0000950170-24-119042 | 10-Q | XBRL Viewer

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Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

6. Balance Sheet Components

Property and Equipment, Net

The cost and accumulated depreciation and amortization of property and equipment were as follows (in thousands):


	September 30, 2024			December 31, 2023
Computers, equipment, and software	$	13,173		$	11,300
Furniture and fixtures		1,047			916
Leasehold improvements		416			380
Capitalized internal-use software costs		71,100			38,999
Construction in progress - capitalized internal-use software costs		26,925			27,831
Property and equipment, at cost	$	112,661		$	79,426
Less: Accumulated depreciation and amortization		(39,503	)		(25,414	)
Property and equipment, net	$	73,158		$	54,012

Depreciation and amortization expense was $5.1 million and $3.5 million for the three months ended September 30, 2024 and 2023, respectively, and $14.2 million and $9.7 million for the nine months ended September 30, 2024 and 2023, respectively.

Accrued Expenses and Other Liabilities

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


	September 30, 2024		December 31, 2023
Accrued compensation and benefits	$	64,212	$	74,497
Accrued income taxes		30,088		2,264
Accrued expenses		18,484		13,471
Accrued commissions		17,137		17,418
Accrued payroll taxes		10,397		9,162
Employee contributions under employee stock purchase plan		5,152		13,946
Other liabilities		13,444		11,089
Total accrued expenses and other liabilities	$	158,914	$	141,847

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value and Amortized Cost of Marketable Securities

The following tables summarize the fair values of the Company’s marketable securities (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasury securities	$	671,318	$	1,920	$	(45	)	$	673,193
Corporate notes and bonds		501,889		2,891		(41	)		504,739
U.S. agency obligations		276,122		1,030		(80	)		277,072
Commercial paper		81,842		41		-			81,883
Total marketable securities	$	1,531,171	$	5,882	$	(166	)	$	1,536,887


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasury securities	$	834,235	$	257	$	(1,355	)	$	833,137
U.S. agency obligations		403,035		599		(875	)		402,759
Corporate notes and bonds		279,328		838		(457	)		279,709
Commercial paper		35,407		-		(3	)		35,404
Total marketable securities	$	1,552,005	$	1,694	$	(2,690	)	$	1,551,009

Schedule of Fair Values and Unrealized Losses on Marketable Securities

The following tables summarize the fair values and unrealized losses of the Company’s marketable securities, classified by the length of time that the securities have been in a continuous unrealized loss position (in thousands):


	September 30, 2024
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. treasury securities	$	34,033	$	(20	)	$	63,833	$	(25	)	$	97,866	$	(45	)
U.S. agency obligations		54,007		(70	)		18,546		(10	)		72,553		(80	)
Corporate notes and bonds		9,522		(6	)		32,575		(35	)		42,097		(41	)
Commercial paper		499		-			-		-			499		-
Total	$	98,061	$	(96	)	$	114,954	$	(70	)	$	213,015	$	(166	)


	December 31, 2023
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. treasury securities	$	487,260	$	(1,074	)	$	46,130	$	(281	)	$	533,390	$	(1,355	)
U.S. agency obligations		206,105		(390	)		80,657		(485	)		286,762		(875	)
Corporate notes and bonds		100,295		(293	)		31,277		(164	)		131,572		(457	)
Commercial paper		6,810		(3	)		-		-			6,810		(3	)
Total	$	800,470	$	(1,760	)	$	158,064	$	(930	)	$	958,534	$	(2,690	)

Schedule of Fair Value and Amortized Cost of Contractual Maturities

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


	September 30, 2024
	Amortized Cost		Fair Value
Due within one year	$	1,132,561	$	1,135,161
Due after one year through five years		398,610		401,726
Total	$	1,531,171	$	1,536,887

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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+ Details

Revenue - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 883.0
Revenue, remaining performance obligation, percentage	65.00%
Deferred revenue	$ 374.4		$ 353.0
Unbilled receivables balance	123.7		$ 64.2
Revenue recognized from deferred revenue	$ 301.1	$ 254.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation Of Revenue [Line Items]
Performance obligations period	12 months
Minimum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation Of Revenue [Line Items]
Performance obligations period	13 months
Maximum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation Of Revenue [Line Items]
Performance obligations period	36 months

Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	$ 98,307	$ 89,514	$ 292,736	$ 260,962
Capitalized stock-based compensation	5,108	3,836	15,210	13,568
Total stock-based compensation	103,415	93,350	307,946	274,530
Cost of Revenue [Member] \| Subscription [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	6,931	6,171	20,130	19,413
Cost of Revenue [Member] \| Services [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	2,286	2,619	7,082	8,521
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	41,702	37,778	121,366	103,213
Sales and Marketing [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	33,020	32,297	100,001	93,673
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	$ 14,368	$ 10,649	$ 44,157	$ 36,142

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A and Class B [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2022	$ 769,477	$ 3	$ 1,980,335	$ (9,456)	$ (1,201,405)
Balance (shares) at Dec. 31, 2022		289,384,180
Repurchases of unvested common stock (shares)		(35,203)
Vesting of early exercised options	2,442		2,442
Issuance of common stock upon exercise of vested options	62,859		62,859
Issuance of common stock upon exercise of vested options (shares)		9,574,968
Vesting of restricted stock units (shares)		6,947,418
Issuance of common stock under employee stock purchase plan	28,708		28,708
Issuance of common stock under employee stock purchase plan (shares)		1,221,624
Stock-based compensation	274,530		274,530
Other comprehensive income (loss), net of tax	(310)			(310)
Net Income (Loss)	(348,650)				(348,650)
Balance at Sep. 30, 2023	789,056	$ 3	2,348,874	(9,766)	(1,550,055)
Balance (shares) at Sep. 30, 2023		307,092,987
Balance at Jun. 30, 2023	761,386	$ 3	2,228,574	(9,806)	(1,457,385)
Balance (shares) at Jun. 30, 2023		301,678,221
Repurchases of unvested common stock (shares)		(4,375)
Vesting of early exercised options	538		538
Issuance of common stock upon exercise of vested options	14,876		14,876
Issuance of common stock upon exercise of vested options (shares)		2,333,321
Vesting of restricted stock units (shares)		2,578,782
Issuance of common stock under employee stock purchase plan	11,536		11,536
Issuance of common stock under employee stock purchase plan (shares)		507,038
Stock-based compensation	93,350		93,350
Other comprehensive income (loss), net of tax	40			40
Net Income (Loss)	(92,670)				(92,670)
Balance at Sep. 30, 2023	789,056	$ 3	2,348,874	(9,766)	(1,550,055)
Balance (shares) at Sep. 30, 2023		307,092,987
Balance at Dec. 31, 2023	810,415	$ 3	2,453,293	1,270	(1,644,151)
Balance (shares) at Dec. 31, 2023		311,511,542
Vesting of early exercised options	908		908
Issuance of common stock upon exercise of vested options	$ 37,294		37,294
Issuance of common stock upon exercise of vested options (shares)	5,047,425	5,047,425
Vesting of restricted stock units (shares)		9,082,500
Issuance of common stock in connection with a business combination	$ 2,642		2,642
Issuance of common stock in connection with a business combination (shares)		132,476
Issuance of common stock in connection with a business combination subject to future vesting (shares)		397,436
Issuance of common stock under employee stock purchase plan	23,970		23,970
Issuance of common stock under employee stock purchase plan (shares)		1,151,944
Stock-based compensation	307,946		307,946
Other comprehensive income (loss), net of tax	8,154			8,154
Net Income (Loss)	(257,011)				(257,011)
Balance at Sep. 30, 2024	934,318	$ 3	2,826,053	9,424	(1,901,162)
Balance (shares) at Sep. 30, 2024		327,323,323
Balance at Jun. 30, 2024	873,864	$ 3	2,702,980	(2,101)	(1,827,018)
Balance (shares) at Jun. 30, 2024		322,232,901
Vesting of early exercised options	291		291
Issuance of common stock upon exercise of vested options	8,358		8,358
Issuance of common stock upon exercise of vested options (shares)		1,100,389
Vesting of restricted stock units (shares)		2,982,332
Issuance of common stock in connection with a business combination	2,642		2,642
Issuance of common stock in connection with a business combination (shares)		132,476
Issuance of common stock in connection with a business combination subject to future vesting (shares)		397,436
Issuance of common stock under employee stock purchase plan	8,367		8,367
Issuance of common stock under employee stock purchase plan (shares)		477,789
Stock-based compensation	103,415		103,415
Other comprehensive income (loss), net of tax	11,525			11,525
Net Income (Loss)	(74,144)				(74,144)
Balance at Sep. 30, 2024	$ 934,318	$ 3	$ 2,826,053	$ 9,424	$ (1,901,162)
Balance (shares) at Sep. 30, 2024		327,323,323

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company computes its provision for (benefit from) income taxes for interim periods by applying its estimated annual effective tax rate to year-to-date loss or income for includable jurisdictions before income taxes from recurring operations and adjusting for discrete tax items arising in that interim period.

The Company’s provision for income taxes was $3.0 million and $1.6 million for the three months ended September 30, 2024 and 2023, respectively, and $8.8 million and $4.9 million for the nine months ended September 30, 2024 and 2023, respectively, primarily due to foreign, federal, and state income taxes.

The Company monitors the realizability of the U.S. and U.K. deferred tax assets taking into account all relevant factors. As of September 30, 2024, the Company continued to maintain a full valuation allowance on its U.S. and U.K. deferred tax assets. The Company will release the valuation allowance when there is sufficient positive evidence to support a conclusion that it is more likely than not the deferred tax assets will be realized.

Based on the Company’s assessment of the U.K.’s current income and anticipated future earnings, there is a reasonable possibility that the Company will have sufficient evidence to release a significant portion of the valuation allowance in the U.K. within the next 12 months. However, the Company’s judgment regarding the U.K.’s future earnings and the exact timing and amount of any U.K. valuation allowance release are subject to change due to many factors, including future market conditions, the ability to successfully execute its business plans, and the amount of stock-based compensation tax deductions available in the future. Release of the U.K. valuation allowance would result in the recognition of net deferred tax assets on the Company’s consolidated balance sheet and would decrease income tax expense in the period the release is recorded.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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

Revenue - Schedule of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 119,752	$ 104,284
Capitalization of contract acquisition costs	37,272	39,574
Amortization of deferred contract acquisition costs	(40,045)	(33,460)
Ending balance	$ 116,979	$ 110,398

Marketable Securities - Schedule of Fair Values and Unrealized Losses on Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Fair Value, Less than 12 Months	$ 98,061	$ 800,470
Fair Value, 12 Months or Greater	114,954	158,064
Fair Value, Total	213,015	958,534
Unrealized Losses, Less than 12 Months	(96)	(1,760)
Unrealized Losses, 12 Months or Greater	(70)	(930)
Unrealized Losses, Total	(166)	(2,690)
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Fair Value, Less than 12 Months	34,033	487,260
Fair Value, 12 Months or Greater	63,833	46,130
Fair Value, Total	97,866	533,390
Unrealized Losses, Less than 12 Months	(20)	(1,074)
Unrealized Losses, 12 Months or Greater	(25)	(281)
Unrealized Losses, Total	(45)	(1,355)
U.S. Agency Obligations [Member]
Marketable Securities [Line Items]
Fair Value, Less than 12 Months	54,007	206,105
Fair Value, 12 Months or Greater	18,546	80,657
Fair Value, Total	72,553	286,762
Unrealized Losses, Less than 12 Months	(70)	(390)
Unrealized Losses, 12 Months or Greater	(10)	(485)
Unrealized Losses, Total	(80)	(875)
Corporate Notes and Bonds [Member]
Marketable Securities [Line Items]
Fair Value, Less than 12 Months	9,522	100,295
Fair Value, 12 Months or Greater	32,575	31,277
Fair Value, Total	42,097	131,572
Unrealized Losses, Less than 12 Months	(6)	(293)
Unrealized Losses, 12 Months or Greater	(35)	(164)
Unrealized Losses, Total	(41)	(457)
Commercial Paper [Member]
Marketable Securities [Line Items]
Fair Value, Less than 12 Months	499	6,810
Fair Value, 12 Months or Greater	0	0
Fair Value, Total	499	6,810
Unrealized Losses, Less than 12 Months	0	(3)
Unrealized Losses, 12 Months or Greater	0	0
Unrealized Losses, Total	$ 0	$ (3)

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Leases

The Company has entered into non-cancelable operating leases, primarily for the rent of office space expiring at various dates through 2029. Certain lease agreements contain an option for the Company to renew the lease for a term of up to five years or an option to terminate the lease early within three years of lease termination. The Company considers these options in determining the lease term and minimum lease payments on a lease-by-lease basis. None of the Company’s lease agreements contain any material non-lease components, material residual value guarantees, or material restrictive covenants.

