0001445305-24-000021 | 10-K | XBRL Viewer

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	$ 5,983	$ 72,979	$ 64,277
Other comprehensive income (loss)	6,941	(6,398)	(518)
End of the period	(89,390)	5,983	72,979
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	(6,686)	(288)	230
Other comprehensive income (loss)	6,941	(6,398)	(518)
End of the period	255	(6,686)	(288)
Accumulated translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	(3,997)	307	41
Other comprehensive income (loss)	3,316	(4,304)	266
End of the period	(681)	(3,997)	307
Accumulated unrealized holding gains (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of the period	(2,689)	(595)	189
Other comprehensive income (loss)	3,625	(2,094)	(784)
End of the period	$ 936	$ (2,689)	$ (595)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 15,356	$ 12,939
Accrued commissions	11,969	10,841
Accrued bonuses	6,825	5,597
Accrued payroll	7,206	5,318
Estimated health insurance claims	3,462	1,841
Accrued interest	3,510	1,455
ESPP employee contributions	7,540	5,661
Customer deposits	24,763	25,520
Operating lease liabilities	5,256	5,720
Accrued other liabilities	12,034	9,107
Accrued expenses and other current liabilities	$ 97,921	$ 83,999

Supplemental Consolidated Balance Sheet Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Consolidated Balance Sheet Information

Property and Equipment, net

Property and equipment, net as of December 31, 2023 and 2022 consisted of (in thousands):


	As of December 31,
	2023		2022
Building under finance lease	$	21,574	$	21,574
Computers, equipment and software	12,792		13,221
Furniture and fixtures	7,569		8,308
Vehicles	31		97
Leasehold improvements	8,089		8,045

	50,055		51,245
Less: accumulated depreciation and amortization	(25,773)		(24,149)
	$	24,282	$	27,096

Accumulated amortization related to finance leases was $4.5 million and $3.6 million as of December 31, 2023 and 2022, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2023 and 2022 consisted of (in thousands):


	As of December 31,
	2023		2022
Accrued vacation	$	15,356	$	12,939
Accrued commissions	11,969		10,841
Accrued bonuses	6,825		5,597
Accrued payroll	7,206		5,318
Estimated health insurance claims	3,462		1,841
Accrued interest	3,510		1,455
ESPP employee contributions	7,540		5,661
Customer deposits	24,763		25,520
Operating lease liabilities	5,256		5,720
Accrued other liabilities	12,034		9,107
	$	97,921	$	83,999

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 256,100	$ 240,197	$ 300,386
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	556,627	193,225
Marketable securities, unrealized gains	1,284	63
Marketable securities, unrealized losses	(289)	(2,693)
Marketable securities, aggregate fair value	557,622	190,595
Cash and cash equivalents and marketable securities, amortized cost	665,453	376,103
Cash and cash equivalents and marketable securities, aggregate fair value	666,448	373,473
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	56,115
Marketable securities, unrealized gains	0
Marketable securities, unrealized losses	0
Marketable securities, aggregate fair value	56,115
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, unrealized gains	531	1
Marketable securities, unrealized losses	(80)	(899)
Cash and cash equivalents and marketable securities, amortized cost	224,136	72,151
Cash and cash equivalents and marketable securities, aggregate fair value	224,587	71,253
U.S. government agency debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	110,036
Marketable securities, unrealized gains	256
Marketable securities, unrealized losses	(15)
Marketable securities, aggregate fair value	110,277
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	165,341	120,081
Marketable securities, unrealized gains	497	62
Marketable securities, unrealized losses	(187)	(1,771)
Marketable securities, aggregate fair value	165,651	118,372
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	999	993
Marketable securities, unrealized gains	0	0
Marketable securities, unrealized losses	(7)	(23)
Marketable securities, aggregate fair value	992	970
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	108,826	182,878
Cash and cash equivalents, aggregate fair value	108,826	182,878
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	108,826	182,878
Cash and cash equivalents, aggregate fair value	$ 108,826	$ 182,878

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits-beginning of period	$ 1,870	$ 180	$ 195
Additions for tax positions related to prior year	200	1,400	0
Reductions for tax positions related to prior year	0	0	0
Foreign currency adjustments	6
Foreign currency adjustments		(10)	(15)
Additions for tax positions related to current year	200	300	0
Unrecognized tax benefits-end of period	$ 2,276	$ 1,870	$ 180

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value
Less than 12 months	$ 127,561
12 months or greater	22,736
Unrealized Loss
Less than 12 months	(164)
12 months or greater	(125)
U.S. treasury debt securities
Fair Value
Less than 12 months	36,549
12 months or greater	6,036
Unrealized Loss
Less than 12 months	(46)
12 months or greater	(34)
U.S. government agency debt securities
Fair Value
Less than 12 months	35,791
12 months or greater	0
Unrealized Loss
Less than 12 months	(15)
12 months or greater	0
Corporate debt securities
Fair Value
Less than 12 months	55,221
12 months or greater	15,708
Unrealized Loss
Less than 12 months	(103)
12 months or greater	(84)
Foreign government debt securities
Fair Value
Less than 12 months	0
12 months or greater	992
Unrealized Loss
Less than 12 months	0
12 months or greater	$ (7)

Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (125,715)	$ (91,210)	$ (41,567)
Foreign	1,617	2,210	2,467
Loss before provision (benefit) for income taxes	$ (124,098)	$ (89,000)	$ (39,100)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted stock units and Performance restricted stock units
Number of Shares
Unvested at beginning of period (in shares)	1,921,927
Granted (in shares)	1,191,796
Forfeited (in shares)	(145,648)
Vested (in shares)	(769,664)
Unvested at end of period (in shares)	2,198,411	1,921,927
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 93.80
Granted (in dollars per share)	94.76
Forfeited (in dollars per share)	91.84
Vested (in dollars per share)	86.06
Unvested at end of period (in dollars per share)	$ 97.17	$ 93.80
Unrecognized compensation expense	$ 138.7
Unrecognized compensation expense, period for recognition (years)	2 years 6 months
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 66.6	$ 57.7	$ 54.9
Weighted-Average Grant Date Fair Value
Number of vested shares recipient elected to defer settlement (in shares)	2,925
Number of vested shares recipients elected to defer settlement, released during period (in shares)	362,100
Number of deferred shares vested and outstanding (in shares)	327,269
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Minimum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Maximum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Cliff-vesting \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Cliff-vesting \| Board of Directors \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	1 year

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Loss before income tax provision (benefit) consisted of the following (in thousands):


	For the year ended December 31,
	2023		2022		2021
United States	$	(125,715)	$	(91,210)	$	(41,567)
Foreign	1,617		2,210		2,467
Total	$	(124,098)	$	(89,000)	$	(39,100)

The provision (benefit) for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2023		2022		2021
Current
Federal	$	700	$	—	$	—
State	937		327		98
Foreign	1,838		1,020		479
Total Current	3,475		1,347		$	577

Deferred
Federal	$	—	$	—	$	(1,252)
State	—		—		(374)
Foreign	(48)		600		(321)
Total Deferred	$	(48)	$	600	$	(1,947)

Total	$	3,427	$	1,947	$	(1,370)

During the years ended December 31, 2023, 2022 and 2021, we recorded a federal income tax expense (benefit) of $0.7 million, $0, and $(1.25) million, respectively. The current year federal tax expense is related to the general business credit limitation of our R&D credit. The 2021 benefit was related to the OneCloud acquisition. As the reversal of the net deferred tax liabilities acquired as part of the OneCloud purchase will be recognized on future tax returns, these provide an objective source of taxable income. Therefore, a corresponding portion of our valuation allowance has been released to reflect this availability, resulting in a federal and state tax benefit reflected in the table above.

The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2023			2022			2021
Federal statutory rate	21.0		%	21.0		%	21.0		%
Effect of:
Tax benefit at federal statutory rate	$	(26,061)		$	(18,690)		$	(8,211)
State taxes, net of federal benefit	(8,397)			(5,722)			(15,350)
Section 162(m) limitations	11,715			6,083			9,008
Stock-based compensation	(10,192)			(9,768)			(49,020)
Global intangible low-taxed income inclusion	2,259			2,850			2,023
Induced conversion	8,834			—			—
Meals & entertainment	821			263			33
Permanent items	432			603			(634)
Tax benefit of federal R&D credit	(8,036)			(6,406)			(3,694)
Foreign income taxes	1,677			256			390
Valuation allowance	30,636			32,896			64,602
Other	(261)			(418)			(517)
Total income tax provision	$	3,427		$	1,947		$	(1,370)

The components of deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2023		2022
Deferred tax assets:
Property and equipment	$	3,018	$	2,931
Accruals and reserves	124		79
Lease liability	6,815		7,726
Compensation and benefits	16,756		15,031
Deferred revenue	42,332		31,497
Net operating loss and credits	120,021		138,517
Interest expense	80		386
IRC 174 Capitalization	73,680		38,923
Other	574		2,198
Total deferred tax assets	263,400		237,288
Valuation allowance	(248,279)		(220,016)
Total deferred tax assets	15,121		17,272
Deferred tax liabilities:
Property and equipment	(85)		(104)
Right-of-use asset	(6,589)		(7,389)
Acquired intangibles	(604)		(1,310)
Deferred commissions	(7,265)		(8,212)
Other deferred tax liabilities	(481)		(179)
Deferred tax liabilities	(15,024)		(17,194)
Total	$	97	$	78

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2023. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, we recognized a full valuation allowance against our net US deferred tax asset at December 31, 2023, because we believe it is more likely than not that these benefits will not be realized.

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 (“TCJA”) amended Internal Revenue Code Section 174 to require specific research and experimental (“R&E”) expenditures be capitalized and amortized over five years (U.S. R&E) or fifteen years (non-U.S. R&E). Because of this amendment, we generated U.S. taxable income and have recorded a deferred tax asset related to the Section 174 amortization of $73.7 million at December 31, 2023. We were able to partially offset this income with a combination of net operating loss carryforwards and federal and state credits.

As of December 31, 2023, we have federal and state net operating loss carryforwards of approximately $298.2 million and $372.8 million, respectively, available to reduce future taxable income. Federal and some state net operating losses incurred after 2017 will have an indefinite carryforward. The state net operating loss carryforwards will expire in varying amounts beginning in 2024. Additionally, we have total net operating loss carryforwards from international operations of $1.3 million that do not expire. We also have approximately $32.1 million of federal and $4.7 million of state tax credit carryforwards as of December 31, 2023. The federal credits will expire in varying amounts between the

years 2036 and 2043. The state credits expire beginning in 2024. Utilization of our net operating loss and tax credit carryforwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code, as amended, and similar state provisions.

A reconciliation of the gross unrecognized tax benefits is as follows (in thousands):


	For the year ended December 31,
	2023		2022		2021
Unrecognized tax benefits-beginning of period	$	1,870	$	180	$	195
Additions for tax positions related to prior year	200		1,400		—
Reductions for tax positions related to prior year	—		—		—
Foreign currency adjustments	6		(10)		(15)
Additions for tax positions related to current year	200		300		—
Unrecognized tax benefits-end of period	$	2,276	$	1,870	$	180

We have analyzed our inventory of tax positions taken with respect to all applicable income tax issues for all open tax years. The gross unrecognized tax benefits, if recognized, would not materially affect the effective tax rate as of December 31, 2023.

