0001445305-24-000143 | 10-Q | XBRL Viewer

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by type of good or service (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Subscription and support	$	171,035	$	143,421	$	486,749	$	409,857
XBRL professional services	11,704		11,555		43,324		42,719
Other services	2,882		3,199		8,718		10,810
Total revenues	$	185,621	$	158,175	$	538,791	$	463,386

Deferred Revenue

We recognized $153.0 million and $129.9 million of revenue during the three months ended September 30, 2024 and 2023, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $331.2 million and $277.8 million of revenue during the nine months ended September 30, 2024 and 2023, respectively, that was included in the deferred revenue balances at the beginning of the respective periods.

Transaction Price Allocated to the Remaining Performance Obligations

As of September 30, 2024, we expect revenue of approximately $1,076.1 million to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $586.0 million of these remaining performance obligations over the next 12 months with the balance substantially recognized in the 24 months thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on Recurring Basis

The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):


	Fair Value Measurements as of September 30, 2024						Fair Value Measurements as of December 31, 2023
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	99,716	$	99,716	$	—	$	108,826	$	108,826	$	—
Commercial paper	5,953		—		5,953		56,115		—		56,115
U.S. treasury debt securities	256,184		—		256,184		224,587		—		224,587
U.S. government agency debt securities	93,248		—		93,248		110,277		—		110,277
Corporate debt securities	182,710		—		182,710		165,651		—		165,651
Foreign government debt securities	—		—		—		992		—		992
	$	637,811	$	99,716	$	538,095	$	666,448	$	108,826	$	557,622

Included in cash and cash equivalents	$	109,696					$	108,826
Included in marketable securities	$	528,115					$	557,622

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 17, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 202,133	$ 112,097
Sustain.Life
Business Acquisition [Line Items]
Cash consideration	$ 98,343
Total consideration	98,343
Cash	251
Accounts receivable, net	488
Other receivables	4,066
Prepaid expenses and other	239
Intangible assets	11,890
Goodwill	89,146
Accounts payable	(211)
Accrued liabilities	(5,223)
Deferred revenue	(1,042)
Other long-term liabilities	(1,261)
Fair value of assets and liabilities	$ 98,343

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock (Class A and B)	Additional Paid-in-Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning of the period (in shares) at Dec. 31, 2022		52,652,000
Beginning of the period at Dec. 31, 2022	$ 5,983	$ 53	$ 537,732	$ (6,686)	$ (525,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	38,042		38,042
Issuance of common stock upon exercise of stock options (in shares)		102,000
Issuance of common stock upon exercise of stock options	1,457		1,457
Issuance of common stock under employee stock purchase plan (in shares)		107,000
Issuance of common stock under employee stock purchase plan	5,546		5,546
Issuance of restricted stock units (in shares)		449,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(78,000)
Tax withholding related to net share settlements of stock-based compensation awards	(7,228)		(7,228)
Net loss	(46,150)				(46,150)
Other comprehensive income (loss)	3,280			3,280
End of period (in shares) at Mar. 31, 2023		53,232,000
End of period at Mar. 31, 2023	930	$ 53	575,549	(3,406)	(571,266)
Beginning of the period (in shares) at Dec. 31, 2022		52,652,000
Beginning of the period at Dec. 31, 2022	5,983	$ 53	537,732	(6,686)	(525,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(123,329)
Other comprehensive income (loss)	291
End of period (in shares) at Sep. 30, 2023		54,019,000
End of period at Sep. 30, 2023	(113,693)	$ 54	541,093	(6,395)	(648,445)
Beginning of the period (in shares) at Mar. 31, 2023		53,232,000
Beginning of the period at Mar. 31, 2023	930	$ 53	575,549	(3,406)	(571,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	20,610		20,610
Issuance of common stock upon exercise of stock options (in shares)		47,000
Issuance of common stock upon exercise of stock options	747	$ 1	746
Issuance of restricted stock units (in shares)		266,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(12,000)
Tax withholding related to net share settlements of stock-based compensation awards	(1,212)		(1,212)
Net loss	(20,910)				(20,910)
Other comprehensive income (loss)	(8)			(8)
End of period (in shares) at Jun. 30, 2023		53,533,000
End of period at Jun. 30, 2023	157	$ 54	595,693	(3,414)	(592,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	19,377		19,377
Issuance of common stock upon exercise of stock options (in shares)		70,000
Issuance of common stock upon exercise of stock options	1,120		1,120
Issuance of common stock under employee stock purchase plan (in shares)		93,000
Issuance of common stock under employee stock purchase plan	6,967		6,967
Issuance of restricted stock units (in shares)		332,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(9,000)
Tax withholding related to net share settlements of stock-based compensation awards	(984)		(984)
Induced conversion of convertible senior notes	(81,080)		(81,080)
Net loss	(56,269)				(56,269)
Other comprehensive income (loss)	(2,981)			(2,981)
End of period (in shares) at Sep. 30, 2023		54,019,000
End of period at Sep. 30, 2023	(113,693)	$ 54	541,093	(6,395)	(648,445)
Beginning of the period (in shares) at Dec. 31, 2023		54,179,000
Beginning of the period at Dec. 31, 2023	(89,390)	$ 54	562,942	255	(652,641)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	23,007		23,007
Issuance of common stock upon exercise of stock options (in shares)		19,000
Issuance of common stock upon exercise of stock options	302	$ 1	301
Issuance of common stock under employee stock purchase plan (in shares)		88,000
Issuance of common stock under employee stock purchase plan	7,113		7,113
Issuance of restricted stock units (in shares)		590,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(91,000)
Tax withholding related to net share settlements of stock-based compensation awards	(8,611)		(8,611)
Net loss	(11,687)				(11,687)
Other comprehensive income (loss)	(3,890)			(3,890)
End of period (in shares) at Mar. 31, 2024		54,785,000
End of period at Mar. 31, 2024	(83,156)	$ 55	584,752	(3,635)	(664,328)
Beginning of the period (in shares) at Dec. 31, 2023		54,179,000
Beginning of the period at Dec. 31, 2023	$ (89,390)	$ 54	562,942	255	(652,641)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	245,202
Net loss	$ (46,227)
Other comprehensive income (loss)	2,664
End of period (in shares) at Sep. 30, 2024		55,373,000
End of period at Sep. 30, 2024	(50,810)	$ 56	645,083	2,919	(698,868)
Beginning of the period (in shares) at Mar. 31, 2024		54,785,000
Beginning of the period at Mar. 31, 2024	(83,156)	$ 55	584,752	(3,635)	(664,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	25,402		25,402
Issuance of common stock upon exercise of stock options (in shares)		18,000
Issuance of common stock upon exercise of stock options	290		290
Issuance of restricted stock units (in shares)		131,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(20,000)
Tax withholding related to net share settlements of stock-based compensation awards	(1,640)		(1,640)
Net loss	(17,548)				(17,548)
Other comprehensive income (loss)	(1,095)			(1,095)
End of period (in shares) at Jun. 30, 2024		54,914,000
End of period at Jun. 30, 2024	(77,747)	$ 55	608,804	(4,730)	(681,876)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	27,470		27,470
Issuance of common stock upon exercise of stock options (in shares)		208,000
Issuance of common stock upon exercise of stock options	3,274	$ 1	3,273
Issuance of common stock under employee stock purchase plan (in shares)		106,000
Issuance of common stock under employee stock purchase plan	6,709		6,709
Issuance of restricted stock units (in shares)		160,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(15,000)
Tax withholding related to net share settlements of stock-based compensation awards	(1,173)		(1,173)
Net loss	(16,992)				(16,992)
Other comprehensive income (loss)	7,649			7,649
End of period (in shares) at Sep. 30, 2024		55,373,000
End of period at Sep. 30, 2024	$ (50,810)	$ 56	$ 645,083	$ 2,919	$ (698,868)