In 2019, the Company was issued a letter of credit of $8.2 million for its office space in Mountain View, California. The letter of credit was reduced to $6.5 million during the nine months ended September 30, 2024. No draws have been made under the letter of credit as of September 30, 2024 and December 31, 2023.

During the nine months ended September 30, 2023, the Company ceased use of certain leased office space. The Company accelerated amortization of the related operating lease right-of-use assets and recognized $15.7 million of lease abandonment charges within restructuring and other related charges in the condensed consolidated statements of operations.

Purchase Obligations

During the nine months ended September 30, 2024, there were no material changes to the Company’s purchase obligations from those disclosed in the Company’s Annual Report.

Legal Matters

From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. As of September 30, 2024 and December 31, 2023, the Company is not aware of any matters that would individually or taken together have a material adverse effect on the Company’s results of operations, financial position, or cash flows.

Indemnification

The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including customers, business partners, landlords, and certain third-party vendors. Under these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party resulting from certain Company activities. The terms of these indemnification agreements are generally perpetual and the maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. As of September 30, 2024 and December 31, 2023, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. The Company maintained commercial general liability insurance and product liability insurance during the three and nine months ended September 30, 2024 and 2023 to offset certain of the Company’s potential liabilities under these indemnification provisions.

The Company also indemnifies certain of its officers, directors, and certain key employees while they are serving in good faith in their respective capacities. As of September 30, 2024 and December 31, 2023, the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements.

Derivative Instruments and Hedging - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 6,064	$ 3,219
Derivative liabilities	$ 402	$ 1,272
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative assets	$ 2,324	$ 906
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Derivative liabilities	$ 389	$ 1,239
Other Noncurrent Assets \| Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative assets	$ 266	$ 524
Other Noncurrent Liabilities \| Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Derivative liabilities	$ 7	$ 15
Prepaid expenses and other current assets \| Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Derivative assets	$ 3,474	$ 1,789
Accrued expenses and other liabilities \| Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Derivative liabilities	$ 6	$ 18

Derivative Instruments and Hedging

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging

5. Derivative Instruments and Hedging

The Company enters into foreign currency forward contracts with certain financial institutions to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Derivative instruments that hedge the exposure to variability in expected future cash flows are designated as cash flow hedges. The Company records changes in the fair value of these derivatives as a component of accumulated other comprehensive income (loss) (“AOCI”) and subsequently reclassifies the related gains or losses into cost of revenue or operating expense in the same period, or periods, during which the hedged transaction affects earnings. The Company classifies cash flows related to its cash flow hedges as operating activities in its condensed consolidated statements of cash flows.

Derivative instruments that hedge the exposure to variability in the fair value of assets or liabilities or hedge monetary assets and liabilities denominated in certain non-USD currencies are not designated as hedges for financial reporting purposes. The Company records changes in the fair value of these derivatives in other income (expense), net in the condensed consolidated statements of operations. The Company classifies cash flows related to these derivatives as operating activities in its condensed consolidated statements of cash flows.

The following table summarizes the notional amounts of the Company’s derivative instruments (in thousands):


	September 30, 2024		December 31, 2023
Foreign currency forward contracts designated as hedging instruments	$	104,409	$	125,617
Foreign currency forward contracts not designated as hedging instruments		100,933		99,918
Total derivative instruments	$	205,342	$	225,535

The Company has master netting agreements with each of its counterparties, which permit net settlement of multiple, separate derivative contracts with a single payment. The Company does not have collateral requirements with any of its counterparties. Although the Company is allowed to present the fair value of derivative instruments on a net basis according to master netting arrangements, the Company has elected to present its derivative instruments on a gross basis in its condensed consolidated financial statements. The Company’s derivative instruments generally have maturities of 18 months or less. The Company does not use derivative instruments for trading or speculative purposes. The following table summarizes the fair value of the Company’s derivative instruments on the condensed consolidated balance sheets (in thousands):


	Balance Sheet Location	September 30, 2024		December 31, 2023
Derivative Assets:
Foreign currency forward contracts designated as hedging instruments	Prepaid expenses and other current assets	$	3,474	$	1,789
Foreign currency forward contracts not designated as hedging instruments	Prepaid expenses and other current assets		2,324		906
Foreign currency forward contracts designated as hedging instruments	Other assets, non-current		266		524
Total derivative assets		$	6,064	$	3,219
Derivative Liabilities:
Foreign currency forward contracts designated as hedging instruments	Accrued expenses and other liabilities	$	6	$	18
Foreign currency forward contracts not designated as hedging instruments	Accrued expenses and other liabilities		389		1,239
Foreign currency forward contracts designated as hedging instruments	Other liabilities, non-current		7		15
Total derivative liabilities		$	402	$	1,272

The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Beginning balance	$	1,049		$	540		$	2,280		$	653
Net gain (loss) recognized in other comprehensive income (loss)		4,007			(1,759	)		3,070			(694	)
Net gain reclassified from AOCI to earnings		(1,329	)		(242	)		(1,623	)		(1,420	)
Ending balance	$	3,727		$	(1,461	)	$	3,727		$	(1,461	)

As of September 30, 2024, net unrealized gains included in the balance of accumulated other comprehensive income (loss) related to foreign currency forward contracts designated as hedging instruments was $3.7 million, $3.5 million of which the Company expects to reclassify from accumulated other comprehensive income (loss) into earnings over the next 12 months.

The following table summarizes the effect of foreign currency forward contracts on the condensed consolidated statements of operations (in thousands):


	Derivatives Designated as Hedging Instruments									Derivatives Not Designated as Hedging Instruments
	Three Months Ended September 30,					Nine Months Ended September 30,				Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023		2024		2023			2024		2023
Cost of revenue - subscription	$	181	$	19		$	235	$	152	$	-	$	-		$	-	$	-
Cost of revenue - services		111		(2	)		130		106		-		-			-		-
Research and development		164		103			228		302		-		-			-		-
Sales and marketing		713		69			812		650		-		-			-		-
General and administrative		160		53			218		210		-		-			-		-
Other income (expense), net		-		-			-		-		2,101		(229	)		245		(142	)
Total gains (losses) recognized in earnings	$	1,329	$	242		$	1,623	$	1,420	$	2,101	$	(229	)	$	245	$	(142	)

Revenue - Summary of Revenue Disaggregated by Geographic Markets (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Disaggregation Of Revenue [Line Items]

Total revenue

$ 250,199

$ 200,181

$ 702,422

$ 563,768

Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Major Customers [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

100.00%

Revenue Benchmark [Member] | Subscription and Service Concentration Risk [Member] | Major Customers [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

100.00%

United States [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

$ 152,400

$ 119,367

$ 423,056

$ 337,219

United States [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

61.00%

60.00%

International [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

$ 97,799

$ 80,814

$ 279,366

$ 226,549

International [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

39.00%

40.00%

License [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

$ 24,967

$ 21,386

$ 71,292

$ 60,918

License [Member] | Revenue Benchmark [Member] | Subscription and Service Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

10.00%

11.00%

10.00%

11.00%

Post Contract Customer Support [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

^[1]

$ 85,110

$ 76,284

$ 246,184

$ 216,591

Post Contract Customer Support [Member] | Revenue Benchmark [Member] | Subscription and Service Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

^[1]

34.00%

38.00%

35.00%

38.00%

Confluent Cloud [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

$ 129,774

$ 91,600

$ 353,979

$ 248,816

Confluent Cloud [Member] | Revenue Benchmark [Member] | Subscription and Service Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

52.00%

46.00%

51.00%

44.00%

Subscription [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

$ 239,851

$ 189,270

$ 671,455

$ 526,325

Subscription [Member] | Revenue Benchmark [Member] | Subscription and Service Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

96.00%

95.00%

96.00%

93.00%

Services [Member]

Disaggregation Of Revenue [Line Items]

Total revenue

$ 10,348

$ 10,911

$ 30,967

$ 37,443

Services [Member] | Revenue Benchmark [Member] | Subscription and Service Concentration Risk [Member]

Disaggregation Of Revenue [Line Items]

Percentage of Revenue

4.00%

5.00%

4.00%

7.00%

[1]	PCS refers to post-contract customer support, maintenance, and upgrades.

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue Disaggregated by Geographic Markets

The following table sets forth revenue disaggregated by geographic markets based on the location of the customer and by subscription and service categories (dollars in thousands):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Geographic markets:
United States	$	152,400	61	%	$	119,367	60	%	$	423,056	60	%	$	337,219	60	%
International		97,799	39	%		80,814	40	%		279,366	40	%		226,549	40	%
Total revenue	$	250,199	100	%	$	200,181	100	%	$	702,422	100	%	$	563,768	100	%
Subscriptions and services:
Confluent Platform - License	$	24,967	10	%	$	21,386	11	%	$	71,292	10	%	$	60,918	11	%
Confluent Platform - PCS(1)		85,110	34	%		76,284	38	%		246,184	35	%		216,591	38	%
Confluent Cloud		129,774	52	%		91,600	46	%		353,979	51	%		248,816	44	%
Subscription		239,851	96	%		189,270	95	%		671,455	96	%		526,325	93	%
Services		10,348	4	%		10,911	5	%		30,967	4	%		37,443	7	%
Total revenue	$	250,199	100	%	$	200,181	100	%	$	702,422	100	%	$	563,768	100	%

(1) PCS refers to post-contract customer support, maintenance, and upgrades.

Schedule of Activity of Deferred Contract Acquisition Costs

The following table summarizes the activity of deferred contract acquisition costs (in thousands):


	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	119,752		$	104,284
Capitalization of contract acquisition costs		37,272			39,574
Amortization of deferred contract acquisition costs		(40,045	)		(33,460	)
Ending balance	$	116,979		$	110,398

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Property and Equipment, Net

The cost and accumulated depreciation and amortization of property and equipment were as follows (in thousands):


	September 30, 2024			December 31, 2023
Computers, equipment, and software	$	13,173		$	11,300
Furniture and fixtures		1,047			916
Leasehold improvements		416			380
Capitalized internal-use software costs		71,100			38,999
Construction in progress - capitalized internal-use software costs		26,925			27,831
Property and equipment, at cost	$	112,661		$	79,426
Less: Accumulated depreciation and amortization		(39,503	)		(25,414	)
Property and equipment, net	$	73,158		$	54,012

Summary of Accrued Expense and Other Liabilities

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


	September 30, 2024		December 31, 2023
Accrued compensation and benefits	$	64,212	$	74,497
Accrued income taxes		30,088		2,264
Accrued expenses		18,484		13,471
Accrued commissions		17,137		17,418
Accrued payroll taxes		10,397		9,162
Employee contributions under employee stock purchase plan		5,152		13,946
Other liabilities		13,444		11,089
Total accrued expenses and other liabilities	$	158,914	$	141,847

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Insider Trading Arrangements

During the three months ended September 30, 2024, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below.


