(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Part I. Financial Information | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable | |||||||||||
Deferred contract costs, current portion | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Deferred contract costs, net of current portion | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Deferred revenue | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred revenue, net of current portion | |||||||||||
Deferred tax liability | |||||||||||
Operating lease liabilities, net of current portion | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Stockholders' equity | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders' equity attributable to Semrush Holdings, Inc. | |||||||||||
Noncontrolling interest in consolidated subsidiary | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | $ | |||||||||
Cost of revenue | |||||||||||
Gross profit | |||||||||||
Operating expenses | |||||||||||
Sales and marketing | |||||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Exit costs | |||||||||||
Total operating expenses | |||||||||||
Income (loss) from operations | ( | ||||||||||
Other income, net | |||||||||||
Income (loss) before income taxes | ( | ||||||||||
Provision for income taxes | |||||||||||
Net income (loss) | ( | ||||||||||
Net loss attributable to noncontrolling interest in consolidated subsidiary | ( | ||||||||||
Net income (loss) attributable to Semrush Holdings, Inc. | $ | $ | ( | ||||||||
Net income (loss) attributable to Semrush Holdings, Inc. per share attributable to common stockholders—basic: | $ | $ | ( | ||||||||
Net income (loss) attributable to Semrush Holdings, Inc. per share attributable to common stockholders—diluted: | $ | $ | ( | ||||||||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic: | |||||||||||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Other comprehensive income (loss) | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Unrealized loss on investments | ( | ( | |||||||||
Comprehensive income (loss) | $ | $ | ( | ||||||||
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary | ( | ||||||||||
Comprehensive income (loss) attributable to Semrush Holdings, Inc. | $ | $ | ( |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Conversion of Class B Common Stock to Class A Common Stock | ( | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with employee stock purchase plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Unrealized loss on investments | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity Attributable to Semrush Holdings, Inc. | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on investments | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||
Depreciation and amortization expense | |||||||||||
Amortization of deferred contract costs | |||||||||||
Amortization (accretion) of premiums and discounts on investments | ( | ( | |||||||||
Non-cash lease expense | |||||||||||
Stock-based compensation expense | |||||||||||
Non-cash interest expense | |||||||||||
Change in fair value of convertible debt securities | ( | ||||||||||
Deferred taxes | ( | ||||||||||
Other non-cash items | |||||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | ( | ||||||||||
Deferred contract costs | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued expenses | |||||||||||
Other current liabilities | ( | ||||||||||
Deferred revenue | |||||||||||
Other long-term liabilities | |||||||||||
Change in operating lease liability | ( | ( | |||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Purchases of short-term investments | ( | ( | |||||||||
Proceeds from sales and maturities of short-term investments | |||||||||||
Purchases of convertible debt securities | ( | ||||||||||
Funding of investment loan receivable | ( | ||||||||||
Capitalization of internal-use software costs | ( | ( | |||||||||
Cash paid for acquisition of businesses, net of cash acquired | ( | ( | |||||||||
Purchases of other investments | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Proceeds from issuance of shares in connection with employee stock purchase plan | |||||||||||
Payment of finance leases | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
Decrease in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Supplemental cash flow disclosures | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Property and equipment purchases not paid | $ | $ | |||||||||
Unrealized loss on short-term investments | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | — | $ | — | $ | |||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. treasury securities | ( | ||||||||||||||||||||||
Total investments | ( | ||||||||||||||||||||||
Total cash, cash equivalents, and investments | $ | $ | $ | ( | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | — | $ | — | $ | |||||||||||||||||
Investments: | |||||||||||||||||||||||
U.S. treasury securities due in one year or less | ( | ||||||||||||||||||||||
Total investments | ( | ||||||||||||||||||||||
Total cash, cash equivalents and investments | $ | $ | $ | ( | $ |
As of March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in "other long-term assets" | |||||||||||
Cash, cash equivalents, and restricted cash | $ | $ |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Short-term lease cost | |||||||||||
Variable lease cost | |||||||||||
Total lease cost | $ | $ |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Amortization of lease assets | $ | $ | |||||||||
Interest on lease liabilities | |||||||||||
Total finance lease cost | $ | $ | |||||||||
As of March 31, | |||||
2024 | |||||
Weighted-average remaining lease term (in years) | |||||
Operating leases | |||||
Finance leases | |||||
Weighted-average discount rate | |||||
Operating leases | % | ||||
Finance leases | % |
As of March 31, 2024 | Operating Leases | Finance Leases | ||||||||||||
Remainder of 2024 | $ | $ | ||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
2028 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less: imputed interest | ( | ( | ||||||||||||
$ | $ |
March 31, 2024 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) | Significant Other Observable Inputs (Level 2 Inputs) | Significant Unobservable Inputs (Level 3 Inputs) | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Investment loan receivable (See Note 7) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs) | Significant Other Observable Inputs (Level 2 Inputs) | Significant Unobservable Inputs (Level 3 Inputs) | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Risk free interest rate | % | % | |||||||||
Projected year of payment | 2025 | 2025 | |||||||||
Revenue volatility | % | % | |||||||||
Discount rate | % | % |
Balance as of December 31, 2023 | $ | ||||
Change in fair value and expense recognized for service period rendered | |||||
Balance as of March 31, 2024 | |||||
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Computer equipment | $ | $ | |||||||||
Furniture and office equipment | |||||||||||
Leasehold improvements | |||||||||||
Total property and equipment | |||||||||||
Less: accumulated depreciation and amortization | ( | ( | |||||||||
Property and equipment, net | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Weighted-average shares outstanding: | ||||||||||||||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic | ||||||||||||||
Dilutive effect of share equivalents resulting from stock options | ||||||||||||||
Dilutive effect of share equivalents resulting from restricted stock units | ||||||||||||||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Stock options outstanding | |||||||||||
Unvested RSUs | |||||||||||
Unvested Performance stock units (“PSUs”) | |||||||||||
Acquisition Date | ||||||||
Consideration transferred | Fair Value | |||||||
Fair value of the January 2021 and February 2022 Convertible Notes | $ | |||||||
Cash paid at close | ||||||||
Other consideration | ||||||||
Total purchase consideration | $ |
Purchase Price | ||||||||
Assets acquired | Allocation | |||||||
Fair value of tangible assets: | ||||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable | ||||||||
Prepaid expenses and other current assets | ||||||||
Property and equipment, net | ||||||||
Other long-term assets | ||||||||
Identifiable intangible assets | ||||||||
Goodwill | ||||||||
Total assets acquired | $ | |||||||
Liabilities assumed | ||||||||
Accounts payable | ||||||||
Deferred revenue | ||||||||
Accrued expenses | ||||||||
Other current liabilities | ||||||||
Other long-term liabilities | ||||||||
Total Liabilities Assumed | $ | |||||||
Fair value of assets acquired and liabilities assumed, net | $ | |||||||
Fair value of noncontrolling interest, including call option | $ | |||||||
Fair value of controlling interest acquired | $ |
As of March 31, 2024 | |||||||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Developed technology | $ | $ | ( | $ | |||||||||||||||||||
Trade name | ( | ||||||||||||||||||||||
Content | ( | ||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Capitalized internal-use software | ( | ||||||||||||||||||||||
Total as of March 31, 2024 | $ | $ | ( | $ |
As of December 31, 2023 | |||||||||||||||||||||||
Weighted Average Remaining Useful Life (years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Developed technology | $ | $ | ( | $ | |||||||||||||||||||
Trade name | ( | ||||||||||||||||||||||
Content | ( | ||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Capitalized internal-use software | ( | ||||||||||||||||||||||
Total as of December 31, 2023 | $ | $ | ( | $ |
Amount | ||||||||
Remainder of 2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total | $ |
Amount | ||||||||
Balance as of January 1, 2024 | $ | |||||||
Datos purchase price allocation adjustment | ( | |||||||
Foreign currency translation adjustment | ( | |||||||
Balance as of March 31, 2024 | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Employee compensation | $ | $ | |||||||||
Income taxes payable | |||||||||||
Other taxes payable | |||||||||||
Vacation reserves | |||||||||||
Other | |||||||||||
Total accrued expenses | $ | $ |
Options outstanding | |||||
Common stock reserved for future issuance | |||||
