3,226	1,298
Other accrued expenses	7,259	4,670
Accrued liabilities	$ 73,733	$ 56,608

Stockholders' Equity and Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Summary of Common Shares Reserved for Future Issuance

Shares of common stock outstanding and reserved for future issuance were as follows (in thousands):


			September 30, 2024
2011 Stock Plan:
Options, RSUs and PRSUs outstanding			3,015
2021 Equity Incentive Plan:
Options, RSUs and PRSUs outstanding (1)			21,894
Shares reserved for future award issuances			79,196
2022 Inducement Plan:
Options and RSUs outstanding			3,021
Shares reserved for future award issuances			6,535
2021 Employee Stock Purchase Plan
Shares reserved for future award issuances			13,166
Total awards outstanding and shares of common stock reserved for issuance			126,827

(1)Outstanding shares include the Executive PRSUs and 2024 Executive Chairman Award, as discussed below, based on 100% achievement of target performance.

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The following table summarizes the range of valuation assumptions used in estimating the fair value of the ESPP during the period:


Valuation Assumption Inputs	Nine Months Ended September 30, 2024	Nine Months Ended September 30, 2023
Expected term (in years)	0.5 - 2.0	0.5 - 1.5
Stock price volatility	48.3% - 57.2%	58.1% - 77.3%
Risk-free interest rate	4.8% - 5.4%	4.5% - 5.3%
Dividend yield	—%	—%

Schedule of Stock Option Activity


Share Information:	Number of Shares (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands) (1)
Balance as of December 31, 2023	2,395	$	10.39	7.0	$	31,368

Assumed and converted options from acquisition (Note 6)	512	$	3.26
Stock options exercised	(134)	$	0.29
Stock options cancelled / forfeited / expired	—	$	—
Balance as of September 30, 2024	2,773	$	9.56	7.5	$	9,188
Options vested and expected to vest as of September 30, 2024	2,773	$	9.56	7.5	$	9,188
Options exercisable as of September 30, 2024	1,353	$	9.23	5.7	$	4,981

(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s common stock as of the end of the period, multiplied by the number of stock options outstanding, exercisable, or vested.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the range of valuation assumptions used in estimating the fair value of the stock options assumed during the period:


Valuation Assumption Inputs						Nine Months Ended September 30, 2024
Expected term (in years)						6.0
Stock price volatility						65%
Risk-free interest rate						4.29%
Dividend yield						—%

Schedule of Restricted Stock Unit Activity

RSU activity, which includes PRSUs, during the nine months ended September 30, 2024 was as follows:


Share Information:	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands, except per share data)
Unvested, as of December 31, 2023	26,755	$	18.44
Granted (1)	15,442	$	19.78
Vested (2)	(7,606)	$	17.95
Forfeited/Cancelled (3)	(9,434)	$	19.83
Unvested, as of September 30, 2024	25,157	$	18.89

(1) During the nine months ended September 30, 2024, shares granted includes 0.9 million shares granted to the Executive Chairman as long-term equity incentive award accounted for as a modification. The weighted average grant date fair value was $69.78 per share. Refer to the Executive Chairman Awards discussion below.

(2) During the nine months ended September 30, 2024, total shares that vested were 7.6 million, of which 2.8 million were withheld for tax purposes.

(3) Shares forfeited includes the cancellation of the 2021 Executive Chairman Performance Award consisting of 6,000,000 PRSUs discussed in the Executive Chairman Awards section below.

Stock-based Compensation Expense

Total stock-based compensation expense recorded for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	1,830	$	1,710	$	5,033	$	5,137
Research and development(1)	13,454		9,623		32,475		28,662
Sales and marketing	15,303		18,757		50,980		51,786
General and administrative(2)	28,122		25,035		77,802		74,482
Stock-based compensation, net of amounts capitalized	58,709		55,125		166,290		160,067
Capitalized stock-based compensation	361		484		1,117		1,422
Total stock-based compensation expense	$	59,070	$	55,609	$	167,407	$	161,489

(1) Stock-based compensation expense recorded to research and development in the consolidated statements of operations excludes amounts that were capitalized for internal-use software.

(2) General and administrative expense includes stock-based compensation associated with RSUs and PRSUs granted to our former CEO (now Executive Chairman) of $12.1 million and $14.1 million for the three months ended September 30, 2024 and 2023, respectively, and $38.3 million and $41.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Share-based Payment Arrangement, Nonvested Award, Cost

As of September 30, 2024, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):


	September 30, 2024
	Unrecognized Stock-Based Compensation		Weighted-Average Period to Recognize Expense (in years)
RSUs and PRSUs	$	426,596	2.6
Stock options	8,669		1.8
ESPP	7,525		1.0
Total unrecognized stock-based compensation expense	$	442,790

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Stockholders' Equity and Stock Based Compensation - Summary of ESPP Valuation Assumptions (Details) - ESPP	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price volatility, minimum	48.30%	58.10%
Stock price volatility, maximum	57.20%	77.30%
Risk free interest rate, minimum	4.80%	4.50%
Risk free interest rate, maximum	5.40%	5.30%
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	1 year 6 months

Revenue From Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, asset, after allowance for credit loss, current	$ 5.7		$ 5.7		$ 0.2
Contract with customer, noncurrent	3.3		3.3		$ 0.0
Revenue recognized during the period	136.1	$ 109.5	252.8	$ 192.6
Remaining performance obligation	488.9		488.9
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	$ 358.0		$ 358.0
Remaining performance obligation, expected timing of satisfaction, period	12 months		12 months

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (29,959)	$ (31,033)	$ (73,468)	$ (109,355)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic (in shares)	302,096	294,146	299,931	292,103
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)	302,096	294,146	299,931	292,103
Net loss per share attributable to Class A and Class B common stockholders - diluted (in dollars per share)	$ (0.10)	$ (0.11)	$ (0.24)	$ (0.37)
Net loss per share attributable to Class A and Class B common stockholders - basic (in dollars per share)	$ (0.10)	$ (0.11)	$ (0.24)	$ (0.37)

- Definition

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

+ 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

Geographic Information - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 186,575	$ 153,550	$ 525,849	$ 436,321
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 76,900	$ 60,100	$ 213,100	$ 171,300
UNITED STATES \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	41.00%	38.00%	41.00%	39.00%
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 24,600	$ 19,400	$ 68,000	$ 54,900
UNITED KINGDOM \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	13.00%	12.00%	13.00%	12.00%

- Definition

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

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+ Details

Business Combinations - Pro Forma (Details) - D42 Parent Inc (Device42) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 186,575	$ 162,341	$ 541,021	$ 462,380
Net loss	$ (29,494)	$ (34,311)	$ (78,387)	$ (121,117)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40806
Entity Registrant Name	Freshworks Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2950 S Delaware Street
Entity Address, Address Line Two	Suite 201
Entity Tax Identification Number	33-1218825
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	513-0514
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	FRSH
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 Central Index Key	0001544522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		232,984,740
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		69,869,756

Geographic Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Geographic Information

13. Geographic Information

Revenue by geographic location is determined based on the customers' billing address. The following table summarizes revenue by geographic location (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
North America	$	86,363	$	68,847	$	239,300	$	194,158
Europe, Middle East and Africa	71,455		59,128		202,828		168,332
Asia Pacific	22,986		21,111		67,830		61,497
Other	5,771		4,464		15,891		12,334
Total revenue	$	186,575	$	153,550	$	525,849	$	436,321

Revenue from North America consists primarily of revenue from the United States. For the three months ended September 30, 2024 and 2023, revenue generated from the United States was $76.9 million and $60.1 million, or approximately 41% and 38% of total consolidated revenue, respectively. For the nine months ended September 30, 2024 and 2023, revenue generated from the United States was $213.1 million and $171.3 million, or 41% and 39% of total consolidated revenue, respectively.

