0001853145-23-000032 | 10-Q | XBRL Viewer

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Note 4. Revenue

Disaggregation of Revenue

The following tables present a disaggregation of our revenue from contracts with customers by revenue recognition pattern and geographical market:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

By pattern of recognition (timing of transfer of services):
Point in time	$	17,984	$	14,496	$	48,141	$	40,112
Over time	156,757		143,630		457,788		418,836
Total	$	174,741	$	158,126	$	505,929	$	458,948
By geographical market:
United States	$	159,859	$	146,492	$	461,336	$	418,510
International	14,882		11,634		44,593		40,438
Total	$	174,741	$	158,126	$	505,929	$	458,948

Contract Balances

Supplemental balance sheet information related to contracts from customers as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Accounts receivable, net	$	50,725	$	48,032
Contract assets	$	13,233	$	12,971
Deferred revenue	$	24,639	$	22,885
Customer deposits	$	12,188	$	11,360
Long-term deferred revenue	$	2,192	$	2,496

Accounts receivable, net: Accounts receivable, net of allowance for expected credit losses, represent rights to consideration in exchange for products or services that have been transferred by us, when payment is unconditional and only the passage of time is required before payment is due.

Contract assets: Contract assets represent rights to consideration in exchange for products or services that have been transferred (i.e., the performance obligation or portion of the performance obligation has been satisfied), but payment is conditional on something other than the passage of time. These amounts typically relate to contracts that include on-premise licenses and professional services where the right to payment is not present until completion of the contract or achievement of specified milestones and the fair value of products or services transferred exceed this constraint.

Contract liabilities: Contract liabilities represent our obligation to transfer products or services to a customer for which consideration has been received in advance of the satisfaction of performance obligations. Short-term contract liabilities are included within deferred revenue on the condensed consolidated balance sheets. Long-term contract liabilities are included within long-term deferred revenue, which is classified within other non-current liabilities on the condensed consolidated balance sheets. Revenue recognized from the contract liability balance at December 31, 2022 was $21.0 million for the nine months ended September 30, 2023.

Customer deposits: Customer deposits relate to payments received in advance for contracts, which allow the customer to terminate a contract and receive a pro rata refund for the unused portion of payments received to date. In these arrangements, we have concluded there are no enforceable rights and obligations during the period in which the option to cancel is exercisable by the customer and therefore the consideration received is recorded as a customer deposit liability.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of unsatisfied or partially satisfied performance obligations within contracts with an original expected contract term that is greater than one year for which fulfillment of the contract has started as of the end of the reporting period. Variable consideration accounted for under the variable consideration allocation exception associated with unsatisfied performance obligations or an unsatisfied promise that forms part of a single performance obligation under application of the series guidance have been excluded. Remaining performance obligations generally relate to those which are stand-ready in nature, as found within the subscription and marketing technology solutions revenue streams. The aggregate amount of transaction consideration allocated to remaining performance obligations as of September 30, 2023, was $21.4 million, which is comprised of contracts where the contract term under ASC 606, Revenue from Contracts with Customers, is in excess of one year. The Company expects to recognize approximately 61% of its remaining performance obligations as revenue within the next year, 28% of its remaining performance obligations as revenue the subsequent year, 8% of its remaining performance obligations as revenue in the third year, and the remainder during the two year period thereafter.

Cost to Obtain and Fulfill a Contract

The Company incurs certain costs to obtain contracts, principally sales and third-party commissions, which the Company capitalizes when the liability has been incurred if they are (i) incremental costs of obtaining a contract, (ii) expected to be recovered and (iii) have an expected amortization period that is greater than one year (as the Company has elected the practical expedient to expense any costs to obtain a contract when the liability is incurred if the amortization period of such costs would be one year or less).

Assets resulting from costs to obtain contracts are included within prepaid expenses and other current assets for short-term balances and other non-current assets for long-term balances on the Company’s condensed consolidated balance sheets. The costs to obtain contracts are amortized over five years, which corresponds with the useful life of the related capitalized software. Short-term assets were $8.1 million and $6.6 million at September 30, 2023 and December 31, 2022, respectively, and long-term assets were $17.5 million and $15.1 million at September 30, 2023 and December 31, 2022, respectively. The Company recorded amortization expense within sales and marketing on the condensed consolidated statements of operations and comprehensive loss of $1.4 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $4.2 million and $3.1 million for the nine months ended September 30, 2023 and 2022, respectively. The Company recorded amortization expense within cost of revenues on the condensed consolidated statements of operations and comprehensive loss of $0.6 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively, and $1.6 million and $1.2 million for the nine months ended September 30, 2023 and 2022, respectively.