Type of Trading Arrangement
Name and Position	Action	Adoption/ Termination Date	Rule 10b5-1*	Non-Rule 10b5-1**	Total Shares of Class A Common Stock to be Sold	Expiration Date
Edward Jay Kreps - Chief Executive Officer	Adoption	8/15/2024	X		Up to 2,243,328	2/27/2026
Erica Schultz - President, Field Operations	Adoption	8/15/2024	X		Up to 1,153,477(1)	11/18/2025
Rohan Sivaram - Chief Financial Officer	Adoption	9/12/2024	X		Up to 204,163(2)	12/31/2025
Kong Phan - Chief Accounting Officer	Adoption	9/12/2024	X		Up to 80,158 + TBD(3)	12/13/2025
Lara Caimi - Director	Termination(4)	9/12/2024	X		Up to 80,399	2/21/2025
Lara Caimi - Director	Adoption(4)	9/12/2024	X		Up to 74,012	12/13/2025
Jonathan Chadwick - Director	Adoption	9/9/2024	X		Up to 137,500(5)	12/5/2025
Neha Narkhede - Director	Adoption	9/13/2024	X		Up to 386,300	12/13/2025

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

(1) The shares that may be sold under the Rule 10b5-1 trading plan may be (a) reduced by the number of shares sold to satisfy tax withholding obligations upon vesting of certain restricted stock units covered by the plan, pursuant to Confluent’s non-discretionary sell-to-cover requirement, and (b) reduced by any shares sold in accordance with an existing plan prior to its expiration on November 15, 2024.

(2) The shares that may be sold under the Rule 10b5-1 trading plan may be reduced by any shares sold in accordance with an existing plan prior to its expiration on December 13, 2024.

(3) The shares that may be sold under the Rule 10b5-1 trading plan will (a) include up to 100% of the shares of our Class A Common Stock that Mr. Phan may purchase under our 2021 Employee Stock Purchase Plan on or around August 15, 2025, which number of shares is not yet determinable, and (b) be reduced by the number of shares sold to satisfy tax withholding obligations upon vesting of certain restricted stock units covered by the plan, pursuant to Confluent’s non-discretionary sell-to-cover requirement.

(4) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written plan adopted on December 11, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

(5) The shares that may be sold under the Rule 10b5-1 trading plan may be reduced by any shares sold in accordance with an existing plan prior to its expiration on November 22, 2024.

Edward Jay Kreps [Member]

Trading Arrangements, by Individual

Name

Edward Jay Kreps

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

8/15/2024

2/27/2026

561 days

2,243,328

Erica Schultz [Member]

Trading Arrangements, by Individual

Name

Erica Schultz

Title

President, Field Operations

Rule 10b5-1 Arrangement Adopted

true

8/15/2024

11/18/2025

460 days

1,153,477

^[1]

Rohan Sivaram [Member]

Trading Arrangements, by Individual

Name

Rohan Sivaram

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

9/12/2024

12/31/2025

475 days

204,163

^[2]

Kong Phan [Member]

Trading Arrangements, by Individual

Name

Kong Phan

Title

Chief Accounting Officer

Rule 10b5-1 Arrangement Adopted

true

9/12/2024

12/13/2025

457 days

80,158

^[3]

Jonathan Chadwick [Member]

Trading Arrangements, by Individual

Name

Jonathan Chadwick

Title

Director

Rule 10b5-1 Arrangement Adopted

true

9/9/2024

12/5/2025

452 days

137,500

^[4]

Neha Narkhede [Member]

Trading Arrangements, by Individual

Name

Neha Narkhede

Title

Director

Rule 10b5-1 Arrangement Adopted

true

9/13/2024

12/13/2025

456 days

386,300

One [Member] | Lara Caimi [Member]

Trading Arrangements, by Individual

Name

Lara Caimi

^[5]

Title

Director

^[5]

Rule 10b5-1 Arrangement Terminated

true

^[5]

Termination Date

9/12/2024

^[5]

Expiration Date

2/21/2025

^[5]

Arrangement Duration

162 days

Aggregate Available

80,399

^[5]

Two [Member] | Lara Caimi [Member]

Trading Arrangements, by Individual

Name

Lara Caimi

^[5]

Title

Director

^[5]

Rule 10b5-1 Arrangement Adopted

true

^[5]

Adoption Date

9/12/2024

^[5]

Expiration Date

12/13/2025

^[5]

Arrangement Duration

457 days

Aggregate Available

74,012

^[5]

[1]	(1) The shares that may be sold under the Rule 10b5-1 trading plan may be (a) reduced by the number of shares sold to satisfy tax withholding obligations upon vesting of certain restricted stock units covered by the plan, pursuant to Confluent’s non-discretionary sell-to-cover requirement, and (b) reduced by any shares sold in accordance with an existing plan prior to its expiration on November 15, 2024.
[2]	(2) The shares that may be sold under the Rule 10b5-1 trading plan may be reduced by any shares sold in accordance with an existing plan prior to its expiration on December 13, 2024.
[3]	(3) The shares that may be sold under the Rule 10b5-1 trading plan will (a) include up to 100% of the shares of our Class A Common Stock that Mr. Phan may purchase under our 2021 Employee Stock Purchase Plan on or around August 15, 2025, which number of shares is not yet determinable, and (b) be reduced by the number of shares sold to satisfy tax withholding obligations upon vesting of certain restricted stock units covered by the plan, pursuant to Confluent’s non-discretionary sell-to-cover requirement.
[4]	(5) The shares that may be sold under the Rule 10b5-1 trading plan may be reduced by any shares sold in accordance with an existing plan prior to its expiration on November 22, 2024.
[5]	(4) Represents the modification, as described in Rule 10b5-1(c)(1)(iv) under the Exchange Act, of a written plan adopted on December 11, 2023 that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 112,661	$ 79,426
Less: Accumulated depreciation and amortization	(39,503)	(25,414)
Property and equipment, net	73,158	54,012
Computers, Equipment, and Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	13,173	11,300
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,047	916
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	416	380
Capitalized Internal-Use Software Costs [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	71,100	38,999
Construction in Progress Capitalized Internal Use Software Costs [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 26,925	$ 27,831

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,976	$ 1,567	$ 8,846	$ 4,881

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Marketable Securities - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses	$ 0	$ 0

Derivative Instruments and Hedging - Impact of Derivative Contracts on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Beginning Balance	$ 1,049	$ 540	$ 2,280	$ 653
Net gain (loss) recognized in other comprehensive income (loss)	4,007	(1,759)	3,070	(694)
Net gain reclassified from AOCI to earnings	(1,329)	(242)	(1,623)	(1,420)
Ending Balance	$ 3,727	$ (1,461)	$ 3,727	$ (1,461)

Business Combination, Goodwill, and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Intangible Assets, and Goodwill [ Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	September 30, 2024
	Gross		Accumulated Amortization			Net
Developed technology	$	10,856	$	(2,152	)	$	8,704
Total	$	10,856	$	(2,152	)	$	8,704


	December 31, 2023
	Gross		Accumulated Amortization			Net
Developed technology	$	4,056	$	(564	)	$	3,492
Total	$	4,056	$	(564	)	$	3,492

Schedule of Expected Future Amortization Expense

As of September 30, 2024, future amortization expense is expected to be as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2024	$	780
2025		1,870
2026		1,870
2027		1,870
2028		1,374
2029		940
Total	$	8,704

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following tables summarize the fair values of the Company’s marketable securities (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasury securities	$	671,318	$	1,920	$	(45	)	$	673,193
Corporate notes and bonds		501,889		2,891		(41	)		504,739
U.S. agency obligations		276,122		1,030		(80	)		277,072
Commercial paper		81,842		41		-			81,883
Total marketable securities	$	1,531,171	$	5,882	$	(166	)	$	1,536,887


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasury securities	$	834,235	$	257	$	(1,355	)	$	833,137
U.S. agency obligations		403,035		599		(875	)		402,759
Corporate notes and bonds		279,328		838		(457	)		279,709
Commercial paper		35,407		-		(3	)		35,404
Total marketable securities	$	1,552,005	$	1,694	$	(2,690	)	$	1,551,009


	September 30, 2024
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. treasury securities	$	34,033	$	(20	)	$	63,833	$	(25	)	$	97,866	$	(45	)
U.S. agency obligations		54,007		(70	)		18,546		(10	)		72,553		(80	)
Corporate notes and bonds		9,522		(6	)		32,575		(35	)		42,097		(41	)
Commercial paper		499		-			-		-			499		-
Total	$	98,061	$	(96	)	$	114,954	$	(70	)	$	213,015	$	(166	)


	December 31, 2023
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. treasury securities	$	487,260	$	(1,074	)	$	46,130	$	(281	)	$	533,390	$	(1,355	)
U.S. agency obligations		206,105		(390	)		80,657		(485	)		286,762		(875	)
Corporate notes and bonds		100,295		(293	)		31,277		(164	)		131,572		(457	)
Commercial paper		6,810		(3	)		-		-			6,810		(3	)
Total	$	800,470	$	(1,760	)	$	158,064	$	(930	)	$	958,534	$	(2,690	)

For available-for-sale debt securities in an unrealized loss position, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The Company determined that the decline in fair value of these securities was not due to credit-related factors, and no allowance for expected credit losses was recorded as of September 30, 2024 and December 31, 2023. Realized gains and losses were not material for the three and nine months ended September 30, 2024 and 2023.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


	September 30, 2024
	Amortized Cost		Fair Value
Due within one year	$	1,132,561	$	1,135,161
Due after one year through five years		398,610		401,726
Total	$	1,531,171	$	1,536,887

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Common Stock Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


	September 30, 2024		December 31, 2023
2014 Stock Plan:
Options outstanding		25,608,053		31,112,073
Restricted stock units outstanding		439,325		1,042,303
2021 Equity Incentive Plan:
Options outstanding		22,500		22,500
Restricted stock units outstanding		22,315,063		22,650,063
Remaining shares available for future issuance		45,176,794		37,289,144
2021 Employee Stock Purchase Plan		10,140,696		8,166,130
Total		103,702,431		100,282,213

Summary of Stock Equity Award Activity

The following table summarizes stock equity award activity and activity regarding shares available for grant under the 2014 Plan and the 2021 Plan:


				Equity Awards Outstanding
	Shares Available for Grant			Outstanding Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance as of January 1, 2024		37,289,144			31,134,573		$	7.98		6.01	$	480,766
Increase in authorized shares		15,575,577			-		$	-
Stock options exercised		-			(5,047,425	)	$	7.39
Stock options forfeited or expired		456,595			(456,595	)	$	14.40
RSUs granted		(11,422,024	)		-		$	-
RSUs forfeited or cancelled		3,277,502			-		$	-
Balance as of September 30, 2024		45,176,794			25,630,553		$	7.98		5.23	$	319,364
Vested as of September 30, 2024					23,669,716		$	7.63		5.19	$	303,143
Vested and expected to vest as of September 30, 2024					25,630,553		$	7.98		5.23	$	319,364

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity under the 2014 Plan and the 2021 Plan:


	RSUs Outstanding
	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested balance as of January 1, 2024		23,692,366		$	28.44
RSUs granted		11,422,024		$	26.46
RSUs vested		(9,082,500	)	$	28.63
RSUs forfeited or cancelled		(3,277,502	)	$	29.79
Unvested balance as of September 30, 2024		22,754,388		$	27.17

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue - subscription	$	6,931	$	6,171	$	20,130	$	19,413
Cost of revenue - services		2,286		2,619		7,082		8,521
Research and development		41,702		37,778		121,366		103,213
Sales and marketing		33,020		32,297		100,001		93,673
General and administrative		14,368		10,649		44,157		36,142
Stock-based compensation, net of amounts capitalized	$	98,307	$	89,514	$	292,736	$	260,962
Capitalized stock-based compensation		5,108		3,836		15,210		13,568
Total stock-based compensation	$	103,415	$	93,350	$	307,946	$	274,530

Business Combination, Goodwill, and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Gross	$ 10,856	$ 4,056
Accumulated Amortization	(2,152)	(564)
Total	8,704	3,492
Developed Technology [Member]
Business Acquisition [Line Items]
Gross	10,856	4,056
Accumulated Amortization	(2,152)	(564)
Total	$ 8,704	$ 3,492

Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of Shares, Beginning Balance \| shares	23,692,366
Number of Shares, RSUs granted \| shares	11,422,024
Number of Shares, RSUs vested \| shares	(9,082,500)
Number of Shares, RSUs forfeited or cancelled \| shares	(3,277,502)
Number of Shares, Ending Balance \| shares	22,754,388
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value, Beginning Balance (in dollars per share) \| $ / shares	$ 28.44
Weighted-average grant date fair value, RSUs granted (in dollars per share) \| $ / shares	26.46
Weighted-average grant date fair value, RSUs vested (in dollars per share) \| $ / shares	28.63
Weighted-average grant date fair value, RSUs forfeited or cancelled (in dollars per share) \| $ / shares	29.79
Weighted-average grant date fair value, Ending Balance (in dollars per share) \| $ / shares	$ 27.17

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

13. Net Loss Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	Class A and Class B Common Stock						Class A and Class B Common Stock
Numerator:
Net loss	$	(74,144	)	$	(92,670	)	$	(257,011	)	$	(348,650	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		324,317,971			303,896,632			319,330,398			297,906,112
Net loss per share, basic and diluted	$	(0.23	)	$	(0.30	)	$	(0.80	)	$	(1.17	)

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to the Company’s Class A and Class B common stockholders for the periods presented because the impact of including them would have been anti-dilutive:


	September 30, 2024		September 30, 2023
Stock options		25,630,553		33,170,431
Unvested restricted common stock and early exercised stock options		434,500		187,126
RSUs		22,754,388		22,683,381
ESPP		1,462,262		922,349
Shares issuable upon conversion of the 2027 Notes		10,992,960		10,992,960
Total		61,274,663		67,956,247

The Company calculates the potential dilutive effect of its 2027 Notes under the if-converted method. Under this method, diluted net loss per share is determined by assuming that all of the 2027 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period.

In connection with the issuance of the 2027 Notes, the Company entered into Capped Calls, which are not included for purposes of calculating the number of diluted weighted-average shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2027 Notes.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred Stock, Par Value	$ 0.00001	$ 0.00001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Class A Common Stock [Member]
Common Stock, Par Value	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	257,418,764	224,737,415
Common Stock, Shares, Outstanding	257,418,764	224,737,415
Class B Common Stock [Member]
Common Stock, Par Value	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	69,904,559	86,774,127
Common Stock, Shares, Outstanding	69,904,559	86,774,127

Convertible Senior Notes - Schedule of Net Carrying Amount of Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Convertible Debt [Abstract]
Principal	$ 1,100,000	$ 1,100,000
Unamortized debt issuance costs	(8,817)	(11,687)
Net carrying amount	$ 1,091,183	$ 1,088,313

- Definition

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

+ References + Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 250,199	$ 200,181	$ 702,422	$ 563,768
Cost of revenue:
Total cost of revenue	63,703	56,549	189,905	172,613
Gross profit	186,496	143,632	512,517	391,155
Operating expenses:
Research and development	102,720	91,237	306,351	261,804
Sales and marketing	137,968	128,624	402,185	385,018
General and administrative	39,471	31,874	117,344	103,572
Restructuring and other related charges	0	529	0	34,854
Total operating expenses	280,159	252,264	825,880	785,248
Operating loss	(93,663)	(108,632)	(313,363)	(394,093)
Other income, net	22,495	17,529	65,198	50,324
Loss before income taxes	(71,168)	(91,103)	(248,165)	(343,769)
Provision for income taxes	2,976	1,567	8,846	4,881
Net loss	$ (74,144)	$ (92,670)	$ (257,011)	$ (348,650)
Net loss per share, basic	$ (0.23)	$ (0.3)	$ (0.8)	$ (1.17)
Net loss per share, diluted	$ (0.23)	$ (0.3)	$ (0.8)	$ (1.17)
Weighted-average shares used to compute net loss per share, basic	324,317,971	303,896,632	319,330,398	297,906,112
Weighted-average shares used to compute net loss per share, diluted	324,317,971	303,896,632	319,330,398	297,906,112
Subscription [Member]
Revenue:
Total revenue	$ 239,851	$ 189,270	$ 671,455	$ 526,325
Cost of revenue:
Total cost of revenue	52,162	44,104	153,380	131,197
Services [Member]
Revenue:
Total revenue	10,348	10,911	30,967	37,443
Cost of revenue:
Total cost of revenue	$ 11,541	$ 12,445	$ 36,525	$ 41,416

Business Combination, Goodwill, and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 09, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Changes in carrying values of goodwill					$ 112,400
Goodwill		$ 164,366	$ 164,366		164,366		$ 51,998
Issuance of restricted common stock					2,642	$ 0
WarpStream
Business Acquisition [Line Items]
Total preliminary purchase consideration		135,100
Cash		132,500
Fair value		$ 2,600	2,600		2,600
Shares		132,476
Deposit in escrow		$ 8,600	8,600		8,600
Cash Acquired		16,900	16,900		16,900
Business acquisition, expense attributable to post-combination services			0
Developed technology intangible asset		$ 6,800
Estimated useful life (in years)		5 years
Goodwill		$ 112,400	112,400		112,400
Holdback Agreement
Business Acquisition [Line Items]
Amout paid in cash	$ 52,300	76,200	76,200		76,200
Holdback Agreement \| Restricted Class A common stock
Business Acquisition [Line Items]
Issuance of restricted common stock		$ 7,900
Immerok Gmbh
Business Acquisition [Line Items]
Total preliminary purchase consideration	54,900
Cash Acquired	9,100
Business acquisition, expense attributable to post-combination services			$ 4,400	$ 4,400	$ 13,100	$ 13,100
Developed technology intangible asset	$ 2,600
Estimated useful life (in years)	5 years
Goodwill	$ 43,500
Noteable Inc.
Business Acquisition [Line Items]
Cash Acquired							10,000
Developed technology intangible asset							$ 1,500
Estimated useful life (in years)							1 year
Goodwill							$ 8,500

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Class A and Class B Stockholders

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	Class A and Class B Common Stock						Class A and Class B Common Stock
Numerator:
Net loss	$	(74,144	)	$	(92,670	)	$	(257,011	)	$	(348,650	)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted		324,317,971			303,896,632			319,330,398			297,906,112
Net loss per share, basic and diluted	$	(0.23	)	$	(0.30	)	$	(0.80	)	$	(1.17	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	September 30, 2024		September 30, 2023
Stock options		25,630,553		33,170,431
Unvested restricted common stock and early exercised stock options		434,500		187,126
RSUs		22,754,388		22,683,381
ESPP		1,462,262		922,349
Shares issuable upon conversion of the 2027 Notes		10,992,960		10,992,960
Total		61,274,663		67,956,247

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	61,274,663	67,956,247
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	25,630,553	33,170,431
Unvested Restricted Common Stock and Early Exercised Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	434,500	187,126
RSUs [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	22,754,388	22,683,381
ESPP [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1,462,262	922,349
Shares Issuable upon Conversion of the 2027 Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	10,992,960	10,992,960

Fair Value of Financial Instruments - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable securities:
Fair value, Marketable securities	$ 1,536,887	$ 1,551,009
Derivative instruments:
Fair value, Derivative asset	6,064	3,219
Derivative instruments:
Fair value, Derivative liability	402	1,272
U.S. Treasury Securities [Member]
Marketable securities:
Fair value, Marketable securities	673,193	833,137
Corporate Notes and Bonds [Member]
Marketable securities:
Fair value, Marketable securities	504,739	279,709
Commercial Paper [Member]
Marketable securities:
Fair value, Marketable securities	81,883	35,404
Fair Value, Measurements, Recurring [Member]
Cash equivalents, Marketable securities and Derivative instruments:
Assets, Fair Value	1,820,029	1,871,281
Liability, Fair value	402	1,272
Fair Value, Measurements, Recurring [Member] \| U.S. Treasury Securities [Member]
Cash equivalents:
Fair value, Cash equivalents	5,994	52,130
Marketable securities:
Fair value, Marketable securities	673,193	833,137
Fair Value, Measurements, Recurring [Member] \| U.S. Agency Obligations [Member]
Marketable securities:
Fair value, Marketable securities	277,072	402,759
Fair Value, Measurements, Recurring [Member] \| Corporate Notes and Bonds [Member]
Marketable securities:
Fair value, Marketable securities	504,739	279,709
Fair Value, Measurements, Recurring [Member] \| Commercial Paper [Member]
Cash equivalents:
Fair value, Cash equivalents	10,980
Marketable securities:
Fair value, Marketable securities	81,883	35,404
Fair Value, Measurements, Recurring [Member] \| Foreign Currency Forward Contracts [Member]
Derivative instruments:
Fair value, Derivative asset	6,064	3,219
Derivative instruments:
Fair value, Derivative liability	402	1,272
Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Cash equivalents:
Fair value, Cash equivalents	260,104	264,923
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Cash equivalents, Marketable securities and Derivative instruments:
Assets, Fair Value	260,104	264,923
Liability, Fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| U.S. Treasury Securities [Member]
Cash equivalents:
Fair value, Cash equivalents	0	0
Marketable securities:
Fair value, Marketable securities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| U.S. Agency Obligations [Member]
Marketable securities:
Fair value, Marketable securities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Corporate Notes and Bonds [Member]
Marketable securities:
Fair value, Marketable securities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Commercial Paper [Member]
Cash equivalents:
Fair value, Cash equivalents	0
Marketable securities:
Fair value, Marketable securities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Foreign Currency Forward Contracts [Member]
Derivative instruments:
Fair value, Derivative asset	0	0
Derivative instruments:
Fair value, Derivative liability	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Money Market Funds [Member]
Cash equivalents:
Fair value, Cash equivalents	260,104	264,923
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Cash equivalents, Marketable securities and Derivative instruments:
Assets, Fair Value	1,559,925	1,606,358
Liability, Fair value	402	1,272
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| U.S. Treasury Securities [Member]
Cash equivalents:
Fair value, Cash equivalents	5,994	52,130
Marketable securities:
Fair value, Marketable securities	673,193	833,137
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| U.S. Agency Obligations [Member]
Marketable securities:
Fair value, Marketable securities	277,072	402,759
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Corporate Notes and Bonds [Member]
Marketable securities:
Fair value, Marketable securities	504,739	279,709
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Commercial Paper [Member]
Cash equivalents:
Fair value, Cash equivalents	10,980
Marketable securities:
Fair value, Marketable securities	81,883	35,404
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Foreign Currency Forward Contracts [Member]
Derivative instruments:
Fair value, Derivative asset	6,064	3,219
Derivative instruments:
Fair value, Derivative liability	402	1,272
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Money Market Funds [Member]
Cash equivalents:
Fair value, Cash equivalents	$ 0	$ 0