The United Kingdom, included within Europe, Middle East and Africa in the table above, contributed $24.6 million and $19.4 million, or approximately 13% and 12% of total consolidated revenue for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, revenue generated from the United Kingdom was $68.0 million and $54.9 million, or 13% and 12% of the total consolidated revenue, respectively.

Long-lived assets consist primarily of property, plant and equipment and ROU assets. The following table summarizes long-lived assets by geographic information (in thousands):


	September 30, 2024		December 31, 2023
North America	$	19,342	$	22,635
Europe, Middle East and Africa	7,139		2,244
Asia Pacific	29,531		30,617
Total long-lived assets	$	56,012	$	55,496

Long-lived assets in North America are primarily located in the United States, and long-lived assets in Asia Pacific are primarily located in India.

- 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.

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+ Details

Net Loss Per Share - Potential Common Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	28,261	32,053
RSUs and PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	25,157	29,262
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,773	2,550
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	331	241

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Other Contractual Commitments The Company's other contractual commitments primarily consist of third-party cloud infrastructure agreements and service subscription purchase arrangements used to support operations at the enterprise level. As of September 30, 2024, other contractual commitments totaling $292.2 million remain outstanding under these agreements through 2028. Litigation and Loss Contingencies On November 1, 2022, a purported Company stockholder filed a securities class action complaint in the U.S. District Court for the Northern District of California against the Company, certain of its current officers and directors, and underwriters of the Company's initial public offering (IPO). On April 14, 2023, the court-appointed lead plaintiff filed a consolidated amended class action complaint. The complaint alleges that defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 by making material misstatements or omissions in offering documents filed in connection with the IPO. The complaint seeks unspecified damages, interest, fees, costs, and rescission on behalf of purchasers and/or acquirers of common stock issued in the IPO. On September 28, 2023, the court issued an order granting in part and denying in part defendants' motion to dismiss. The Company and the other defendants continue to vigorously defend against the remaining claims in this action. On March 20, 2023, a purported stockholder derivative complaint was filed in the U.S. District Court for the Northern District of California. The complaint names as defendants the Company’s current directors, as well as the Company, as nominal defendant, and asserts state and federal claims based on some of the same alleged misstatements as the securities class action complaint. The derivative complaint seeks unspecified damages, attorneys’ fees, and other costs. On June 21, 2023, the court stayed the case in light of the pending securities class action. On October 16, 2023, the court extended the stay of the case in light of the pending securities class action. The Company and the other defendants continue to vigorously defend against the claims in this action. From time to time, the Company has been and may be in the future subject to other legal proceedings, claims, investigations, and government inquiries (collectively, legal proceedings) in the ordinary course of business. It has received and may receive claims from third parties asserting, among other things, infringement of their intellectual property rights, defamation, labor and employment rights, privacy, and contractual rights. There are no currently pending legal proceedings that the Company believes will have a material adverse impact on the business or condensed consolidated financial statements. Indemnifications In the ordinary course of business, the Company enters into contractual arrangements under which the Company agrees to provide indemnification of varying scope and terms to customers, business partners, and other parties with respect to certain matters, including losses arising out of intellectual property infringement claims made by third parties, if the Company has violated applicable laws, if the Company is negligent or commits acts of willful misconduct, and other liabilities with respect to its products and services and its business. In these circumstances, payment is typically conditional on the other party making a claim pursuant to the procedures specified in the particular contract. The Company also indemnifies certain of its officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, the Company has not incurred any material costs as a result of such indemnifications and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements.

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2024, our officers (as defined in Rule 16a-1(f) under the Exchange Act) and directors adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company's securities, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as set forth in the table below.

Name

Title

Action

Adoption Date

Expiration Date

Total number of shares of Class A common stock to be sold

Sameer Gandhi

Director

Adoption(1)(2)

September 13, 2024

November 28, 2025

Up to 150,000 shares

Rathna Girish Mathrubootham

Executive Chairman and Chairman of the Board of Directors

Adoption(2)

September 18, 2024

October 31, 2025

Up to 2,500,000 shares(3)

Barry Padgett

Director

Adoption

September 17, 2024

September 4, 2025

Up to 16,933 shares

Mika Yamamoto

Chief Customer and Marketing Officer

Adoption

September 17, 2024

December 31, 2025

Up to 140,241 shares(4)

(1) This 10b5-1 trading arrangement was adopted by The Potomac Trust, dated 9/21/2001, of which Mr. Gandhi is a co-trustee.

(2) Plan adopted in accordance with Rule 10b5-1(c)(1)(ii)(D)(2)

(3) The actual number of shares that will be sold under the Rule 10b5-1 trading plan will be reduced by the number of shares sold in accordance with an existing plan after August 21, 2024, but prior to its expiration on December 15, 2024.

(4) The shares that may be sold under the Rule 10b5-1 trading plan include (i) up to 6,399 shares of our Class A Common Stock currently owned by Ms. Yamamoto and (ii) up to 133,842 shares of our Class A Common Stock that are subject to restricted stock unit awards previously granted to Ms. Yamamoto that may vest and be released to Ms. Yamamoto on or prior to December 31, 2025 upon the satisfaction of the applicable service-based vesting conditions. The actual number of shares that will be released to Ms. Yamamoto pursuant to the restricted stock unit awards and sold under the Rule 10b5-1 trading arrangement will be net of the number of shares withheld to satisfy tax withholding obligations arising from the vesting of such shares and is not yet determinable. The actual number of shares that will be subject to the Rule 10b5-1 trading plan is not yet determinable.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Sameer Gandhi [Member]

Trading Arrangements, by Individual

Name

Sameer Gandhi

Title

Director

Rule 10b5-1 Arrangement Adopted

true

September 13, 2024

November 28, 2025

441 days

150,000

Rathna Girish Mathrubootham [Member]

Trading Arrangements, by Individual

Name

Rathna Girish Mathrubootham

Title

Executive Chairman and Chairman of the Board of Directors

Rule 10b5-1 Arrangement Adopted

true

September 18, 2024

October 31, 2025

408 days

2,500,000

Barry Padgett [Member]

Trading Arrangements, by Individual

Name

Barry Padgett

Title

Director

Rule 10b5-1 Arrangement Adopted

true

September 17, 2024

September 4, 2025

352 days

16,933

Mika Yamamoto [Member]

Trading Arrangements, by Individual

Name

Mika Yamamoto

Title

Chief Customer and Marketing Officer

Rule 10b5-1 Arrangement Adopted

true

September 17, 2024

December 31, 2025

470 days

140,241

Name:	ecd_IndividualAxis=frsh_RathnaGirishMathruboothamMember
Namespace Prefix:
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Balance Type:
Period Type:

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 2,904	$ 2,652	$ 8,968	$ 7,644
Short-term lease cost	137	76	354	322
Variable lease cost	947	823	2,807	2,394
Total lease cost	$ 3,988	$ 3,551	$ 12,129	$ 10,360