Restricted stock units and performance stock units outstanding | |||||
Total authorized shares of common stock reserved for future issuance |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cost of revenue | $ | $ | |||||||||
Sales and marketing | |||||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Total stock-based compensation | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Expected volatility | % | % | |||||||||
Weighted-average risk-free interest rate | % | % | |||||||||
Expected dividend yield | |||||||||||
Expected life – in years |
Number of Options | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Contractual Term (in years) | |||||||||||||||
Outstanding at January 1, 2024 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Exercised | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Outstanding at March 31, 2024 | |||||||||||||||||
Options exercisable at March 31, 2024 |
Number of Shares | Weighted-Average Grant Date Fair Value | Aggregate Fair Value | ||||||||||||||||||
Unvested balance at January 1, 2024 | $ | $ | ||||||||||||||||||
Granted | ||||||||||||||||||||
Vested | ( | |||||||||||||||||||
Forfeited | ( | |||||||||||||||||||
Unvested balance as of March 31, 2024 | $ | $ |
Number of Shares | Weighted-Average Grant Date Fair Value | Aggregate Fair Value | ||||||||||||||||||
Unvested balance at January 1, 2024 | $ | $ | ||||||||||||||||||
Granted | ||||||||||||||||||||
Vested | ||||||||||||||||||||
Forfeited | ||||||||||||||||||||
Unvested balance at March 31, 2024 | $ | $ |
As of March 31, 2024 | ||||||||
Remainder of 2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 and thereafter | ||||||||
Total | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Foreign currency exchange gain (loss) | $ | $ | ( | ||||||||
Interest income, net | |||||||||||
Other income, net | |||||||||||
Total other income, net | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Revenue: | ||||||||||||||
United States | $ | $ | ||||||||||||
United Kingdom | ||||||||||||||
Other | ||||||||||||||
Total revenue | $ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Property and equipment, net: | |||||||||||
United States | $ | $ | |||||||||
Netherlands | |||||||||||
Spain | |||||||||||
Czech Republic | |||||||||||
Other | |||||||||||
Total assets | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Income (loss) from operations | $ | 1,468 | $ | (10,768) | |||||||
Stock-based compensation expense | 5,115 | 2,796 | |||||||||
Amortization of acquired intangibles | 692 | 522 | |||||||||
Restructuring and other costs | 2,124 | 983 | |||||||||
Acquisition-related costs, net | 338 | — | |||||||||
Non-GAAP income (loss) from operations | $ | 9,737 | $ | (6,467) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Income (loss) from operations (as a percentage of revenue) | 1.7 | % | (15.2) | % | |||||||
Stock-based compensation expense (as a percentage of revenue) | 6.0 | % | 3.9 | % | |||||||
Amortization of acquired intangibles (as a percentage of revenue) | 0.8 | % | 0.7 | % | |||||||
Restructuring and other costs (as a percentage of revenue) | 2.5 | % | 1.4 | % | |||||||
Acquisition-related costs, net (as a percentage of revenue) | 0.4 | % | — | % | |||||||
Non-GAAP income (loss) from operations margin | 11.4 | % | (9.2) | % |
Three Months Ended March 31, (in thousands) | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by (used in) operating activities | $ | 14,779 | $ | (3,609) | |||||||
Net cash used in investing activities | (31,981) | (18,889) | |||||||||
Net cash provided by (used in) financing activities | 434 | (451) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (507) | 73 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | $ | (17,275) | $ | (22,876) |
Three Months Ended March 31, (in thousands) | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by (used in) operating activities | $ | 14,779 | $ | (3,609) | |||||||
Purchases of property and equipment | (759) | (268) | |||||||||
Capitalization of internal-use software costs | (2,015) | (1,056) | |||||||||
Free cash flow | $ | 12,005 | $ | (4,933) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by (used in) operating activities (as a percentage of revenue) | 17.2 | % | (5.1) | % | |||||||
Purchases of property and equipment (as a percentage of revenue) | (0.9) | % | (0.4) | % | |||||||
Capitalization of internal-use software costs (as a percentage of revenue) | (2.3) | % | (1.5) | % | |||||||
Free cash flow margin | 14.0 | % | (7.0) | % |
Three Months Ended March 31, | |||||||||||
(in thousands) | |||||||||||
2024 | 2023 | ||||||||||
Revenue | $ | 85,812 | $ | 70,870 | |||||||
Cost of revenue (1) | 14,645 | 12,639 | |||||||||
Gross profit | 71,167 | 58,231 | |||||||||
Operating expenses | |||||||||||
Sales and marketing (1) | 33,921 | 35,496 | |||||||||
Research and development (1) | 17,304 | 13,880 | |||||||||
General and administrative (1) | 18,474 | 18,640 | |||||||||
Exit costs | — | 983 | |||||||||
Total operating expenses | 69,699 | 68,999 | |||||||||
Income (loss) from operations | 1,468 | (10,768) | |||||||||
Other income, net | 3,639 | 1,705 | |||||||||
Income (loss) before income taxes | 5,107 | (9,063) | |||||||||
Provision for income taxes | 3,104 | 797 | |||||||||
Net income (loss) | $ | 2,003 | $ | (9,860) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Cost of revenue | $ | 39 | $ | 17 | |||||||
Sales and marketing | 770 | 528 | |||||||||
Research and development | 636 | 343 | |||||||||
General and administrative | 3,670 | 1,908 | |||||||||
Total stock-based compensation | $ | 5,115 | $ | 2,796 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(as a percentage of total revenue) | |||||||||||
Revenue | 100 | % | 100 | % | |||||||
Cost of revenue | 17 | % | 18 | % | |||||||
Gross profit | 83 | % | 82 | % | |||||||
Operating expenses | |||||||||||
Sales and marketing | 40 | % | 50 | % | |||||||
Research and development | 20 | % | 20 | % | |||||||
General and administrative | 22 | % | 26 | % | |||||||
Exit costs | — | % | 1 | % | |||||||
Total operating expenses | 82 | % | 97 | % | |||||||
Income (loss) from operations | 2 | % | (15) | % | |||||||
Other income, net | 4 | % | 2 | % | |||||||
Income (loss) before income taxes | 6 | % | (13) | % | |||||||
Provision for income taxes | 4 | % | 1 | % | |||||||
Net income (loss) | 2 | % | (14) | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue | $ | 85,812 | $ | 70,870 | $ | 14,942 | 21 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Revenue: | |||||||||||
United States | $ | 40,646 | $ | 34,747 | |||||||
United Kingdom | 8,324 | 7,007 | |||||||||
Other | 36,842 | 29,116 | |||||||||
Total revenue | $ | 85,812 | $ | 70,870 |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Revenue | $ | 85,812 | $ | 70,870 | $ | 14,942 | 21 | % | |||||||||||||||
Cost of revenue | $ | 14,645 | $ | 12,639 | $ | 2,006 | 16 | % | |||||||||||||||
Gross profit | $ | 71,167 | $ | 58,231 | $ | 12,936 | 22 | % | |||||||||||||||
Gross margin | 83 | % | 82 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Sales and marketing | $ | 33,921 | $ | 35,496 | $ | (1,575) | (4) | % | |||||||||||||||
Percentage of total revenue | 40 | % | 50 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Research and development | $ | 17,304 | $ | 13,880 | $ | 3,424 | 25 | % | |||||||||||||||
Percentage of total revenue | 20 | % | 20 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
General and administrative | $ | 18,474 | $ | 18,640 | $ | (166) | (1) | % | |||||||||||||||
Percentage of total revenue | 22 | % | 26 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Other income, net | $ | 3,639 | $ | 1,705 | $ | 1,934 | 113% | ||||||||||||||||
Percentage of total revenue | 4 | % | 2 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||
2024 | 2023 | Amount | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for income taxes | $ | 3,104 | $ | 797 | $ | 2,307 | 289 | % | |||||||||||||||
Percentage of total revenue | 4 | % | 1 | % |
Exhibit Number | Exhibit Title | |||||||
3.1(1) | Amended and Restated Certificate of Incorporation of the Registrant | |||||||
3.2(2) | Third Amended and Restated Bylaws of the Registrant | |||||||
4.1(3) | Form of Class A common stock certificate of the Registrant | |||||||
10.1#* | Summary of Compensatory Arrangement between the Registrant and Roman Simonov | |||||||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act | ||||||||
101.INS* | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104* | Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101) |
SEMRUSH HOLDINGS, INC. | ||||||||
May 8, 2024 | By: | /s/ Oleg Shchegolev | ||||||
Oleg Shchegolev | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
May 8, 2024 | By: | /s/ Brian Mulroy | ||||||
Brian Mulroy | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: | May 8, 2024 | Semrush Holdings, Inc. | ||||||||||||
By: | /s/ Oleg Shchegolev | |||||||||||||
Oleg Shchegolev | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: | May 8, 2024 | Semrush Holdings, Inc. | ||||||||||||
By: | /s/ Brian Mulroy | |||||||||||||
Brian Mulroy | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: | May 8, 2024 | By: | /s/ Oleg Shchegolev | ||||||||
Oleg Shchegolev | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | May 8, 2024 | By: | /s/ Brian Mulroy | ||||||||
Brian Mulroy | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, issued (in shares) | 121,245 | 120,629 |
Common stock, outstanding (in shares) | 121,245 | 120,629 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, authorized (in shares) | 160,000 | 160,000 |
Common stock, issued (in shares) | 23,482 | 23,482 |
Common stock, outstanding (in shares) | 23,482 | 23,482 |