Convertible Senior Notes - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Days $ / shares shares	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1,000	$ 1,000	$ 2,870	$ 2,850
Zero Percentage Convertible senior notes due 2027
Debt Instrument [Line Items]
Debt Instrument Face Amount	1,100,000		1,100,000
Debt Instrument Convertible Conversion Ratio Denominator	$ 1,000		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%		0.00%
Debt instrument net proceed after discounts and cost			$ 1,080,500
Number of trading days \| Days			30
Percentage of principal amount of debt redeemed			100.00%
Debt Issuance Costs, Gross	$ 19,500		$ 19,500
Effective interest rate of debt	0.35%		0.35%
Debt instrument percentage price			130.00%
Zero Percentage Convertible senior notes due 2027 \| Common Stock Subject to Mandatory Redemption [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	$ 100,000		$ 100,000
Zero Percentage Convertible senior notes due 2027 \| Common Class A [Member]
Debt Instrument [Line Items]
Convertible debt, conversion ratio			9.9936
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 100.06		$ 100.06
Debt instrument percentage price			130.00%
Zero Percentage Convertible senior notes due 2027 \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	$ 100,000		$ 100,000
Debt instrument percentage price	98.00%		98.00%
Zero Percentage Convertible senior notes due 2027 \| Minimum [Member]
Debt Instrument [Line Items]
Number of trading days \| Days			20
Zero Percentage Convertible senior notes due 2027 \| Capped Calls [Member]
Debt Instrument [Line Items]
Initial strike price \| $ / shares			$ 100.06
Initial cap price \| $ / shares	$ 138.02		$ 138.02
Payments for purchase of capped calls	$ 91,000		$ 91,000
Zero Percentage Convertible senior notes due 2027 \| Capped Calls [Member] \| Common Class A [Member]
Debt Instrument [Line Items]
Adjustment to anti-dilution common stock \| shares			11.0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 23, 2024
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	CFLT
Entity Registrant Name	CONFLUENT, INC.
Entity Central Index Key	0001699838
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Entity File Number	001-40526
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1824387
Entity Address, Address Line One	899 W. Evelyn Avenue
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94041
City Area Code	800
Local Phone Number	439-3207
Document Transition Report	false
Document Quarterly Report	true
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		69,909,245
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		258,085,656

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Preferred Stock

In connection with its IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors.

Common Stock

The Company has two classes of common stock: Class A common stock and Class B common stock. In connection with its IPO, the Company’s amended and restated certificate of incorporation authorized the issuance of 1,000,000,000 shares of Class A common stock and 500,000,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, converting, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to ten votes. Class A and Class B common stock have a par value of $0.00001 per share and are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors.

Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Any holder’s shares of Class B common stock will convert automatically to Class A common stock, on a one-to-one basis, upon the following: (i) sale or transfer of such share of Class B common stock, except for permitted transfers as described in the amended and restated certificate of incorporation; (ii) the death or incapacity of the Class B common stockholder (or nine months after the date of the death or incapacity if the stockholder is one of the Company’s founders); and (iii) on the final conversion date, defined as the earliest of (a) the date fixed by our board of directors that is no less than 61 days and no more than 180 days following the date on which the outstanding shares of Class B common stock represent less than 10% of the then outstanding shares of Class A and Class B common stock; (b) the last trading day of the fiscal year following the tenth anniversary of the Company’s IPO; or (c) the date specified by a vote of the holders of a majority of the outstanding shares of Class B common stock, voting as a single class.

Common Stock Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


	September 30, 2024		December 31, 2023
2014 Stock Plan:
Options outstanding		25,608,053		31,112,073
Restricted stock units outstanding		439,325		1,042,303
2021 Equity Incentive Plan:
Options outstanding		22,500		22,500
Restricted stock units outstanding		22,315,063		22,650,063
Remaining shares available for future issuance		45,176,794		37,289,144
2021 Employee Stock Purchase Plan		10,140,696		8,166,130
Total		103,702,431		100,282,213

Equity Incentive Plans

In September 2014, the Company’s board of directors adopted and the Company’s stockholders approved the 2014 Stock Plan (the “2014 Plan”). The 2014 Plan was also amended and restated in March 2021 and June 2021. Under the 2014 Plan, the board of directors may grant stock options and other equity-based awards to eligible employees, directors, and consultants. The 2014 Plan was terminated in June 2021 in connection with the IPO, but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2014 Plan. No further equity awards will be granted under the 2014 Plan. With the establishment of the 2021 Equity Incentive Plan (the “2021 Plan”), upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding stock-based awards granted under the 2014 Plan, an equal number of shares of Class A common stock will become available for grant under the 2021 Plan. Equity-based awards granted under the 2014 Plan and the 2021 Plan generally vest over two to four years. All stock option grants expire ten years from the date of grant.

In April 2021, the Company’s board of directors adopted, and in June 2021, the Company’s stockholders approved, the 2021 Plan, which became effective at the time of the execution of the underwriting agreement related to the Company’s IPO. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”) awards, performance awards, and other forms of awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. A total of 25,812,876 shares of the Company’s Class A common stock have been reserved for future issuance under the 2021 Plan in addition to (i) the shares that remained available for grant of future awards under the 2014 Plan at the time the 2021 Plan became effective, (ii) shares underlying outstanding stock awards granted under the 2014 Plan that expire, or are forfeited, cancelled, or reacquired, as described above, and (iii) any automatic increases in the number of shares of Class A common stock reserved for future issuance under this plan. On January 1, 2024, the shares available for grant under the 2021 Plan were automatically increased by 15,575,577 shares pursuant to the 2021 Plan.

In April 2021, the Company’s board of directors adopted, and in June 2021, the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective at the time of the execution of the underwriting agreement related to the Company’s IPO. The 2021 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 5,162,575 shares of the Company’s Class A common stock have been reserved for future issuance under the 2021 ESPP, in addition to any automatic increases in the number of shares of Class A common stock reserved for future issuance under this plan. On January 1, 2024, the shares available for grant under the 2021 ESPP were automatically increased by 3,115,115 shares pursuant to the 2021 ESPP.

Except for the initial offering period, the 2021 ESPP provides for 12-month offering periods generally beginning on February 16 and August 16 of each year, and each offering period consists of two six-month purchase periods. The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the offering date or (2) the fair market value of the Company’s Class A common stock on the purchase date.

The 2021 ESPP offers a rollover feature pursuant to which, if the fair market value of a share of Class A common stock on the first trading day of a new purchase period is lower than the fair market value on the offering date, that offering period will terminate and participants will be automatically enrolled in a new 12-month offering period. An ESPP rollover occurred in August 2024, which triggered a new 12-month offering period. The rollover was accounted for as a modification to the original offering and resulted in incremental stock-based compensation expense of $4.3 million to be recognized over the remaining requisite service period.

Equity Awards Outstanding

The following table summarizes stock equity award activity and activity regarding shares available for grant under the 2014 Plan and the 2021 Plan:


				Equity Awards Outstanding
	Shares Available for Grant			Outstanding Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance as of January 1, 2024		37,289,144			31,134,573		$	7.98		6.01	$	480,766
Increase in authorized shares		15,575,577			-		$	-
Stock options exercised		-			(5,047,425	)	$	7.39
Stock options forfeited or expired		456,595			(456,595	)	$	14.40
RSUs granted		(11,422,024	)		-		$	-
RSUs forfeited or cancelled		3,277,502			-		$	-
Balance as of September 30, 2024		45,176,794			25,630,553		$	7.98		5.23	$	319,364
Vested as of September 30, 2024					23,669,716		$	7.63		5.19	$	303,143
Vested and expected to vest as of September 30, 2024					25,630,553		$	7.98		5.23	$	319,364

Aggregate intrinsic value represents the difference between the exercise price of the options to purchase common stock and the estimated fair value of the Company’s common stock. The intrinsic value of options exercised was $103.6 million and $208.1 million for the nine months ended September 30, 2024 and 2023, respectively. No options were granted during the nine months ended September 30, 2024 and 2023.

Early Exercised Options

All stock option holders have the right to exercise unvested options, which are subject to a repurchase right held by the Company at the original exercise price in the event of voluntary or involuntary termination of employment of the stockholder. As of September 30, 2024 and December 31, 2023, there were 37,064 and 135,013 shares that had been early exercised and were subject to repurchase, respectively. The proceeds related to early exercised options are recorded as liabilities within accrued expenses and other liabilities and other liabilities, non-current on the condensed consolidated balance sheets until the options vest, at which point they are reclassified to equity. The liabilities for early exercised options subject to repurchase were immaterial as of September 30, 2024 and December 31, 2023.

Shares issued for early exercised options are included in issued and outstanding shares as they are legally issued and outstanding, but are not deemed outstanding for accounting purposes until the shares vest.

RSUs

The following table summarizes RSU activity under the 2014 Plan and the 2021 Plan:


	RSUs Outstanding
	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested balance as of January 1, 2024		23,692,366		$	28.44
RSUs granted		11,422,024		$	26.46
RSUs vested		(9,082,500	)	$	28.63
RSUs forfeited or cancelled		(3,277,502	)	$	29.79
Unvested balance as of September 30, 2024		22,754,388		$	27.17

Restricted Common Stock

During the three months ended September 30, 2024, in connection with the WarpStream business combination discussed in Note 7 Business Combinations, the Company issued 397,436 shares of Class A common stock to certain employees of WarpStream. These shares are subject to holdback arrangements, pursuant to which the vesting is subject to continued employment over three years and achievement of certain milestones. The $7.9 million fair value of these shares is accounted for as post-combination stock-based compensation expense using the accelerated attribution method over the requisite service period when it is probable the performance-based vesting condition will be achieved. As of September 30, 2024, all 397,436 shares remained unvested.

Restricted common stock is included in issued and outstanding shares as they are legally issued and outstanding, but are not deemed outstanding for accounting purposes until the shares vest.

Stock-Based Compensation Expense

Total stock-based compensation expense was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue - subscription	$	6,931	$	6,171	$	20,130	$	19,413
Cost of revenue - services		2,286		2,619		7,082		8,521
Research and development		41,702		37,778		121,366		103,213
Sales and marketing		33,020		32,297		100,001		93,673
General and administrative		14,368		10,649		44,157		36,142
Stock-based compensation, net of amounts capitalized	$	98,307	$	89,514	$	292,736	$	260,962
Capitalized stock-based compensation		5,108		3,836		15,210		13,568
Total stock-based compensation	$	103,415	$	93,350	$	307,946	$	274,530

As of September 30, 2024, there was $582.8 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 1.8 years.

Business Combination, Goodwill, and Intangible Assets

9 Months Ended

Sep. 30, 2024

Business Combination, Intangible Assets, and Goodwill [ Abstract]

Business Combination, Goodwill, and Intangible Assets

7. Business Combinations, Goodwill, and Intangible Assets

2024 Business Combination

In September 2024, the Company acquired all outstanding shares of WarpStream Labs, Inc. (“WarpStream”), an Apache Kafka-compatible data streaming platform. The Company acquired WarpStream primarily for its talent and to add WarpStream’s Bring Your Own Cloud (“BYOC”) data streaming solution to the Company’s product portfolio to serve customers who want a cloud-native streaming offering in their own cloud account.