Stockholders' Equity and Stock Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	26,755
Granted (in shares) \| shares	15,442
Vested (in shares) \| shares	(7,606)
Forfeited (in shares) \| shares	(9,434)
Unvested, ending balance (in shares) \| shares	25,157
Weighted-Average Grant Date Fair Value Per Share
Unvested, beginning balance (in USD per share) \| $ / shares	$ 18.44
Granted (in USD per share) \| $ / shares	19.78
Vested (in USD per share) \| $ / shares	17.95
Forfeited (in USD per share) \| $ / shares	19.83
Unvested, ending balance (in USD per share) \| $ / shares	$ 18.89

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Cash Flows from Operating Activities:
Net loss	$ (31,033)	$ (73,468)	$ (109,355)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		13,052	9,098
Amortization of deferred contract acquisition costs	6,131	20,667	17,600
Non-cash lease expense		6,607	5,692
Stock-based compensation		166,290	160,067
Discount amortization on marketable securities		(12,972)	(12,108)
Deferred income taxes		(13,801)	113
Other		321	110
Changes in operating assets and liabilities:
Accounts receivable		6,602	(10,003)
Deferred contract acquisition costs		(24,705)	(19,147)
Prepaid expenses and other assets		(7,733)	(11,793)
Accounts payable		3,122	(3,219)
Accrued and other liabilities		10,188	(3,150)
Deferred revenue		26,959	40,459
Operating lease liabilities		(1,845)	(9,052)
Net cash provided by operating activities		119,284	55,312
Cash Flows from Investing Activities:
Purchases of property and equipment		(4,110)	(990)
Proceeds from sale of property and equipment		86	91
Capitalized internal-use software		(3,574)	(5,075)
Purchases of marketable securities		(566,638)	(653,679)
Maturities and redemptions of marketable securities		617,796	805,933
Business combination, net of cash acquired		(213,905)	0
Net cash provided by (used in) investing activities		(170,345)	146,280
Cash Flows from Financing Activities:
Proceeds from issuance of common stock under employee stock purchase plan, net		3,630	4,312
Proceeds from exercise of stock options		39	61
Payment of withholding taxes on net share settlement of equity awards		(49,627)	(51,782)
Net cash used in financing activities		(45,958)	(47,409)
Net increase (decrease) in cash, cash equivalents and restricted cash		(97,019)	154,183
Cash, cash equivalents and restricted cash, beginning of period		488,216	304,158
Cash, cash equivalents and restricted cash, end of period	458,341	391,197	458,341
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets:
Cash and cash equivalents	458,249	391,101	458,249
Restricted cash included in prepaid expenses and other current assets	0	3	0
Restricted cash included in other assets	92	93	92
Total cash, cash equivalents and restricted cash	458,341	391,197	458,341
Supplemental cash flow information:
Cash paid for taxes		8,130	9,893
Non-cash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of modifications	4,914	3,973	4,914
Stock-based compensation capitalized as internal-use software	$ 484	1,117	1,422
Issuance of common stock and options in connection with acquisition		$ 12,874	$ 0

Business Combinations - Recognized Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Assets acquired:
Prepaid expenses and other current assets		$ 1,792
Goodwill	$ 147,014		$ 6,181
D42 Parent Inc (Device42)
Assets acquired:
Cash		11,432
Trade accounts and other receivables		8,916
Goodwill		140,833
Total		261,973
Liabilities assumed:
Accounts payable and other current liabilities		3,510
Deferred revenue		6,080
Deferred tax liability	$ 14,300	14,278
Total		23,868
Total purchase price consideration		238,105
D42 Parent Inc (Device42) \| Customer relationships
Assets acquired:
Finite-lived intangibles		67,600
D42 Parent Inc (Device42) \| Developed technology
Assets acquired:
Finite-lived intangibles		30,700
D42 Parent Inc (Device42) \| Trademarks
Assets acquired:
Finite-lived intangibles		$ 700

Leases - Summary of Lease Term and Discount Rate (Details)	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 6 months	5 years 1 month 6 days
Weighted-average discount rate	9.00%	8.70%

Balance Sheet Components - Property, Plant, and Equipment (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
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 77,128		$ 77,128		$ 66,017
Less: accumulated depreciation and amortization	(50,978)		(50,978)		(43,270)
Property and equipment, net	26,150		26,150		22,747
Capitalization of costs associated with internal-use software	1,529	$ 2,048	4,691	$ 6,498
Amortization expense of capitalized internal-use software	1,410	1,327	4,206	3,699
Depreciation expense	1,337	$ 1,658	4,278	$ 5,097
Computers
Property, Plant and Equipment [Line Items]
Total property and equipment	18,740		18,740		17,188
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment	32,950		32,950		28,259
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	5,075		5,075		4,357
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	9,505		9,505		8,886
Motor vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	508		508		808
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	7,441		7,441		5,768
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,909		$ 2,909		$ 751

Revenue From Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 186,575	$ 153,550	$ 525,849	$ 436,321
Subscription services, software licenses and maintenance
Disaggregation of Revenue [Line Items]
Revenue	184,409	150,033	518,582	425,755
Professional services
Disaggregation of Revenue [Line Items]
Revenue	$ 2,166	$ 3,517	$ 7,267	$ 10,566

- 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

- Definition

+ References

+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(29,959)	$	(31,033)	$	(73,468)	$	(109,355)








Denominator:




Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic and diluted	302,096		294,146		299,931		292,103


Net loss per share attributable to Class A and Class B common stockholders - basic and diluted	$	(0.10)	$	(0.11)	$	(0.24)	$	(0.37)

Schedule of Potential Common Equivalents Excluded from Computation of Diluted Net Loss per Share


	Three and Nine Months Ended September 30,
	2024	2023

RSUs and PRSUs	25,157	29,262
Stock options	2,773	2,550
ESPP	331	241
Total	28,261	32,053

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 391,101	$ 488,121
Marketable securities	663,883	699,506
Accounts receivable, net of allowance of $7,530 and $8,562	99,169	97,179
Deferred contract acquisition costs	25,056	22,908
Prepaid expenses and other current assets	53,575	47,832
Total current assets	1,232,784	1,355,546
Property and equipment, net	26,150	22,747
Operating lease right-of-use assets	29,862	32,749
Deferred contract acquisition costs, noncurrent	21,654	19,764
Intangible assets, net	94,432	0
Goodwill	147,014	6,181
Deferred tax assets	9,527	10,013
Other assets	13,761	9,772
Total assets	1,575,184	1,456,772
Current liabilities:
Accounts payable	6,956	3,485
Accrued liabilities	73,733	56,608
Deferred revenue	296,089	266,399
Income tax payable	1,152	722
Total current liabilities	377,930	327,214
Operating lease liabilities, non-current	25,531	26,795
Other liabilities	36,697	30,501
Total liabilities	440,158	384,510
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, value	0	0
Additional paid-in capital	4,847,178	4,713,522
Accumulated other comprehensive income (loss)	1,822	(754)
Accumulated deficit	(3,713,977)	(3,640,509)
Total stockholders' equity	1,135,026	1,072,262
Total liabilities and stockholders' equity	1,575,184	1,456,772
Class A Common Stock
Stockholders' equity:
Common stock, value	2	2
Class B Common Stock
Stockholders' equity:
Common stock, value	$ 1	$ 1

Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 62,100,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	$ 0
Fair value, liabilities	$ 0	$ 0

Revenue From Contracts with Customers - Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in Deferred Contract Acquisition Costs [Roll Forward]
Balance at beginning of the period	$ 46,036	$ 40,962	$ 42,672	$ 39,675
Add: Contract costs capitalized during the period	7,803	6,391	24,705	19,147
Less: Amortization of contract costs during the period	(7,129)	(6,131)	(20,667)	(17,600)
Balance at end of the period	$ 46,710	$ 41,222	$ 46,710	$ 41,222

Stockholders' Equity and Stock Based Compensation - Schedule of Restricted Stock Unit Activity Footnote (Details) - $ / shares		1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 01, 2024	Sep. 30, 2021	Sep. 30, 2024	Sep. 30, 2024
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				15,442,000
Granted (in USD per share)				$ 19.78
Total restricted stock units vested (in shares)				7,606,000
Stock withheld for tax withholding requirements (in shares)			2,800,000
Forfeited (in shares)				9,434,000
Executive Chairman \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				900,000
Granted (in USD per share)				$ 69.78
Executive Chairman \| Performance Based Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		6,000,000
Forfeited (in shares)	6,000,000

- Definition

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

+ References

+ Details

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net carrying value	$ 14.6	$ 14.1
Long-term accrued compensation	$ 23.1	$ 22.7

Business Combinations

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

6. Business Combinations

In June 2024, the Company acquired all outstanding shares of Device42, an IT asset management company. Through the combination, the Company will be able to offer a more comprehensive IT solution for customers. The total purchase price consideration is $238.1 million, which consists of $225.3 million in cash paid, including $11.4 million of cash acquired, $8.9 million in common stock issued, and $3.9 million in assumed and converted stock option awards. The purchase price is subject to customary post-closing adjustments and conditions.

As part of the business combination, the Company assumed certain unvested, in-the-money options held by Device42's founder, which were converted into 511,770 replacement stock option awards issued pursuant to the Company's 2021 Equity Incentive Plan. These awards have a fair value of $5.7 million and will vest two years from the closing date subject to continued employment The portion of the fair value of the assumed and converted awards that was related to pre-combination vesting was $3.9 million and is included as part of the consideration discussed above, and the remaining $1.8 million is post-combination expense that will be recognized as compensation expense over the remaining service period. Refer to Note 10—Stockholders' Equity and Stock-Based Compensation for valuation of options.

The transaction costs associated with the acquisition were approximately $2.0 million for the nine months ended September 30, 2024 and were recorded in general and administrative expense.

The Company expects to finalize the valuation as soon as is practicable, but not later than one year from the acquisition date. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:


	Amount
	(in thousands)
Assets acquired:
Cash	$	11,432
Trade accounts and other receivables	8,916

Prepaid expenses and other current assets	1,792
Customer relationships	67,600
Developed technology	30,700
Trademarks	700
Goodwill	140,833
Total	$	261,973
Liabilities assumed:
Accounts payable and other current liabilities	$	3,510

Deferred revenue	6,080
Deferred tax liability	14,278
Total	$	23,868

Total purchase price consideration	$	238,105

The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets and liabilities acquired was recorded as goodwill. The goodwill recognized is not deductible for U.S. income tax purposes. The Company expects to derive value from the combination of Device42’s existing customer base, IT asset management technology, and trademarks, as well as through other synergies. The deferred tax liability was primarily driven by the fair value of intangible assets. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the acquisition date and are considered preliminary pending finalization of the valuation pertaining to deferred tax liabilities.

The customer relationships, developed technology, and trademarks will be amortized on a straight-line basis over their estimated useful lives of 8 years, 6 years, and 1 year, respectively. The Company used the income approach to estimate the fair value of intangible assets acquired.

The Company has included the operating results of Device42 in its condensed consolidated financial statements since the date of the acquisition. The revenue and net income of Device42 included in the condensed consolidated statement of operations from the date of acquisition to September 30, 2024 were not material.

The following unaudited supplemental pro forma financial information is provided for informational purposes only and summarizes the Company's combined results of operations as if the acquisition had occurred on January 1, 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	186,575	$	162,341	$	541,021	$	462,380
Net loss	$	(29,494)	$	(34,311)	$	(78,387)	$	(121,117)

The unaudited supplemental pro forma results reflect certain adjustments for the amortization of acquired intangible assets, recognition of stock-based compensation, and acquisition-related transaction expenses. Such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the acquisition been completed on the date indicated, nor is it indicative of the Company's future operating results.

Goodwill and Intangible Assets, Net - Summary of Acquired Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 111,096
Accumulated Amortization	(16,664)
Net Carrying Value	94,432
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	41,196
Accumulated Amortization	(12,134)
Net Carrying Value	$ 29,062
Weighted Average Remaining Useful Life	5 years 8 months 12 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 69,200
Accumulated Amortization	(4,306)
Net Carrying Value	$ 64,894
Weighted Average Remaining Useful Life	7 years 8 months 12 days
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 700
Accumulated Amortization	(224)
Net Carrying Value	$ 476
Weighted Average Remaining Useful Life	8 months 12 days

- 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

Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash payments included in the measurement of operating lease liabilities	$ 733	$ 4,472	$ 4,734	$ 10,879
Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of modifications	$ (628)		3,973
Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of modifications		$ 4,914	$ 3,973	$ 4,914

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Cash equivalents and available-for-sale debt securities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	286,574	$	—	$	—	$	286,574
U.S. treasury securities	15,467		2		—		15,469

Corporate debt securities	9,292		—		—		9,292
Total cash equivalents	311,333		2		—		311,335
Debt securities:
U.S. treasury securities	308,194		1,265		(9)		309,450
U.S. government agency securities	227,208		709		(18)		227,899
Corporate debt securities	68,717		273		(9)		68,981
Certificates of deposit	57,553		—		—		57,553
Total debt securities	661,672		2,247		(36)		663,883
Total cash equivalents and debt securities	$	973,005	$	2,249	$	(36)	$	975,218


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	77,832	$	—	$	—	$	77,832
U.S. treasury securities	239,727		22		—		239,749
U.S. government agency securities	8,388		1		—		8,389
Corporate debt securities	36,905		—		—		36,905
Total cash equivalents	362,852		23		—		362,875
Debt securities:
U.S. treasury securities	264,554		339		(398)		264,495
U.S. government agency securities	366,946		571		(824)		366,693
Corporate debt securities	66,777		72		(109)		66,740
Total debt securities	698,277		982		(1,331)		697,928
Total cash equivalents and debt securities	$	1,061,129	$	1,005	$	(1,331)	$	1,060,803

Schedule of Available-for-Sale, Unrealized Loss Position, Fair Value

The following table presents gross unrealized losses and fair values for the securities that were in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	11,657	$	(1)	$	11,443	$	(8)	$	23,100	$	(9)
U.S. government agency securities	10,657		—		37,753		(18)		48,410		(18)
Corporate debt securities	—		—		9,942		(9)		9,942		(9)
Total	$	22,314	$	(1)	$	59,138	$	(35)	$	81,452	$	(36)