We are subject to taxation in the U.S. and various states and foreign jurisdictions. As of December 31, 2023, tax years for 2019 through 2022 are subject to examination by the tax authorities. Generally, as of December 31, 2023, we are no longer subject to federal, state, local or foreign examinations by tax authorities for years before 2019. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses or tax credits were generated and carried forward, and make adjustments up to the amount of the net operating loss or credit carryforward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases - Schedule of Lease Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 6,048
2025	4,137
2026	3,061
2027	1,721
2028	1,499
Thereafter	2,364
Total lease obligations	18,830
Less: Amount representing interest	(2,684)
Net lease obligations	16,146
Finance Leases
2024	1,315
2025	1,315
2026	1,315
2027	1,315
2028	1,315
Thereafter	16,030
Total lease obligations	22,605
Less: Amount representing interest	(8,023)
Net lease obligations	$ 14,582

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding beginning of the period (in shares)	1,509,172
Granted (in shares)	0	0	0
Forfeited (in shares)	(10)
Expired (in shares)	0
Exercised (in shares)	(297,543)
Outstanding end of the period (in shares)	1,211,619	1,509,172
Exercisable at end of the period (in shares)	1,211,619
Weighted- Average Exercise Price
Outstanding beginning of the period (in dollars per share)	$ 14.57
Granted (in dollars per share)	0
Forfeited (in dollars per share)	13.60
Expired (in dollars per share)	0
Exercised (in dollars per share)	15.03
Outstanding end of the period (in dollars per share)	14.46	$ 14.57
Exercisable at the end of the period (in dollars per share)	$ 14.46
Outstanding, weighted-average remaining contractual term (years)	2 years 3 months 18 days	3 years 2 months 12 days
Exercisable, weighted-average remaining contractual term (years)	2 years 3 months 18 days
Outstanding, aggregate intrinsic value	$ 105,500	$ 104,737
Exercisable, aggregate intrinsic value	105,500
Additional Disclosures
Options exercised intrinsic value	24,800	$ 17,000	$ 123,400
Options vested in period fair value			$ 900
Options unrecognized compensation expense	$ 0
Class A Common Stock \| Employee stock options
Additional Disclosures
Expiration period (years)	10 years
Minimum \| Class A Common Stock \| Employee stock options
Additional Disclosures
Award vesting period (years)	3 years
Maximum \| Class A Common Stock \| Employee stock options
Additional Disclosures
Award vesting period (years)	4 years

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 5.6	$ 5.3
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 3.2	$ 2.5	$ 1.8

Deferred Costs (Details) - USD ($) $ in Millions	12 Months Ended
Deferred Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred costs	$ 72.4	$ 72.0
Amortization expense for deferred costs	54.5	44.0	$ 34.1
Impairment loss	$ 0.0	$ 0.0	$ 0.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Chicago, Illinois

Debt - Narrative (Details)	1 Months Ended		12 Months Ended
Debt - Narrative (Details)	Aug. 31, 2023 USD ($) day $ / shares	Aug. 31, 2019 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from the issuance of convertible senior notes			$ 691,113,000	$ 0	$ 0
Payments for repurchase of convertible senior notes			396,869,000	0	0
Induced conversion expense			45,144,000	$ 0	$ 0
Induced conversion of convertible senior notes recorded in additional-paid-in capital			$ 81,080,000
Class A Common Stock
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001	$ 0.001
Convertible debt
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
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		4.30%	1.50%
Remaining life of debt instrument			2 years 7 months 6 days
Payments for repurchase of convertible senior notes	$ 396,900,000
Principal amount of debt repurchased	273,800,000
Fair value of debt repurchased	351,800,000
Induced conversion expense	45,100,000
Induced conversion of convertible senior notes recorded in additional-paid-in capital	81,100,000
Debt issuance costs recorded in additional-paid-in capital upon induced conversion of convertible senior notes	3,100,000
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%
Remaining life of debt instrument			4 years 7 months 6 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

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by industry. These industry categories are derived from a leading software provider supplemented with additional research as necessary (in thousands):


	For the year ended December 31,
	2023		2022		2021
Industrials	$	93,200	$	76,970	$	59,797
Diversified financials	91,477		71,975		57,470
Information technology	69,316		62,114		47,697
Banks	63,264		54,973		46,702
Consumer discretionary	60,199		51,961		41,826
Healthcare	54,300		47,892		39,394
Insurance	38,750		32,421		27,206
Energy	26,947		23,363		21,093
Real estate	26,706		23,815		21,042
Materials	23,645		21,454		19,357
Utilities	23,215		22,306		21,319
Public administration	18,771		15,064		13,719
Consumer staples	18,396		16,829		13,146
Telecommunication services	16,523		13,141		11,557
Other	5,330		3,597		1,960
Total revenues	$	630,039	$	537,875	$	443,285

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


	For the year ended December 31,
	2023		2022		2021
Subscription and support	$	558,645	$	464,935	$	379,340
XBRL professional services	56,820		54,896		44,763
Other services	14,574		18,044		19,182
Total revenues	$	630,039	$	537,875	$	443,285

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 630,039	$ 537,875	$ 443,285
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	558,645	464,935	379,340
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	56,820	54,896	44,763
Other services
Disaggregation of Revenue [Line Items]
Total revenue	14,574	18,044	19,182
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	93,200	76,970	59,797
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	91,477	71,975	57,470
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	69,316	62,114	47,697
Banks
Disaggregation of Revenue [Line Items]
Total revenue	63,264	54,973	46,702
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	60,199	51,961	41,826
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	54,300	47,892	39,394
Insurance
Disaggregation of Revenue [Line Items]
Total revenue	38,750	32,421	27,206
Energy
Disaggregation of Revenue [Line Items]
Total revenue	26,947	23,363	21,093
Real estate
Disaggregation of Revenue [Line Items]
Total revenue	26,706	23,815	21,042
Materials
Disaggregation of Revenue [Line Items]
Total revenue	23,645	21,454	19,357
Utilities
Disaggregation of Revenue [Line Items]
Total revenue	23,215	22,306	21,319
Public administration
Disaggregation of Revenue [Line Items]
Total revenue	18,771	15,064	13,719
Consumer staples
Disaggregation of Revenue [Line Items]
Total revenue	18,396	16,829	13,146
Telecommunication services
Disaggregation of Revenue [Line Items]
Total revenue	16,523	13,141	11,557
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,330	$ 3,597	$ 1,960

Leases - Narrative (Details) - Office	12 Months Ended
Leases - Narrative (Details) - Office	Dec. 31, 2023 renewal_option
Lessee, Lease, Description [Line Items]
Number of renewal options (or more)	1
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	5 years

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Accumulated translation adjustment		Accumulated unrealized holding gains (losses) on available-for-sale securities		Accumulated other comprehensive income (loss)
Balance at December 31, 2020	$	41	$	189	$	230
Other comprehensive income (loss)	266		(784)		(518)
Balance at December 31, 2021	307		(595)		(288)
Other comprehensive loss	(4,304)		(2,094)		(6,398)
Balance at December 31, 2022	(3,997)		(2,689)		(6,686)
Other comprehensive income	3,316		3,625		6,941
Balance at December 31, 2023	$	(681)	$	936	$	255

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 356,773
Due in one to two years	200,849
Due in three to five years	0
Marketable securities	$ 557,622	$ 190,595

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Adjustment	Common Stock (Class A and B)	Additional Paid-in-Capital	Additional Paid-in-Capital Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Adjustment
Beginning of the period (in shares) at Dec. 31, 2020			48,789,000
Beginning of the period at Dec. 31, 2020	$ 64,277		$ 49	$ 478,698		$ 230	$ (414,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	48,633			48,633
Issuance of common stock upon exercise of stock options (in shares)			1,141,000
Issuance of common stock upon exercise of stock options	16,600		$ 2	16,598
Issuance of common stock under employee stock purchase plan (in shares)			149,000
Issuance of common stock under employee stock purchase plan	8,861			8,861
Issuance of restricted stock units (in shares)			1,578,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(213,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(27,144)			(27,144)
Net loss	(37,730)						(37,730)
Other comprehensive income (loss)	(518)					(518)
End of the period (in shares) at Dec. 31, 2021			51,444,000
End of the period at Dec. 31, 2021	$ 72,979	$ (40,299)	$ 51	525,646	$ (58,560)	(288)	(452,430)	$ 18,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 [Member]
End of the period at Jan. 01, 2022					(58,600)			18,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 [Member]
Beginning of the period (in shares) at Dec. 31, 2021			51,444,000
Beginning of the period at Dec. 31, 2021	$ 72,979	$ (40,299)	$ 51	525,646	$ (58,560)	(288)	(452,430)	$ 18,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	70,660			70,660
Issuance of common stock upon exercise of stock options (in shares)			239,000
Issuance of common stock upon exercise of stock options	3,273		$ 1	3,272
Issuance of common stock under employee stock purchase plan (in shares)			131,000
Issuance of common stock under employee stock purchase plan	9,256		$ 1	9,255
Issuance of restricted stock units (in shares)			958,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(120,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(12,541)			(12,541)
Net loss	(90,947)						(90,947)
Other comprehensive income (loss)	(6,398)					(6,398)
End of the period (in shares) at Dec. 31, 2022			52,652,000
End of the period at Dec. 31, 2022	5,983		$ 53	537,732		(6,686)	(525,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Induced conversion of convertible senior notes	(81,080)			(81,080)
Stock-based compensation expense	$ 98,765			98,765
Issuance of common stock upon exercise of stock options (in shares)	297,543		297,000
Issuance of common stock upon exercise of stock options	$ 4,472		$ 1	4,471
Issuance of common stock under employee stock purchase plan (in shares)			200,000
Issuance of common stock under employee stock purchase plan	12,513			12,513
Issuance of restricted stock units (in shares)			1,129,000
Tax withholdings related to net share settlements of stock-based compensation awards (in shares)			(99,000)
Tax withholdings related to net share settlements of stock-based compensation awards	(9,459)			(9,459)
Net loss	(127,525)						(127,525)
Other comprehensive income (loss)	6,941					6,941
End of the period (in shares) at Dec. 31, 2023			54,179,000
End of the period at Dec. 31, 2023	$ (89,390)		$ 54	$ 562,942		$ 255	$ (652,641)

Organization and Significant Accounting Policies - Advertising Costs, Leases, Impairment of Long-Lived Assets and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising expense	$ 6.5	$ 6.1	$ 5.6
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Impairment charges	$ 0.0	$ 0.0	0.0
Interest and penalties	$ 0.0	$ 0.0	$ 0.0