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet data as of December 31, 2023 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, goodwill, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	None. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The standard is effective for annual periods beginning after December 15, 2023, with early adoption permitted. We do not believe the adoption of this standard will have a material impact on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are assessing the effect of adopting this standard on our consolidated financial statements and related disclosures.
Fair Value of Financial Instruments	Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service.

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value
Less than 12 months	$ 57,767
12 months or greater	13,332
Unrealized Loss
Less than 12 months	(41)
12 months or greater	(9)
U.S. treasury debt securities
Fair Value
Less than 12 months	39,627
12 months or greater	7,490
Unrealized Loss
Less than 12 months	(30)
12 months or greater	(4)
U.S. government agency debt securities
Fair Value
Less than 12 months	957
12 months or greater	0
Unrealized Loss
Less than 12 months	(2)
12 months or greater	0
Corporate debt securities
Fair Value
Less than 12 months	17,183
12 months or greater	5,842
Unrealized Loss
Less than 12 months	(9)
12 months or greater	$ (5)

Acquisitions

9 Months Ended

Sep. 30, 2024

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

Acquisitions

On June 17, 2024, we acquired all of the issued and outstanding equity interests in Sustain.Life, Inc. (“Sustain.Life”), a leading provider of carbon accounting solutions, for $98.1 million net of cash acquired of $0.3 million to launch Workiva Carbon. Workiva Carbon is an audit-ready carbon accounting solution that helps organizations measure, manage, track, and report carbon emissions, including data from third-party supply chain partners. Coupled with Workiva's ESG reporting solution, companies can now collect key business data, calculate critical metrics, set data-driven ESG strategy, measure progress, and report results all in the Workiva platform.

The transaction was accounted for as a business combination. The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair values of goodwill and definite-lived intangible assets acquired in the acquisition were externally estimated primarily based on the replacement cost approach. The fair values of assets acquired and liabilities assumed may change over the measurement period as additional information is received. The primary area subject to change includes our review of the valuation of intangible assets. We expect to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill. The goodwill recognized was primarily attributable to the assembled workforce, operational synergies, and strategic benefits that are expected to be achieved and is not deductible for income tax purposes.

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	98,343
Total consideration	$	98,343

Cash	$	251
Accounts receivable, net	488
Other receivables	4,066
Prepaid expenses and other	239
Intangible assets	11,890
Goodwill	89,146
Accounts payable	(211)
Accrued liabilities	(5,223)
Deferred revenue	(1,042)
Other long-term liabilities	(1,261)
Fair value of assets and liabilities	$	98,343

We incurred costs related to the acquisition of approximately $1.1 million during the nine months ended September 30, 2024. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in our condensed consolidated statements of operations.

The amount of revenues and net loss from the acquisition included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 were not material.

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 Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 27,470	$ 19,377	$ 75,879	$ 78,029
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	5,681	4,155	15,474	13,677
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	9,942	7,108	26,470	20,769
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	8,825	6,244	25,879	37,928
Subscription and support \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,164	1,247	5,708	3,732
Professional services \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 858	$ 623	$ 2,348	$ 1,923

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. We utilize stock-based compensation in the form of restricted stock units, performance restricted stock units, options to purchase Class A common stock and Employee Stock Purchase Plan ("ESPP") purchase rights. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (“the 2009 Plan”). The 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan (“the 2014 Plan” and, together with the 2009 Plan, “the Plans”).

On May 30, 2024, stockholders approved an amendment to the 2014 Plan that increased the number of shares available for grant by 3,900,000. As of September 30, 2024, 4,920,079 shares of Class A common stock were available for grant under the 2014 Plan.

Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of revenue
Subscription and support	$	2,164	$	1,247	$	5,708	$	3,732
Professional services	858		623		2,348		1,923
Operating expenses
Research and development	5,681		4,155		15,474		13,677
Sales and marketing	9,942		7,108		26,470		20,769
General and administrative	8,825		6,244		25,879		37,928
Total	$	27,470	$	19,377	$	75,879	$	78,029

Stock Options

The following table summarizes the option activity under the Plans for the nine months ended September 30, 2024:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)

Outstanding at December 31, 2023	1,211,619	$	14.46	2.3
Granted	—	—
Forfeited	—	—
Expired	—	—
Exercised	(245,202)	15.76
Outstanding at September 30, 2024	966,417	$	14.13	1.9

Exercisable at September 30, 2024	966,417	$	14.13	1.9

Restricted Stock Units and Performance Restricted Stock Units

The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plans for the nine months ended September 30, 2024:


	Number of Shares	Weighted- Average Grant Date Fair Value

Unvested at December 31, 2023	2,198,411	$	97.17
Granted	1,490,197	87.53
Forfeited	(166,120)	95.04
Vested(1)	(864,693)	95.97
Unvested at September 30, 2024	2,657,795	$	92.34

(1) During the nine months ended September 30, 2024, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 3,325 shares elected to defer settlement of their vested restricted stock units and 18,919 shares were released from deferral.

Employee Stock Purchase Plan

During the nine months ended September 30, 2024, 194,239 shares of common stock were purchased under the ESPP at a weighted-average price of $71.16 per share, resulting in cash proceeds of $13.8 million.

Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At September 30, 2024, there was approximately $1.4 million of total unrecognized compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 0.3 years.

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jun. 17, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired		$ (187)	$ 0	$ 98,093	$ 0
Sustain.Life
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 98,100
Cash acquired from acquisition	$ 300
Acquisition related costs				$ 1,100

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Assets Acquired and Liabilities Assumed

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	98,343
Total consideration	$	98,343

Cash	$	251
Accounts receivable, net	488
Other receivables	4,066
Prepaid expenses and other	239
Intangible assets	11,890
Goodwill	89,146
Accounts payable	(211)
Accrued liabilities	(5,223)
Deferred revenue	(1,042)
Other long-term liabilities	(1,261)
Fair value of assets and liabilities	$	98,343

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by type of good or service (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Subscription and support	$	171,035	$	143,421	$	486,749	$	409,857
XBRL professional services	11,704		11,555		43,324		42,719
Other services	2,882		3,199		8,718		10,810
Total revenues	$	185,621	$	158,175	$	538,791	$	463,386

Supplemental Consolidated Balance Sheet Information

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Supplemental Consolidated Balance Sheet Information

Accrued Expenses and Other Current Liabilities

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


	As of September 30, 2024		As of December 31, 2023
Accrued vacation	$	18,889	$	15,356
Accrued commissions	11,211		11,969
Accrued bonuses	23,195		6,825
Accrued payroll	6,604		7,206
Estimated health insurance claims	2,417		3,462
Accrued interest	1,197		3,510
ESPP employee contributions	4,287		7,540
Customer deposits	25,720		24,763
Operating lease liabilities	4,001		5,256
Accrued other liabilities	13,508		12,034
	$	111,029	$	97,921

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 6,709	$ 6,967	$ 13,822	$ 12,513
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,400		$ 1,400
Unrecognized compensation expense, period for recognition (years)			3 months 18 days
Class A Common Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)			194,239
Shares issued during period, weighted average price per share (in dollars per share)			$ 71.16
Proceeds from shares issued in connection with employee stock purchase plan			$ 13,800

- 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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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 528,115	$ 557,622
Cash and cash equivalents and marketable securities	637,811	666,448
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,953	56,115
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and marketable securities	256,184	224,587
U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	93,248	110,277
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	182,710	165,651
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		992
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,716	108,826
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	109,696	108,826
Level 2 \| 2026 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	82,400
Level 2 \| 2028 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	659,700
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	528,115	557,622
Total assets measured at fair value	637,811	666,448
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,953	56,115
Recurring \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and marketable securities	256,184	224,587
Recurring \| U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	93,248	110,277
Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	182,710	165,651
Recurring \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	992
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,716	108,826
Recurring \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	109,696	108,826
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	99,716	108,826
Recurring \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and marketable securities	0	0
Recurring \| Level 1 \| U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,716	108,826
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	538,095	557,622
Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,953	56,115
Recurring \| Level 2 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and marketable securities	256,184	224,587
Recurring \| Level 2 \| U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	93,248	110,277
Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	182,710	165,651
Recurring \| Level 2 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	992
Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Stock-Based Compensation - Stock Options (Details)	9 Months Ended	12 Months Ended
Stock-Based Compensation - Stock Options (Details)	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Options (in shares):
Outstanding beginning of the period (in shares) \| shares	1,211,619
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Expired (in shares) \| shares	0
Exercised (in shares) \| shares	(245,202)
Outstanding end of the period (in shares) \| shares	966,417	1,211,619
Exercisable (in shares) \| shares	966,417
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share) \| $ / shares	$ 14.46
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	15.76
Outstanding end of the period (in dollars per share) \| $ / shares	14.13	$ 14.46
Exercisable (in dollars per share) \| $ / shares	$ 14.13
Outstanding, weighted-average remaining contractual term (years)	1 year 10 months 24 days	2 years 3 months 18 days
Exercisable, weighted-average remaining contractual term (years)	1 year 10 months 24 days

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table presents the components of net intangible assets (in thousands):


	As of September 30, 2024							As of December 31, 2023
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4.7	$	26,591	$	(10,811)	$	15,780	$	15,949	$	(7,471)	$	8,478
Acquired customer-related	9.7	16,940		(4,020)		12,920		15,427		(2,769)		12,658
Acquired trade names	3.0	2,180		(1,829)		351		2,172		(1,721)		451
Patents	10.0	3,267		(2,040)		1,227		3,150		(1,845)		1,305
Total	6.7	$	48,978	$	(18,700)	$	30,278	$	36,698	$	(13,806)	$	22,892

Schedule of Expected Amortization Expense of Intangible Assets

As of September 30, 2024, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


Remainder of 2024	$	1,958
2025	7,121
2026	5,801
2027	4,460
2028	4,008
Thereafter	6,930
Total expected amortization expense	$	30,278

Schedule of the Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):


December 31, 2023	$	112,097
Acquisition	89,146
Foreign currency translation adjustments	890
September 30, 2024	$	202,133

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Convertible Senior Notes

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Convertible Senior Notes

The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands):

Month Issued

Maturity Date

Free Convertibility Date

Redemption Date

Original Principal (including overallotment)

Initial Conversion Rate per $1,000 Principal

Initial Conversion Price

2026 Notes

August 2019

August 15, 2026

May 15, 2026

August 21, 2023

345,000

12.4756

80.16

2028 Notes

August 2023

August 15, 2028

May 15, 2028

August 21, 2026

702,000

7.4690

133.89

In August 2019, we issued $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the "2026 Notes”). The 2026 Notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the 2026 Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs.

In August 2023, we issued $702.0 million aggregate principal amount of 1.250% convertible senior notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the partial exercise of 77.0 million principal amount by the initial purchasers of their option to purchase up to an additional $100 million principal amount (the "2028 Notes”). The 2028 Notes bear interest at a fixed rate of 1.250% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2024. Proceeds from the issuance of the 2028 Notes totaled $691.1 million, net of initial purchaser discounts and issuance costs.

The 2026 Notes and the 2028 Notes are together referred to as the "Notes".

The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The 2028 Notes will rank equally with all of the Company’s existing and future senior unsecured indebtedness, including the Company’s outstanding 2026 Notes.

Holders of the Notes may convert all or a portion of their Notes prior to the close of business on their respective Free Convertibility dates, in multiples of $1,000 principal amount, only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter in which the respective Notes were issued (and only during such calendar quarter), if the last reported sale price of our Class A common stock, par value $0.001 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including,

the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day;

•if we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

•upon the occurrence of certain specified corporate events as set forth in the relevant indenture.