	December 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	60,869	$	(159)	$	42,667	$	(239)	$	103,536	$	(398)
U.S. government agency securities	145,594		(364)		80,455		(460)		226,049		(824)
Corporate debt securities	14,749		(59)		12,934		(50)		27,683		(109)
Total	$	221,212	$	(582)	$	136,056	$	(749)	$	357,268	$	(1,331)

Schedule of Amortized Costs and Fair Value of Debt Securities Based on Contractual Maturities

The amortized cost and fair value of the available-for-sale debt securities based on contractual maturities are as follows (in thousands):


	September 30, 2024
	Amortized Cost		Fair Value
Due within one year	$	543,010	$	544,074
Due after one year but within five years	118,662		119,809
Total	$	661,672	$	663,883

Cash Equivalents and Marketable Securities - Schedule of Carrying Amounts and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	$ 2,249	$ 1,005
Unrealized Losses	(36)	(1,331)
Cash Equivalents and Available-for-sale Debt Securities
Amortized Cost	973,005	1,061,129
Fair Value	975,218	1,060,803
Cash equivalents:
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	2	23
Unrealized Losses	0	0
Cash Equivalents and Available-for-sale Debt Securities
Amortized Cost	311,333	362,852
Fair Value	311,335	362,875
Cash equivalents: \| U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,467	239,727
Unrealized Gains	2	22
Unrealized Losses	0	0
Fair Value	15,469	239,749
Cash equivalents: \| U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		8,388
Unrealized Gains		1
Unrealized Losses		0
Fair Value		8,389
Cash equivalents: \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,292	36,905
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	9,292	36,905
Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	661,672	698,277
Unrealized Gains	2,247	982
Unrealized Losses	(36)	(1,331)
Fair Value	663,883	697,928
Marketable Securities \| U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	308,194	264,554
Unrealized Gains	1,265	339
Unrealized Losses	(9)	(398)
Fair Value	309,450	264,495
Marketable Securities \| U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	227,208	366,946
Unrealized Gains	709	571
Unrealized Losses	(18)	(824)
Fair Value	227,899	366,693
Marketable Securities \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68,717	66,777
Unrealized Gains	273	72
Unrealized Losses	(9)	(109)
Fair Value	68,981	66,740
Marketable Securities \| Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	57,553
Unrealized Gains	0
Unrealized Losses	0
Fair Value	57,553
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cash equivalents:	$ 286,574	$ 77,832

Cash Equivalents and Marketable Securities - Schedule of Continuous Unrealized Loss Position and Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 22,314	$ 221,212
Greater than 12 months	59,138	136,056
Total	81,452	357,268
Unrealized Loss
Less than 12 months	(1)	(582)
Greater than 12 months	(35)	(749)
Total	(36)	(1,331)
U.S. treasury securities
Fair Value
Less than 12 months	11,657	60,869
Greater than 12 months	11,443	42,667
Total	23,100	103,536
Unrealized Loss
Less than 12 months	(1)	(159)
Greater than 12 months	(8)	(239)
Total	(9)	(398)
U.S. government agency securities
Fair Value
Less than 12 months	10,657	145,594
Greater than 12 months	37,753	80,455
Total	48,410	226,049
Unrealized Loss
Less than 12 months	0	(364)
Greater than 12 months	(18)	(460)
Total	(18)	(824)
Corporate debt securities
Fair Value
Less than 12 months	0	14,749
Greater than 12 months	9,942	12,934
Total	9,942	27,683
Unrealized Loss
Less than 12 months	0	(59)
Greater than 12 months	(9)	(50)
Total	$ (9)	$ (109)

Business, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	1. Business, Basis of Presentation and Summary of Significant Accounting Policies Description of Business Freshworks Inc. (Freshworks, or the Company) is a software development company that provides software-as-a-service (SaaS) products that deliver modern and innovative AI-guided customer and employee service solutions that enable companies of all sizes to drive delightful engagement and increase productivity. The Company was incorporated in Delaware in 2010 and is headquartered in San Mateo, California. On June 6, 2024, the Company acquired all outstanding shares of D42 Parent, Inc., (Device42), an IT asset management company, for approximately $238.1 million. See Note 6—Business Combinations. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity 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, and all intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations, of comprehensive loss, of cash flows, and of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the related notes to such condensed consolidated financial statements are unaudited. These unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024 and its results of operations and cash flows for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 16, 2024. Use of Estimates The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expense during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, the following: •determination of standalone selling price (SSP) for each distinct performance obligation included in customer contracts with multiple performance obligations; •allowance for doubtful accounts; •benefit period of deferred contract acquisition costs; •capitalization of internal-use software development costs; •fair value of goodwill; •useful lives of long-lived assets, including intangible assets; •valuation of deferred tax assets; •valuation of employee defined benefit plan and other compensation liabilities; •fair value of share-based awards; and •incremental borrowing rate used for operating leases. Concentrations of Risk Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company’s cash, cash equivalents and marketable securities are generally held with large financial institutions and are in excess of the federally insured limits provided on such deposits. In addition, the Company has cash and cash equivalents held in international bank accounts, which are denominated primarily in euros, British Pounds, and Indian Rupees. There were no customers that individually exceeded 10% of the Company’s revenue for the three and nine months ended September 30, 2024 and 2023 or that represented 10% or more of the Company’s consolidated accounts receivable balance as of September 30, 2024. The Company primarily relies upon its third-party cloud infrastructure partner, Amazon Web Services, to serve customers and operate certain aspects of its services. Any disruption of this cloud infrastructure partner would impact the Company's operations and its business could be adversely impacted. Significant Accounting Policies The Company's significant accounting policies are described in the Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies that have had a material impact on the condensed consolidated financial statements and the related notes for the three and nine months ended September 30, 2024, except for the addition of the following revenue recognition policy for the business acquired in June 2024 (see Note 6): Software license revenue is generally sold as bundled arrangements that include the rights to a software license and maintenance. For these contracts, the transaction price is allocated to the separate performance obligations on the basis of relative standalone selling price. Software license revenue consists of term licenses and is recognized upfront, upon making the software available to the customer. The associated software maintenance revenue is generally recognized ratably over the contract term as support and updates are provided to the customers over the term of the arrangement. Recent Accounting Pronouncements There have been no recently issued accounting pronouncements that are expected to have a material impact on the Company's condensed consolidated financial statements.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Income Tax Contingency [Line Items]
Provision for (benefit from) income taxes	$ 5,024	$ 3,291	$ (1,379)	$ 10,912
D42 Parent Inc (Device42)
Income Tax Contingency [Line Items]
Deferred tax liability	$ 14,300		$ 14,300		$ 14,278