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We have a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code. In 2022, we began matching a certain percentage of employee contributions. Both employee and employer contributions vest immediately upon contribution. During the years ended December 31, 2023 and 2022, our contribution to the 401(k) plan was $5.6 million and $5.3 million, respectively. We also maintain a number of defined contribution plans for certain locations outside of the U.S. Total employer contributions under these plans were $3.2 million, $2.5 million, and $1.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (127,525)	$ (90,947)	$ (37,730)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,140	10,212	5,244
Stock-based compensation expense	98,765	70,660	48,633
Provision for (recovery of) doubtful accounts	410	156	(125)
(Accretion) amortization of premiums and discounts on marketable securities, net	(7,716)	1,079	3,024
Amortization of debt discount and issuance costs	1,730	1,298	9,171
Induced conversion expense	45,144	0	0
Realized loss on sale of available-for-sale securities, net	708	0	0
Gain on settlement of equity securities	0	0	(3,698)
Deferred income tax	(14)	538	(1,973)
Changes in assets and liabilities:
Accounts receivable	(18,318)	(28,893)	(7,683)
Deferred costs	277	(8,496)	(19,207)
Operating lease right-of-use asset	4,984	5,153	4,197
Other receivables	(2,176)	(1,655)	(391)
Prepaid expenses and other	(5,023)	(2,913)	(6,522)
Other assets	2,230	(2,441)	(1,222)
Accounts payable	(1,002)	2,438	972
Deferred revenue	60,112	61,657	47,419
Operating lease liability	(4,133)	(5,055)	(4,934)
Accrued expenses and other liabilities	11,282	(1,457)	14,669
Net cash provided by operating activities	70,875	11,334	49,844
Cash flows from investing activities
Purchase of property and equipment	(2,124)	(3,458)	(3,534)
Purchase of marketable securities	(573,304)	(130,754)	(170,070)
Maturities of marketable securities	153,358	150,565	143,159
Sale of marketable securities	65,052	14,981	250
Acquisitions, net of cash acquired	0	(99,186)	(37,467)
Purchase of intangible assets	(235)	(160)	(219)
Other investments	0	0	(750)
Net cash used in investing activities	(357,253)	(68,012)	(68,631)
Cash flows from financing activities
Proceeds from option exercises	4,472	3,273	16,600
Taxes paid related to net share settlements of stock-based compensation awards	(9,459)	(12,541)	(27,144)
Proceeds from shares issued in connection with employee stock purchase plan	12,513	9,256	8,861
Proceeds from the issuance of convertible senior notes, net of issuance costs	691,113	0	0
Payments for repurchase of convertible senior notes	(396,869)	0	0
Principal payments on finance lease obligations	(505)	(1,575)	(1,705)
Net cash provided by (used in) financing activities	301,265	(1,587)	(3,388)
Effect of foreign exchange rates on cash	1,637	(1,924)	(270)
Net increase (decrease) in cash, cash equivalents, and restricted cash	16,524	(60,189)	(22,445)
Cash, cash equivalents, and restricted cash at beginning of year	240,197	300,386	322,831
Cash, cash equivalents, and restricted cash at end of year	256,721	240,197	300,386
Supplemental cash flow disclosure
Cash paid for interest	4,710	4,742	4,837
Cash paid for income taxes, net of refunds	2,656	1,429	(41)
Noncash investing and financing activities
Purchases of property and equipment, accrued but not paid	0	0	350
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	256,100	240,197	300,386
Restricted cash included within prepaid expenses and other at end of period	621	0	0
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows	$ 256,721	$ 240,197	$ 300,386

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 1,163	$ 744
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	50,333,435	48,761,804
Common stock, shares outstanding	50,333,435	48,761,804
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	3,845,583	3,890,583
Common stock, shares outstanding	3,845,583	3,890,583

Geographic Information - Narrative (Details)	12 Months Ended
Geographic Information - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer, Americas Revenue \| Geographic concentration risk \| United States
Concentration Risk [Line Items]
Concentration risk percentage	93.00%	93.00%	93.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
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

Organization and Significant Accounting Policies	12 Months Ended
Organization and Significant Accounting Policies	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation (together with its wholly-owned subsidiaries, the “Company” or “we” or “us”) is on a mission to power transparent reporting for a better world. We believe that all stakeholders including consumers, employees, shareholders, and regulators expect more from business – more action, transparency, and disclosure of financial and non-financial information. We build solutions to meet that demand and streamline processes, connect data and teams, and ensure consistency – all within the Workiva platform, the world’s leading cloud platform for assured integrated reporting. Our operational headquarters are located in Ames, Iowa, with additional offices located in the U.S., Europe, the Asia-Pacific region and Canada. Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. 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. With the exception of September 2021 when we transitioned to a virtual event, sales and marketing expense has 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. Segments Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one operating and reportable segment. Foreign Currency We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within other income and (expense), net on the consolidated statements of operations. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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. Cash and Cash Equivalents Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. Restricted Cash In 2023 we entered into agreements for standby letters of credit resulting in restricted cash of $0.6 million at December 31, 2023. The standby letters of credit are associated with a leased facility and an information technology equipment provider. The restricted cash is included in prepaid expenses and other on our consolidated balance sheet. Marketable Securities Our marketable securities consist of corporate debt securities, U.S. treasury debt securities and foreign government debt securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within accumulated other comprehensive income on the consolidated balance sheets until realized. Dividend income is reported within other income and (expense), net on the consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in other income and (expense), net on the consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the consolidated balance sheets. There were no credit losses recorded for the years ended December 31, 2023, 2022 and 2021. We determine realized gains and losses on the sale of marketable securities on the specific identification method and record such gains and losses in other (expense) income, net on the consolidated statements of operations. Fair Value of Financial Instruments Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions. We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances. We did not have a significant concentration of accounts receivable from any single customer or from customers in any single country outside of the U.S. at December 31, 2023 or 2022. Deferred Costs We pay sales commissions for initial contracts and expansions of existing contracts with customers. These commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions paid where the amortization period is one year or less are expensed as incurred. All other sales commissions are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our standard contract terms and conditions, rate of technological change and other factors. Amortization expense is included in sales and marketing expense in the accompanying consolidated statements of operations. Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to ten years. We amortize leasehold improvements and assets under finance leases over the lesser of the term of the lease including renewal options that are reasonably assured or the estimated useful life of the assets. Depreciation and amortization expense related to property and equipment totaled $4.8 million, $4.8 million and $4.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Revenue Recognition We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We recognize revenue when control of these services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, we satisfy a performance obligation We report revenue net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our subscription contracts are generally twelve to 36 months in duration, are billed either annually or in advance and are non-cancelable. We consider the access to our platform and related support services in a customer contract to be a series of distinct services which comprise a single performance obligation because they are substantially the same and have the same pattern of transfer. Professional Services Revenue and Customer Options Professional services revenues primarily consist of fees for document set up, XBRL tagging, and consulting with our customers on business processes and best practices. We have determined that an agreement to purchase these professional services constitutes an option to purchase services in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification No. 606, Revenue from Contracts with Customers, (ASC 606) rather than an agreement that creates enforceable rights and obligations because of the customer's contractual right to cancel services that have not yet been used. In the limited case of agreements where we determined that the option provides the customer with a material right, we allocate a portion of the transaction price to the material right based upon the relative standalone selling price. Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for the individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the value of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements. Deferred Revenue We typically invoice our customers for subscription and support fees annually in advance on one- to three-year contract terms. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue. Customer Deposits As an agreement to purchase professional services constitutes a customer option, fees received in advance of these services being performed are considered customer deposits and are included in accrued expenses and other current liabilities on the consolidated balance sheets. Unpaid invoice amounts for these professional services starting in future periods are excluded from accounts receivable and accrued expenses and other current liabilities. Cost of Revenue Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs. Sales and Marketing Expenses Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. Advertising costs are charged to sales and marketing expense as incurred. Advertising expense totaled $6.5 million, $6.1 million and $5.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Research and Development Expenses Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs. General and Administrative Expenses General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. Leases We determine whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease obligations, and finance lease obligations, non-current on our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We do not include options to extend or terminate the lease term unless it is reasonably certain that we will exercise any such options. We recognize rent expense under our operating leases on a straight-line basis. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset (generally straight-line) over the shorter of the lease term or the useful life of the right-of-use asset. We have lease agreements with lease and non-lease components. We have elected to account for these lease and non-lease components as a single lease component. We do not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term. Acquisitions When we acquire a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statement of operations. Goodwill Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. Goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of October 1. For the years ended December 31, 2023 and 2022, we determined there were no events or circumstances which indicated that the carrying value of a reporting unit exceeded the fair value. Intangible Assets Intangible assets consist of patents and intangible assets acquired in a business combination or asset acquisition, primarily technology, customer-related assets, and trade names. Patents are recorded at cost to obtain and amortized over the useful lives. Certain patents are in the legal application process and therefore are not currently being amortized. Intangible assets acquired in a business combination or an asset acquisition are recorded at fair value on the date of acquisition and amortized over their estimated useful lives. Impairment of Long-Lived Assets Long-lived assets, such as property, equipment, right-of-use assets, and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. There were no impairment losses related to long-lived assets in any of the periods presented. Stock-Based Compensation We measure all share-based payments, including grants of options to purchase common stock and the issuance of restricted stock units and performance stock units to employees, service providers and board members, using a fair-value based method. We record forfeitures as they occur. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of shares to be issued pursuant to our Employee Stock Purchase Plan (“ESPP”). For restricted stock units and performance restricted stock units, fair value is based on the closing price of our common stock on the grant date. Net Loss Per Share Attributable to Common Stockholder Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock-based awards as computed under the treasury stock method and convertible notes as computed under the if-converted method. In periods in which we incurred a net loss, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. Income Taxes We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. We account for the effects of Global Intangible Low-Taxed Income in the period incurred. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the (benefit) provision for income taxes line in the accompanying consolidated statements of operations. Interest and penalties were not significant during the years ended December 31, 2023, 2022 and 2021. Accrued interest and penalties are included on the accrued expenses and other current liabilities line in the consolidated balance sheets. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current and forecasted economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments are now accounted for as a single liability measured at amortized cost. This resulted in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also required the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard was effective for interim and annual periods beginning after December 15, 2021 and could be adopted on either a modified retrospective or full retrospective basis. We adopted this standard on January 1, 2022 using the modified retrospective method under which financial results reported in prior periods were not adjusted. Adoption of the new standard resulted in a decrease to accumulated deficit of $18.3 million, a decrease to additional paid-in capital of $58.6 million, and an increase to convertible senior notes, non-current of $40.3 million on the consolidated balance sheet. See Note 8 to the consolidated financial statements for more information. 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 are assessing the effect of this update 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 this update on our consolidated financial statements and related disclosures.

Debt - Net Carrying Amount of Convertible Debt (Details) - Convertible debt - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2026 Notes
Debt Instrument [Line Items]
Principal	$ 71,242	$ 345,000
Unamortized issuance costs	(711)	(4,743)
Net carrying amount	70,531	340,257
2028 Notes
Debt Instrument [Line Items]
Principal	702,000	0
Unamortized issuance costs	(10,076)	0
Net carrying amount	$ 691,924	$ 0

- 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

- Definition

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

+ References + Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We lease certain office space, residential space, buildings and land with various lease terms through May 2043. Certain office leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years. The exercise of lease renewal options is at our sole discretion and are assessed whether to factor as part of the lease term at lease inception. Our leases generally require us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent.