The total preliminary purchase consideration of $135.1 million consisted of $132.5 million of cash and $2.6 million for the fair value of 132,476 shares of the Company’s Class A common stock. In allocating the purchase consideration, the Company preliminarily recorded $16.9 million of cash acquired, $6.8 million as a developed technology intangible asset, to be amortized on a straight-line basis over an estimated useful life of five years, and $112.4 million of goodwill. The goodwill is primarily attributed to the assembled workforce and expected synergies arising from the acquisition, and is not deductible for income tax purposes. The purchase price allocation is subject to measurement period adjustments until September 2025.

Pursuant to the merger agreement, the Company deposited $8.6 million of cash into an escrow account upon closing of the acquisition, but the payout of such amount is subject to continued employment and achievement of certain milestones. The Company recorded this amount within prepaid expenses and other current assets on the condensed consolidated balance sheets.

The Company also entered into holdback agreements with certain employees of WarpStream, pursuant to which the Company issued $7.9 million in restricted Class A common stock and will pay up to an aggregate of $76.2 million in cash (inclusive of the amount held in escrow discussed above). The vesting and payout of the restricted common stock and holdback cash is subject to continued employment over three years and achievement of certain milestones, and is recorded as post-combination compensation expense within operating expenses over the requisite service period for accounting purposes. Compensation expense related to the holdback agreements during the three months ended September 30, 2024 was not material. See Note 11 Stockholders’ Equity for further information.

Transaction costs associated with the acquisition incurred during the three months ended September 30, 2024 were not material and were recorded as general and administrative expenses in the condensed consolidated statements of operations. The results of operations of WarpStream included in the Company’s condensed consolidated financial statements since the date of acquisition were not material. Pro forma results of operations have not been presented because they were not material to the condensed consolidated results of operations.

2023 Business Combinations

In January 2023, the Company acquired all outstanding shares of immerok GmbH (“Immerok”), an Apache Flink stream processing managed services company, for purchase consideration of $54.9 million in cash. The Company acquired Immerok primarily for its talent and developed technology. In allocating the purchase consideration, the Company recorded $9.1 million of cash acquired, $2.6 million as a developed technology intangible asset, to be amortized on a straight-line basis over an estimated useful life of five years, and $43.5 million of goodwill. The goodwill is primarily attributed to the assembled workforce and expected synergies arising from the acquisition, and is not deductible for income tax purposes.

The Company also entered into holdback agreements with certain employees of Immerok, pursuant to which the Company will pay up to an aggregate of $52.3 million in cash. The vesting and payout of the holdback is subject to continued employment and achievement of certain milestones over three years, and is recorded as post-combination compensation expense within operating expenses over the requisite service period for accounting purposes. The Company recognized compensation expense of $4.4 million related to the holdback agreements for both the three months ended September 30, 2024 and 2023, and $13.1 million for both the nine months ended September 30, 2024 and 2023.

In December 2023, the Company acquired certain assets of Noteable, Inc. for purchase consideration of $10.0 million in cash. The Company has accounted for this transaction as a business combination. In allocating the purchase consideration, the Company recorded $1.5 million as a developed technology intangible asset, to be amortized on a straight-line basis over an estimated useful life of one year, and $8.5 million of goodwill, which is deductible for income tax purposes. The purchase price allocation is subject to measurement period adjustments until December 2024.

Transaction costs associated with each of the fiscal 2023 business combinations above were not material during the three and nine months ended September 30, 2024 and 2023 and were recorded as general and administrative expenses in the condensed consolidated statements of operations. From the respective dates of acquisition, the results of operations of the business combinations included in the Company’s condensed consolidated financial statements were not material. Pro forma results of operations have not been presented because they were not material to the condensed consolidated results of operations.

Goodwill

Additions to goodwill were $112.4 million during the nine months ended September 30, 2024. Goodwill as of September 30, 2024 and December 31, 2023 was $164.4 million and $52.0 million, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	September 30, 2024
	Gross		Accumulated Amortization			Net
Developed technology	$	10,856	$	(2,152	)	$	8,704
Total	$	10,856	$	(2,152	)	$	8,704


	December 31, 2023
	Gross		Accumulated Amortization			Net
Developed technology	$	4,056	$	(564	)	$	3,492
Total	$	4,056	$	(564	)	$	3,492

Amortization expense was not material for the three and nine months ended September 30, 2024 and 2023.

As of September 30, 2024, future amortization expense is expected to be as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2024	$	780
2025		1,870
2026		1,870
2027		1,870
2028		1,374
2029		940
Total	$	8,704

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 21, 2024 (the “Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain amounts in the prior year condensed consolidated financial statements have been reclassified to conform to the presentation of the current year consolidated financial statements. These reclassifications had no effect on consolidated net loss, stockholders’ equity, or cash flows as previously reported.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, the standalone selling price (“SSP”) for each distinct performance obligation included in customer contracts, deferred contract acquisition costs and their period of benefit, stock-based compensation expense, the fair value of acquired intangible assets, capitalization of internal-use software, estimated useful lives of long-lived assets, the incremental borrowing rate used to measure operating lease liabilities, and accounting for income taxes. The Company bases its estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances. Estimates and assumptions about future events and their effects, including the impact of global macroeconomic conditions, cannot be determined with certainty and therefore require the exercise of judgment. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements.
Significant Accounting Policies	Significant Accounting Policies There were no significant changes to the Company’s significant accounting policies disclosed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Segment Reporting: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Income Taxes: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, and may be applied on a retrospective or prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Jan. 01, 2024 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) Vote $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares
Class Of Stock [Line Items]
Preferred Stock, Shares Authorized		10,000,000	10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.00001	$ 0.00001		$ 0.00001
Conversion, percent threshold			10.00%
Common stock reserved for issuance (in shares)		103,702,431	103,702,431		100,282,213
Shares Available for Grant, Increase in authorized shares			15,575,577
Intrinsic value of options exercised \| $			$ 103.6	$ 208.1
Weighted average grant date fair value per share of options granted \| $ / shares			$ 0	$ 0
Shares early exercised and repurchase		37,064	37,064		135,013
Unrecognized stock-based compensation expense \| $		$ 582.8	$ 582.8
Unrecognized stock-based compensation expense, weighted-average period			1 year 9 months 18 days
Restricted Common Stock [Member]
Class Of Stock [Line Items]
Post-combination stock-based compensation expense \| $		$ 7.9
Unvested shares		22,754,388	22,754,388		23,692,366
Restricted Common Stock [Member] \| WarpStream Labs, Inc. [Member]
Class Of Stock [Line Items]
Unvested shares		397,436	397,436
Common Class A [Member]
Class Of Stock [Line Items]
Common Stock, Shares Authorized		1,000,000,000	1,000,000,000		1,000,000,000
Common stock, voting rights, votes per share \| Vote			1
Common Stock, Par Value \| $ / shares		$ 0.00001	$ 0.00001		$ 0.00001
Common Class A [Member] \| Restricted Common Stock [Member] \| WarpStream Labs, Inc. [Member]
Class Of Stock [Line Items]
Shares issued		397,436
Common Class B [Member]
Class Of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000	500,000,000		500,000,000
Common stock, voting rights, votes per share \| Vote			10
Common Stock, Par Value \| $ / shares		$ 0.00001	$ 0.00001		$ 0.00001
2021 Plan [Member]
Class Of Stock [Line Items]
Shares Available for Grant, Increase in authorized shares	15,575,577
2021 Plan [Member] \| Common Class A [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)		25,812,876	25,812,876
2021 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)		10,140,696	10,140,696		8,166,130
Shares Available for Grant, Increase in authorized shares	3,115,115
Incremental stock-based compensation expense \| $			$ 4.3
2021 Employee Stock Purchase Plan [Member] \| Common Class A [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)		5,162,575	5,162,575
Purchase price of common stock expressed as a percentage of its fair value			85.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$ (257,011)	$ (348,650)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	15,855	9,987
Net accretion of discounts on marketable securities	(29,561)	(31,021)
Amortization of debt issuance costs	2,870	2,850
Amortization of deferred contract acquisition costs	40,045	33,460
Non-cash operating lease costs	2,794	3,118
Lease abandonment charges	0	15,667
Stock-based compensation, net of amounts capitalized	292,736	260,962
Deferred income taxes	231	25
Other	1,695	3,114
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(50,235)	(6,140)
Deferred contract acquisition costs	(37,272)	(39,573)
Prepaid expenses and other assets	(361)	(13,825)
Accounts payable	8,286	(19,208)
Accrued expenses and other liabilities	(7,222)	17,965
Operating lease liabilities	(5,949)	(5,562)
Deferred revenue	21,348	939
Net cash used in operating activities	(1,751)	(115,892)
CASH FLOWS FROM INVESTING ACTIVITIES
Capitalization of internal-use software costs	(15,984)	(13,546)
Purchases of marketable securities	(1,172,359)	(1,235,588)
Sales of marketable securities	12,744	0
Maturities of marketable securities	1,210,037	1,203,711
Purchases of investments in privately-held companies	(2,250)	0
Purchases of property and equipment	(1,898)	(1,718)
Cash paid for business combinations, net of cash acquired	(115,516)	(45,802)
Net cash used in investing activities	(85,226)	(92,943)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock upon exercise of vested options	36,332	62,945
Repurchases of unvested common stock	0	(255)
Proceeds from issuance of common stock under employee stock purchase plan	23,970	28,708
Net cash provided by financing activities	60,302	91,398
Effect of exchange rate changes on cash and cash equivalents	(480)	(1,301)
Net decrease in cash and cash equivalents	(27,155)	(118,738)
Cash and cash equivalents at beginning of period	349,761	435,781
Cash and cash equivalents at end of period	322,606	317,043
Cash paid for:
Income taxes	9,235	6,357
Non-cash investing and financing activities:
Stock-based compensation capitalized as internal-use software costs	15,210	13,568
Issuance of common stock in connection with a business combination	2,642	0
Right-of-use assets obtained in exchange for new operating lease liabilities	2,722	0
Vesting of early exercised stock options	$ 908	$ 2,442

Business Combination, Goodwill, and Intangible Assets - Schedule of Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Combination, Intangible Assets, and Goodwill [ Abstract]
Remainder of 2024	$ 780
2025	1,870
2026	1,870
2027	1,870
2028	1,374
2029	940
Total	$ 8,704	$ 3,492

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	103,702,431	100,282,213
2014 Stock Plan [Member] \| Employee Stock Option
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	25,608,053	31,112,073
2014 Stock Plan [Member] \| RSUs [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	439,325	1,042,303
2021 Equity Incentive Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	45,176,794	37,289,144
2021 Equity Incentive Plan [Member] \| Employee Stock Option
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	22,500	22,500
2021 Equity Incentive Plan [Member] \| RSUs [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	22,315,063	22,650,063
2021 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance (in shares)	10,140,696	8,166,130

- 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
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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 5.1	$ 3.5	$ 14.2	$ 9.7

Marketable Securities - Schedule of Fair Value of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due within one year, amortized cost	$ 1,132,561
Due after one year through five years, amortized cost	398,610
Amortized Cost	1,531,171	$ 1,552,005
Due within one year, fair value	1,135,161
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	401,726
Fair Value	$ 1,536,887	$ 1,551,009

- Definition

Amount 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/2003/role/exampleRef
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+ Details