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity and Stock Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 01, 2024 USD ($)	Feb. 29, 2024	Sep. 30, 2021 USD ($) target tranche $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2024 USD ($) purchasePeriod $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plan, net of shares withheld for taxes (in shares) \| shares						308,059	367,319
Proceeds from issuance of common stock under employee stock purchase plan, net						$ 3,630	$ 4,312
Share-based payment arrangement, expense				$ 58,709	$ 55,125	166,290	$ 160,067
D42 Parent Inc (Device42)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, value				1,800		1,800
Executive Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense				$ 5,900		13,600
Equity instruments other than options, annual grant, fair value	$ 19,000
Incremental cost						$ 0
Unrecognized stock-based compensation expense, excluding options	$ 61,900
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock in percent						85.00%
Offering period						24 months
Number of purchase periods \| purchasePeriod						4
Purchase period						6 months
Share-based compensation arrangement by share-based payment award, weighted average price of shares purchased (in USD per share) \| $ / shares				$ 11.85	$ 11.87	$ 11.85	$ 11.87
Proceeds from issuance of common stock under employee stock purchase plan, net						$ 3,600	$ 4,300
ESPP offering period						24 months
Share-based payment arrangement, expense				$ 1,500	$ 1,500	$ 4,000	6,000
Unrecognized stock-based compensation expense, excluding options				$ 7,525		$ 7,525
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term						10 years
Award vesting period						4 years
Stock options \| D42 Parent Inc (Device42)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						2 years
Weighted-average grant date fair value of stock options granted (in USD per share) \| $ / shares				$ 11.09		$ 11.09
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						4 years
Total grant date fair value of vested RSUs				$ 47,800	50,700	$ 136,500	137,100
Granted (in shares) \| shares						15,442,000
Restricted Stock Units \| Executive Officer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, equity percentage	177.50%
Restricted Stock Units \| Executive Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						900,000
Equity instruments other than options, annual grant, percentage of awards	0.70
Equity instruments other than options, annual grant, vesting period	4 years
Performance Based Restricted Stock Units (PRSUs) \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense				1,600		$ 4,100
Award vesting period		3 years
Equity instruments other than options, revenue target, percentage of awards	0.70
Equity instruments other than options, free cash flow target, percentage of awards	30.00%
Performance Based Restricted Stock Units (PRSUs) \| Executive Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense				$ 4,600	$ 7,100		$ 21,000
Total grant date fair value of vested RSUs			$ 131,000
Granted (in shares) \| shares			6,000,000
Number of threshold stock price targets \| target			5
Number of threshold vesting tranches \| tranche			5
Equity instruments other than options, annual grant, percentage of awards	0.30
Performance Based Restricted Stock Units (PRSUs) \| Executive Chairman \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold stock price target (in USD per share) \| $ / shares			$ 70.00
Performance Based Restricted Stock Units (PRSUs) \| Executive Chairman \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold stock price target (in USD per share) \| $ / shares			$ 200.00

Subsequent Event (Details) - Subsequent Event - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Nov. 06, 2024
Subsequent Event [Line Items]
Share repurchase, authorized		$ 400
Forecast
Subsequent Event [Line Items]
Number of positions eliminated, percent	13.00%
Minimum
Subsequent Event [Line Items]
Restructuring expected cost		11
Maximum
Subsequent Event [Line Items]
Restructuring expected cost		$ 13

Stockholders' Equity and Stock Based Compensation - Schedule of Unrecognized Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, including options	$ 8,669		$ 8,669
Total unrecognized stock-based compensation expense	442,790		442,790
Share-based payment arrangement, expense	58,709	$ 55,125	166,290	$ 160,067
RSUs and PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, excluding options	426,596		$ 426,596
Weighted-Average Period to Recognize Expense (in years)			2 years 7 months 6 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Period to Recognize Expense (in years)			1 year 9 months 18 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, excluding options	7,525		$ 7,525
Weighted-Average Period to Recognize Expense (in years)			1 year
Share-based payment arrangement, expense	$ 1,500	$ 1,500	$ 4,000	$ 6,000

- Definition

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

+ References

+ Details

Revenue From Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following table summarizes revenue by the Company’s product and service offerings (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Subscription services, software licenses and maintenance	$	184,409	$	150,033	$	518,582	$	425,755

Professional services	2,166		3,517		7,267		10,566
Total revenue	$	186,575	$	153,550	$	525,849	$	436,321

Summary of Changes in the Balance of Deferred Contract Acquisition Costs

The change in the balance of deferred contract acquisition costs during the periods presented is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Balance at beginning of the period	$	46,036	$	40,962	$	42,672	$	39,675
Add: Contract costs capitalized during the period	7,803		6,391		24,705		19,147
Less: Amortization of contract costs during the period	(7,129)		(6,131)		(20,667)		(17,600)
Balance at end of the period	$	46,710	$	41,222	$	46,710	$	41,222

Geographic Information - Schedule of Revenue and Long-lived Assets by Geographic Location (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
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 186,575	$ 153,550	$ 525,849	$ 436,321
Total long-lived assets	56,012		56,012		$ 55,496
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	86,363	68,847	239,300	194,158
Total long-lived assets	19,342		19,342		22,635
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	71,455	59,128	202,828	168,332
Total long-lived assets	7,139		7,139		2,244
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	22,986	21,111	67,830	61,497
Total long-lived assets	29,531		29,531		$ 30,617
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 5,771	$ 4,464	$ 15,891	$ 12,334

- Definition

+ References

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company's quarterly tax provision and estimates of its annual effective tax rate are estimates due to several factors, including changes in pre-tax income (or loss), the mix of jurisdictions to which such income relates, discrete items (such as windfalls or shortfalls from stock-based compensation) in the period offset with our valuation allowance. The provision for (benefit from) income taxes was $5.0 million and $3.3 million for the three months ended September 30, 2024 and 2023, respectively; and the income tax benefit was $1.4 million and the income tax expense was $10.9 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in provision for income taxes during the three months ended September 30, 2024, was primarily due to an increase in profit before tax in certain foreign jurisdictions. The change in provision for income taxes for the nine months ended September 30, 2024 compared to the same period in the prior year is primarily due to a tax benefit of $14.3 million from the Device42 acquisition in the current year, partially offset by higher tax expenses due to higher foreign profits before tax. The increase in tax benefit of $14.3 million is primarily due to the net deferred tax liability generated from the acquisition of Device42, which provided sufficient taxable income to release valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the date of acquisition:


	Amount
	(in thousands)
Assets acquired:
Cash	$	11,432
Trade accounts and other receivables	8,916

Prepaid expenses and other current assets	1,792
Customer relationships	67,600
Developed technology	30,700
Trademarks	700
Goodwill	140,833
Total	$	261,973
Liabilities assumed:
Accounts payable and other current liabilities	$	3,510

Deferred revenue	6,080
Deferred tax liability	14,278
Total	$	23,868

Total purchase price consideration	$	238,105

Business Acquisition, Pro Forma Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	186,575	$	162,341	$	541,021	$	462,380
Net loss	$	(29,494)	$	(34,311)	$	(78,387)	$	(121,117)

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	$ (29,959)	$ (31,033)	$ (73,468)	$ (109,355)
Available-for-sale securities:
Change in unrealized loss on marketable securities	3,139	1,483	2,541	3,169
Net change on cash flow hedges	(288)	(734)	35	(630)
Total other comprehensive income	2,851	749	2,576	2,539
Comprehensive loss	$ (27,108)	$ (30,284)	$ (70,892)	$ (106,816)

- 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

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

+ References

+ Details

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

Cash equivalents and available-for-sale debt securities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	286,574	$	—	$	—	$	286,574
U.S. treasury securities	15,467		2		—		15,469

Corporate debt securities	9,292		—		—		9,292
Total cash equivalents	311,333		2		—		311,335
Debt securities:
U.S. treasury securities	308,194		1,265		(9)		309,450
U.S. government agency securities	227,208		709		(18)		227,899
Corporate debt securities	68,717		273		(9)		68,981
Certificates of deposit	57,553		—		—		57,553
Total debt securities	661,672		2,247		(36)		663,883
Total cash equivalents and debt securities	$	973,005	$	2,249	$	(36)	$	975,218