Overview and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Description of Business Semrush Holdings, Inc. (“Semrush Holdings”) and its subsidiaries (together the “Company”, or “Semrush”) provide an online visibility management software-as-a-service (“SaaS”) platform. The Company’s platform enables its subscribers to improve their online visibility and drive traffic, including on their websites and social media pages, and distribute highly relevant content to their customers on a targeted basis across various channels to drive high-quality traffic and measure the effectiveness of their digital marketing campaigns. The Company is headquartered in Boston, Massachusetts, and has wholly owned subsidiaries in the United States, Spain, the Czech Republic, the Netherlands, Cyprus, Serbia, Poland, Germany, Armenia, Canada, and France. The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development that could affect future operations and financial performance. These risks include, but are not limited to, rapid technological change, competitive pressure from substitute products or larger companies, protection of proprietary technology, management of international activities, the need to obtain additional financing to support growth, and dependence on third parties and key individuals. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2024, and for the three months ended March 31, 2024 and 2023. The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024. The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. As of March 31, 2024, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, except as discussed below.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and subsidiaries in which it holds a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. Ownership interests in subsidiaries represented by other parties that do not control the entity are presented in the consolidated financial statements as activities and balances attributable to noncontrolling interests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates relied upon in preparing these unaudited condensed consolidated financial statements include, but are not limited to, revenue recognition, expected future cash flows used to evaluate the recoverability of long-lived assets, contingent liabilities, expensing and capitalization of research and development costs for internal-use software, the average period of benefit associated with costs capitalized to obtain revenue contracts, the determination of the fair value of stock-based awards issued, stock-based compensation expense, the determination of the estimated fair value of loan receivables and convertible notes held by the Company, the valuations of the intangible assets acquired through acquisitions, the estimation of the Company’s incremental borrowing rate, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the unaudited condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. See Note 19 for additional information regarding the Company’s subsequent events. Emerging Growth Company Status The Company is an "emerging growth company" (“EGC”), as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies." The Company may take advantage of these exemptions until the Company is no longer an "emerging growth company." Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and, as a result of this election, its condensed consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the year following the fifth anniversary of an offering or such earlier time that it is no longer an emerging growth company. The Company would cease to be an emerging growth company if it has more than $1.07 billion in annual revenue, has more than $700.0 million in market value of its stock held by non-affiliates, or it issues more than $1.0 billion of non-convertible debt securities over a three-year period. Revenue Recognition The Company primarily derives revenue from subscriptions to the Company’s SaaS services and related customer support. For the three months ended March 31, 2024 and 2023, subscription revenue accounted for nearly all of the Company’s revenue. Revenue related to other revenue was not material for the three months ended March 31, 2024 and 2023. The Company offers subscriptions to its platform primarily on a monthly or annual basis. The Company sells its products and services primarily through a self-service model and also directly through its sales force. The Company’s subscription arrangements provide customers the right to access the Company’s hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Subscriptions are generally non-cancellable during the contractual subscription term; however, subscription contracts contain a right to a refund if requested within seven days of purchase. The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration it expects to receive in exchange for those products or services. There were no changes to the Company’s revenue recognition policies since the filing of its Annual Report on Form 10-K with the SEC on March 7, 2024. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The Company primarily invoices and collects payments from customers for its services in advance on a monthly or annual basis. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as deferred revenue, and the remaining portion is recorded as deferred revenue, net of current portion. Deferred revenue increased by $5,650 as of March 31, 2024 compared to December 31, 2023. During the three months ended March 31, 2024 and 2023, $30,351 and $25,513 of revenue was recognized that was included in deferred revenue as of December 31, 2023 and 2022, respectively. The Company has elected to exclude amounts charged to customers for sales tax from the transaction price. Accordingly, revenue is presented net of any sales tax collected from customers. Transaction Price Allocated to Future Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of the balance sheet dates reported. For contracts with an original expected duration greater than one year, the aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied as of March 31, 2024 was $1,386, of which the Company expects to recognize $1,080 over the next 12 months. For contracts with an original expected duration of one year or less, the Company has applied the practical expedient available under ASC 606 to not disclose the amount of transaction price allocated to unsatisfied performance obligations as of March 31, 2024. For performance obligations not satisfied as of March 31, 2024, and to which this expedient applies, the nature of the performance obligations is consistent with performance obligations satisfied as of December 31, 2023. Costs to Obtain a Contract The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and recorded as deferred contract costs in the unaudited condensed consolidated balance sheets and are amortized over a period of approximately 24 months on a systematic basis, consistent with the pattern of transfer of the goods or services to which the asset relates. The 24-month period represents the estimated benefit period of the customer relationship and has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period based on historical experience and future expectations. Deferred contract costs that will be recorded as expense during the succeeding 12-month period are recorded as deferred contract costs, current portion, and the remaining portion is recorded as deferred contract costs, net of current portion. Amortization of deferred contract costs is included in sales and marketing expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). Concentrations of Credit Risk and Significant Customers The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. Credit risk with respect to accounts receivable is dispersed due to the large number of customers of the Company. The Company routinely assesses the creditworthiness of its customers and generally does not require its customers to provide collateral or other security to support accounts receivable. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. As of March 31, 2024 and December 31, 2023, no individual customer represented more than 10% of the Company’s accounts receivable. During the three months ended March 31, 2024 and 2023, no individual customer represented more than 10% of the Company’s revenue. Disclosure of Fair Value of Financial Instruments The Company’s financial instruments include cash, cash equivalents, investments, accounts receivable, loan receivables, accounts payable, and accrued expenses. The Company’s investments are classified as available-for-sale and reported at fair value in accordance with the market approach utilizing quoted prices that were directly or indirectly observable. The Company has elected the fair value option in respect to the accounting for its loan receivable investment, resulting in increases and decreases in the fair value of such investments being recorded to other income, net for each reporting period. The carrying amount of the remainder of the Company’s financial instruments approximated their fair values as of March 31, 2024 and December 31, 2023, due to the short-term nature of these instruments. The Company has evaluated the estimated fair value of financial instruments using available market information. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. See below for further discussion. Foreign Currency Translation The Company operates in a multi-currency environment having transactions in such currencies as the U.S. dollar, zloty, Czech koruna, euro, and others. The reporting currency of the Company is the U.S. dollar. The foreign currency exchange gain (loss) included in other income, net for the three months ended March 31, 2024 and 2023 was $445 and $(638), respectively. Comprehensive income (loss) Comprehensive income (loss) is comprised of two components: net income (loss) and other comprehensive income (loss), which includes other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three months ended March 31, 2024 and 2023, comprehensive income (loss) consists of net income (loss), the change in the cumulative foreign currency translation adjustment, and unrealized loss on investments. The tax effect of the cumulative foreign currency translation adjustment and unrealized loss on investments was not significant for the three months ended March 31, 2024 and 2023. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, ASU 2023-09 requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in ASU 2023-09 are required to be adopted for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and disclosures.