On or after the relevant Free Convertibility Date, holders of the Notes may convert their Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes.

Upon conversion, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture.

The Company may redeem for cash all or any portion of the Notes, at its option, on or after the respective Redemption Date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the respective Redemption Date.

During the third quarter of 2024 none of the conversion conditions were met and therefore the Notes are not convertible at the option of the holders. As a result, the Notes were classified as non-current liabilities on the condensed consolidated balance sheet as of September 30, 2024.

Interest expense representing the amortization of issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 1.5% and 1.6% over the term of the 2026 Notes and 2028 Notes, respectively.

As of September 30, 2024, the remaining life of the 2026 Notes and 2028 Notes were approximately 1.8 years and 3.8 years, respectively.

The net carrying amount of the Notes was as follows (in thousands):


	September 30, 2024				December 31, 2023
	2026 Notes		2028 Notes		2026 Notes		2028 Notes
Principal	$	71,242	$	702,000	$	71,242	$	702,000
Unamortized issuance costs	(508)		(8,453)		(711)		(10,076)
Net carrying amount	$	70,734	$	693,547	$	70,531	$	691,924

Interest expense related to the Notes was as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Contractual interest expense	$	2,394	$	1,618	$	7,182	$	3,558
Amortization of issuance costs	609		472		1,826		1,122
Total interest expense	$	3,003	$	2,090	$	9,008	$	4,680

Supplemental Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued vacation	$ 18,889	$ 15,356
Accrued commissions	11,211	11,969
Accrued bonuses	23,195	6,825
Accrued payroll	6,604	7,206
Estimated health insurance claims	2,417	3,462
Accrued interest	1,197	3,510
ESPP employee contributions	4,287	7,540
Customer deposits	25,720	24,763
Operating lease liabilities	4,001	5,256
Accrued other liabilities	13,508	12,034
Accrued expenses and other current liabilities	$ 111,029	$ 97,921

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 2.0	$ 1.5	$ 4.8	$ 4.6

Supplemental Consolidated Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	As of September 30, 2024		As of December 31, 2023
Accrued vacation	$	18,889	$	15,356
Accrued commissions	11,211		11,969
Accrued bonuses	23,195		6,825
Accrued payroll	6,604		7,206
Estimated health insurance claims	2,417		3,462
Accrued interest	1,197		3,510
ESPP employee contributions	4,287		7,540
Customer deposits	25,720		24,763
Operating lease liabilities	4,001		5,256
Accrued other liabilities	13,508		12,034
	$	111,029	$	97,921

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 1,157	$ 1,163
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	51,526,990	50,333,435
Common stock, shares outstanding (in shares)	51,526,990	50,333,435
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,845,583	3,845,583
Common stock, shares outstanding (in shares)	3,845,583	3,845,583

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Denominator
Weighted-average common shares outstanding - basic (in shares)	55,581,841	54,256,941	55,226,254	53,987,791
Weighted-average common shares outstanding - diluted (in shares)	55,581,841	54,256,941	55,226,254	53,987,791
Basic net loss per share (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Diluted net loss per share (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Class A Common Stock
Numerator
Net loss, basic	$ (15,816)	$ (52,281)	$ (43,008)	$ (114,522)
Net loss, diluted	$ (15,816)	$ (52,281)	$ (43,008)	$ (114,522)
Denominator
Weighted-average common shares outstanding - basic (in shares)	51,736,258	50,411,358	51,380,671	50,132,483
Weighted-average common shares outstanding - diluted (in shares)	51,736,258	50,411,358	51,380,671	50,132,483
Basic net loss per share (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Diluted net loss per share (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Class B Common Stock
Numerator
Net loss, basic	$ (1,176)	$ (3,988)	$ (3,219)	$ (8,807)
Net loss, diluted	$ (1,176)	$ (3,988)	$ (3,219)	$ (8,807)
Denominator
Weighted-average common shares outstanding - basic (in shares)	3,845,583	3,845,583	3,845,583	3,855,308
Weighted-average common shares outstanding - diluted (in shares)	3,845,583	3,845,583	3,845,583	3,855,308
Basic net loss per share (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Diluted net loss per share (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue	$ 185,621	$ 158,175	$ 538,791	$ 463,386
Cost of revenue
Total cost of revenue	43,671	38,355	126,366	116,377
Gross profit	141,950	119,820	412,425	347,009
Operating expenses
Research and development	48,425	41,747	142,328	130,235
Sales and marketing	89,756	72,576	257,086	215,168
General and administrative	25,551	21,022	76,225	86,660
Total operating expenses	163,732	135,345	475,639	432,063
Loss from operations	(21,782)	(15,525)	(63,214)	(85,054)
Interest income	9,298	7,294	30,089	15,546
Interest expense	(3,199)	(47,437)	(9,668)	(50,437)
Other expense, net	(350)	(71)	(309)	(1,450)
Loss before provision for income taxes	(16,033)	(55,739)	(43,102)	(121,395)
Provision for income taxes	959	530	3,125	1,934
Net loss	$ (16,992)	$ (56,269)	$ (46,227)	$ (123,329)
Net loss per common share:
Basic (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Diluted (in dollars per share)	$ (0.31)	$ (1.04)	$ (0.84)	$ (2.28)
Weighted-average common shares outstanding - basic (in shares)	55,581,841	54,256,941	55,226,254	53,987,791
Weighted-average common shares outstanding - diluted (in shares)	55,581,841	54,256,941	55,226,254	53,987,791
Subscription and support
Revenue
Total revenue	$ 171,035	$ 143,421	$ 486,749	$ 409,857
Cost of revenue
Total cost of revenue	30,621	24,864	86,493	74,080
Professional services
Revenue
Total revenue	14,586	14,754	52,042	53,529
Cost of revenue
Total cost of revenue	$ 13,050	$ 13,491	$ 39,873	$ 42,297

Intangible Assets and Goodwill - Intangible Asset Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	6 years 8 months 12 days
Gross Carrying Amount	$ 48,978	$ 36,698
Accumulated Amortization	(18,700)	(13,806)
Net Carrying Amount	$ 30,278	22,892
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	4 years 8 months 12 days
Gross Carrying Amount	$ 26,591	15,949
Accumulated Amortization	(10,811)	(7,471)
Net Carrying Amount	$ 15,780	8,478
Acquired customer-related
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	9 years 8 months 12 days
Gross Carrying Amount	$ 16,940	15,427
Accumulated Amortization	(4,020)	(2,769)
Net Carrying Amount	$ 12,920	12,658
Acquired trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	3 years
Gross Carrying Amount	$ 2,180	2,172
Accumulated Amortization	(1,829)	(1,721)
Net Carrying Amount	$ 351	451
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 3,267	3,150
Accumulated Amortization	(2,040)	(1,845)
Net Carrying Amount	$ 1,227	$ 1,305