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	77,832	$	—	$	—	$	77,832
U.S. treasury securities	239,727		22		—		239,749
U.S. government agency securities	8,388		1		—		8,389
Corporate debt securities	36,905		—		—		36,905
Total cash equivalents	362,852		23		—		362,875
Debt securities:
U.S. treasury securities	264,554		339		(398)		264,495
U.S. government agency securities	366,946		571		(824)		366,693
Corporate debt securities	66,777		72		(109)		66,740
Total debt securities	698,277		982		(1,331)		697,928
Total cash equivalents and debt securities	$	1,061,129	$	1,005	$	(1,331)	$	1,060,803


	September 30, 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	11,657	$	(1)	$	11,443	$	(8)	$	23,100	$	(9)
U.S. government agency securities	10,657		—		37,753		(18)		48,410		(18)
Corporate debt securities	—		—		9,942		(9)		9,942		(9)
Total	$	22,314	$	(1)	$	59,138	$	(35)	$	81,452	$	(36)


	December 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	60,869	$	(159)	$	42,667	$	(239)	$	103,536	$	(398)
U.S. government agency securities	145,594		(364)		80,455		(460)		226,049		(824)
Corporate debt securities	14,749		(59)		12,934		(50)		27,683		(109)
Total	$	221,212	$	(582)	$	136,056	$	(749)	$	357,268	$	(1,331)

The amortized cost and fair value of the available-for-sale debt securities based on contractual maturities are as follows (in thousands):


	September 30, 2024
	Amortized Cost		Fair Value
Due within one year	$	543,010	$	544,074
Due after one year but within five years	118,662		119,809
Total	$	661,672	$	663,883

Accrued interest receivable of $4.1 million and $4.4 million was classified in prepaid expenses and other current assets in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023, respectively.

In addition to available-for-sale debt securities, marketable securities also include term bond mutual funds, which are measured at fair value. As of September 30, 2024, we did not have any term bond mutual funds. As of December 31, 2023, the fair value of the term bond mutual funds was $1.6 million. The change in fair value of the term bond mutual funds is recorded in interest and other income, net in the condensed consolidated statements of operations. The realized and unrealized gains recognized in the condensed consolidated statements of operations were not material during the three and nine months ended September 30, 2024 and 2023.

Stockholders' Equity and Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity and Stock-Based Compensation

10. Stockholders' Equity and Stock-Based Compensation

Equity Compensation Plans

In August 2021, the board of directors (the Board) adopted the 2021 Equity Incentive Plan (the 2021 Plan) and the 2021 Employee Stock Purchase Plan (ESPP), effective upon the IPO. Pursuant to the 2021 Plan, the Board may

grant incentive stock options to purchase shares of the Company’s common stock, non-statutory stock options to purchase shares of the Company’s common stock, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance awards (PRSUs) and other awards. The ESPP enables eligible employees to purchase shares of the Company's Class A common stock. Both the 2021 Plan and ESPP include an automatic increase to their shares reserve on January 1 of each year as set forth in the respective plan documents.

In August 2022, the Compensation Committee of the Board adopted the 2022 Inducement Plan (the Inducement Plan) in accordance with Listing Rule 5635(c)(4) of the Nasdaq Stock Market. Under the Inducement Plan, nonstatutory stock options, stock appreciation rights, restricted stock, RSUs, PRSUs and other awards may be granted as an inducement material to an eligible person's entering into employment with the Company.

Shares of common stock outstanding and reserved for future issuance were as follows (in thousands):


			September 30, 2024
2011 Stock Plan:
Options, RSUs and PRSUs outstanding			3,015
2021 Equity Incentive Plan:
Options, RSUs and PRSUs outstanding (1)			21,894
Shares reserved for future award issuances			79,196
2022 Inducement Plan:
Options and RSUs outstanding			3,021
Shares reserved for future award issuances			6,535
2021 Employee Stock Purchase Plan
Shares reserved for future award issuances			13,166
Total awards outstanding and shares of common stock reserved for issuance			126,827

(1)Outstanding shares include the Executive PRSUs and 2024 Executive Chairman Award, as discussed below, based on 100% achievement of target performance.

2021 Employee Stock Purchase Plan

Under the ESPP, the price at which common stock is purchased is equal to 85% of the fair market value of a share of the Company’s common stock on the first day of the offering period or the applicable purchase date, whichever is lower. The fair market value of common stock will generally be the closing sales price on the determination date. The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long and end on May 15 and November 15 of each year. The Company issued 308,059 and 367,319 shares under the ESPP in the nine months ended September 30, 2024 and 2023, respectively, in each case net of shares withheld and retired to satisfy withholding tax requirements for certain employees in jurisdictions outside the United States. The weighted average purchase price per share was $11.85 with aggregate net proceeds of $3.6 million in the nine months ended September 30, 2024, and the weighted average purchase price was $11.87 with aggregate net proceeds of $4.3 million in the nine months ended September 30, 2023.

The ESPP also includes a reset provision for the purchase price if the fair market value of a share of the Company's common stock on the first day of any purchase period is less than or equal to the fair market value of a share of the Company's common stock on the first day of an ongoing offering. If the reset provision is triggered, a new 24-month offering period begins. The reset provision under the ESPP was triggered in May 2022, November 2022 and May 2024. Each triggering of the reset provision was considered a modification in accordance with ASC 718, Stock Based Compensation, with the modification charge recognized on a straight-line basis over the new offering period. The modifications did not have a material effect on the Company's stock-based compensation expense during the three and nine months ended September 30, 2024 and 2023.

Stock-based compensation expense related to ESPP was $1.5 million in each of the three months ended September 30, 2024 and 2023, and $4.0 million and $6.0 million for the nine months ended September 30, 2024 and 2023, respectively.

Determination of Fair Value of the ESPP

The Company estimates the fair value of the ESPP using the Black-Scholes option-pricing model, which requires certain complex valuation assumption inputs such as expected term, expected stock price volatility, risk-free interest rate, and dividend yield. The fair value of each of the four purchase periods is estimated separately. The following table summarizes the range of valuation assumptions used in estimating the fair value of the ESPP during the period:


Valuation Assumption Inputs	Nine Months Ended September 30, 2024	Nine Months Ended September 30, 2023
Expected term (in years)	0.5 - 2.0	0.5 - 1.5
Stock price volatility	48.3% - 57.2%	58.1% - 77.3%
Risk-free interest rate	4.8% - 5.4%	4.5% - 5.3%
Dividend yield	—%	—%

Stock Options

Stock options are generally granted with an exercise price equal to the fair market value of a share of common stock on the date of grant, have a 10-year contractual term, and vest over a four-year period.


Share Information:	Number of Shares (in thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands) (1)
Balance as of December 31, 2023	2,395	$	10.39	7.0	$	31,368

Assumed and converted options from acquisition (Note 6)	512	$	3.26
Stock options exercised	(134)	$	0.29
Stock options cancelled / forfeited / expired	—	$	—
Balance as of September 30, 2024	2,773	$	9.56	7.5	$	9,188
Options vested and expected to vest as of September 30, 2024	2,773	$	9.56	7.5	$	9,188
Options exercisable as of September 30, 2024	1,353	$	9.23	5.7	$	4,981

The weighted-average grant date fair value per share of the assumed and converted stock options related to the Device42 acquisition was $11.09 for the nine months ended September 30, 2024, of which approximately $1.8 million was related to post-combination services and will be recognized as stock-based compensation over requisite service period of two years (Note 6).