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Cash, Cash Equivalents, Restricted Cash, and Investments |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, Restricted Cash, and Investments | Cash, Cash Equivalents, Restricted Cash, and Investments The Company considers all highly liquid instruments purchased with an original maturity date of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and amounts held in interest-bearing money market funds. Cash equivalents are carried at cost, which approximates their fair market value. Short‑term investments consist of investments with original maturities greater than 90 days, as of the date of purchase. The Company considers its investment portfolio available-for-sale. The Company adjusts the cost of investments for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion in interest income in the unaudited condensed consolidated statements of operations. When the Company holds debt investments classified as available-for-sale pursuant to ASC 320, Investments — Debt Securities, it records available-for-sale securities at fair value, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company includes interest and dividends on securities classified as available-for-sale in interest income in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Realized gains and losses are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) based on the specific-identification method. There was no material realized gains or losses on investments for the three months ended March 31, 2024 or 2023. As of March 31, 2024 and December 31, 2023, the aggregate fair value of investments held by the Company in an unrealized loss position for less than twelve months was $143,186 and $89,381, respectively. As of March 31, 2024, the aggregate fair value of investments held by the Company in a continuous unrealized loss position for greater than twelve months was $43,850. The Company did not hold any investments in an unrealized loss position for greater than twelve months as of December 31, 2023. On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815 Derivatives and Hedging and Topic 825, Financial Instruments. Under these standards, the Company reviews available-for-sale securities for impairment whenever the fair value of the security is less than its amortized cost. If impairment exists and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will write down the amortized cost basis to its fair value at the reporting date, recognizing the difference as a loss within other income, net in the unaudited condensed consolidated statements of operations. If the Company does not intend to sell the security nor is it more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will determine if any portion of the unrealized loss on the security is due to credit loss. If the impairment is entirely or partially due to credit loss, the Company will measure the credit loss up to the amount of the difference between fair value and amortized cost, and recognize an allowance for credit losses along with the related charge against earnings as a loss within other income, net in the unaudited condensed consolidated statements of operations. The remaining impairment amount due to all other factors is recognized in accumulated other comprehensive income (loss) in the unaudited condensed consolidated balance sheets. Subsequent changes to the Company’s estimate of credit losses will be recorded as adjustments to the allowance for credit losses and net income (loss). For the three months ended March 31, 2024, the Company determined that no impairments were required to be recognized in the unaudited condensed consolidated statements of operations. The following is a summary of cash, cash equivalents, and investments as of March 31, 2024 and December 31, 2023:
The Company considered the extent to which any unrealized losses on its marketable securities were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that the Company would have to sell the security before the recovery of the amortized cost basis. As of March 31, 2024 and December 31, 2023, the unrealized losses related to its marketable securities were due to rising market interest rates compared to when the investments were initiated. The Company does not believe the unrealized losses represent credit risk, and the Company does not intend to sell any of the securities in an unrealized loss position and it is not likely that the Company would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Thus, no credit loss was recognized for the Company's marketable securities for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company held $76,444 in U.S. treasury securities with maturities within one year and $125,312 in U.S. treasury securities with maturities after one year and within three years. Restricted Cash As of March 31, 2024, restricted cash totaled $185 and related to cash held as collateral for a letter of credit related to the contractual provisions for one of the Company’s office leases. The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated statements of cash flows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The components of lease expense were as follows:
Weighted-average remaining lease term and discount rate were as follows:
Future minimum amounts payable as of March 31, 2024 were as follows:
As of March 31, 2024, the Company had no finance or operating leases that had not yet commenced. Rent expense related to the Company’s office facilities was $1,579 and $1,151 for the three months ended March 31, 2024 and 2023, respectively.
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Leases | Leases The components of lease expense were as follows:
Weighted-average remaining lease term and discount rate were as follows:
Future minimum amounts payable as of March 31, 2024 were as follows:
As of March 31, 2024, the Company had no finance or operating leases that had not yet commenced. Rent expense related to the Company’s office facilities was $1,579 and $1,151 for the three months ended March 31, 2024 and 2023, respectively.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of March 31, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
Cash equivalents include money market funds with original maturities of 90 days or less from the date of purchase. The fair value measurement of these assets is based on quoted market prices in active markets for identical assets and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 1 in the fair value hierarchy. The Company’s investments primarily consist of U.S. treasury securities. The fair value measurement of these assets is based on significant other observable inputs and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 2 in the fair value hierarchy. As of March 31, 2024, the Company measured its investment loan receivables (see Note 7) and its contingent consideration associated with the acquisition of Datos Inc. on a recurring basis using significant unobservable inputs (Level 3). As of December 31, 2023, the Company measured its contingent consideration associated with the acquisition of Datos Inc. on a recurring basis using significant unobservable inputs (Level 3). Contingent consideration The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. The Company generally determines the fair value of the contingent consideration using the Monte Carlo simulation model. Each reporting period thereafter, these obligations are revalued and increases or decreases in their fair values are recorded as an adjustment to other income, net within the unaudited condensed consolidated statements of operations and comprehensive income (loss). Changes in the fair value of the contingent consideration can result from changes in assumed discount periods and rates, and from changes pertaining to the estimated or actual achievement of the defined milestones. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, future business and economic conditions, as well as changes in any of the assumptions described above, can materially impact the amount of contingent consideration expense the Company records in any given period. The total estimated fair value of the contingent consideration payable was $618 and $597 as of March 31, 2024 and December 31, 2023, respectively. The following table represents the key inputs used in the fair value calculations:
Changes in the estimated fair value of the Datos contingent consideration payable will be recognized in other income, net. A rollforward of the fair value measurements of the contingent consideration liability for the three months ended March 31, 2024 is as follows:
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following:
Depreciation and amortization expense related to property and equipment was $1,039 and $838 for the three months ended March 31, 2024 and 2023, respectively.
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Other Assets |
3 Months Ended |
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Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Investment Loan Receivable In March 2024, the Company entered into a loan agreement in which it has loaned $7,000 to the borrower with a repayment date in March 2025. In addition to the loan facility, the Company entered into an option agreement with the borrower in which the Company has the right, but not the obligation, to acquire a majority of the outstanding common stock of the borrower during the period beginning July 1, 2024 and ending August 31, 2024. The Company recorded the investment loan receivable and the call option at their fair value of $7,000 on the agreement date. The carrying value of the investment loan receivable, which approximates its fair value, is recorded in prepaid expenses and other current assets in the unaudited condensed consolidated balance sheet as of March 31, 2024. With respect to its investment loan receivable, the Company held a variable interest in the borrower, which is a variable interest entity. After evaluation of the relationship between the Company and this variable interest entity, the Company determined not to consolidate this variable interest entity’s results of operations for the three months ended March 31, 2024. Significant judgments included the determination that the Company was not the primary beneficiary of the variable interest entity given the Company’s variable interests did not constitute a controlling financial interest. The Company elected to account for this investment by utilizing the fair value option. The Company records investment loan receivables at their fair value on the agreement date. Each reporting period thereafter, these receivables are revalued and increases or decreases in their fair values are recorded as an adjustment to other income, net within the unaudited condensed consolidated statements of operations and comprehensive income (loss). The Company generally determines the fair value using the discounted cash flow method. The significant assumptions used to estimate the fair value include the interest rate, risk-free rate, expected repayment date, equity value, equity volatility, expected timing of exercise, and the credit spread assumption specific to the investment loan. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period.
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Net Income (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share | Net Income (Loss) Per Share For the three months ended March 31, 2024, diluted net income per share was calculated by dividing net income attributable to Semrush Holdings, Inc. by the weighted-average number of shares of common stock outstanding during the period, including the dilutive impact of stock options and shares of common stock issuable upon the vesting of Restricted Stock Units (“RSUs”). For the three months ended March 31, 2023, the net loss attributable to common stockholders is divided by the weighted-average number of shares of common stock outstanding during the period to calculate both basic and diluted earnings per share. The dilutive effect of common stock equivalents has been excluded from the calculation of diluted net loss per share for these periods as its effect would have been anti-dilutive due to the net losses incurred for the periods. The following table presents a reconciliation of weighted-average shares outstanding used in the calculation of basic and diluted net income (loss) per share:
The following potentially dilutive common stock equivalents, including stock options and restricted stock units, have been excluded from the calculation of diluted weighted-average shares outstanding for the three months ended March 31, 2024 and 2023 because to do so would have been anti-dilutive for the periods presented:
For the three months ended March 31, 2024 and 2023, 1,198,606 and 1,328,021 shares of Class A common stock potentially issuable under PSU awards were excluded from the table above, respectively. The performance-based conditions had not been met and were deemed improbable of achievement as of the reporting period end date. See Note 14 for additional information regarding the Company’s PSU awards.