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Operating lease cost	$	5,595	$	5,778	$	4,750
Finance lease cost:
Amortization of right-of-use assets	880		880		880
Interest on lease obligations	811		861		956
Short-term lease cost	3,008		3,045		1,667
Variable lease cost	971		1,189		1,163
	$	11,265	$	11,753	$	9,416

Supplemental cash flow information related to leases was as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,215	$	6,876	$	6,028
Finance cash flows from finance leases	505		1,575		1,705
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,563	$	1,816	$	6,299
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0		5.4		5.7
Finance leases	19.4		20.4		21.4
Weighted Average Discount Rate
Operating leases	5.7	%	5.4	%	4.9	%
Finance leases	5.5	%	5.5	%	5.5	%

As of December 31, 2023, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2024	$	6,048	$	1,315
2025	4,137		1,315
2026	3,061		1,315
2027	1,721		1,315
2028	1,499		1,315
Thereafter	2,364		16,030
Total lease obligations	18,830		22,605
Less: Amount representing interest	(2,684)		(8,023)
Net lease obligations	$	16,146	$	14,582

Leases

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Operating lease cost	$	5,595	$	5,778	$	4,750
Finance lease cost:
Amortization of right-of-use assets	880		880		880
Interest on lease obligations	811		861		956
Short-term lease cost	3,008		3,045		1,667
Variable lease cost	971		1,189		1,163
	$	11,265	$	11,753	$	9,416

Supplemental cash flow information related to leases was as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,215	$	6,876	$	6,028
Finance cash flows from finance leases	505		1,575		1,705
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,563	$	1,816	$	6,299
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0		5.4		5.7
Finance leases	19.4		20.4		21.4
Weighted Average Discount Rate
Operating leases	5.7	%	5.4	%	4.9	%
Finance leases	5.5	%	5.5	%	5.5	%

As of December 31, 2023, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2024	$	6,048	$	1,315
2025	4,137		1,315
2026	3,061		1,315
2027	1,721		1,315
2028	1,499		1,315
Thereafter	2,364		16,030
Total lease obligations	18,830		22,605
Less: Amount representing interest	(2,684)		(8,023)
Net lease obligations	$	16,146	$	14,582

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Segments	Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one operating and reportable segment.
Foreign Currency	We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within other income and (expense), net on the consolidated statements of operations.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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.
Cash and Cash Equivalents	Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities.
Restricted Cash	In 2023 we entered into agreements for standby letters of credit resulting in restricted cash of $0.6 million at December 31, 2023. The standby letters of credit are associated with a leased facility and an information technology equipment provider. The restricted cash is included in prepaid expenses and other on our consolidated balance sheet.
Marketable Securities	Our marketable securities consist of corporate debt securities, U.S. treasury debt securities and foreign government debt securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within accumulated other comprehensive income on the consolidated balance sheets until realized. Dividend income is reported within other income and (expense), net on the consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in other income and (expense), net on the consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the consolidated balance sheets. There were no credit losses recorded for the years ended December 31, 2023, 2022 and 2021. We determine realized gains and losses on the sale of marketable securities on the specific identification method and record such gains and losses in other (expense) income, net on the consolidated statements of operations.
Fair Value of Financial Instruments	Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities.
Concentration of Credit Risk	Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions. We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances.
Deferred Costs	We pay sales commissions for initial contracts and expansions of existing contracts with customers. These commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions paid where the amortization period is one year or less are expensed as incurred. All other sales commissions are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our standard contract terms and conditions, rate of technological change and other factors. Amortization expense is included in sales and marketing expense in the accompanying consolidated statements of operations.
Property and Equipment, net	Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three to ten years. We amortize leasehold improvements and assets under finance leases over the lesser of the term of the lease including renewal options that are reasonably assured or the estimated useful life of the assets.
Revenue Recognition, Deferred Revenue, Customer Deposits and Cost of Revenue	We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We recognize revenue when control of these services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, we satisfy a performance obligation We report revenue net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our subscription contracts are generally twelve to 36 months in duration, are billed either annually or in advance and are non-cancelable. We consider the access to our platform and related support services in a customer contract to be a series of distinct services which comprise a single performance obligation because they are substantially the same and have the same pattern of transfer. Professional Services Revenue and Customer Options Professional services revenues primarily consist of fees for document set up, XBRL tagging, and consulting with our customers on business processes and best practices. We have determined that an agreement to purchase these professional services constitutes an option to purchase services in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification No. 606, Revenue from Contracts with Customers, (ASC 606) rather than an agreement that creates enforceable rights and obligations because of the customer's contractual right to cancel services that have not yet been used. In the limited case of agreements where we determined that the option provides the customer with a material right, we allocate a portion of the transaction price to the material right based upon the relative standalone selling price. Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for the individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the value of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements. We typically invoice our customers for subscription and support fees annually in advance on one- to three-year contract terms. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue. As an agreement to purchase professional services constitutes a customer option, fees received in advance of these services being performed are considered customer deposits and are included in accrued expenses and other current liabilities on the consolidated balance sheets. Unpaid invoice amounts for these professional services starting in future periods are excluded from accounts receivable and accrued expenses and other current liabilities. Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs.
Sales and Marketing Expenses	Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs.
Advertising Costs	Advertising costs are charged to sales and marketing expense as incurred.
Research and Development Expenses	Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs.
General and Administrative Expenses	General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs.
Leases	We determine whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease obligations, and finance lease obligations, non-current on our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We do not include options to extend or terminate the lease term unless it is reasonably certain that we will exercise any such options. We recognize rent expense under our operating leases on a straight-line basis. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset (generally straight-line) over the shorter of the lease term or the useful life of the right-of-use asset. We have lease agreements with lease and non-lease components. We have elected to account for these lease and non-lease components as a single lease component. We do not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term.
Acquisitions	When we acquire a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statement of operations.
Goodwill	Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. Goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of October 1.
Intangible Assets	Intangible assets consist of patents and intangible assets acquired in a business combination or asset acquisition, primarily technology, customer-related assets, and trade names. Patents are recorded at cost to obtain and amortized over the useful lives. Certain patents are in the legal application process and therefore are not currently being amortized. Intangible assets acquired in a business combination or an asset acquisition are recorded at fair value on the date of acquisition and amortized over their estimated useful lives.
Impairment of Long-Lived Assets	Long-lived assets, such as property, equipment, right-of-use assets, and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.
Stock-based Compensation	We measure all share-based payments, including grants of options to purchase common stock and the issuance of restricted stock units and performance stock units to employees, service providers and board members, using a fair-value based method. We record forfeitures as they occur. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of shares to be issued pursuant to our Employee Stock Purchase Plan (“ESPP”). For restricted stock units and performance restricted stock units, fair value is based on the closing price of our common stock on the grant date.
Net Loss Per Share Attributable to Common Stockholder	Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock-based awards as computed under the treasury stock method and convertible notes as computed under the if-converted method. In periods in which we incurred a net loss, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Income Taxes	We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. We account for the effects of Global Intangible Low-Taxed Income in the period incurred. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the (benefit) provision for income taxes line in the accompanying consolidated statements of operations. Interest and penalties were not significant during the years ended December 31, 2023, 2022 and 2021. Accrued interest and penalties are included on the accrued expenses and other current liabilities line in the consolidated balance sheets.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current and forecasted economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments are now accounted for as a single liability measured at amortized cost. This resulted in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also required the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard was effective for interim and annual periods beginning after December 15, 2021 and could be adopted on either a modified retrospective or full retrospective basis. We adopted this standard on January 1, 2022 using the modified retrospective method under which financial results reported in prior periods were not adjusted. Adoption of the new standard resulted in a decrease to accumulated deficit of $18.3 million, a decrease to additional paid-in capital of $58.6 million, and an increase to convertible senior notes, non-current of $40.3 million on the consolidated balance sheet. 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 are assessing the effect of this update 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 this update on our consolidated financial statements and related disclosures.

Goodwill and Intangible Assets - Goodwill Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 109,740	$ 34,556
Acquisition		78,225
Foreign currency translation adjustments	2,357	(3,041)
Goodwill, ending balance	$ 112,097	$ 109,740

- Definition

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

+ References + Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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):


	Year ended December 31,
	2023		2022		2021
Cost of revenue
Subscription and support	$	5,030	$	3,437	$	2,868
Professional services	2,540		2,128		1,729
Operating expenses
Research and development	18,441		12,554		9,590
Sales and marketing	27,774		19,323		13,901
General and administrative	44,980		33,218		20,545
Total	$	98,765	$	70,660	$	48,633

Schedule of Stock-Option Activity

The following table summarizes the option activity under the Plans for the year ended December 31, 2023:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2022	1,509,172	$	14.57	3.2	$	104,737
Granted	—	—
Forfeited	(10)	13.60
Expired	—	—
Exercised	(297,543)	15.03
Outstanding at December 31, 2023	1,211,619	$	14.46	2.3	$	105,500

Exercisable at December 31, 2023	1,211,619	$	14.46	2.3	$	105,500

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 Plan for the year ended December 31, 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2022	1,921,927	$	93.80
Granted	1,191,796	94.76
Forfeited	(145,648)	91.84
Vested(1)	(769,664)	86.06
Unvested at December 31, 2023	2,198,411	$	97.17

(1) During the year ended December 31, 2023, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 2,925 shares had elected to defer settlement of the vested restricted stock units and 362,100 were released from deferral. This resulted in total deferred units of 327,269 as of December 31, 2023.

Schedule of Share-based Payment Award, ESPP, Valuation Assumptions

The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions:


	Year ended December 31,
	2023	2022	2021
ESPP
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	4.6% - 5.3%	0.6% - 3.1%	0.1%
Expected volatility	33.9% - 57.3%	45.7% - 58.7%	41.8% - 45.0%

Schedule of Employee Stock Purchase Plan

The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2023, 2022 and 2021:


	For the year ended December 31,
	2023		2022		2021
Shares issued	200,436		131,467		148,864
Weighted-average purchase price	$	62.43	$	70.41	$	59.52
Total proceeds (in thousands)	$	12,512	$	9,256	$	8,861

Goodwill and Intangible Assets - Amortization of Intangible Assets by Fiscal Year (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 5,506
2025	4,769
2026	3,451
2027	2,126
2028	1,679
Thereafter	5,361
Net Carrying Amount	$ 22,892	$ 28,234

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

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, options to purchase Class A common stock and 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”).

As of December 31, 2023, awards granted under the 2009 Plan consisted of stock options and awards granted under the 2014 Plan consisted of stock options, restricted stock units, and performance restricted stock units. There were no other grants of any other award types under the Plans. As of December 31, 2023, 2,269,207 shares of Class A common stock were available for grant under the 2014 Plan.

Our ESPP became effective on June 13, 2017 and was amended and restated on October 28, 2022. Under the ESPP, eligible employees are granted options to purchase shares of Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. Options to purchase shares are granted twice yearly on or about July 15 and January 15 and are exercisable on or about the succeeding January 14 and July 14, respectively, of each year. As of December 31, 2023, 3,964,611 shares of Class A common stock were available for issuance under the ESPP. No participant may purchase more than $12,500 worth of Class A common stock in a six-month offering period.

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):


	Year ended December 31,
	2023		2022		2021
Cost of revenue
Subscription and support	$	5,030	$	3,437	$	2,868
Professional services	2,540		2,128		1,729
Operating expenses
Research and development	18,441		12,554		9,590
Sales and marketing	27,774		19,323		13,901
General and administrative	44,980		33,218		20,545
Total	$	98,765	$	70,660	$	48,633

During 2023, we recognized an additional $18.1 million in stock-based compensation pursuant to certain transition agreements with former executives who retired during the period.

Stock Options

The following table summarizes the option activity under the Plans for the year ended December 31, 2023:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2022	1,509,172	$	14.57	3.2	$	104,737
Granted	—	—
Forfeited	(10)	13.60
Expired	—	—
Exercised	(297,543)	15.03
Outstanding at December 31, 2023	1,211,619	$	14.46	2.3	$	105,500

Exercisable at December 31, 2023	1,211,619	$	14.46	2.3	$	105,500

Options to purchase Class A common stock generally vest over a three- or four-year period and are generally granted for a term of ten years. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $24.8 million, $17.0 million and $123.4 million, respectively.