- 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

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 248,239	$ 256,100	$ 404,885
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	525,903	556,627
Marketable securities, unrealized gains	2,262	1,284
Marketable securities, unrealized losses	(50)	(289)
Marketable securities, aggregate fair value	528,115	557,622
Cash and cash equivalents and available-for-sale securities, amortized cost	635,597	665,453
Cash and cash equivalents and available-for-sale securities, unrealized gains	2,264
Cash and cash equivalents and marketable securities, aggregate fair value	637,811	666,448
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	5,953	56,115
Marketable securities, unrealized gains	0	0
Marketable securities, unrealized losses	0	0
Marketable securities, aggregate fair value	5,953	56,115
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, unrealized gains		531
Marketable securities, unrealized losses	(34)	(80)
Cash and cash equivalents and available-for-sale securities, amortized cost	255,229	224,136
Cash and cash equivalents and available-for-sale securities, unrealized gains	989
Cash and cash equivalents and marketable securities, aggregate fair value	256,184	224,587
U.S. government agency debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	92,849	110,036
Marketable securities, unrealized gains	401	256
Marketable securities, unrealized losses	(2)	(15)
Marketable securities, aggregate fair value	93,248	110,277
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	181,850	165,341
Marketable securities, unrealized gains	874	497
Marketable securities, unrealized losses	(14)	(187)
Marketable securities, aggregate fair value	182,710	165,651
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost		999
Marketable securities, unrealized gains		0
Marketable securities, unrealized losses		(7)
Marketable securities, aggregate fair value		992
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	99,716	108,826
Cash and cash equivalents, aggregate fair value	99,716	108,826
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	109,694	108,826
Cash and cash equivalents, aggregate fair value	109,696	$ 108,826
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, unrealized gains	$ 2

Convertible Senior Notes - Narrative (Details)	1 Months Ended		3 Months Ended		9 Months Ended
Convertible Senior Notes - Narrative (Details)	Aug. 31, 2023 USD ($) day $ / shares	Aug. 31, 2019 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares
Debt Instrument [Line Items]
Proceeds from the issuance of convertible senior notes			$ 0	$ 691,113,000	$ 0	$ 691,113,000
Class A Common Stock
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001		$ 0.001		$ 0.001
Convertible debt \| Debt Conversion Terms, One
Debt Instrument [Line Items]
Threshold number of trading days (day) \| day	20
Threshold number of consecutive trading days (day) \| day	30
Threshold percentage of stock price trigger	130.00%
Redemption price, percentage	100.00%
Convertible debt \| Debt Conversion Terms, Two
Debt Instrument [Line Items]
Threshold number of trading days (day) \| day	5
Threshold number of consecutive trading days (day) \| day	10
Threshold percentage of stock trading price	98.00%
Convertible debt \| 2026 Notes
Debt Instrument [Line Items]
Face amount of debt issued		$ 345,000,000
Stated interest percentage		1.125%
Proceeds from the issuance of convertible senior notes		$ 335,900,000
Effective interest percentage			1.50%		1.50%
Remaining life of debt instrument					1 year 9 months 18 days
Convertible debt \| 2026 Notes, over-allotment option
Debt Instrument [Line Items]
Face amount of debt issued		$ 45,000,000
Convertible debt \| 2028 Notes
Debt Instrument [Line Items]
Face amount of debt issued	$ 702,000,000
Stated interest percentage	1.25%
Proceeds from the issuance of convertible senior notes	$ 691,100,000
Effective interest percentage			1.60%		1.60%
Remaining life of debt instrument					3 years 9 months 18 days
Convertible debt \| 2028 Notes, over-allotment option
Debt Instrument [Line Items]
Face amount of debt issued	77,000,000
Maximum face amount for over-allotment option	$ 100,000,000

Intangible Assets and Goodwill - Goodwill Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 112,097
Acquisition	89,146
Foreign currency translation adjustments	890
Goodwill, ending balance	$ 202,133

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Entity 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	001-36773
Entity Registrant Name	WORKIVA INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2509828
Entity Address, Address Line One	2900 University Blvd
Entity Address, City or Town	Ames
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50010
City Area Code	888
Local Phone Number	275-3125
Title of 12(b) Security	Class A common stock, par value $.001
Trading Symbol	WK
Security Exchange Name	NYSE
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	0001445305
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		51,545,404
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,845,583

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

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

The following table presents the components of net intangible assets (in thousands):


	As of September 30, 2024							As of December 31, 2023
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4.7	$	26,591	$	(10,811)	$	15,780	$	15,949	$	(7,471)	$	8,478
Acquired customer-related	9.7	16,940		(4,020)		12,920		15,427		(2,769)		12,658
Acquired trade names	3.0	2,180		(1,829)		351		2,172		(1,721)		451
Patents	10.0	3,267		(2,040)		1,227		3,150		(1,845)		1,305
Total	6.7	$	48,978	$	(18,700)	$	30,278	$	36,698	$	(13,806)	$	22,892

Amortization expense related to intangible assets was $2.0 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $4.8 million and $4.6 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


Remainder of 2024	$	1,958
2025	7,121
2026	5,801
2027	4,460
2028	4,008
Thereafter	6,930
Total expected amortization expense	$	30,278

The changes in the carrying amount of goodwill were as follows (in thousands):


December 31, 2023	$	112,097
Acquisition	89,146
Foreign currency translation adjustments	890
September 30, 2024	$	202,133

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

At September 30, 2024, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	99,716	$	—	$	—	$	99,716
Commercial paper	5,953		—		—		5,953
U.S. treasury debt securities	255,229		989		(34)		256,184
U.S. government agency debt securities	92,849		401		(2)		93,248
Corporate debt securities	181,850		874		(14)		182,710

	$	635,597	$	2,264	$	(50)	$	637,811
Included in cash and cash equivalents	$	109,694	$	2	$	—	$	109,696
Included in marketable securities	$	525,903	$	2,262	$	(50)	$	528,115