The Company has concluded that there are no other material costs incurred in fulfillment of customer contracts that are not accounted for under other GAAP, which meet the capitalization criteria under ASC 606 and FASB ASC Topic 340-40, Accounting for Other Assets and Deferred Costs (“ASC 340-40”).

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal debt	$ 539,000	$ 543,125
Deferred financing costs on long-term debt	(4,210)	(4,900)
Discount on long-term debt	(1,528)	(1,779)
Total debt	533,262	536,446
Less current maturities	5,500	5,500
Long-term portion	$ 527,762	530,946
New Term Loan \| Term Loan
Debt Instrument [Line Items]
Effective interest rate	8.69554%
Principal payment as a percentage of original principal balance	0.25%
Principal debt	$ 539,000	543,125
New Term Loan \| SOFR or ABR \| Term Loan
Debt Instrument [Line Items]
Basis spread	3.25%
New Revolver \| Revolving Loans
Debt Instrument [Line Items]
Effective interest rate	8.68056%
Principal debt	$ 0	$ 0
New Revolver \| SOFR or ABR \| Revolving Loans
Debt Instrument [Line Items]
Basis spread	3.25%

Revenue - Remaining Performance Obligations (Narrative) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 21.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	61.00%
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	28.00%
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	8.00%
Remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction	2 years

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock as of:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands except per share amounts)







Numerator for basic and diluted EPS – net loss attributable to common stockholders	$	(614)	$	(15,853)	$	(22,285)	$	(42,043)
Denominator:
Denominator for basic and diluted EPS – weighted-average shares of common stock outstanding used in computing net loss per share	188,805		194,543		189,040		195,205
Basic and diluted net loss per share attributable to common stockholders	$	—	$	(0.08)	$	(0.12)	$	(0.22)

Schedule of Antidilutive Outstanding Common Stock Excluded from Computation of Diluted Net Loss Per Share

The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented due to their anti-dilutive effect as of:


	September 30,
	2023	2022
	(in thousands)
Outstanding options to purchase common stock and unvested RSUs	17,359	19,118

Total anti-dilutive outstanding potential common stock	17,359	19,118

Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 6. Intangible Assets

Intangible assets consisted of the following as of:


	September 30, 2023
	Useful Life	Gross Carrying Value		Accumulated Amortization		Net Book Value
	(in thousands)

Customer relationships	3-20 years	$	608,024	$	318,175	$	289,849
Developed technology	2-12 years	106,702		71,298		35,404
Trade name	3-10 years	38,655		23,183		15,472
Non-compete agreements	2-5 years	2,404		2,288		116
Total		$	755,785	$	414,944	$	340,841


	December 31, 2022
	Useful Life	Gross Carrying Value		Accumulated Amortization		Net Book Value
	(in thousands)

Customer relationships	3-20 years	$	605,753	$	265,342	$	340,411
Developed technology	2-12 years	105,766		59,208		46,558
Trade name	3-10 years	38,131		19,725		18,406
Non-compete agreements	2-5 years	2,402		2,057		345
Total		$	752,052	$	346,332	$	405,720

Amortization expense was $22.5 million and $25.2 million for the three months ended September 30, 2023 and 2022, respectively, and $68.6 million and $75.7 million for the nine months ended September 30, 2023 and 2022, respectively.

Leases - Schedule of Lease Expense and Supplemental Cash Flow, Balance Sheet Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 1,578	$ 1,851	$ 4,875	$ 5,928
Variable lease cost	478	374	1,587	1,121
Short-term lease cost	109	80	258	268
Total lease cost	2,165	2,305	6,720	7,317
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract]
Cash paid for operating lease liabilities	1,127	2,105	4,860	6,080
Right-Of-Use Assets Obtained In Exchange For New Lease Obligations [Abstract]
Operating lease assets obtained in exchange for operating lease liabilities	0	$ 177	183	$ 810
Operating lease right-of-use assets	16,394		16,394		$ 21,756
Current operating lease liabilities	3,692		3,692		5,239
Long-term operating lease liabilities	19,256		19,256		22,500
Total operating lease liabilities	$ 22,948		$ 22,948		$ 27,739

Kickserv Acquisition

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Kickserv Acquisition

Note 3. Kickserv Acquisition

On August 10, 2023, the Company acquired 100% of the interest of Norman’s Dojo Inc. (“Kickserv”), a provider of field service management software for home service businesses for approximately $15.0 million in cash. The acquisition adds offerings for SMBs across diversified portfolios with an opportunity to capture a broader segment of new customers within the Home Services vertical.