No options were granted during the years ended December 31, 2023, 2022 and 2021. As of December 31, 2021, all outstanding options have vested. The total fair value of options vested during the year ended December 31, 2021 was $0.9 million. As of December 31, 2023 there was no unrecognized compensation expense related to options.

Restricted Stock Units and Performance Restricted Stock Units

Restricted stock units granted to employees generally vest over a three- or four-year period in equal, annual installments or with three-year cliff vesting. Restricted stock units granted to non-employee members of our Board of Directors generally have one-year cliff vesting from the date of grant. Performance restricted stock units generally vest in annual tranches over a three-year period.

The recipient of a restricted stock unit award or performance restricted stock unit award under the 2014 Plan will have no rights as a stockholder until share certificates are issued by us. Additionally, until the shares are issued, they have no voting rights and may not be bought or sold. The fair value for restricted stock unit awards and performance restricted stock unit awards are calculated based on the stock price on the date of grant. Total performance restricted stock units earned may vary based on the attainment of company-specific performance targets during the vesting period. The total fair value of restricted stock units vested during the years ended December 31, 2023, 2022, and 2021 was approximately $66.6 million, $57.7 million, and $54.9 million, respectively.

The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plan for the year ended December 31, 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2022	1,921,927	$	93.80
Granted	1,191,796	94.76
Forfeited	(145,648)	91.84
Vested(1)	(769,664)	86.06
Unvested at December 31, 2023	2,198,411	$	97.17

Compensation expense associated with unvested restricted stock units and performance restricted stock units is recognized on a straight-line basis over the vesting period. At December 31, 2023, there was approximately $138.7 million of total unrecognized compensation expense related to restricted stock units and performance restricted stock units, which is expected to be recognized over a weighted-average period of 2.5 years.

Employee Stock Purchase Plan

The fair value of each option grant issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our Class A common stock, and the expected term represents the period of time the ESPP purchase rights are expected to be outstanding and approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (“Separate Trading of Registered Interest and Principal of Securities”) with a maturity similar to the estimated expected term of the ESPP purchase rights.

The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions:


	Year ended December 31,
	2023	2022	2021
ESPP
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	4.6% - 5.3%	0.6% - 3.1%	0.1%
Expected volatility	33.9% - 57.3%	45.7% - 58.7%	41.8% - 45.0%

The following table summarizes the ESPP activity under the Plan for the years ended December 31, 2023, 2022 and 2021:


	For the year ended December 31,
	2023		2022		2021
Shares issued	200,436		131,467		148,864
Weighted-average purchase price	$	62.43	$	70.41	$	59.52
Total proceeds (in thousands)	$	12,512	$	9,256	$	8,861

Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At December 31, 2023, there was approximately $152,158 of total unrecognized compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 12 days.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (127,525)	$ (90,947)	$ (37,730)

- Definition

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

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+ Details

Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 700	$ 0	$ 0
State	937	327	98
Foreign	1,838	1,020	479
Total Current	3,475	1,347	577
Deferred
Federal	0	0	(1,252)
State	0	0	(374)
Foreign	(48)	600	(321)
Total Deferred	(48)	600	(1,947)
Total income tax provision	$ 3,427	$ 1,947	$ (1,370)

Stock-Based Compensation - General (Details) - USD ($)		12 Months Ended
Stock-Based Compensation - General (Details) - USD ($)	Oct. 28, 2022	Dec. 31, 2023
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchase offering period		6 months
Employee Stock Purchase Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		3,964,611
Purchase price of common stock, percentage of fair market value	85.00%
Maximum stock purchase value per employee		$ 12,500
2014 Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		2,269,207

- 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

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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

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

+ Details

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Deferred Costs

Deferred costs, which primarily consist of costs to obtain contracts with customers, were $72.4 million and $72.0 million for the years ended December 31, 2023 and 2022, respectively. Amortization expense for the deferred costs was $54.5 million, $44.0 million and $34.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. There were no material impairment losses in relation to the costs capitalized for the periods presented.

Revenue Recognition

Disaggregation of Revenue


	For the year ended December 31,
	2023		2022		2021
Industrials	$	93,200	$	76,970	$	59,797
Diversified financials	91,477		71,975		57,470
Information technology	69,316		62,114		47,697
Banks	63,264		54,973		46,702
Consumer discretionary	60,199		51,961		41,826
Healthcare	54,300		47,892		39,394
Insurance	38,750		32,421		27,206
Energy	26,947		23,363		21,093
Real estate	26,706		23,815		21,042
Materials	23,645		21,454		19,357
Utilities	23,215		22,306		21,319
Public administration	18,771		15,064		13,719
Consumer staples	18,396		16,829		13,146
Telecommunication services	16,523		13,141		11,557
Other	5,330		3,597		1,960
Total revenues	$	630,039	$	537,875	$	443,285

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


	For the year ended December 31,
	2023		2022		2021
Subscription and support	$	558,645	$	464,935	$	379,340
XBRL professional services	56,820		54,896		44,763
Other services	14,574		18,044		19,182
Total revenues	$	630,039	$	537,875	$	443,285

Deferred Revenue

During the year ended December 31, 2023, we recognized $310.2 million of revenue that was included in the deferred revenue balance at the beginning of the period.

Transaction Price Allocated to the Remaining Performance Obligations

As of December 31, 2023, revenue of approximately $937.4 million is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $511.1 million of these remaining performance obligations over the next 12 months, with the balance recognized 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

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Jul. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill			$ 112,097	$ 109,740	$ 34,556
ParsePort ApS
Business Acquisition [Line Items]
Cash consideration	$ 100,744
Total consideration	100,744
Cash	1,558
Accounts receivable, net	1,403
Intangible assets	24,000
Goodwill	78,225
Other assets	440
Accounts payable	(29)
Accrued liabilities	(1,444)
Deferred revenue	(3,299)
Other liabilities	(110)
Fair value of assets and liabilities	$ 100,744
OneCloud, Inc.
Business Acquisition [Line Items]
Cash consideration		$ 36,564
Previously held equity interest		4,698
Total consideration		41,262
Cash		1,497
Intangible assets		7,000
Goodwill		34,556
Other assets		548
Deferred revenue		(900)
Deferred tax liability		(1,265)
Other liabilities		(174)
Fair value of assets and liabilities		$ 41,262

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

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 Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The 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 (which we refer to in this offering memorandum as our “Class A common stock”), 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 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.

If we undergo a fundamental change (as defined in the indenture), holders may require us to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will increase, in certain circumstances, the conversion rate for a holder who elects to convert its Notes in connection with such corporate event or notice of redemption, as the case may be.

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.

As of December 31, 2023 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 consolidated balance sheet as of December 31, 2023.

As discussed in Note 1, we adopted ASU 2020‑06 on January 1, 2022 and the Notes are now accounted for as a single liability measured at amortized cost. 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. Prior to the adoption of ASU 2020-06, interest expense associated with the 2026 Notes representing the amortization of the debt discount and issuance costs as well as contractual interest expense was amortized to interest expense at an effective interest rate of 4.3%.

As of December 31, 2023, the remaining life of the 2026 Notes and 2028 Notes is approximately 2.6 years and 4.6 years, respectively.

Partial Repurchase of 2026 Notes

We used $396.9 million of the net proceeds from the 2028 Notes offering discussed above to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 2026 Notes in separate and individually negotiated transactions with certain holders. The repurchase was accounted for as an induced conversion. The fair value of the repurchased 2026 Notes on the date of repurchase was $351.8 million. The consideration in excess of fair value resulted in a loss on induced conversion of $45.1 million which was recorded as interest expense in the condensed consolidated statement of operations. The difference between the fair value and the carrying value of the 2026 Notes on the date of repurchase of $81.1 million, including unamortized debt issuance costs of $3.1 million, was recorded in additional paid-in capital.

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


	December 31, 2023				December 31, 2022
	2026 Notes		2028 Notes		2026 Notes		2028 Notes
Principal	$	71,242	$	702,000	$	345,000	$	—
Unamortized issuance costs	(711)		(10,076)		(4,743)		—
Net carrying amount	$	70,531	$	691,924	$	340,257	$	—

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


	Year ended December 31,
	2023		2022		2021
Contractual interest expense	$	5,952	$	3,880	$	3,881
Amortization of debt discount	—		—		8,153
Amortization of issuance costs	1,730		1,298		1,018
Total interest expense	$	7,682	$	5,178	$	13,052

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Denominator
Weighted-average common shares outstanding - basic (in shares)	54,099,757	52,954,079	51,126,510
Weighted-average common shares outstanding - diluted (in shares)	54,099,757	52,954,079	51,126,510
Basic net loss per share (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Diluted net loss per share (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Class A Common Stock
Numerator
Net loss, basic	$ (118,443)	$ (84,210)	$ (32,724)
Net loss, diluted	$ (118,443)	$ (84,210)	$ (32,724)
Denominator
Weighted-average common shares outstanding - basic (in shares)	50,246,900	49,031,441	44,343,177
Weighted-average common shares outstanding - diluted (in shares)	50,246,900	49,031,441	44,343,177
Basic net loss per share (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Diluted net loss per share (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Class B Common Stock
Numerator
Net loss, basic	$ (9,082)	$ (6,737)	$ (5,006)
Net loss, diluted	$ (9,082)	$ (6,737)	$ (5,006)
Denominator
Weighted-average common shares outstanding - basic (in shares)	3,852,857	3,922,638	6,783,333
Weighted-average common shares outstanding - diluted (in shares)	3,852,857	3,922,638	6,783,333
Basic net loss per share (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Diluted net loss per share (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Loss before income tax provision (benefit) consisted of the following (in thousands):


	For the year ended December 31,
	2023		2022		2021
United States	$	(125,715)	$	(91,210)	$	(41,567)
Foreign	1,617		2,210		2,467
Total	$	(124,098)	$	(89,000)	$	(39,100)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2023		2022		2021
Current
Federal	$	700	$	—	$	—
State	937		327		98
Foreign	1,838		1,020		479
Total Current	3,475		1,347		$	577

Deferred
Federal	$	—	$	—	$	(1,252)
State	—		—		(374)
Foreign	(48)		600		(321)
Total Deferred	$	(48)	$	600	$	(1,947)

Total	$	3,427	$	1,947	$	(1,370)

Schedule of Effective Income Tax Rate Reconciliation

The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands):


	For the year ended December 31,
	2023			2022			2021
Federal statutory rate	21.0		%	21.0		%	21.0		%
Effect of:
Tax benefit at federal statutory rate	$	(26,061)		$	(18,690)		$	(8,211)
State taxes, net of federal benefit	(8,397)			(5,722)			(15,350)
Section 162(m) limitations	11,715			6,083			9,008
Stock-based compensation	(10,192)			(9,768)			(49,020)
Global intangible low-taxed income inclusion	2,259			2,850			2,023
Induced conversion	8,834			—			—
Meals & entertainment	821			263			33
Permanent items	432			603			(634)
Tax benefit of federal R&D credit	(8,036)			(6,406)			(3,694)
Foreign income taxes	1,677			256			390
Valuation allowance	30,636			32,896			64,602
Other	(261)			(418)			(517)
Total income tax provision	$	3,427		$	1,947		$	(1,370)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2023		2022
Deferred tax assets:
Property and equipment	$	3,018	$	2,931
Accruals and reserves	124		79
Lease liability	6,815		7,726
Compensation and benefits	16,756		15,031
Deferred revenue	42,332		31,497
Net operating loss and credits	120,021		138,517
Interest expense	80		386
IRC 174 Capitalization	73,680		38,923
Other	574		2,198
Total deferred tax assets	263,400		237,288
Valuation allowance	(248,279)		(220,016)
Total deferred tax assets	15,121		17,272
Deferred tax liabilities:
Property and equipment	(85)		(104)
Right-of-use asset	(6,589)		(7,389)
Acquired intangibles	(604)		(1,310)
Deferred commissions	(7,265)		(8,212)
Other deferred tax liabilities	(481)		(179)
Deferred tax liabilities	(15,024)		(17,194)
Total	$	97	$	78