Marketable Securities - Schedule of Fair Value and Amortized Cost of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 1,531,171	$ 1,552,005
Unrealized Gains	5,882	1,694
Unrealized Losses	(166)	(2,690)
Fair Value	1,536,887	1,551,009
U.S. Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	671,318	834,235
Unrealized Gains	1,920	257
Unrealized Losses	(45)	(1,355)
Fair Value	673,193	833,137
U.S. Agency Obligations [Member]
Marketable Securities [Line Items]
Amortized Cost	276,122	403,035
Unrealized Gains	1,030	599
Unrealized Losses	(80)	(875)
Fair Value	277,072	402,759
Corporate Notes and Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	501,889	279,328
Unrealized Gains	2,891	838
Unrealized Losses	(41)	(457)
Fair Value	504,739	279,709
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost	81,842	35,407
Unrealized Gains	41	0
Unrealized Losses	0	(3)
Fair Value	$ 81,883	$ 35,404

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 322,606	$ 349,761
Marketable securities	1,536,887	1,551,009
Accounts receivable, net	278,667	229,962
Deferred contract acquisition costs	44,812	43,937
Prepaid expenses and other current assets	83,221	76,986
Total current assets	2,266,193	2,251,655
Property and equipment, net	73,158	54,012
Operating lease right-of-use assets	9,989	10,061
Goodwill	164,366	51,998
Intangible assets, net	8,704	3,492
Deferred contract acquisition costs, non-current	72,167	75,815
Other assets, non-current	13,432	13,776
Total assets	2,608,009	2,460,809
Current liabilities:
Accounts payable	15,516	6,714
Accrued expenses and other liabilities	158,914	141,847
Operating lease liabilities	10,738	7,890
Deferred revenue	349,787	330,570
Total current liabilities	534,955	487,021
Operating lease liabilities, non-current	11,413	17,391
Deferred revenue, non-current	24,588	22,436
Convertible senior notes, net	1,091,183	1,088,313
Other liabilities, non-current	11,552	35,233
Total liabilities	1,673,691	1,650,394
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	2,826,053	2,453,293
Accumulated other comprehensive income	9,424	1,270
Accumulated deficit	(1,901,162)	(1,644,151)
Total stockholders' equity	934,318	810,415
Total liabilities and stockholders' equity	2,608,009	2,460,809
Class A Common Stock [Member]
Stockholders' equity:
Common Stock, Value	2	2
Class B Common Stock [Member]
Stockholders' equity:
Common Stock, Value	$ 1	$ 1

Derivative Instruments and Hedging - Summary of Recognized Net Gains (Losses) From Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total gains (losses) recognized in earnings from foreign currency forward contracts	$ (1,329)	$ (242)	$ (1,623)	$ (1,420)
Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	1,329	242	1,623	1,420
Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	2,101	(229)	245	(142)
Cost of revenue - Subscription [Member] \| Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	181	19	235	152
Cost of revenue - Subscription [Member] \| Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	0	0	0	0
Cost of revenue - Services [Member] \| Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	111	(2)	130	106
Cost of revenue - Services [Member] \| Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	0	0	0	0
Research and Development [Member] \| Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	164	103	228	302
Research and Development [Member] \| Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	0	0	0	0
Sales and Marketing [Member] \| Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	713	69	812	650
Sales and Marketing [Member] \| Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	0	0	0	0
General and Administrative [Member] \| Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	160	53	218	210
General and Administrative [Member] \| Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	0	0	0	0
Other Income (Expense), Net [Member] \| Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	0	0	0	0
Other Income (Expense), Net [Member] \| Not Designated as Hedging Instrument [Member]
Total gains (losses) recognized in earnings from foreign currency forward contracts	$ 2,101	$ (229)	$ 245	$ (142)

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Zero Percentage Convertible senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total estimated fair value of the 2027 Notes	$ 974.7	$ 917.9

Balance Sheet Components - Summary of Accrued Expense and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 64,212	$ 74,497
Accrued income taxes	30,088	2,264
Accrued expenses	18,484	13,471
Accrued commissions	17,137	17,418
Accrued payroll taxes	10,397	9,162
Employee contributions under employee stock purchase plan	5,152	13,946
Other liabilities	13,444	11,089
Total accrued expenses and other liabilities	$ 158,914	$ 141,847

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	September 30, 2024
	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	260,104	$	-	$	260,104
Commercial paper		-		10,980		10,980
U.S. treasury securities		-		5,994		5,994
Marketable securities:
U.S. treasury securities		-		673,193		673,193
Corporate notes and bonds		-		504,739		504,739
U.S. agency obligations		-		277,072		277,072
Commercial paper		-		81,883		81,883
Derivative instruments:
Foreign currency forward contracts		-		6,064		6,064
Total assets	$	260,104	$	1,559,925	$	1,820,029
Liabilities:
Derivative instruments:
Foreign currency forward contracts	$	-	$	402	$	402
Total liabilities	$	-	$	402	$	402


	December 31, 2023
	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	264,923	$	-	$	264,923
U.S. treasury securities		-		52,130		52,130
Marketable securities:
U.S. treasury securities		-		833,137		833,137
U.S. agency obligations		-		402,759		402,759
Corporate notes and bonds		-		279,709		279,709
Commercial paper		-		35,404		35,404
Derivative instruments:
Foreign currency forward contracts		-		3,219		3,219
Total assets	$	264,923	$	1,606,358	$	1,871,281
Liabilities:
Derivative instruments:
Foreign currency forward contracts	$	-	$	1,272	$	1,272
Total liabilities	$	-	$	1,272	$	1,272

The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its U.S. treasury securities, corporate notes and bonds, U.S. agency obligations, commercial paper, and foreign currency forward contracts within Level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. There were no transfers of financial instruments between valuation levels during the three and nine months ended September 30, 2024 and 2023.

As of September 30, 2024 and December 31, 2023, the total estimated fair value of the Company’s 0% convertible senior notes due 2027 was $974.7 million and $917.9 million, respectively. The fair value was determined based on the quoted price of the convertible senior notes in an inactive market on the last trading day of the reporting period and is classified within Level 2 of the fair value hierarchy. See Note 8 for further information on the Company’s convertible senior notes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease, option to terminate, description	an option to terminate the lease early within three years of lease termination
Lease abandonment charges	$ 0	$ 15,667
CALIFORNIA [Member]
Lessee Lease Description [Line Items]
Letters of credit outstanding amount	$ 6,500		$ 8,200
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, renewal term	5 years

Stockholders' Equity - Summary of Stock Equity Award Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares Available for Grant, Beginning Balance	37,289,144
Shares Available for Grant, Increase in authorized shares	15,575,577
Shares Available for Grant, Stock options forfeited or expired	456,595
Shares Available for Grant, RSUs granted	(11,422,024)
Shares Available for Grant, RSUs Forfeited or Cancelled	3,277,502
Shares Available for Grant, Ending Balance	45,176,794	37,289,144
Outstanding Stock Options, Beginning Balance	31,134,573
Outstanding Stock Options, Stock options exercised	(5,047,425)
Outstanding Stock Options, Stock options forfeited or expired	(456,595)
Outstanding Stock Options, Ending Balance	25,630,553	31,134,573
Outstanding Stock Options, Vested	23,669,716
Outstanding Stock Options, Vested and expected to vest	25,630,553
Weighted-Average Exercise Price, Beginning Balance \| $ / shares	$ 7.98
Weighted-Average Exercise Price, Stock options exercised \| $ / shares	7.39
Weighted-Average Exercise Price, Stock options forfeited or expired \| $ / shares	14.4
Weighted-Average Exercise Price, Ending Balance \| $ / shares	7.98	$ 7.98
Weighted-Average Exercise Price, Vested \| $ / shares	7.63
Weighted-Average Exercise Price, Vested and Expected to Vest \| $ / shares	$ 7.98
Weighted-Average Remaining Contractual Term (in years)	5 years 2 months 23 days	6 years 3 days
Weighted-Average Remaining Contractual Term Vested (in years)	5 years 2 months 8 days
Weighted-Average Remaining Contractual Term Vested and expected to vest (in years)	5 years 2 months 23 days
Aggregate Intrinsic Value, Beginning Balance \| $	$ 480,766
Aggregate Intrinsic Value, Ending Balance \| $	319,364	$ 480,766
Aggregate Intrinsic Value, Vested as of September 30, 2024 \| $	303,143
Aggregate Intrinsic Value, Vested and expected to vest as of September 30, 2024 \| $	$ 319,364

Derivative Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of the Company's Derivative Instruments

The following table summarizes the notional amounts of the Company’s derivative instruments (in thousands):


	September 30, 2024		December 31, 2023
Foreign currency forward contracts designated as hedging instruments	$	104,409	$	125,617
Foreign currency forward contracts not designated as hedging instruments		100,933		99,918
Total derivative instruments	$	205,342	$	225,535

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value of the Company’s derivative instruments on the condensed consolidated balance sheets (in thousands):


	Balance Sheet Location	September 30, 2024		December 31, 2023
Derivative Assets:
Foreign currency forward contracts designated as hedging instruments	Prepaid expenses and other current assets	$	3,474	$	1,789
Foreign currency forward contracts not designated as hedging instruments	Prepaid expenses and other current assets		2,324		906
Foreign currency forward contracts designated as hedging instruments	Other assets, non-current		266		524
Total derivative assets		$	6,064	$	3,219
Derivative Liabilities:
Foreign currency forward contracts designated as hedging instruments	Accrued expenses and other liabilities	$	6	$	18
Foreign currency forward contracts not designated as hedging instruments	Accrued expenses and other liabilities		389		1,239
Foreign currency forward contracts designated as hedging instruments	Other liabilities, non-current		7		15
Total derivative liabilities		$	402	$	1,272

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Beginning balance	$	1,049		$	540		$	2,280		$	653
Net gain (loss) recognized in other comprehensive income (loss)		4,007			(1,759	)		3,070			(694	)
Net gain reclassified from AOCI to earnings		(1,329	)		(242	)		(1,623	)		(1,420	)
Ending balance	$	3,727		$	(1,461	)	$	3,727		$	(1,461	)

Schedule of foreign currency forward contracts on the condensed consolidated statements of operations

The following table summarizes the effect of foreign currency forward contracts on the condensed consolidated statements of operations (in thousands):


	Derivatives Designated as Hedging Instruments									Derivatives Not Designated as Hedging Instruments
	Three Months Ended September 30,					Nine Months Ended September 30,				Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023		2024		2023			2024		2023
Cost of revenue - subscription	$	181	$	19		$	235	$	152	$	-	$	-		$	-	$	-
Cost of revenue - services		111		(2	)		130		106		-		-			-		-
Research and development		164		103			228		302		-		-			-		-
Sales and marketing		713		69			812		650		-		-			-		-
General and administrative		160		53			218		210		-		-			-		-
Other income (expense), net		-		-			-		-		2,101		(229	)		245		(142	)
Total gains (losses) recognized in earnings	$	1,329	$	242		$	1,623	$	1,420	$	2,101	$	(229	)	$	245	$	(142	)

Derivative Instruments and Hedging - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Description of Derivative Instruments	18 months
Foreign currency forward contracts designated as hedging instruments	$ 3,727	$ 1,049	$ 2,280	$ (1,461)	$ 540	$ 653
Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Foreign currency forward contracts designated as hedging instruments	3,700
Accumulated other comprehensive income (loss) [Member] \| Foreign Currency Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred	$ 3,500

Derivative Instruments and Hedging - Schedule of Notional Amounts of the Company's Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Total derivative instruments	$ 205,342	$ 225,535
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total derivative instruments	104,409	125,617
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total derivative instruments	$ 100,933	$ 99,918

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (74,144)	$ (92,670)	$ (257,011)	$ (348,650)