We accounted for the acquisition as a business combination under ASC 805, Business Combinations. Accordingly, the Company recorded identifiable assets acquired and liabilities assumed at their acquisition date estimated fair values, with any excess consideration recognized as goodwill. Goodwill primarily represents the value associated with the assembled workforce and expected synergies subsumed into goodwill. The goodwill recognized as a result of the acquisition of Kickserv is not deductible for tax purposes.

We measured the identifiable assets and liabilities assumed at their acquisition date estimated fair values separately from goodwill, which represent Level 3 fair value measurements as defined in ASC 820, Fair Value Measurement. The estimated fair values were determined by management using the assistance of third-party valuation specialists. The valuation methods used to determine the estimated fair value of intangible assets included the income approach—relief from royalty method for developed technology with an estimated useful life of five years, and the income approach—multi period excess earnings method for customer relationships with an estimated useful life of 13 years. A number of assumptions and estimates were involved in the application of these valuation methods, including revenue forecasts, expected competition, costs of revenues, obsolescence, tax rates, capital spending, customer attrition rates, discount rates and working capital changes. Cash flow forecasts were generally based on pre-acquisition forecasts coupled with estimated revenues and cost synergies available to a market participant.

Our purchase price allocation for the acquisition is preliminary and subject to revision with provisional amounts related to tax-related and other items. Additional information that existed as of the acquisition date but at the time was unknown to us may become known to us during the remainder of the measurement period, which is not to exceed 12 months from the acquisition date.

The financial results of Kickserv since the closing through September 30, 2023, were not material to our consolidated financial statements, nor were they material to our prior period consolidated results on a pro forma basis.

The following table summarizes the estimated fair values of consideration transferred, assets acquired and liabilities assumed at the acquisition date:


		August 10, 2023
	(in thousands)

Total consideration transferred:


Cash		$	14,993

Net assets acquired:




Prepaid expenses and other assets		$	51


Intangibles—definite lived		3,155



Goodwill		12,516

Accounts payable, accrued expenses and other		(11)

Deferred tax liability, net		(397)
Deferred revenue		(274)
Other non-current liabilities		(47)
Total net assets acquired		$	14,993

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unrecognized Future Minimum Payments

Unrecognized future minimum payments due under these agreements are as follows (in thousands):


Year ended December 31,
2023 (remainder of year)	$	3,252
2024	13,040
2025	10,279
2026	2,125
2027	2,625
Thereafter	687
Total future minimum payments due	$	32,008

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows provided by operating activities:
Net loss	$ (22,285)	$ (42,043)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	77,975	82,524
Stock-based compensation expense	19,610	19,776
Deferred taxes	(2,066)	(6,855)
Amortization of deferred financing costs and non-cash interest	1,240	1,622
Bad debt expense	5,285	2,362
Other non-cash items	(4,807)	1,583
Changes in operating assets and liabilities:
Accounts receivable, net	(9,145)	(11,722)
Prepaid expenses and other current assets	(1,331)	(7,151)
Other non-current assets	4,511	(1,313)
Accounts payable	(62)	(1,450)
Accrued expenses and other	1,436	(1,308)
Deferred revenue	1,514	2,503
Other non-current liabilities	(3,288)	(916)
Net cash provided by operating activities	68,587	37,612
Cash flows used in investing activities:
Purchases of property and equipment	(2,140)	(2,155)
Capitalization of software costs	(14,727)	(11,440)
Acquisition, net of cash acquired	(14,959)	0
Net cash used in investing activities	(31,826)	(13,595)
Cash flows used in financing activities:
Payments on debt	(4,125)	(6,125)
Exercise of stock options	1,982	1,675
Proceeds from common stock issuance for Employee Stock Purchase Plan	1,765	1,754
Repurchase and retirement of common stock	(41,268)	(21,863)
Net cash used in financing activities	(41,646)	(24,559)
Effect of foreign currency exchange rate changes on cash	(116)	(1,796)
Net decrease in cash and cash equivalents and restricted cash	(5,001)	(2,338)
Cash and cash equivalents and restricted cash:
Beginning of period	95,824	97,559
End of period	90,823	95,221
Supplemental disclosures of cash flow information:
Cash paid for interest	34,112	19,460
Cash paid for income taxes	$ 2,939	$ 1,950