Determination of Fair Value of the Stock Options

The Company estimates the fair value of stock options granted using the Black-Scholes option-pricing model, which requires certain complex valuation assumption inputs such as expected term, expected stock price volatility, risk-free interest rate, and dividend yield. There were no stock options granted during the nine months ended September 30, 2024, other than the stock options assumed as part of the Device42 acquisition in June 2024. The following table summarizes the range of valuation assumptions used in estimating the fair value of the stock options assumed during the period:


Valuation Assumption Inputs						Nine Months Ended September 30, 2024
Expected term (in years)						6.0
Stock price volatility						65%
Risk-free interest rate						4.29%
Dividend yield						—%

Restricted Stock Units

RSUs are granted at fair market value at the date of the grant and typically vest over a four-year period.

RSU activity, which includes PRSUs, during the nine months ended September 30, 2024 was as follows:


Share Information:	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands, except per share data)
Unvested, as of December 31, 2023	26,755	$	18.44
Granted (1)	15,442	$	19.78
Vested (2)	(7,606)	$	17.95
Forfeited/Cancelled (3)	(9,434)	$	19.83
Unvested, as of September 30, 2024	25,157	$	18.89

(2) During the nine months ended September 30, 2024, total shares that vested were 7.6 million, of which 2.8 million were withheld for tax purposes.

(3) Shares forfeited includes the cancellation of the 2021 Executive Chairman Performance Award consisting of 6,000,000 PRSUs discussed in the Executive Chairman Awards section below.

The total fair value of vested RSUs during the three months ended September 30, 2024 and 2023 was $47.8 million and $50.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the total fair value of vested RSUs was $136.5 million and $137.1 million, respectively.

Performance-Based Awards

Executive Chairman Awards

In September 2021, the Board approved a grant of 6,000,000 PRSUs to the Company's then CEO, now current Executive Chairman, with a time-based service condition beginning January 1, 2022, and a market condition involving five separate stock price hurdles ranging from $70.00 to $200.00 per share for each of the five vesting tranches (2021 Executive Chairman Performance Award). The 2021 Executive Chairman Performance Award had a total grant date fair value of $131.0 million. During the nine months ended September 30, 2024, the Company recognized $4.6 million related to this 2021 Executive Chairman Performance Award prior to the modification effective March 1, 2024 discussed below. During the three and nine months ended September 30, 2023, the Company recognized $7.1 million and $21.0 million of stock-based compensation expense related to this 2021 Executive Chairman Performance Award, respectively.

As a result of macroeconomic conditions outside the control of the Company’s leadership team, the five separate stock price hurdles were considered by the Board to be too high for the 2021 Executive Chairman Performance Award to have the retention value expected at the time the award was granted. In February 2024, the

Board approved the cancellation of the 2021 Executive Chairman Performance Award and the grant of a 2024 Executive Chairman Award with a fair value of $19.0 million, both effective March 1, 2024.

The Company accounted for the 2024 Executive Chairman Award as a modification. There were no incremental costs recognized as a result of the modification and the remaining unrecognized stock-based compensation expense from the 2021 Executive Chairman Performance Award of $61.9 million will be recognized over the vesting period of the new 2024 Executive Chairman Award. The 2024 Executive Chairman Award comprised of 70% time-based RSUs that vest quarterly over four years and 30% PRSUs with the same terms as the Executive PRSUs discussed below. For the three and nine months ended September 30, 2024, the Company recognized $5.9 million and $13.6 million, respectively, of stock-based compensation expense related to the 2024 Executive Chairman Award.

Executive PRSUs

In February 2024, the Board approved PRSUs to be granted to certain members of the executive team (Executive PRSUs), subject to service and performance-based vesting conditions. The performance-based vesting conditions include revenue and free cash flow targets over the performance period from January 1 to December 31, 2024, and vest over three years from the grant date. 70% and 30% of each Executive PRSU award will be earned based on the Company’s achievement of revenue and free cash flow targets, respectively. The performance targets allow the Company's executives to earn up to a maximum of 177.5% of target performance in the aggregate for significant outperformance.

The fair value of each PRSU is based on the fair value of the Company's common stock on the date of grant. Stock-based compensation associated with these Executive PRSUs is recognized using the accelerated attribution method over the requisite service period, based on the Company's periodic assessment of the probability that the performance will be achieved. For the three and nine months ended September 30, 2024, the Company recognized $1.6 million and $4.1 million of stock-based compensation expense related to the Executive PRSUs, respectively.

Stock-Based Compensation

Total stock-based compensation expense recorded for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	1,830	$	1,710	$	5,033	$	5,137
Research and development(1)	13,454		9,623		32,475		28,662
Sales and marketing	15,303		18,757		50,980		51,786
General and administrative(2)	28,122		25,035		77,802		74,482
Stock-based compensation, net of amounts capitalized	58,709		55,125		166,290		160,067
Capitalized stock-based compensation	361		484		1,117		1,422
Total stock-based compensation expense	$	59,070	$	55,609	$	167,407	$	161,489

(1) Stock-based compensation expense recorded to research and development in the consolidated statements of operations excludes amounts that were capitalized for internal-use software.

As of September 30, 2024, unrecognized stock-based compensation expense related to unvested stock-based awards was as follows (in thousands, except for period data):


	September 30, 2024
	Unrecognized Stock-Based Compensation		Weighted-Average Period to Recognize Expense (in years)
RSUs and PRSUs	$	426,596	2.6
Stock options	8,669		1.8
ESPP	7,525		1.0
Total unrecognized stock-based compensation expense	$	442,790

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1—Inputs are observable and reflect quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.

Level 3—Inputs that are unobservable.

Money market funds and U.S. treasury securities are classified within Level 1 because they are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Other debt securities and investments are classified within Level 2 if the investments are valued using model driven valuations which use observable inputs such as quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Available-for-sale debt securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.

The Company did not have any assets or liabilities subject to fair value remeasurement on a nonrecurring basis as of September 30, 2024 and December 31, 2023.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	286,574	$	—	$	286,574
U.S. treasury securities	15,469		—		15,469

Corporate debt securities	—		9,292		9,292
Marketable securities:
U.S. treasury securities	309,450		—		309,450
U.S. government agency securities	—		227,899		227,899
Corporate debt securities	—		68,981		68,981
Certificates of deposit	—		57,553		57,553
Total financial assets	$	611,493	$	363,725	$	975,218


	December 31, 2023
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	77,832	$	—	$	77,832
U.S. treasury securities	239,749		—		239,749
U.S. government agency securities	—		8,389		8,389
Corporate debt securities	—		36,905		36,905
Marketable securities:
U.S. treasury securities	264,495		—		264,495
U.S. government agency securities	—		366,693		366,693
Corporate debt securities	—		66,740		66,740
Term bond mutual funds	—		1,578		1,578
Total financial assets	$	582,076	$	480,305	$	1,062,381

The fair value of derivative assets and liabilities as of September 30, 2024, and all related unrealized and realized gains and losses during the three and nine months ended September 30, 2024, were not material. As of September 30, 2024, the total notional amount of outstanding designated foreign currency forward contracts was $62.1 million.

- 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.

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+ Details