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Net Loss Per Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share Attributable to Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income (Loss)	$ (74,144)	$ (92,670)	$ (257,011)	$ (348,650)
Denominator:
Weighted-average shares used to compute net loss per share, basic	324,317,971	303,896,632	319,330,398	297,906,112
Weighted-average shares used to compute net loss per share, diluted	324,317,971	303,896,632	319,330,398	297,906,112
Net loss per share, basic	$ (0.23)	$ (0.3)	$ (0.8)	$ (1.17)
Net loss per share, diluted	$ (0.23)	$ (0.3)	$ (0.8)	$ (1.17)
Class A and Class B [Member]
Numerator:
Net Income (Loss)	$ (74,144)	$ (92,670)	$ (257,011)	$ (348,650)
Denominator:
Weighted-average shares used to compute net loss per share, basic	324,317,971	303,896,632	319,330,398	297,906,112
Weighted-average shares used to compute net loss per share, diluted	324,317,971	303,896,632	319,330,398	297,906,112
Net loss per share, basic	$ (0.23)	$ (0.3)	$ (0.8)	$ (1.17)
Net loss per share, diluted	$ (0.23)	$ (0.3)	$ (0.8)	$ (1.17)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	September 30, 2024
	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	260,104	$	-	$	260,104
Commercial paper		-		10,980		10,980
U.S. treasury securities		-		5,994		5,994
Marketable securities:
U.S. treasury securities		-		673,193		673,193
Corporate notes and bonds		-		504,739		504,739
U.S. agency obligations		-		277,072		277,072
Commercial paper		-		81,883		81,883
Derivative instruments:
Foreign currency forward contracts		-		6,064		6,064
Total assets	$	260,104	$	1,559,925	$	1,820,029
Liabilities:
Derivative instruments:
Foreign currency forward contracts	$	-	$	402	$	402
Total liabilities	$	-	$	402	$	402


	December 31, 2023
	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market funds	$	264,923	$	-	$	264,923
U.S. treasury securities		-		52,130		52,130
Marketable securities:
U.S. treasury securities		-		833,137		833,137
U.S. agency obligations		-		402,759		402,759
Corporate notes and bonds		-		279,709		279,709
Commercial paper		-		35,404		35,404
Derivative instruments:
Foreign currency forward contracts		-		3,219		3,219
Total assets	$	264,923	$	1,606,358	$	1,871,281
Liabilities:
Derivative instruments:
Foreign currency forward contracts	$	-	$	1,272	$	1,272
Total liabilities	$	-	$	1,272	$	1,272

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

10. Revenue

Disaggregation of Revenue

The following table sets forth revenue disaggregated by geographic markets based on the location of the customer and by subscription and service categories (dollars in thousands):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
Geographic markets:
United States	$	152,400	61	%	$	119,367	60	%	$	423,056	60	%	$	337,219	60	%
International		97,799	39	%		80,814	40	%		279,366	40	%		226,549	40	%
Total revenue	$	250,199	100	%	$	200,181	100	%	$	702,422	100	%	$	563,768	100	%
Subscriptions and services:
Confluent Platform - License	$	24,967	10	%	$	21,386	11	%	$	71,292	10	%	$	60,918	11	%
Confluent Platform - PCS(1)		85,110	34	%		76,284	38	%		246,184	35	%		216,591	38	%
Confluent Cloud		129,774	52	%		91,600	46	%		353,979	51	%		248,816	44	%
Subscription		239,851	96	%		189,270	95	%		671,455	96	%		526,325	93	%
Services		10,348	4	%		10,911	5	%		30,967	4	%		37,443	7	%
Total revenue	$	250,199	100	%	$	200,181	100	%	$	702,422	100	%	$	563,768	100	%

(1) PCS refers to post-contract customer support, maintenance, and upgrades.

Remaining Performance Obligations (“RPO”)

RPO represent the amount of contracted future revenue that has not yet been recognized as of the end of each period, including both deferred revenue that has been invoiced and non-cancelable committed amounts that will be invoiced and recognized as revenue in future periods. RPO exclude pay-as-you-go arrangements. As of September 30, 2024, the Company’s RPO was $883.0 million, approximately 65% of which is expected to be recognized as revenue over the next 12 months and the substantial majority of the remainder in the next 13 to 36 months. Actual amounts or timing of revenue recognized may differ due to subsequent contract modifications.

Deferred Revenue

Deferred revenue, including current and non-current balances as of September 30, 2024 and December 31, 2023 was $374.4 million and $353.0 million, respectively. For the nine months ended September 30, 2024 and 2023, revenue recognized from deferred revenue at the beginning of the year was $301.1 million and $254.6 million, respectively.

Accounts Receivable, Net

The unbilled receivables balance included in accounts receivable, net on the condensed consolidated balance sheets was $123.7 million and $64.2 million as of September 30, 2024 and December 31, 2023, respectively.

The Company’s allowance for expected credit losses was not material as of September 30, 2024 and December 31, 2023. Additions to and write-offs against the allowance for expected credit losses were not material for the three and nine months ended September 30, 2024 and 2023.

Deferred Contract Acquisition Costs

The following table summarizes the activity of deferred contract acquisition costs (in thousands):


	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	119,752		$	104,284
Capitalization of contract acquisition costs		37,272			39,574
Amortization of deferred contract acquisition costs		(40,045	)		(33,460	)
Ending balance	$	116,979		$	110,398

- 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
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-Paragraph 9
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2024

Convertible Debt [Abstract]

Schedule of Net Carrying Amount of Notes

The net carrying amount of the 2027 Notes was as follows (in thousands):


	September 30, 2024			December 31, 2023
Principal	$	1,100,000		$	1,100,000
Unamortized debt issuance costs		(8,817	)		(11,687	)
Net carrying amount	$	1,091,183		$	1,088,313

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (74,144)	$ (92,670)	$ (257,011)	$ (348,650)
Other comprehensive income (loss), net of tax:
Net unrealized gain on marketable securities	8,847	2,041	6,707	1,804
Net unrealized gain (loss) on derivative instruments	2,678	(2,001)	1,447	(2,114)
Other comprehensive income (loss), net of tax	11,525	40	8,154	(310)
Total comprehensive loss	$ (62,619)	$ (92,630)	$ (248,857)	$ (348,960)

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. Organization and Description of Business

Description of Business

Confluent, Inc. (“Confluent” or the “Company”) created a data infrastructure platform focused on data in motion. Confluent’s platform allows customers to connect their applications, systems, and data layers and can be deployed either as a self-managed software offering, Confluent Platform, or as a fully-managed cloud-native software-as-a-service (“SaaS”) offering, Confluent Cloud. Confluent also offers professional services and education services. The Company was incorporated in the state of Delaware in September 2014 and is headquartered in California with various other global office locations.

Convertible Senior Notes

9 Months Ended

Sep. 30, 2024

Convertible Debt [Abstract]

Convertible Senior Notes

8. Convertible Senior Notes

In December 2021, the Company issued $1.1 billion aggregate principal amount of 0% convertible senior notes due 2027 (the “2027 Notes”), including the exercise in full of the initial purchasers’ option to purchase up to an additional $100.0 million principal amount of the 2027 Notes, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2027 Notes are general unsecured obligations of the Company and will mature on January 15, 2027, unless earlier converted, redeemed, or repurchased. The 2027 Notes do not bear regular interest, and the principal amount of the 2027 Notes will not accrete. Special interest, if any, is payable semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2022 (if and to the extent that special interest is then payable on the 2027 Notes). No special interest has been paid in connection with the 2027 Notes to date. The total net proceeds from the offering, after deducting initial purchasers’ discounts and debt issuance costs, were $1,080.5 million.

The initial conversion rate is 9.9936 shares of the Company’s Class A common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $100.06 per share of the Company’s Class A common stock), subject to adjustment as set forth in the indenture governing the 2027 Notes (the “Indenture”). The 2027 Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding October 15, 2026, only under the following conditions:

(1)

during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the Company’s 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 for the 2027 Notes on each applicable trading day;

(2)

during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate for the 2027 Notes on each such trading day;

(3)

if the Company calls such 2027 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the 2027 Notes called (or deemed called) for redemption; or

(4)

upon the occurrence of specified corporate events as set forth in the Indenture.

On or after October 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2027 Notes may convert all or any portion of their 2027 Notes at any time, at the option of the holder regardless of the foregoing conditions. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture. In addition, following certain corporate events that occur prior to the maturity date of the 2027 Notes or if the Company delivers a notice of redemption in respect of the 2027 Notes, the Company will, under certain circumstances, increase the conversion rate of the 2027 Notes for a holder who elects to convert its 2027 Notes in connection with such a corporate event or convert its 2027 Notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

During the three months ended September 30, 2024, the conditions allowing holders of the 2027 Notes to convert have not been met. The 2027 Notes were therefore not convertible and were classified as long-term debt on the Company’s condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023.

The Company may not redeem the 2027 Notes prior to January 20, 2025. The Company may redeem for cash all or any portion of the 2027 Notes (subject to the certain limitations described in the Indenture), at its option, on or after January 20, 2025, if the last reported sale price of the Company’s Class A common stock has been at least 130% of the conversion price for the 2027 Notes 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 2027 Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. If the Company redeems less than all of the outstanding 2027 Notes, at least $100.0 million aggregate principal amount of 2027 Notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption. No sinking fund is provided for the 2027 Notes.

The Company incurred $19.5 million of debt issuance costs related to the 2027 Notes. These costs are amortized to interest expense included within other income (expense), net on the condensed consolidated statements of operations over the contractual term of the 2027 Notes at an effective interest rate of 0.35%. Amortization of debt issuance costs was $1.0 million for both the three months ended September 30, 2024 and 2023, and $2.9 million for both the nine months ended September 30, 2024 and 2023.

The net carrying amount of the 2027 Notes was as follows (in thousands):


	September 30, 2024			December 31, 2023
Principal	$	1,100,000		$	1,100,000
Unamortized debt issuance costs		(8,817	)		(11,687	)
Net carrying amount	$	1,091,183		$	1,088,313

Capped Calls

In connection with the pricing of the 2027 Notes and the exercise in full by the initial purchasers of their option to purchase additional 2027 Notes, the Company entered into capped call transactions with certain of the initial purchasers of the 2027 Notes or their respective affiliates and other financial institutions (the “Capped Calls”). The Capped Calls each have an initial strike price of approximately $100.06 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2027 Notes. The Capped Calls have initial cap prices of $138.02 per share, subject to certain adjustments. The Capped Calls associated with the 2027 Notes cover, subject to anti-dilution adjustments, approximately 11.0 million shares of the Company’s Class A common stock. The Capped Calls are expected generally to reduce the potential dilution to the Company’s Class A common stock upon any conversion of the 2027 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2027 Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. For accounting purposes, the Capped Calls are separate transactions and not part of the terms of the 2027 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $91.0 million incurred to purchase the Capped Calls was recorded as a reduction to additional paid-in capital and will not be remeasured.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 21, 2024 (the “Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the prior year condensed consolidated financial statements have been reclassified to conform to the presentation of the current year consolidated financial statements. These reclassifications had no effect on consolidated net loss, stockholders’ equity, or cash flows as previously reported. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, the standalone selling price (“SSP”) for each distinct performance obligation included in customer contracts, deferred contract acquisition costs and their period of benefit, stock-based compensation expense, the fair value of acquired intangible assets, capitalization of internal-use software, estimated useful lives of long-lived assets, the incremental borrowing rate used to measure operating lease liabilities, and accounting for income taxes. The Company bases its estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances. Estimates and assumptions about future events and their effects, including the impact of global macroeconomic conditions, cannot be determined with certainty and therefore require the exercise of judgment. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements. Significant Accounting Policies There were no significant changes to the Company’s significant accounting policies disclosed in “Note 2 – Basis of Presentation and Summary of Significant Accounting Policies” of the Company’s Annual Report. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Segment Reporting: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Income Taxes: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, and may be applied on a retrospective or prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.