Net Loss Per Share Attributable to Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Numerator for basic EPS - net loss attributable to common stockholders	$ (614)	$ (15,853)	$ (22,285)	$ (42,043)
Numerator for diluted EPS - net loss attributable to common stockholders	$ (614)	$ (15,853)	$ (22,285)	$ (42,043)
Denominator:
Denominator for basic EPS - weighted-average shares of common stock outstanding used in computing net loss per share (in shares)	188,805,421	194,542,764	189,039,709	195,205,260
Denominator for diluted EPS - weighted-average shares of common stock outstanding used in computing net loss per share (in shares)	188,805,421	194,542,764	189,039,709	195,205,260
Basic net loss per share attributable to common stockholders (in dollars per share)	$ 0	$ (0.08)	$ (0.12)	$ (0.22)
Diluted net loss per share attributable to common stockholders (in dollars per share)	$ 0	$ (0.08)	$ (0.12)	$ (0.22)

- Definition

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

+ References

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+ Details

- Definition

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

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Extended lease term (in years)	5 years
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities
Weighted average remaining lease term for operating leases (in years)	6 years 10 days	6 years 4 months 2 days
Operating lease, weighted average discount rate	4.90%	4.90%
Aggregate future lease payments	$ 1.6
Lease term	3 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease initial terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease initial terms (in years)	11 years

Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 5. Goodwill

Goodwill activity consisted of the following for the nine months ended September 30, 2023 (in thousands):


Balance at December 31, 2022	$	914,082
Acquired goodwill	12,516

Effect of foreign currency exchange rate changes	(2,832)
Balance at September 30, 2023	$	923,766

Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Computer equipment and software	$	10,737	$	9,327
Furniture and fixtures	3,741		3,570
Leasehold improvements	11,954		11,941
Total property and equipment	26,432		24,838
Less accumulated depreciation	(16,171)		(12,908)
Property and equipment, net	$	10,261	$	11,930

Depreciation expense was $1.3 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and $3.3 million and $3.1 million for the nine months ended September 30, 2023 and 2022, respectively.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ (241)	$ 291	$ 1,543	$ 5,953
Effective income tax rate	(64.60%)	1.80%	6.50%	12.40%

- Definition

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

+ References + Details

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for expected credit losses	$ 6.3	$ 4.7
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	188,927,445	191,447,237
Common stock, shares outstanding (in shares)	188,927,445	191,447,237

Goodwill (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill activity consisted of the following for the nine months ended September 30, 2023 (in thousands):


Balance at December 31, 2022	$	914,082
Acquired goodwill	12,516

Effect of foreign currency exchange rate changes	(2,832)
Balance at September 30, 2023	$	923,766

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Capitalized Software (Tables)

9 Months Ended

Sep. 30, 2023

Research and Development [Abstract]

Schedule of Capitalized Software

Capitalized software consisted of the following as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Capitalized software	$	59,872	$	45,872
Less: accumulated amortization	(19,265)		(13,318)
Capitalized software, net	$	40,607	$	32,554

Commitments and Contingencies - Schedule of Unrecognized Future Minimum Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
2023 (remainder of year)	$ 3,252
2024	13,040
2025	10,279
2026	2,125
2027	2,625
Thereafter	687
Total future minimum payments due	$ 32,008