Schedule of Unrecognized Tax Benefits

A reconciliation of the gross unrecognized tax benefits is as follows (in thousands):


	For the year ended December 31,
	2023		2022		2021
Unrecognized tax benefits-beginning of period	$	1,870	$	180	$	195
Additions for tax positions related to prior year	200		1,400		—
Reductions for tax positions related to prior year	—		—		—
Foreign currency adjustments	6		(10)		(15)
Additions for tax positions related to current year	200		300		—
Unrecognized tax benefits-end of period	$	2,276	$	1,870	$	180

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (127,525)	$ (90,947)	$ (37,730)
Other comprehensive income (loss)
Foreign currency translation adjustment	3,316	(4,304)	266
Unrealized gain (loss) on available-for-sale securities	3,625	(2,094)	(784)
Other comprehensive income (loss)	6,941	(6,398)	(518)
Comprehensive loss	$ (120,584)	$ (97,345)	$ (38,248)

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue	$ 630,039	$ 537,875	$ 443,285
Cost of revenue
Total cost of revenue	154,222	129,885	103,833
Gross profit	475,817	407,990	339,452
Operating expenses
Research and development	172,790	151,716	115,735
Sales and marketing	287,035	245,260	178,785
General and administrative	110,519	99,778	74,287
Total operating expenses	570,344	496,754	368,807
Loss from operations	(94,527)	(88,764)	(29,355)
Interest income	25,882	4,880	1,041
Interest expense	(53,639)	(6,042)	(14,015)
Other (expense) income, net	(1,814)	926	3,229
Loss before provision (benefit) for income taxes	(124,098)	(89,000)	(39,100)
Provision (benefit) for income taxes	3,427	1,947	(1,370)
Net loss	$ (127,525)	$ (90,947)	$ (37,730)
Net loss per common share:
Basic (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Diluted (in dollars per share)	$ (2.36)	$ (1.72)	$ (0.74)
Weighted-average common shares outstanding - basic (in shares)	54,099,757	52,954,079	51,126,510
Weighted-average common shares outstanding - diluted (in shares)	54,099,757	52,954,079	51,126,510
Subscription and support
Revenue
Total revenue	$ 558,645	$ 464,935	$ 379,340
Cost of revenue
Total cost of revenue	99,193	77,711	60,551
Professional services
Revenue
Total revenue	71,394	72,940	63,945
Cost of revenue
Total cost of revenue	$ 55,029	$ 52,174	$ 43,282

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 557,622	$ 190,595
Cash and cash equivalents and marketable securities	666,448	373,473
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	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	224,587	71,253
U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	110,277
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	165,651	118,372
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	992	970
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	108,826	182,878
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	108,826	182,878
Level 2 \| 2026 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	97,800
Level 2 \| 2028 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	710,400
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	557,622	190,595
Total assets measured at fair value	666,448	373,473
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	56,115	0
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	224,587	71,253
Recurring \| U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	110,277	0
Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	165,651	118,372
Recurring \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	992	970
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	108,826	182,878
Recurring \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	108,826	182,878
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	108,826	182,878
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 - money market funds	108,826	182,878
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	557,622	190,595
Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	56,115	0
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	224,587	71,253
Recurring \| Level 2 \| U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	110,277	0
Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	165,651	118,372
Recurring \| Level 2 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	992	970
Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 256,100	$ 240,197
Marketable securities	557,622	190,595
Accounts receivable, net of allowance for doubtful accounts of $1,163 and $744 at December 31, 2023 and 2022, respectively	125,193	106,316
Deferred costs	39,023	38,350
Other receivables	7,367	6,674
Prepaid expenses and other	23,631	17,957
Total current assets	1,008,936	600,089
Property and equipment, net	24,282	27,096
Operating lease right-of-use assets	12,642	13,932
Deferred costs, non-current	33,346	33,682
Goodwill	112,097	109,740
Intangible assets, net	22,892	28,234
Other assets	4,665	6,847
Total assets	1,218,860	819,620
Current liabilities
Accounts payable	5,204	6,174
Accrued expenses and other current liabilities	97,921	83,999
Deferred revenue	380,843	316,263
Finance lease obligations	532	504
Total current liabilities	484,500	406,940
Convertible senior notes, non-current	762,455	340,257
Deferred revenue, non-current	36,177	38,237
Other long-term liabilities	178	1,518
Operating lease liabilities, non-current	10,890	12,102
Finance lease obligations, non-current	14,050	14,583
Total liabilities	1,308,250	813,637
Stockholders’ (deficit) equity
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	562,942	537,732
Accumulated deficit	(652,641)	(525,116)
Accumulated other comprehensive income (loss)	255	(6,686)
Total stockholders’ (deficit) equity	(89,390)	5,983
Total liabilities and stockholders’ (deficit) equity	1,218,860	819,620
Class A Common Stock
Stockholders’ (deficit) equity
Common stock	50	49
Class B Common Stock
Stockholders’ (deficit) equity
Common stock	$ 4	$ 4

Deferred Costs

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Deferred Costs

Revenue Recognition

Disaggregation of Revenue


	For the year ended December 31,
	2023		2022		2021
Industrials	$	93,200	$	76,970	$	59,797
Diversified financials	91,477		71,975		57,470
Information technology	69,316		62,114		47,697
Banks	63,264		54,973		46,702
Consumer discretionary	60,199		51,961		41,826
Healthcare	54,300		47,892		39,394
Insurance	38,750		32,421		27,206
Energy	26,947		23,363		21,093
Real estate	26,706		23,815		21,042
Materials	23,645		21,454		19,357
Utilities	23,215		22,306		21,319
Public administration	18,771		15,064		13,719
Consumer staples	18,396		16,829		13,146
Telecommunication services	16,523		13,141		11,557
Other	5,330		3,597		1,960
Total revenues	$	630,039	$	537,875	$	443,285

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


	For the year ended December 31,
	2023		2022		2021
Subscription and support	$	558,645	$	464,935	$	379,340
XBRL professional services	56,820		54,896		44,763
Other services	14,574		18,044		19,182
Total revenues	$	630,039	$	537,875	$	443,285

Deferred Revenue

During the year ended December 31, 2023, we recognized $310.2 million of revenue that was included in the deferred revenue balance at the beginning of the period.

Transaction Price Allocated to the Remaining Performance Obligations

- Definition

+ References

+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

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


December 31, 2021	$	34,556
Acquisition	78,225
Foreign currency translation adjustments	(3,041)
December 31, 2022	109,740

Foreign currency translation adjustments	2,357
December 31, 2023	$	112,097

Intangible Assets

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


	December 31, 2023							December 31, 2022
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4.5	$	15,949	$	(7,471)	$	8,478	$	15,705	$	(3,849)	$	11,856
Acquired customer-related	10.0	15,427		(2,769)		12,658		14,969		(1,169)		13,800
Acquired trade names	3.0	2,172		(1,721)		451		2,151		(861)		1,290
Patents	10.0	3,150		(1,845)		1,305		2,916		(1,628)		1,288
Total	7.2	$	36,698	$	(13,806)	$	22,892	$	35,741	$	(7,507)	$	28,234

Amortization expense related to intangible assets was $6.2 million, $5.3 million and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


2024	$	5,506
2025	4,769
2026	3,451
2027	2,126
2028	1,679
Thereafter	5,361
Total expected amortization expense	$	22,892

Stockholders' Equity (Details)	12 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2023 class vote
Equity [Abstract]
Number of classes of common stock \| class	2
Class A Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share	1
Class B Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share	10
Common stock, conversion rate	1

- 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/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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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
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4.9
Documents Incorporated by Reference	Information required in response to Part III of Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2024. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2023.
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2023
Entity Central Index Key	0001445305
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		50,884,818
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,845,583

Debt - 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.

+ References

+ Details

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 98,765	$ 70,660	$ 48,633
Former Executive, Retired
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	18,100
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	18,441	12,554	9,590
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	27,774	19,323	13,901
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	44,980	33,218	20,545
Subscription and support \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	5,030	3,437	2,868
Professional services \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 2,540	$ 2,128	$ 1,729

Organization and Significant Accounting Policies - Segments, Restricted Cash, Marketable Securities and Deferred Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Restricted cash \| $	$ 621	$ 0	$ 0
Credit losses recorded for marketable securities \| $	$ 0	$ 0	$ 0
Sales commissions amortization period	3 years

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 6.2	$ 5.3	$ 1.1

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Tax benefit at federal statutory rate	$ (26,061)	$ (18,690)	$ (8,211)
State taxes, net of federal benefit	(8,397)	(5,722)	(15,350)
Section 162(m) limitations	11,715	6,083	9,008
Stock-based compensation	(10,192)	(9,768)	(49,020)
Global intangible low-taxed income inclusion	2,259	2,850	2,023
Induced conversion	8,834	0	0
Meals & entertainment	821	263	33
Permanent items	432	603	(634)
Tax benefit of federal R&D credit	(8,036)	(6,406)	(3,694)
Foreign income taxes	1,677	256	390
Valuation allowance	30,636	32,896	64,602
Other	(261)	(418)	(517)
Total income tax provision	$ 3,427	$ 1,947	$ (1,370)

Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

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

At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	182,878	$	—	$	—	$	182,878

U.S. treasury debt securities	72,151		1		(899)		71,253

Corporate debt securities	120,081		62		(1,771)		118,372
Foreign government debt securities	993		—		(23)		970
	$	376,103	$	63	$	(2,693)	$	373,473
Included in cash and cash equivalents	$	182,878	$	—	$	—	$	182,878
Included in marketable securities	$	193,225	$	63	$	(2,693)	$	190,595

Schedule of Cash and Cash Equivalents

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

At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	182,878	$	—	$	—	$	182,878

U.S. treasury debt securities	72,151		1		(899)		71,253

Corporate debt securities	120,081		62		(1,771)		118,372
Foreign government debt securities	993		—		(23)		970
	$	376,103	$	63	$	(2,693)	$	373,473
Included in cash and cash equivalents	$	182,878	$	—	$	—	$	182,878
Included in marketable securities	$	193,225	$	63	$	(2,693)	$	190,595

Investments Classified by Contractual Maturity Date

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


	As of December 31, 2023
Due within one year	$	356,773
Due in one to two years	200,849
Due in three to five years	—
	$	557,622

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 December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of December 31, 2023
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	36,549	$	(46)	$	6,036	$	(34)
U.S. government agency debt securities	35,791		(15)		—		—
Corporate debt securities	55,221		(103)		15,708		(84)
Foreign government debt securities	—		—		992		(7)
Total	$	127,561	$	(164)	$	22,736	$	(125)

- 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
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+ Details

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Region

Revenues by geographical region consisted of the following (in thousands):


	For the year ended December 31,
	2023		2022		2021
Subscription and support revenue
Americas	$	472,861	$	408,838	$	342,673
Other	85,784		56,097		36,666
Professional services revenue
Americas	64,876		67,309		58,312
Other	6,518		5,631		5,634
	$	630,039	$	537,875	$	443,285