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Acquisitions, Intangible Assets, and Goodwill |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, Intangible Assets, and Goodwill | Acquisitions, Intangible Assets, and Goodwill Acquisitions Datos On December 1, 2023, the Company completed a stock purchase agreement to acquire approximately 60% of the voting equity interests in Datos Inc. (“Datos”). The Company has accounted for this transaction as a business combination under the acquisition method. The primary purpose of this business combination is to acquire Datos’ valuable clickstream data software. The Company performed acquisition accounting as of December 1, 2023. The acquisition date fair value of the consideration transferred consisted of the following:
The Company determined that the fair value of the assets acquired and liabilities assumed was $19,021, including the fair value of the noncontrolling interest in Datos of $5,166. The fair value of the noncontrolling interest is inclusive of the fair value of the acquired call option, which gives the Company the right, but not the obligation, to purchase the remaining shares in Datos during the period beginning January 1, 2026 and ending on January 1, 2027 (the “Call Option”). The Company estimated the fair value of the noncontrolling interest, inclusive of the Call Option, using an option pricing method (a special case of the income approach), considering the initial transaction price and based on Level 3 significant unobservable inputs such as the total equity value of Datos, forecasted revenues, volatility, and risk-adjusted discount rates. Other consideration includes the deferred purchase payments, the contingent payment, and additional consideration due to the seller. A payment of $501 was made during March 2024 related to other consideration. The remaining fair value of other consideration has been recorded to other current liabilities in the unaudited condensed consolidated balance sheet as of March 31, 2024. The table below summarizes the Company’s preliminary purchase price allocation. The allocation of the purchase price is preliminary as of March 31, 2024 as the Company continues to gather information supporting the acquired assets and liabilities to finalize the purchase price allocation.
The Company recorded $100 in transaction costs related to the transaction during the three months ended March 31, 2024, which are included in the unaudited condensed consolidated statements of operations and comprehensive income (loss) in its income from continuing operations under the line item, General and administrative. As of December 1, 2023, the results of Datos’ operations are included within the Company’s consolidated financial statements. This business combination did not have a material impact on the Company’s consolidated financial statements. Therefore, actual results of operations subsequent to the acquisition date and pro forma results of operations have not been presented. Traffic Think Tank On February 23, 2023, the Company completed a purchase agreement with Rank, LLC (“Traffic Think Tank”), acquiring certain intangible assets of Traffic Think Tank for total cash consideration of $1,800, of which $360 will be paid in 12 months (the “12-month holdback amount”) and $360 will be paid in 18 months (the “18-month holdback amount”). The remaining consideration was paid upon closing. The 12-month holdback amount and 18-month holdback amount are recorded in other current liabilities in the unaudited condensed consolidated balance sheet as of March 31, 2024. The primary purpose of the acquisition was to acquire valuable brand and content related to Traffic Think Tank’s SEO community and courses. This business combination did not have a material impact on the Company’s unaudited condensed consolidated financial statements. Therefore, actual results of operations subsequent to the acquisition date and pro forma results of operations have not been presented. Intangible Assets Intangible assets consist of intangible assets resulting from the Company’s acquisitions and its capitalized internal-use software development costs. Intangible assets consist of the following:
During the three months ended March 31, 2024 and 2023, the Company capitalized $2,015 and $1,056 of software development costs, respectively. These capitalized costs are classified as intangible assets on the accompanying unaudited condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, the Company recorded amortization expense associated with its capitalized software development costs of $448 and $127, respectively. Amortization expense for acquired intangible assets was $692 and $522 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, future amortization expense is expected to be as follows:
Goodwill The changes in the carrying value of goodwill during the three months ended March 31, 2024 were as follows:
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Exit Costs |
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Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Exit Costs | Exit Costs Commencing in March 2022, the Company began to exit its operations in Russia and relocate employees. As of June 30, 2023, the Company had substantially completed its relocation efforts. All costs associated with the Company’s exit activities are included in the unaudited condensed consolidated statements of operations in its income from continuing operations under the line item, Exit Costs. During the three months ended March 31, 2024, the Company did not incur exit costs. During the three months ended March 31, 2023, the Company incurred exit costs of $983 related to relocation efforts.
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Accrued expenses |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | Accrued expenses Accrued expenses consist of the following:
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Income Taxes |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is subject to income taxes in U.S. federal, state, and foreign jurisdictions. For the three months ended March 31, 2024 and 2023, the Company recorded provisions for income taxes of $3,104 and $797, respectively. The Company’s effective tax rate for the three months ended March 31, 2024 differs from the U.S. statutory rate due primarily to the impact of earnings in foreign jurisdictions and the impact of the requirement to capitalize and amortize certain research and development costs which results in a current U.S. tax provision but no deferred tax benefit as a result of the valuation allowance maintained against our net deferred tax assets. The Company’s income tax expense for the three months ended March 31, 2023 primarily relates to income earned in certain foreign jurisdictions. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to be in effect for the years in which differences are expected to reverse. On a periodic basis, the Company reassesses any valuation allowances it maintains on its deferred tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. The Company maintains a valuation allowance on its net deferred tax assets.
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Stockholders’ Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity Common Stock Reserved for Future Issuance As of March 31, 2024, the Company had reserved the following shares of common stock for future issuance:
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company recorded stock-based compensation expense of $5,115 and $2,796 during the three months ended March 31, 2024 and 2023, respectively. The following table shows stock-based compensation expense by where the stock-based compensation expense is recorded in the Company’s unaudited condensed consolidated statement of operations:
As of March 31, 2024, there was $15,790 of unrecognized compensation cost related to unvested common stock option arrangements, which is expected to be recognized over a weighted-average period of 2.66 years. As of March 31, 2024, there was $33,975 of unrecognized compensation cost related to unvested restricted stock unit awards, which is expected to be recognized over a weighted-average period of 2.76 years. As of March 31, 2024, there was $11,463 of unrecognized compensation cost related to unvested performance stock unit awards, which is expected to be recognized over a weighted-average period of 2.92 years. The fair value of each option award was estimated on the date of grant using the Black-Scholes option-pricing model. As there was no public market for its common stock prior to March 25, 2021, which was the first day of trading, and as the trading history of the Company’s common stock is limited, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issued options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The expected life of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. The Company has not paid, nor anticipates paying, cash dividends on its ordinary shares; therefore, the expected dividend yield is assumed to be zero. The weighted-average assumptions utilized to determine the fair value of options granted to employees are presented in the following table:
A summary of the Company’s option activity as of March 31, 2024, and changes during the three months then ended are as follows:
The weighted-average grant-date fair value of options granted during the three months ended March 31, 2024 was $7.71 per share. The weighted-average grant-date fair value of options granted during the three months ended March 31, 2023 was $4.93 per share. No tax benefits were realized from options during the three months ended March 31, 2024 and 2023, respectively. The aggregate intrinsic value of options outstanding as of March 31, 2024 and December 31, 2023 was $39,769 and $49,221, respectively. The aggregate intrinsic value for options exercised during the three months ended March 31, 2024 was $5,035. The aggregate intrinsic value for options exercised during the three months ended March 31, 2023 was $708. The aggregate intrinsic value for options exercisable as of March 31, 2024 and December 31, 2023 was $28,574 and $34,471, respectively. The aggregate intrinsic value was calculated based on the positive difference, if any, between the estimated fair value of the Company’s common stock on March 31, 2024 and December 31, 2023, respectively, or the date of exercise, as appropriate, and the exercise price of the underlying options. During the three months ended March 31, 2024 and 2023, the Company granted to employees RSUs for 1,439,963 and 523,294 shares of Class A common stock, respectively. During the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense related to the RSUs of $3,007 and $1,191, respectively. A summary of RSU activity for the three months ended March 31, 2024 is as follows:
During the three months ended March 31, 2024, the Company granted to employees Performance Stock Unit (“PSU”) awards for 1,146,491 shares of Class A common stock. During the three months ended March 31, 2024 and 2023, $435 and $24 of stock-based compensation expense has been recognized in connection with PSU awards. respectively. The Company did not grant PSU awards during the three months ended March 31, 2023. The fair value of PSUs with a market component was estimated on the grant date using a Monte Carlo simulation model. A summary of PSU activity for the three months ended March 31, 2024 is as follows:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Data Providers The Company has multi-year commitments with certain data providers through March 31, 2026. As of March 31, 2024, future commitments for data services are as follows:
Litigation From time to time the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Indemnification The Company typically enters into indemnification agreements with customers in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses suffered or incurred as a result of claims of intellectual property infringement. These indemnification agreements are provisions of the applicable customer agreement. Based on when clients first sign an agreement for the Company’s service, the maximum potential amount of future payments the Company could be required to make under certain of these indemnification agreements is unlimited. Based on historical experience and information known as of March 31, 2024, the Company has not incurred any costs for the above guarantees and indemnities. In certain circumstances, the Company warrants that its services will perform in all material respects in accordance with its standard published specification documentation in effect at the time of delivery of the services to the customer for the term of the agreement. To date, the Company has not incurred significant expense under its warranties and, as a result, the Company believes the estimated fair value of these agreements is immaterial.