At December 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	108,826	$	—	$	—	$	108,826
Commercial paper	56,115		—		—		56,115
U.S. treasury debt securities	224,136		531		(80)		224,587
U.S. government agency debt securities	110,036		256		(15)		110,277
Corporate debt securities	165,341		497		(187)		165,651
Foreign government debt securities	999		—		(7)		992
	$	665,453	$	1,284	$	(289)	$	666,448
Included in cash and cash equivalents	$	108,826	$	—	$	—	$	108,826
Included in marketable securities	$	556,627	$	1,284	$	(289)	$	557,622

Schedule of Cash and Cash Equivalents

At September 30, 2024, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	99,716	$	—	$	—	$	99,716
Commercial paper	5,953		—		—		5,953
U.S. treasury debt securities	255,229		989		(34)		256,184
U.S. government agency debt securities	92,849		401		(2)		93,248
Corporate debt securities	181,850		874		(14)		182,710

	$	635,597	$	2,264	$	(50)	$	637,811
Included in cash and cash equivalents	$	109,694	$	2	$	—	$	109,696
Included in marketable securities	$	525,903	$	2,262	$	(50)	$	528,115

At December 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	108,826	$	—	$	—	$	108,826
Commercial paper	56,115		—		—		56,115
U.S. treasury debt securities	224,136		531		(80)		224,587
U.S. government agency debt securities	110,036		256		(15)		110,277
Corporate debt securities	165,341		497		(187)		165,651
Foreign government debt securities	999		—		(7)		992
	$	665,453	$	1,284	$	(289)	$	666,448
Included in cash and cash equivalents	$	108,826	$	—	$	—	$	108,826
Included in marketable securities	$	556,627	$	1,284	$	(289)	$	557,622

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of September 30, 2024
Due within one year	$	348,502
Due in one to two years	179,613

	$	528,115

Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position

The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of September 30, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of September 30, 2024
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	39,627	$	(30)	$	7,490	$	(4)
U.S. government agency debt securities	957		(2)		—		—
Corporate debt securities	17,183		(9)		5,842		(5)

Total	$	57,767	$	(41)	$	13,332	$	(9)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Name Accounting Standards Codification
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-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (16,992)	$ (56,269)	$ (46,227)	$ (123,329)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	3,006	2,686	8,092	8,353
Stock-based compensation expense	27,470	19,377	75,879	78,029
Provision for (recovery of) doubtful accounts	57	8	(46)	57
Accretion of premiums and discounts on marketable securities, net	(2,638)	(1,930)	(9,543)	(4,530)
Amortization of debt discount and issuance costs	609	472	1,826	1,122
Induced conversion expense	0	45,144	0	45,144
Realized loss on sale of available-for-sale securities, net	0	0	0	708
Deferred income tax	(1)	(14)	(292)	(17)
Changes in assets and liabilities:
Accounts receivable	(15,187)	(15,234)	(11,507)	7,243
Deferred costs	(4,946)	3,116	(15,140)	6,248
Operating lease right-of-use asset	1,210	1,244	3,808	3,807
Other receivables	(1,745)	(1,556)	2,796	(1,842)
Prepaid expenses and other	344	3,452	2,764	(3,985)
Other assets	464	1,043	(1,191)	1,479
Accounts payable	4,788	(386)	7,630	(1,267)
Deferred revenue	26,606	11,120	22,159	22,225
Operating lease liability	(878)	(750)	(2,831)	(3,129)
Accrued expenses and other liabilities	(3,261)	3,468	5,559	10,217
Net cash provided by operating activities	18,906	14,991	43,736	46,533
Cash flows from investing activities
Purchase of property and equipment	(243)	(895)	(554)	(1,732)
Purchase of marketable securities	(158,522)	(144,989)	(310,075)	(322,008)
Maturities of marketable securities	108,993	36,906	345,733	76,811
Sale of marketable securities	0	0	4,609	65,052
Acquisitions, net of cash acquired	187	0	(98,093)	0
Purchase of intangible assets	(44)	(48)	(116)	(167)
Net cash used in investing activities	(49,629)	(109,026)	(58,496)	(182,044)
Cash flows from financing activities
Proceeds from option exercises	3,273	1,120	3,865	3,324
Taxes paid related to net share settlements of stock-based compensation awards	(1,173)	(984)	(11,424)	(9,424)
Proceeds from shares issued in connection with employee stock purchase plan	6,709	6,967	13,822	12,513
Proceeds from the issuance of convertible senior notes, net of issuance costs	0	691,113	0	691,113
Payments for repurchase of convertible senior notes	0	(396,869)	0	(396,869)
Principal payments on finance lease obligations	(134)	(127)	(395)	(376)
Net cash provided by financing activities	8,675	301,220	5,868	300,281
Effect of foreign exchange rates on cash	2,390	(1,239)	925	(82)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(19,658)	205,946	(7,967)	164,688
Cash, cash equivalents, and restricted cash at beginning of period	268,412	198,939	256,721	240,197
Cash, cash equivalents, and restricted cash at end of period	248,754	404,885	248,754	404,885
Supplemental cash flow disclosure
Cash paid for interest	4,983	2,160	10,085	4,509
Cash paid for income taxes, net of refunds	1,387	604	4,520	2,126
Noncash investing and financing activities
Purchases of property and equipment, accrued but not paid	259	0	259	0
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	248,239	404,885	248,239	404,885
Restricted cash included within prepaid expenses and other at end of period	515	0	515	0
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows	$ 248,754	$ 404,885	$ 248,754	$ 404,885

Intangible Assets and Goodwill - Amortization of Intangible Assets by Fiscal Year (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 1,958
2025	7,121
2026	5,801
2027	4,460
2028	4,008
Thereafter	6,930
Net Carrying Amount	$ 30,278	$ 22,892

Revenue Recognition - Disaggregation of Revenue (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]
Total revenue	$ 185,621	$ 158,175	$ 538,791	$ 463,386
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	171,035	143,421	486,749	409,857
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	11,704	11,555	43,324	42,719
Other services
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,882	$ 3,199	$ 8,718	$ 10,810

- 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

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

Convertible Senior Notes - Summary of Convertible Debt (Details) - Convertible debt	1 Months Ended
	Aug. 31, 2023 USD ($) $ / shares	Aug. 31, 2019 USD ($) $ / shares
2026 Notes
Debt Instrument [Line Items]
Original Principal (including overallotment) \| $		$ 345,000,000
Initial Conversion Rate		0.0124756
Initial Conversion Price (in dollars per share) \| $ / shares		$ 80.16
2028 Notes
Debt Instrument [Line Items]
Original Principal (including overallotment) \| $	$ 702,000,000
Initial Conversion Rate	0.007469
Initial Conversion Price (in dollars per share) \| $ / shares	$ 133.89