Schedule of Long-lived Assets by Geographic Areas

Aggregate long-lived assets by geographical region consisted of the following (in thousands):


	As of December 31,
	2023		2022
United States	$	30,394	$	35,790
The Netherlands	3,602		1,580
United Kingdom	1,190		2,681
Other	1,738		977
	$	36,924	$	41,028

Organization and Significant Accounting Policies - Revenue Recognition and Deferred Revenue (Details) - Subscription and support	12 Months Ended
	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue recognition, customer contract period, min	12 months
Revenue recognition, customer contract period, max	36 months
Revenue recognition, customer contract period, median	2 years

- 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

Debt (Tables)

12 Months Ended

Dec. 31, 2023

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):


	December 31, 2023				December 31, 2022
	2026 Notes		2028 Notes		2026 Notes		2028 Notes
Principal	$	71,242	$	702,000	$	345,000	$	—
Unamortized issuance costs	(711)		(10,076)		(4,743)		—
Net carrying amount	$	70,531	$	691,924	$	340,257	$	—

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


	Year ended December 31,
	2023		2022		2021
Contractual interest expense	$	5,952	$	3,880	$	3,881
Amortization of debt discount	—		—		8,153
Amortization of issuance costs	1,730		1,298		1,018
Total interest expense	$	7,682	$	5,178	$	13,052

Organization and Significant Accounting Policies - Accounting Pronouncements (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 [Member]	Accounting Standards Update 2020-06 [Member]
Stockholders' equity		$ 72,979	$ (89,390)	$ 5,983	$ 64,277
Convertible senior notes, non-current			762,455	340,257
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		(452,430)	(652,641)	(525,116)	(414,700)
Additional Paid-in-Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		525,646	$ 562,942	$ 537,732	$ 478,698
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		(40,299)
Convertible senior notes, non-current	$ 40,300
Adjustment \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	18,300	18,261
Adjustment \| Additional Paid-in-Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (58,600)	$ (58,560)

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Leases - Supplemental Cash flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 6,215	$ 6,876	$ 6,028
Finance cash flows from finance leases	505	1,575	1,705
Right-of-use assets obtained in exchange for lease obligations: Operating leases	3,563	1,816	6,299
Right-of-use assets obtained in exchange for lease obligations: Finance leases	$ 0	$ 0	$ 0

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityWe have two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of our Class A common stock and our Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to ten votes per share and is convertible into one share of our Class A common stock at any time. Our Class B common stock also will automatically convert into shares of our Class A common stock upon certain transfers and other events.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Supplemental Consolidated Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net as of December 31, 2023 and 2022 consisted of (in thousands):


	As of December 31,
	2023		2022
Building under finance lease	$	21,574	$	21,574
Computers, equipment and software	12,792		13,221
Furniture and fixtures	7,569		8,308
Vehicles	31		97
Leasehold improvements	8,089		8,045

	50,055		51,245
Less: accumulated depreciation and amortization	(25,773)		(24,149)
	$	24,282	$	27,096

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2023 and 2022 consisted of (in thousands):


	As of December 31,
	2023		2022
Accrued vacation	$	15,356	$	12,939
Accrued commissions	11,969		10,841
Accrued bonuses	6,825		5,597
Accrued payroll	7,206		5,318
Estimated health insurance claims	3,462		1,841
Accrued interest	3,510		1,455
ESPP employee contributions	7,540		5,661
Customer deposits	24,763		25,520
Operating lease liabilities	5,256		5,720
Accrued other liabilities	12,034		9,107
	$	97,921	$	83,999

Commitments and Contingencies (Details) - Cloud Services Arrangement $ in Millions	Dec. 31, 2023 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Other purchase commitments, due in fiscal year 2024	$ 24.3
Other purchase commitments, due in fiscal year 2025	3.5
Other purchase commitments, due in fiscal year 2026	$ 0.3

Geographic Information - Revenue and Long-lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 630,039	$ 537,875	$ 443,285
Long-Lived Assets	36,924	41,028
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	30,394	35,790
The Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	3,602	1,580
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	1,190	2,681
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	1,738	977
Subscription and support
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	558,645	464,935	379,340
Subscription and support \| Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	472,861	408,838	342,673
Subscription and support \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	85,784	56,097	36,666
Professional services revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	56,820	54,896	44,763
Professional services revenue \| Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	64,876	67,309	58,312
Professional services revenue \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 6,518	$ 5,631	$ 5,634

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments We enter into certain non-cancelable agreements with third-party providers primarily for our use of cloud services and cloud infrastructure services in the ordinary course of business. Under these agreements, we are committed to purchase $24.3 million, $3.5 million and $0.3 million in fiscal years 2024, 2025 and 2026, respectively. 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.

Stock-Based Compensation - Employee Stock Purchase Plan Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total proceeds (in thousands)	$ 12,513,000	$ 9,256,000	$ 8,861,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	200,436	131,467	148,864
Weighted average purchase price (in dollars per share)	$ 62.43	$ 70.41	$ 59.52
Total proceeds (in thousands)	$ 12,512,000	$ 9,256,000	$ 8,861,000
Unrecognized compensation expense	$ 152,158
Unrecognized compensation expense, period for recognition (years)	12 days

- Definition

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

+ References

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

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):


	Year ended
	December 31, 2023				December 31, 2022				December 31, 2021
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net loss	$	(118,443)	$	(9,082)	$	(84,210)	$	(6,737)	$	(32,724)	$	(5,006)

Denominator
Weighted-average common shares outstanding - basic and diluted	50,246,900		3,852,857		49,031,441		3,922,638		44,343,177		6,783,333
Basic and diluted net loss per share	$	(2.36)	$	(2.36)	$	(1.72)	$	(1.72)	$	(0.74)	$	(0.74)

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 December 31,
	2023	2022	2021
Shares subject to outstanding common stock options	1,211,619	1,509,172	1,755,180
Shares subject to unvested restricted stock units and performance restricted stock units	2,198,411	1,921,927	1,891,699
Shares issuable pursuant to the ESPP	84,323	112,522	53,877
Shares underlying our convertible senior notes	9,547,320	4,304,082	4,304,082

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 5,595	$ 5,778	$ 4,750
Finance lease cost:
Amortization of right-of-use assets	880	880	880
Interest on lease obligations	811	861	956
Short-term lease cost	3,008	3,045	1,667
Variable lease cost	971	1,189	1,163
Lease cost	$ 11,265	$ 11,753	$ 9,416

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

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


Cash consideration	$	100,744
Total consideration	$	100,744

Cash	$	1,558
Accounts receivable, net	1,403
Intangible assets	24,000
Goodwill	78,225
Other assets	440
Accounts payable	(29)
Accrued liabilities	(1,444)
Deferred revenue	(3,299)
Other liabilities	(110)
Fair value of assets and liabilities	$	100,744

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


Cash consideration	$	36,564
Previously held equity interest	4,698
Total consideration	$	41,262

Cash	$	1,497
Intangible assets	7,000
Goodwill	34,556
Other assets	548
Deferred revenue	(900)
Deferred tax liability	(1,265)
Other liabilities	(174)
Fair value of assets and liabilities	$	41,262

Organization and Significant Accounting Policies - Property and Equipment, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation	$ 4.8	$ 4.8	$ 4.1
Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

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


December 31, 2021	$	34,556
Acquisition	78,225
Foreign currency translation adjustments	(3,041)
December 31, 2022	109,740

Foreign currency translation adjustments	2,357
December 31, 2023	$	112,097

Summary of Intangible Assets

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


	December 31, 2023							December 31, 2022
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4.5	$	15,949	$	(7,471)	$	8,478	$	15,705	$	(3,849)	$	11,856
Acquired customer-related	10.0	15,427		(2,769)		12,658		14,969		(1,169)		13,800
Acquired trade names	3.0	2,172		(1,721)		451		2,151		(861)		1,290
Patents	10.0	3,150		(1,845)		1,305		2,916		(1,628)		1,288
Total	7.2	$	36,698	$	(13,806)	$	22,892	$	35,741	$	(7,507)	$	28,234

Schedule of Expected Amortization Expense of Intangible Assets

As of December 31, 2023, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


2024	$	5,506
2025	4,769
2026	3,451
2027	2,126
2028	1,679
Thereafter	5,361
Total expected amortization expense	$	22,892

- 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
-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 3: 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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Acquisitions - Narrative (Details) - USD ($)			12 Months Ended
Acquisitions - Narrative (Details) - USD ($)	Apr. 01, 2022	Jul. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired			$ 0	$ 99,186,000	$ 37,467,000
Equity securities		$ 4,700,000
Gain on equity securities		3,700,000	$ 0	0	3,698,000
ParsePort ApS
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 99,200,000
Cash acquired from acquisition	1,600,000
Goodwill tax deductible amount	$ 0
Acquisition related costs				$ 600,000
OneCloud, Inc.
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired		35,100,000
Cash acquired from acquisition		$ 1,500,000
Acquisition related costs					$ 400,000

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 310.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	937.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 511.1
Expected period of recognition	12 months

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Contractual interest expense	$ 5,952	$ 3,880	$ 3,881
Amortization of debt discount	0	0	8,153
Amortization of issuance costs	1,730	1,298	1,018
Total interest expense	$ 7,682	$ 5,178	$ 13,052

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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. As of December 31, 2023 and 2022, 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. 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 December 31, 2023						Fair Value Measurements as of December 31, 2022
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	108,826	$	108,826	$	—	$	182,878	$	182,878	$	—
Commercial paper	56,115		—		56,115		—		—		—
U.S. treasury debt securities	224,587		—		224,587		71,253		—		71,253
U.S. government agency debt securities	110,277		—		110,277		—		—		—
Corporate debt securities	165,651		—		165,651		118,372		—		118,372
Foreign government debt securities	992		—		992		970		—		970
	$	666,448	$	108,826	$	557,622	$	373,473	$	182,878	$	190,595

Included in cash and cash equivalents	$	108,826					$	182,878
Included in marketable securities	$	557,622					$	190,595

We completed acquisitions during the years ended December 31, 2022 and 2021. The values of the net assets acquired and any resulting goodwill were recorded at fair value using Level 3 inputs. The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill and definite-lived intangible assets acquired in the acquisition was externally estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. We developed internal estimates for the expected cash flows and discount rates used in the present value calculations.

Convertible Senior Notes

As of December 31, 2023, the fair value of our convertible senior notes due in 2026 and 2028 was $97.8 million and $710.4 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 8 to the 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.

+ References + Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Property and equipment	$ 3,018	$ 2,931
Accruals and reserves	124	79
Lease liability	6,815	7,726
Compensation and benefits	16,756	15,031
Deferred revenue	42,332	31,497
Net operating loss and credits	120,021	138,517
Interest expense	80	386
IRC 174 Capitalization	73,680	38,923
Other	574	2,198
Total deferred tax assets	263,400	237,288
Valuation allowance	(248,279)	(220,016)
Total deferred tax assets	15,121	17,272
Deferred tax liabilities:
Property and equipment	(85)	(104)
Right-of-use asset	(6,589)	(7,389)
Acquired intangibles	(604)	(1,310)
Deferred commissions	(7,265)	(8,212)
Other deferred tax liabilities	(481)	(179)
Deferred tax liabilities	(15,024)	(17,194)
Total	$ 97	$ 78

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Fiscal Year 2022

ParsePort ApS

On April 1, 2022, we acquired all of the issued and outstanding equity interests in Denmark-based ParsePort ApS (“ParsePort”), a leading solution provider for the European Single Electronic Format (“ESEF”) financial reporting mandate, which complements Workiva's cloud platform, for $99.2 million net of cash acquired of $1.6 million.