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Components of Other Income, Net |
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Components of Other Income, Net | Components of Other Income, Net The components of other income, net, for the three months ended three months ended March 31, 2024 and 2023 are as follows:
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Employee Benefit Plan |
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Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company maintains a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) covering all U.S. employees who satisfy certain eligibility requirements. The 401(k) Plan allows each participant to defer a percentage of their eligible compensation subject to applicable annual limits pursuant to the limits established by the Internal Revenue Service. The Company may, at the discretion of the Board, make contributions in the form of matching contributions or profit-sharing contributions. For the three months ended March 31, 2024 and 2023, the Company made matching contributions of $447 and $308 to the 401(k) Plan, respectively. |
Segment and Geographic Information |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Information | Segment and Geographic Information Disclosure requirements about segments of an enterprise and related information establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in interim financial reports issued to shareholders. Operating segments are defined as components of an enterprise about which separate discrete financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer. The Company and the chief executive officer view the Company’s operations and manage its business as one operating segment. Geographic Data The Company allocates, for the purpose of geographic data reporting, its revenue based upon the location of the customer. Total revenue by geographic area was as follows:
Property and equipment, net by geographic location consists of the following:
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In April 2024, the Company acquired approximately 58% of the outstanding shares of Brand24 S.A. ("Brand24"), a leading SaaS platform providing metrics measuring brand awareness, sentiment analysis, and collecting customer insights located and based in Poland. The purchase price for the Brand24 acquisition totaled $13.7 million. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. The Company is in the process of finalizing the accounting for this transaction and will complete the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the second quarter of 2024. In connection with this transaction, the Company plans to commence a tender offer in May 2024 to acquire additional outstanding shares of Brand24.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income (loss) | $ 2,138 | $ (9,860) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024
shares
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Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Dmitry Melnikov [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On March 15, 2024, The Melnikov Family GRAT Remainder Trust (the “Trust”), a trust for the benefit of certain members of the family of Dmitry Melnikov, a member of our Board of Directors, and of which IQ EQ Trust Company, US, LLC is the trustee and Mr. Melnikov’s spouse is the trust advisor, adopted a Rule 10b5-1 Trading Plan. Mr. Melnikov’s Rule 10b5-1 Trading Plan, which commences on August 15, 2024 and ends on August 15, 2025, provides for the sale of up to 700,000 shares of our Class A common stock pursuant to the terms of the plan. Mr. Melnikov disclaims Section 16 beneficial ownership of the securities held by the Trust, and the preceding sentence shall not be deemed an admission that Mr. Melnikov is the beneficial owner of such securities for Section 16 or any other purpose.
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Name | Dmitry Melnikov |
Title | member of our Board of Directors |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 15, 2024 |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | August 15, 2025 |
Arrangement Duration | 365 days |
Aggregate Available | 700,000 |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2024, and for the three months ended March 31, 2024 and 2023. The consolidated balance sheet as of December 31, 2023 included herein was derived from the audited consolidated financial statements as of that date. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024. The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. As of March 31, 2024, there have been no material changes in the Company's significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, except as discussed below.
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Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and subsidiaries in which it holds a controlling interest. All intercompany transactions and balances have been eliminated in consolidation. Ownership interests in subsidiaries represented by other parties that do not control the entity are presented in the consolidated financial statements as activities and balances attributable to noncontrolling interests.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates relied upon in preparing these unaudited condensed consolidated financial statements include, but are not limited to, revenue recognition, expected future cash flows used to evaluate the recoverability of long-lived assets, contingent liabilities, expensing and capitalization of research and development costs for internal-use software, the average period of benefit associated with costs capitalized to obtain revenue contracts, the determination of the fair value of stock-based awards issued, stock-based compensation expense, the determination of the estimated fair value of loan receivables and convertible notes held by the Company, the valuations of the intangible assets acquired through acquisitions, the estimation of the Company’s incremental borrowing rate, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Although the Company regularly assesses these estimates, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results may differ from management’s estimates if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made.
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Subsequent Events Considerations | Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the unaudited condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. See Note 19 for additional information regarding the Company’s subsequent events.
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Revenue Recognition | Revenue Recognition The Company primarily derives revenue from subscriptions to the Company’s SaaS services and related customer support. For the three months ended March 31, 2024 and 2023, subscription revenue accounted for nearly all of the Company’s revenue. Revenue related to other revenue was not material for the three months ended March 31, 2024 and 2023. The Company offers subscriptions to its platform primarily on a monthly or annual basis. The Company sells its products and services primarily through a self-service model and also directly through its sales force. The Company’s subscription arrangements provide customers the right to access the Company’s hosted software applications. Customers do not have the right to take possession of the Company’s software during the hosting arrangement. Subscriptions are generally non-cancellable during the contractual subscription term; however, subscription contracts contain a right to a refund if requested within seven days of purchase. The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration it expects to receive in exchange for those products or services. There were no changes to the Company’s revenue recognition policies since the filing of its Annual Report on Form 10-K with the SEC on March 7, 2024. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The Company primarily invoices and collects payments from customers for its services in advance on a monthly or annual basis. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as deferred revenue, and the remaining portion is recorded as deferred revenue, net of current portion. Deferred revenue increased by $5,650 as of March 31, 2024 compared to December 31, 2023. During the three months ended March 31, 2024 and 2023, $30,351 and $25,513 of revenue was recognized that was included in deferred revenue as of December 31, 2023 and 2022, respectively. The Company has elected to exclude amounts charged to customers for sales tax from the transaction price. Accordingly, revenue is presented net of any sales tax collected from customers. Transaction Price Allocated to Future Performance Obligations ASC 606 requires that the Company disclose the aggregate amount of the transaction price that is allocated to performance obligations that have not yet been satisfied as of the balance sheet dates reported. For contracts with an original expected duration greater than one year, the aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied as of March 31, 2024 was $1,386, of which the Company expects to recognize $1,080 over the next 12 months. For contracts with an original expected duration of one year or less, the Company has applied the practical expedient available under ASC 606 to not disclose the amount of transaction price allocated to unsatisfied performance obligations as of March 31, 2024. For performance obligations not satisfied as of March 31, 2024, and to which this expedient applies, the nature of the performance obligations is consistent with performance obligations satisfied as of December 31, 2023. Costs to Obtain a Contract The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and recorded as deferred contract costs in the unaudited condensed consolidated balance sheets and are amortized over a period of approximately 24 months on a systematic basis, consistent with the pattern of transfer of the goods or services to which the asset relates. The 24-month period represents the estimated benefit period of the customer relationship and has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period based on historical experience and future expectations. Deferred contract costs that will be recorded as expense during the succeeding 12-month period are recorded as deferred contract costs, current portion, and the remaining portion is recorded as deferred contract costs, net of current portion. Amortization of deferred contract costs is included in sales and marketing expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).
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Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other hedging arrangements. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable. Credit risk with respect to accounts receivable is dispersed due to the large number of customers of the Company. The Company routinely assesses the creditworthiness of its customers and generally does not require its customers to provide collateral or other security to support accounts receivable. Credit losses historically have not been significant and the Company generally has not experienced any material losses related to receivables from individual customers, or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company's accounts receivable.
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Disclosure of Fair Value of Financial Instruments | Disclosure of Fair Value of Financial Instruments The Company’s financial instruments include cash, cash equivalents, investments, accounts receivable, loan receivables, accounts payable, and accrued expenses. The Company’s investments are classified as available-for-sale and reported at fair value in accordance with the market approach utilizing quoted prices that were directly or indirectly observable. The Company has elected the fair value option in respect to the accounting for its loan receivable investment, resulting in increases and decreases in the fair value of such investments being recorded to other income, net for each reporting period. The carrying amount of the remainder of the Company’s financial instruments approximated their fair values as of March 31, 2024 and December 31, 2023, due to the short-term nature of these instruments. The Company has evaluated the estimated fair value of financial instruments using available market information. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts.Cash equivalents include money market funds with original maturities of 90 days or less from the date of purchase. The fair value measurement of these assets is based on quoted market prices in active markets for identical assets and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 1 in the fair value hierarchy. The Company’s investments primarily consist of U.S. treasury securities. The fair value measurement of these assets is based on significant other observable inputs and, therefore, these assets are recorded at fair value on a recurring basis and classified as Level 2 in the fair value hierarchy. As of March 31, 2024, the Company measured its investment loan receivables (see Note 7) and its contingent consideration associated with the acquisition of Datos Inc. on a recurring basis using significant unobservable inputs (Level 3). As of December 31, 2023, the Company measured its contingent consideration associated with the acquisition of Datos Inc. on a recurring basis using significant unobservable inputs (Level 3).