- Definition

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

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+ Details

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 348,502
Due in one to two years	179,613
Marketable securities	$ 528,115	$ 557,622

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 248,239	$ 256,100
Marketable securities	528,115	557,622
Accounts receivable, net of allowance for doubtful accounts of $1,157 and $1,163 at September 30, 2024 and December 31, 2023, respectively	137,921	125,193
Deferred costs	44,726	39,023
Other receivables	8,646	7,367
Prepaid expenses and other	21,055	23,631
Total current assets	988,702	1,008,936
Property and equipment, net	21,757	24,282
Operating lease right-of-use assets	9,485	12,642
Deferred costs, non-current	43,557	33,346
Goodwill	202,133	112,097
Intangible assets, net	30,278	22,892
Other assets	6,174	4,665
Total assets	1,302,086	1,218,860
Current liabilities
Accounts payable	13,346	5,204
Accrued expenses and other current liabilities	111,029	97,921
Deferred revenue	414,229	380,843
Finance lease obligations	555	532
Total current liabilities	539,159	484,500
Convertible senior notes, non-current	764,281	762,455
Deferred revenue, non-current	27,527	36,177
Other long-term liabilities	236	178
Operating lease liabilities, non-current	8,062	10,890
Finance lease obligations, non-current	13,631	14,050
Total liabilities	1,352,896	1,308,250
Stockholders’ deficit
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	645,083	562,942
Accumulated deficit	(698,868)	(652,641)
Accumulated other comprehensive income	2,919	255
Total stockholders’ deficit	(50,810)	(89,390)
Total liabilities and stockholders’ deficit	1,302,086	1,218,860
Class A Common Stock
Stockholders’ deficit
Common stock	52	50
Class B Common Stock
Stockholders’ deficit
Common stock	$ 4	$ 4

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares subject to unvested restricted stock units and performance restricted stock units
Number of Shares (in shares)
Unvested at beginning of period (in shares)	2,198,411
Granted (in shares)	1,490,197
Forfeited (in shares)	(166,120)
Vested (in shares)	(864,693)
Unvested at end of period (in shares)	2,657,795
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 97.17
Granted (in dollars per share) \| $ / shares	87.53
Forfeited (in dollars per share) \| $ / shares	95.04
Vested (in dollars per share) \| $ / shares	95.97
Unvested at end of period (in dollars per share) \| $ / shares	$ 92.34
Restricted stock units
Weighted- Average Grant Date Fair Value (in dollars per share)
Number of vested shares recipient elected to defer settlement (in shares)	3,325
Number of vested shares recipients elected to defer settlement, released during period (in shares)	18,919

Convertible Senior Notes - Net Carrying Amount of Convertible Debt (Details) - Convertible debt - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2026 Notes
Debt Instrument [Line Items]
Principal	$ 71,242	$ 71,242
Unamortized issuance costs	(508)	(711)
Net carrying amount	70,734	70,531
2028 Notes
Debt Instrument [Line Items]
Principal	702,000	702,000
Unamortized issuance costs	(8,453)	(10,076)
Net carrying amount	$ 693,547	$ 691,924

- 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

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 153.0	$ 129.9	$ 331.2	$ 277.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	1,076.1		1,076.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 586.0		$ 586.0
Expected period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected period of recognition	24 months		24 months

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Shares subject to outstanding common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	966,417	1,289,808
Shares subject to unvested restricted stock units and performance restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,657,795	2,273,719
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	125,951	86,000
Shares underlying our convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,132,025	9,547,320

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cost of revenue
Subscription and support	$	2,164	$	1,247	$	5,708	$	3,732
Professional services	858		623		2,348		1,923
Operating expenses
Research and development	5,681		4,155		15,474		13,677
Sales and marketing	9,942		7,108		26,470		20,769
General and administrative	8,825		6,244		25,879		37,928
Total	$	27,470	$	19,377	$	75,879	$	78,029

Schedule of Stock-Option Activity

The following table summarizes the option activity under the Plans for the nine months ended September 30, 2024:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)

Outstanding at December 31, 2023	1,211,619	$	14.46	2.3
Granted	—	—
Forfeited	—	—
Expired	—	—
Exercised	(245,202)	15.76
Outstanding at September 30, 2024	966,417	$	14.13	1.9

Exercisable at September 30, 2024	966,417	$	14.13	1.9

Schedule of Restricted Stock Units and Performance Restricted Stock Units Activity

The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plans for the nine months ended September 30, 2024:


	Number of Shares	Weighted- Average Grant Date Fair Value

Unvested at December 31, 2023	2,198,411	$	97.17
Granted	1,490,197	87.53
Forfeited	(166,120)	95.04
Vested(1)	(864,693)	95.97
Unvested at September 30, 2024	2,657,795	$	92.34

Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ 2,394	$ 1,618	$ 7,182	$ 3,558
Amortization of issuance costs	609	472	1,826	1,122
Total interest expense	$ 3,003	$ 2,090	$ 9,008	$ 4,680

Stock-Based Compensation - Narrative (Details) - 2014 Plan - Class A Common Stock - shares	Sep. 30, 2024	May 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for grant (in shares)		3,900,000
Number of shares available for grant (in shares)	4,920,079

- 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

Organization and Significant Accounting Policies	9 Months Ended
Organization and Significant Accounting Policies	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company” or “we” or “us”) provides software solutions to bring customers’ financial reporting, Governance, Risk, and Compliance (“GRC”) and Environmental, Social, and Governance (“ESG”) data together in a controlled, secure, audit-ready platform. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, the Asia-Pacific region and Canada. Basis of Presentation and Principles of Consolidation The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet data as of December 31, 2023 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. Seasonality affects our revenue, expenses and cash flows from operations. Revenue from professional services is generally higher in the first quarter as many of our customers file their 10-K in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expenses have historically been higher in the third quarter due to our annual user conference in September. In addition, the timing of cash bonus payments to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. The condensed consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on February 20, 2024. The unaudited condensed consolidated financial statements include the accounts of Workiva Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, goodwill, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. Recently Adopted Accounting Pronouncements None. New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The standard is effective for annual periods beginning after December 15, 2023, with early adoption permitted. We do not believe the adoption of this standard will have a material impact on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are assessing the effect of adopting this standard on our consolidated financial statements and related disclosures.