The transaction has been accounted for as a business combination and the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. 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 the allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	100,744
Total consideration	$	100,744

Cash	$	1,558
Accounts receivable, net	1,403
Intangible assets	24,000
Goodwill	78,225
Other assets	440
Accounts payable	(29)
Accrued liabilities	(1,444)
Deferred revenue	(3,299)
Other liabilities	(110)
Fair value of assets and liabilities	$	100,744

We incurred costs related to the acquisition of approximately $0.6 million during the year ended December 31, 2022. Substantially all acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in our consolidated statements of operations.

The results of operations of ParsePort, which are not material, have been included in our consolidated financial statements from the date of purchase.

Fiscal Year 2021

Mark V Systems Limited

On December 29, 2021, we acquired all of the stock in Mark V Systems Limited, the author of the only open source eXtensible Business Reporting Language validation engine, which ensures the continued accessibility of the open source validation engine. The acquisition was not material to the consolidated financial statements.

AuditNet, LLC

On December 10, 2021, we acquired all of the membership interests in AuditNet, LLC, a global audit content and services provider, which strengthens Workiva’s risk and assurance offerings. The acquisition was not material to the consolidated financial statements.

OneCloud, Inc.

On July 30, 2021, we acquired all of the equity interest in OneCloud, Inc. (“OneCloud”), an iPaaS company, in order to extend our integration and data preparation capabilities, for $35.1 million, net of cash acquired of $1.5 million.

We previously held an investment in OneCloud which was accounted for as an investment in equity securities. Prior to performing purchase accounting we remeasured the previous ownership interest to fair value, increasing the value to $4.7 million, which resulted in a gain of $3.7 million recorded in other income (expense), net in the consolidated statement of operations.

The transaction has been accounted for as a business combination and the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. 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 and strategic benefits that are expected to be achieved and is not deductible for income tax purposes.

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


Cash consideration	$	36,564
Previously held equity interest	4,698
Total consideration	$	41,262

Cash	$	1,497
Intangible assets	7,000
Goodwill	34,556
Other assets	548
Deferred revenue	(900)
Deferred tax liability	(1,265)
Other liabilities	(174)
Fair value of assets and liabilities	$	41,262

We incurred costs related to the acquisition of approximately $0.4 million during the year ended December 31, 2021. All acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in our consolidated statements of operations.

The results of operations of OneCloud, which are not material, have been included in our consolidated financial statements from the date of purchase.

Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Geographic Information

Revenues by geographical region consisted of the following (in thousands):


	For the year ended December 31,
	2023		2022		2021
Subscription and support revenue
Americas	$	472,861	$	408,838	$	342,673
Other	85,784		56,097		36,666
Professional services revenue
Americas	64,876		67,309		58,312
Other	6,518		5,631		5,634
	$	630,039	$	537,875	$	443,285

Revenues by geography are generally based on the country of the customer as specified in our subscription order. Total Americas revenue attributed to the U.S. was approximately 93% during each of the years ended December 31, 2023, 2022, and 2021. No other country represented more than 10% of total revenue during the years presented.

Our long-lived assets, which primarily consist of property and equipment and operating lease right-of-use assets, are attributed to a country based on the physical location of the assets. Aggregate long-lived assets by geographical region consisted of the following (in thousands):


	As of December 31,
	2023		2022
United States	$	30,394	$	35,790
The Netherlands	3,602		1,580
United Kingdom	1,190		2,681
Other	1,738		977
	$	36,924	$	41,028

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

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 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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)	1,211,619	1,509,172	1,755,180
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)	2,198,411	1,921,927	1,891,699
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)	84,323	112,522	53,877
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)	9,547,320	4,304,082	4,304,082

Stock-Based Compensation - Employee Stock Purchase Plan Assumptions (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-Average Assumptions
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate, min (as percent)	4.60%	0.60%
Risk-free interest rate, max (as percent)	5.30%	3.10%
Risk-free interest rate (as percent)			0.10%
Expected volatility, min (as percent)	33.90%	45.70%	41.80%
Expected volatility, max (as percent)	57.30%	58.70%	45.00%

Goodwill and Intangible Assets - Intangible Asset Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	7 years 2 months 12 days
Gross Carrying Amount	$ 36,698	$ 35,741
Accumulated Amortization	(13,806)	(7,507)
Net Carrying Amount	$ 22,892	28,234
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	4 years 6 months
Gross Carrying Amount	$ 15,949	15,705
Accumulated Amortization	(7,471)	(3,849)
Net Carrying Amount	$ 8,478	11,856
Acquired customer-related
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 15,427	14,969
Accumulated Amortization	(2,769)	(1,169)
Net Carrying Amount	$ 12,658	13,800
Acquired trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	3 years
Gross Carrying Amount	$ 2,172	2,151
Accumulated Amortization	(1,721)	(861)
Net Carrying Amount	$ 451	1,290
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 3,150	2,916
Accumulated Amortization	(1,845)	(1,628)
Net Carrying Amount	$ 1,305	$ 1,288

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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):


	Year ended
	December 31, 2023				December 31, 2022				December 31, 2021
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net loss	$	(118,443)	$	(9,082)	$	(84,210)	$	(6,737)	$	(32,724)	$	(5,006)

Denominator
Weighted-average common shares outstanding - basic and diluted	50,246,900		3,852,857		49,031,441		3,922,638		44,343,177		6,783,333
Basic and diluted net loss per share	$	(2.36)	$	(2.36)	$	(1.72)	$	(1.72)	$	(0.74)	$	(0.74)

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 December 31,
	2023	2022	2021
Shares subject to outstanding common stock options	1,211,619	1,509,172	1,755,180
Shares subject to unvested restricted stock units and performance restricted stock units	2,198,411	1,921,927	1,891,699
Shares issuable pursuant to the ESPP	84,323	112,522	53,877
Shares underlying our convertible senior notes	9,547,320	4,304,082	4,304,082

Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

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

At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	182,878	$	—	$	—	$	182,878

U.S. treasury debt securities	72,151		1		(899)		71,253

Corporate debt securities	120,081		62		(1,771)		118,372
Foreign government debt securities	993		—		(23)		970
	$	376,103	$	63	$	(2,693)	$	373,473
Included in cash and cash equivalents	$	182,878	$	—	$	—	$	182,878
Included in marketable securities	$	193,225	$	63	$	(2,693)	$	190,595

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


	As of December 31, 2023
Due within one year	$	356,773
Due in one to two years	200,849
Due in three to five years	—
	$	557,622


	As of December 31, 2023
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	36,549	$	(46)	$	6,036	$	(34)
U.S. government agency debt securities	35,791		(15)		—		—
Corporate debt securities	55,221		(103)		15,708		(84)
Foreign government debt securities	—		—		992		(7)
Total	$	127,561	$	(164)	$	22,736	$	(125)

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of December 31, 2023, 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.

Supplemental Consolidated Balance Sheet Information - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Building under finance lease	$ 21,574	$ 21,574
Property and equipment and finance lease, gross	50,055	51,245
Less: accumulated depreciation and amortization	(25,773)	(24,149)
Property and equipment, net	24,282	27,096
Finance lease, accumulated amortization	4,500	3,600
Computers, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,792	13,221
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,569	8,308
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31	97
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,089	$ 8,045

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Lease Expense Components, Supplemental Cash Flow Information and Other Information

The components of lease expense recognized in the consolidated statements of operations were as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Operating lease cost	$	5,595	$	5,778	$	4,750
Finance lease cost:
Amortization of right-of-use assets	880		880		880
Interest on lease obligations	811		861		956
Short-term lease cost	3,008		3,045		1,667
Variable lease cost	971		1,189		1,163
	$	11,265	$	11,753	$	9,416

Supplemental cash flow information related to leases was as follows (in thousands):


	Year ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,215	$	6,876	$	6,028
Finance cash flows from finance leases	505		1,575		1,705
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	3,563	$	1,816	$	6,299
Finance leases	—		—		—

Other supplemental information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Weighted Average Remaining Lease Term (in years)
Operating leases	5.0		5.4		5.7
Finance leases	19.4		20.4		21.4
Weighted Average Discount Rate
Operating leases	5.7	%	5.4	%	4.9	%
Finance leases	5.5	%	5.5	%	5.5	%

Summary of Future Estimated Minimum Operating Lease Payments

As of December 31, 2023, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2024	$	6,048	$	1,315
2025	4,137		1,315
2026	3,061		1,315
2027	1,721		1,315
2028	1,499		1,315
Thereafter	2,364		16,030
Total lease obligations	18,830		22,605
Less: Amount representing interest	(2,684)		(8,023)
Net lease obligations	$	16,146	$	14,582

Schedule of Financing Obligation Payments

As of December 31, 2023, the aggregate annual lease obligations were as follows (in thousands):


	Operating Leases		Finance Leases
2024	$	6,048	$	1,315
2025	4,137		1,315
2026	3,061		1,315
2027	1,721		1,315
2028	1,499		1,315
Thereafter	2,364		16,030
Total lease obligations	18,830		22,605
Less: Amount representing interest	(2,684)		(8,023)
Net lease obligations	$	16,146	$	14,582

Leases - Other Information (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Remaining Lease Term (in years)
Operating leases	5 years	5 years 4 months 24 days	5 years 8 months 12 days
Finance leases	19 years 4 months 24 days	20 years 4 months 24 days	21 years 4 months 24 days
Weighted Average Discount Rate
Operating leases	5.70%	5.40%	4.90%
Finance leases	5.50%	5.50%	5.50%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal income tax expense (benefit)	$ 700	$ 0	$ (1,250)
Deferred tax asset related to Section 174 amortization	73,680	$ 38,923
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	298,200
Tax Credit Carryforward [Line Items]
Tax credit carryforward	32,100
State Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	372,800
Tax Credit Carryforward [Line Items]
Tax credit carryforward	4,700
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 1,300

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2023, 2022 and 2021 (in thousands):


	Accumulated translation adjustment		Accumulated unrealized holding gains (losses) on available-for-sale securities		Accumulated other comprehensive income (loss)
Balance at December 31, 2020	$	41	$	189	$	230
Other comprehensive income (loss)	266		(784)		(518)
Balance at December 31, 2021	307		(595)		(288)
Other comprehensive loss	(4,304)		(2,094)		(6,398)
Balance at December 31, 2022	(3,997)		(2,689)		(6,686)
Other comprehensive income	3,316		3,625		6,941
Balance at December 31, 2023	$	(681)	$	936	$	255

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31, 2023						Fair Value Measurements as of December 31, 2022
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	108,826	$	108,826	$	—	$	182,878	$	182,878	$	—
Commercial paper	56,115		—		56,115		—		—		—
U.S. treasury debt securities	224,587		—		224,587		71,253		—		71,253
U.S. government agency debt securities	110,277		—		110,277		—		—		—
Corporate debt securities	165,651		—		165,651		118,372		—		118,372
Foreign government debt securities	992		—		992		970		—		970
	$	666,448	$	108,826	$	557,622	$	373,473	$	182,878	$	190,595

Included in cash and cash equivalents	$	108,826					$	182,878
Included in marketable securities	$	557,622					$	190,595