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Foreign Currency Translation | Foreign Currency Translation The Company operates in a multi-currency environment having transactions in such currencies as the U.S. dollar, zloty, Czech koruna, euro, and others. The reporting currency of the Company is the U.S. dollar.
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Comprehensive Income (Loss) | Comprehensive income (loss) Comprehensive income (loss) is comprised of two components: net income (loss) and other comprehensive income (loss), which includes other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the three months ended March 31, 2024 and 2023, comprehensive income (loss) consists of net income (loss), the change in the cumulative foreign currency translation adjustment, and unrealized loss on investments. The tax effect of the cumulative foreign currency translation adjustment and unrealized loss on investments was not significant for the three months ended March 31, 2024 and 2023.
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Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2023-07 on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, ASU 2023-09 requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in ASU 2023-09 are required to be adopted for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis although retrospective application is permitted. The Company is evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and disclosures.
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Cash, Cash Equivalents, Restricted Cash, and Investments (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Investments | The following is a summary of cash, cash equivalents, and investments as of March 31, 2024 and December 31, 2023:
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Schedule of Reconciliation of Cash and Cash Equivalents | The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated statements of cash flows:
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Schedule of Reconciliation of Restrictions on Cash and Cash Equivalents | The following table is a reconciliation of cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated balance sheets that sum to the total cash, cash equivalents, and restricted cash included in the accompanying unaudited condensed consolidated statements of cash flows:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost and Weighted-Average Lease Term and Discount Rate | The components of lease expense were as follows:
Weighted-average remaining lease term and discount rate were as follows:
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Schedule of Future Minimum Amounts Payable of Operating Leases | Future minimum amounts payable as of March 31, 2024 were as follows:
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Schedule of Future Minimum Amounts Payable of Finance Leases | Future minimum amounts payable as of March 31, 2024 were as follows:
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Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, by Balance Sheet Grouping | The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of March 31, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
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Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table represents the key inputs used in the fair value calculations:
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Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A rollforward of the fair value measurements of the contingent consideration liability for the three months ended March 31, 2024 is as follows:
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Property and Equipment, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment consists of the following:
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Net Income (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table presents a reconciliation of weighted-average shares outstanding used in the calculation of basic and diluted net income (loss) per share:
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Schedule of Potentially Dilutive Common Stock Equivalents | The following potentially dilutive common stock equivalents, including stock options and restricted stock units, have been excluded from the calculation of diluted weighted-average shares outstanding for the three months ended March 31, 2024 and 2023 because to do so would have been anti-dilutive for the periods presented:
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Acquisitions, Intangible Assets, and Goodwill (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration transferred consisted of the following:
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The allocation of the purchase price is preliminary as of March 31, 2024 as the Company continues to gather information supporting the acquired assets and liabilities to finalize the purchase price allocation.
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Schedule of Intangible Assets | Intangible assets consist of the following:
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Schedule of Future Amortization Expense | As of March 31, 2024, future amortization expense is expected to be as follows:
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Schedule of Goodwill | The changes in the carrying value of goodwill during the three months ended March 31, 2024 were as follows:
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Accrued expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses consist of the following:
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Stockholders’ Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Common Stock Reserved for Future Issuance | As of March 31, 2024, the Company had reserved the following shares of common stock for future issuance:
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Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expense | The following table shows stock-based compensation expense by where the stock-based compensation expense is recorded in the Company’s unaudited condensed consolidated statement of operations:
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Schedule of Weighted-Average Assumptions to Determine Fair Value | The weighted-average assumptions utilized to determine the fair value of options granted to employees are presented in the following table:
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Schedule of Option Activity | A summary of the Company’s option activity as of March 31, 2024, and changes during the three months then ended are as follows:
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Schedule of Restricted Stock Unit Activity | A summary of RSU activity for the three months ended March 31, 2024 is as follows:
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Schedule of Performance Share Units Activity | A summary of PSU activity for the three months ended March 31, 2024 is as follows:
|
Commitments and Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Commitments | As of March 31, 2024, future commitments for data services are as follows:
|
Components of Other Income, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Income, Net | The components of other income, net, for the three months ended three months ended March 31, 2024 and 2023 are as follows:
|
Segment and Geographic Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Revenue by Geographic Area | Total revenue by geographic area was as follows:
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Schedule of Property and Equipment, Net by Geographic Location | Property and equipment, net by geographic location consists of the following:
|
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Subscription contract, refund period | 7 days | |
Increase (decrease) in deferred revenue | $ 5,650 | |
Revenue recognized that was included in deferred revenue at the beginning of each period | 30,351 | $ 25,513 |
Aggregate amount of transaction price | $ 1,386 | |
Amortization period of deferred contract costs | 24 months | |
Foreign currency exchange gain (loss) | $ 445 | $ (638) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Aggregate amount of transaction price | $ 1,080 | |
Remaining performance obligation, expected timing of satisfaction | 12 months |
Cash, Cash Equivalents, Restricted Cash, and Investments - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Debt Securities, Available-for-Sale [Line Items] | |||
Debt securities, realized gain (loss) | $ 0 | $ 0 | |
Unrealized loss position, less than 12 months | 143,186 | $ 89,381 | |
Unrealized loss position, 12 months or longer | 43,850 | $ 0 | |
Restricted cash, noncurrent | 185 | $ 0 | |
U.S. treasury securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Marketable securities with maturities within one year | 76,444 | ||
Marketable securities with maturities after one year and within three years | $ 125,312 |
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Debt Securities, Available-for-Sale [Line Items] | |||
Amortized Cost, Cash and cash equivalents | $ 41,388 | $ 58,848 | $ 56,889 |
Amortized Cost, Investments | 202,619 | 179,843 | |
Amortized Cost, Total cash, cash equivalents and investments | 244,007 | 238,691 | |
Gross Unrealized Gains | 0 | 265 | |
Gross Unrealized Losses | (863) | (387) | |
Estimated Fair Value, Cash and cash equivalents | 41,388 | 58,848 | |
Estimated Fair Value, Investments | 201,756 | 179,721 | |
Estimated Fair Value, Total cash, cash equivalents and investments | 243,144 | 238,569 | |
U.S. treasury securities | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Amortized Cost, Investments | 202,619 | 179,843 | |
Gross Unrealized Gains | 0 | 265 | |
Gross Unrealized Losses | (863) | (387) | |
Estimated Fair Value, Investments | $ 201,756 | $ 179,721 |
Cash, Cash Equivalents, Restricted Cash, and Investments - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 41,388 | $ 58,848 | $ 56,889 | |
Restricted cash included in "other long-term assets" | 185 | 0 | ||
Cash, cash equivalents, and restricted cash | $ 41,573 | $ 58,848 | $ 56,889 | $ 79,765 |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 1,352 | $ 783 |
Short-term lease cost | 228 | 368 |
Variable lease cost | 1,196 | 1,542 |
Total lease cost | $ 2,776 | $ 2,693 |