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The following table presents details of our convertible senior notes, which are further discussed below (original principal in thousands):

Month Issued

Maturity Date

Free Convertibility Date

Redemption Date

Original Principal (including overallotment)

Initial Conversion Rate per $1,000 Principal

Initial Conversion Price

2026 Notes

August 2019

August 15, 2026

May 15, 2026

August 21, 2023

345,000

12.4756

80.16

2028 Notes

August 2023

August 15, 2028

May 15, 2028

August 21, 2026

702,000

7.4690

133.89

The net carrying amount of the Notes was as follows (in thousands):


	September 30, 2024				December 31, 2023
	2026 Notes		2028 Notes		2026 Notes		2028 Notes
Principal	$	71,242	$	702,000	$	71,242	$	702,000
Unamortized issuance costs	(508)		(8,453)		(711)		(10,076)
Net carrying amount	$	70,734	$	693,547	$	70,531	$	691,924

Interest expense related to the Notes was as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Contractual interest expense	$	2,394	$	1,618	$	7,182	$	3,558
Amortization of issuance costs	609		472		1,826		1,122
Total interest expense	$	3,003	$	2,090	$	9,008	$	4,680

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (16,992)	$ (17,548)	$ (11,687)	$ (56,269)	$ (20,910)	$ (46,150)	$ (46,227)	$ (123,329)

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

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data):


	Three months ended
	September 30, 2024				September 30, 2023
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(15,816)	$	(1,176)	$	(52,281)	$	(3,988)

Denominator
Weighted-average common shares outstanding - basic and diluted	51,736,258		3,845,583		50,411,358		3,845,583
Basic and diluted net loss per share	$	(0.31)	$	(0.31)	$	(1.04)	$	(1.04)


	Nine months ended
	September 30, 2024				September 30, 2023
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(43,008)	$	(3,219)	$	(114,522)	$	(8,807)

Denominator
Weighted-average common shares outstanding - basic and diluted	51,380,671		3,845,583		50,132,483		3,855,308
Basic and diluted net loss per share	$	(0.84)	$	(0.84)	$	(2.28)	$	(2.28)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows:


	As of
	September 30, 2024	September 30, 2023
Shares subject to outstanding common stock options	966,417	1,289,808
Shares subject to unvested restricted stock units and performance restricted stock units	2,657,795	2,273,719
Shares issuable pursuant to the ESPP	125,951	86,000
Shares underlying our convertible senior notes	6,132,025	9,547,320

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	$ (16,992)	$ (56,269)	$ (46,227)	$ (123,329)
Other comprehensive income (loss)
Foreign currency translation adjustment	4,657	(3,189)	1,446	(1,180)
Unrealized gain on available-for-sale securities	2,992	208	1,218	1,471
Other comprehensive income (loss)	7,649	(2,981)	2,664	291
Comprehensive loss	$ (9,343)	$ (59,250)	$ (43,563)	$ (123,038)

- 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

At September 30, 2024, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	99,716	$	—	$	—	$	99,716
Commercial paper	5,953		—		—		5,953
U.S. treasury debt securities	255,229		989		(34)		256,184
U.S. government agency debt securities	92,849		401		(2)		93,248
Corporate debt securities	181,850		874		(14)		182,710

	$	635,597	$	2,264	$	(50)	$	637,811
Included in cash and cash equivalents	$	109,694	$	2	$	—	$	109,696
Included in marketable securities	$	525,903	$	2,262	$	(50)	$	528,115

At December 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	108,826	$	—	$	—	$	108,826
Commercial paper	56,115		—		—		56,115
U.S. treasury debt securities	224,136		531		(80)		224,587
U.S. government agency debt securities	110,036		256		(15)		110,277
Corporate debt securities	165,341		497		(187)		165,651
Foreign government debt securities	999		—		(7)		992
	$	665,453	$	1,284	$	(289)	$	666,448
Included in cash and cash equivalents	$	108,826	$	—	$	—	$	108,826
Included in marketable securities	$	556,627	$	1,284	$	(289)	$	557,622

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of September 30, 2024
Due within one year	$	348,502
Due in one to two years	179,613

	$	528,115


	As of September 30, 2024
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	39,627	$	(30)	$	7,490	$	(4)
U.S. government agency debt securities	957		(2)		—		—
Corporate debt securities	17,183		(9)		5,842		(5)

Total	$	57,767	$	(41)	$	13,332	$	(9)

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of September 30, 2024, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Net loss per share is allocated based on the contractual participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis.

A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data):


	Three months ended
	September 30, 2024				September 30, 2023
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(15,816)	$	(1,176)	$	(52,281)	$	(3,988)

Denominator
Weighted-average common shares outstanding - basic and diluted	51,736,258		3,845,583		50,411,358		3,845,583
Basic and diluted net loss per share	$	(0.31)	$	(0.31)	$	(1.04)	$	(1.04)


	Nine months ended
	September 30, 2024				September 30, 2023
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(43,008)	$	(3,219)	$	(114,522)	$	(8,807)

Denominator
Weighted-average common shares outstanding - basic and diluted	51,380,671		3,845,583		50,132,483		3,855,308
Basic and diluted net loss per share	$	(0.84)	$	(0.84)	$	(2.28)	$	(2.28)

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows:


	As of
	September 30, 2024	September 30, 2023
Shares subject to outstanding common stock options	966,417	1,289,808
Shares subject to unvested restricted stock units and performance restricted stock units	2,657,795	2,273,719
Shares issuable pursuant to the ESPP	125,951	86,000
Shares underlying our convertible senior notes	6,132,025	9,547,320

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal

or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Level 3 - Inputs are unobservable inputs based on our assumptions.

Financial Assets

Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets.

When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of September 30, 2024, all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2.

Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2, and we have no financial assets measured using Level 3 inputs on a recurring basis. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):


	Fair Value Measurements as of September 30, 2024						Fair Value Measurements as of December 31, 2023
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	99,716	$	99,716	$	—	$	108,826	$	108,826	$	—
Commercial paper	5,953		—		5,953		56,115		—		56,115
U.S. treasury debt securities	256,184		—		256,184		224,587		—		224,587
U.S. government agency debt securities	93,248		—		93,248		110,277		—		110,277
Corporate debt securities	182,710		—		182,710		165,651		—		165,651
Foreign government debt securities	—		—		—		992		—		992
	$	637,811	$	99,716	$	538,095	$	666,448	$	108,826	$	557,622

Included in cash and cash equivalents	$	109,696					$	108,826
Included in marketable securities	$	528,115					$	557,622

Convertible Senior Notes

As of September 30, 2024, the fair value of our convertible senior notes due in 2026 and 2028 was $82.4 million and $659.7 million, respectively. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 5 to the condensed consolidated financial statements for more information.

- 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