Leases - Finance Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Amortization of lease assets | $ 571 | $ 571 |
Interest on lease liabilities | 9 | 28 |
Total finance lease cost | $ 580 | $ 599 |
Leases - Weighted Average Remaining Lease Term and Discount Rate of Leases (Details) |
Mar. 31, 2024 |
---|---|
Weighted-average remaining lease term (in years) | |
Operating leases | 3 years 6 months |
Finance leases | 1 year 4 months 24 days |
Weighted-average discount rate | |
Operating leases | 5.40% |
Finance leases | 6.50% |
Leases - Future Minimum Amounts Payable (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Operating Leases | |
Remainder of 2024 | $ 3,393 |
2025 | 4,270 |
2026 | 3,698 |
2027 | 2,071 |
2028 | 980 |
Thereafter | 0 |
Total lease payments | 14,412 |
Less: imputed interest | (1,119) |
Total lease liabilities | 13,293 |
Finance Leases | |
Remainder of 2024 | 268 |
2025 | 194 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total lease payments | 462 |
Less: imputed interest | (8) |
Total lease liabilities | $ 454 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities, Other long-term liabilities |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Rent expense | $ 1,579 | $ 1,151 |
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Contingent consideration | $ 618 | $ 597 |
Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Risk free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.0500 | 0.0480 |
Revenue volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.100 | 0.110 |
Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.0760 | 0.0770 |
Fair Value Measurement - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Contingent Consideration Liability $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Fair Value of Contingent Consideration Liability [Roll Forward] | |
Beginning balance | $ 597 |
Change in fair value and expense recognized for service period rendered | 21 |
Ending balance | $ 618 |
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 15,748 | $ 15,518 |
Less: accumulated depreciation and amortization | (9,749) | (8,832) |
Property and equipment, net | 5,999 | 6,686 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 11,163 | 11,084 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,904 | 1,965 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,681 | $ 2,469 |
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 1,039 | $ 838 |
Other Assets - Investment Loan Receivable (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Funding of investment loan receivable | $ 7,000 | $ 7,000 | $ 0 |
Investment loan receivable | $ 7,000 | $ 7,000 |
Net Income (Loss) Per Share - Reconciliation of Weighted Average Shares Outstanding (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic (in shares) | 144,565,578 | 141,650,459 |
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted (in shares) | 147,697,501 | 141,650,459 |
Options outstanding | ||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Dilutive effect of share equivalents (in shares) | 2,193,289 | 0 |
Restricted stock units | ||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Dilutive effect of share equivalents (in shares) | 938,634 | 0 |
Acquisitions, Intangible Assets, and Goodwill - Acquisitions, Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Dec. 01, 2023 |
Feb. 23, 2023 |
Mar. 31, 2024 |
Mar. 31, 2024 |
|
Datos | ||||
Business Acquisition [Line Items] | ||||
Outstanding capital acquired (as percent) | 60.00% | |||
Fair value of assets acquired and liabilities assumed, net | $ 19,021 | $ 19,021 | $ 19,021 | |
Fair value of noncontrolling interest, including call option | 5,166 | 5,166 | 5,166 | |
Other consideration | $ 501 | |||
Transaction cost | $ 100 | |||
Consideration transferred | $ 13,855 | |||
Traffic Think Tank | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 1,800 | |||
Traffic Think Tank | 12-Month Holdback Amount | ||||
Business Acquisition [Line Items] | ||||
Business combination, holdback amount | $ 360 | |||
Business combination, holdback period | 12 months | |||
Traffic Think Tank | 18-Month Holdback Amount | ||||
Business Acquisition [Line Items] | ||||
Business combination, holdback amount | $ 360 | |||
Business combination, holdback period | 18 months |
Acquisitions, Intangible Assets, and Goodwill - Schedule of Business Acquisitions (Details) - Datos $ in Thousands |
Dec. 01, 2023
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Fair value of the January 2021 and February 2022 Convertible Notes | $ 7,530 |
Cash paid at close | 4,255 |
Other consideration | 2,070 |
Total purchase consideration | $ 13,855 |
Acquisitions, Intangible Assets, and Goodwill - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 01, 2023 |
---|---|---|---|
Fair value of tangible assets: | |||
Goodwill | $ 24,757 | $ 24,879 | |
Datos | |||
Fair value of tangible assets: | |||
Cash and cash equivalents | 549 | ||
Accounts receivable | 518 | ||
Prepaid expenses and other current assets | 320 | ||
Property and equipment, net | 8 | ||
Other long-term assets | 3 | ||
Identifiable intangible assets | 2,780 | ||
Goodwill | 16,791 | ||
Total assets acquired | 20,969 | ||
Liabilities assumed | |||
Accounts payable | 342 | ||
Deferred revenue | 367 | ||
Accrued expenses | 213 | ||
Other current liabilities | 609 | ||
Other long-term liabilities | 417 | ||
Total Liabilities Assumed | 1,948 | ||
Fair value of assets acquired and liabilities assumed, net | 19,021 | $ 19,021 | |
Fair value of noncontrolling interest, including call option | 5,166 | $ 5,166 | |
Fair value of controlling interest acquired | $ 13,855 |
Acquisitions, Intangible Assets, and Goodwill - Intangible Assets, Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 692 | $ 522 |
Software development | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Capitalized software development costs | 2,015 | 1,056 |
Amortization expense associated with capitalized development costs | $ 448 | $ 127 |
Acquisitions, Intangible Assets, and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2024 | $ 3,241 | |
2025 | 4,075 | |
2026 | 3,127 | |
2027 | 1,471 | |
2028 | 695 | |
Thereafter | 4,327 | |
Total | $ 16,936 | $ 16,083 |
Acquisitions, Intangible Assets, and Goodwill - Schedule of Goodwill (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Goodwill [Roll Forward] | |
Balance as of January 1, 2024 | $ 24,879 |
Datos purchase price allocation adjustment | (104) |
Foreign currency translation adjustment | (18) |
Balance as of March 31, 2024 | $ 24,757 |
Exit Costs (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Restructuring and Related Activities [Abstract] | ||
Exit costs | $ 0 | $ 983,000 |
Accrued expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Employee compensation | $ 4,687 | $ 7,742 |
Income taxes payable | 4,719 | 1,810 |
Other taxes payable | 9,262 | 9,695 |
Vacation reserves | 802 | 549 |
Other | 127 | 95 |
Total accrued expenses | $ 19,597 | $ 19,891 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3,104 | $ 797 |
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 5,115 | $ 2,796 |
Cost of revenue | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 39 | 17 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 770 | 528 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 636 | 343 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 3,670 | $ 1,908 |
Stock-Based Compensation - Schedule of Weighted-Average Assumptions to Determine Fair Value (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (as a percent) | 0.00% | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility (as a percent) | 61.80% | 63.60% |
Weighted-average risk-free interest rate (as a percent) | 4.28% | 4.22% |
Dividend yield (as a percent) | 0.00% | 0.00% |
Expected life – in years | 6 years | 6 years |
Stock-Based Compensation - Schedule of Option Activity (Details) - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Number of Options | ||
Outstanding (in shares) | 7,175,494 | |
Granted (in shares) | 15,888 | |
Exercised (in shares) | (469,879) | |
Forfeited (in shares) | (265,242) | |
Outstanding (in shares) | 6,456,261 | 7,175,494 |
Options exercisable (in shares) | 3,183,237 | |
Weighted-Average Exercise Price (per share) | ||
Outstanding (in dollars per share) | $ 7.02 | |
Granted (in dollars per share) | 12.62 | |
Exercised (in dollars per share) | 1.80 | |
Forfeited (in dollars per share) | 8.47 | |
Outstanding (in dollars per share) | 7.36 | $ 7.02 |
Options exercisable (in dollars per share) | $ 4.60 | |
Weighted-Average Remaining Contractual Term (in years) | ||
Outstanding (in years) | 7 years 7 months 6 days | 7 years 9 months 10 days |
Options exercisable (in years) | 6 years 4 months 28 days |
Commitments and Contingencies (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2024 | $ 9,118 |
2025 | 14,388 |
2026 | 3,266 |
2027 and thereafter | 0 |
Total | $ 26,772 |
Components of Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Other Income and Expenses [Abstract] | ||
Foreign currency exchange gain (loss) | $ 445 | $ (638) |
Interest income, net | 2,732 | 2,189 |
Other income, net | 462 | 154 |
Total other income, net | $ 3,639 | $ 1,705 |
Employee Benefit Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Retirement Benefits [Abstract] | ||
Matching contributions | $ 447 | $ 308 |
Segment and Geographic Information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment and Geographic Information - Geographic Data (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 85,812 | $ 70,870 | |
Total assets | 5,999 | $ 6,686 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 40,646 | 34,747 | |
Total assets | 2,387 | 3,231 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 8,324 | 7,007 | |
Netherlands | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 2,015 | 1,781 | |
Spain | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 790 | 807 | |
Czech Republic | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total assets | 246 | 278 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 36,842 | $ 29,116 | |
Total assets | $ 561 | $ 589 |
Subsequent Events - Narrative (Details) - Subsequent event - Brand24 $ in Millions |
1 Months Ended |
---|---|
Apr. 30, 2024
USD ($)
| |
Subsequent Event [Line Items] | |
Outstanding capital acquired (as percent) | 58.00% |
Consideration transferred | $ 13.7 |
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