Nature of the Business	9 Months Ended
Nature of the Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Note 1. Nature of the Business EverCommerce Inc. and subsidiaries (the “Company” or “EverCommerce”) is a leading provider of integrated software-as-a-service (“SaaS”) solutions or services for service-based small- and medium-sized businesses (“service SMBs”). Our platform spans across the full lifecycle of interactions between consumers and service professionals with vertical-specific applications. Today, the Company serves more than 685,000 customers across three core verticals: Home Services; Health Services; and Fitness & Wellness Services. Within the core verticals, customers operate within numerous micro-verticals, ranging from home service professionals, such as construction contractors and home maintenance technicians, to physician practices and therapists in the Health Services industry, to personal trainers and salon owners in the Fitness & Wellness sectors. The platform provides vertically-tailored SaaS solutions that address service SMBs’ increasingly nuanced demands, as well as highly complementary solutions that complete end-to-end offerings, allowing service SMBs and EverCommerce to succeed in the market, and provide end consumers more convenient service experiences. The Company is headquartered in Denver, Colorado, and has operations across the United States, Canada, Jordan, United Kingdom, Australia and New Zealand.

Long-Term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Note 10. Long-Term Debt

Long-term debt consisted of the following as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Term notes with interest payable monthly, interest rate at Adjusted SOFR or Alternative Base Rate (“ABR”), plus an applicable margin of 3.25% (8.69554% at September 30, 2023) quarterly principal payments of 0.25% of original principal balance with balloon payment due July 2028	$	539,000	$	543,125
Revolver with interest payable monthly, interest rate at Adjusted SOFR or ABR, plus an applicable margin of 3.25% (8.68056% at September 30, 2023), and outstanding balance due July 2026	—		—
Principal debt	539,000		543,125
Deferred financing costs on long-term debt	(4,210)		(4,900)
Discount on long-term debt	(1,528)		(1,779)
Total debt	533,262		536,446
Less current maturities	5,500		5,500
Long-term portion	$	527,762	$	530,946

In 2021, the Company agreed to two term loans for an aggregate principal amount of $550.0 million (“Term Loans”), a revolver with a capacity of $190.0 million (“Revolver”) and a sub-limit of the Revolver available for letters of credit up to an aggregate face amount of $20.0 million. These debt arrangements are collectively referred to herein as the (“Credit Facilities”).

Prior to July 1, 2023, borrowings under the Credit Facilities are available as ABR or Eurocurrency borrowings. ABR borrowings under the Credit Facilities accrued interest at an alternate base rate plus an applicable rate, and Eurocurrency borrowings accrued interest at an adjusted LIBOR rate plus an applicable rate. The ABR rate represented the greater of the prime rate, Federal Reserve Bank of New York rate plus ½ of 1%, and an adjusted LIBOR rate for a one month interest period plus 1%. The applicable rate for the Term Loans and the Revolver is 3% for Eurocurrency borrowings and 2% for ABR Borrowings, in each case subject to change based on our first lien net leverage ratio.

On June 26, 2023, the Credit Facilities were amended to replace the reference rate of LIBOR with the Adjusted SOFR rate (see definition below). The interest rate on any loans outstanding under the Credit Facilities continued to be determined by reference to LIBOR until June 30, 2023, after which time the interest rates on such loans began bearing interest by reference to SOFR. The Company continues to monitor the impact of the transition from LIBOR to SOFR on its business but does not expect a significant impact to the consolidated financial statements.

Effective as of July 1, 2023, borrowings under the Credit Facilities bear interest at the Company’s option at ABR plus an applicable rate, or at a forward-looking term rate based upon the secured overnight financing rate, plus (i) (a) with respect to Term Loans, credit spread adjustments of 0.11448%, 0.26161%, 0.42826% and 0.71513% for interest periods of one, three, six and twelve months, respectively and (b) with respect to revolving loans, a credit spread adjustment of 0.0% (“Adjusted SOFR”) plus (ii) an applicable rate, in each case with such applicable rate based on the Company’s first lien net leverage ratio. The ABR represents the highest of the prime rate, Federal Reserve Bank of New York rate plus ½ of 1%, and the Adjusted SOFR for a one month interest period plus 1%. The applicable rate for the Term Loans and the Revolver is 3.0% for Adjusted SOFR borrowings and 2.0% for ABR borrowings, in each case subject to change based on our first lien net leverage ratio.

The Company determines the fair value of long-term debt based on trading prices for its debt if available. As of September 30, 2023, the Company obtained trading prices for the term notes outstanding. However, as such trading prices require significant unobservable inputs to the pricing model, such instruments are classified as Level 2. If no such trading prices are available, the Company determines the fair value of long-term debt using discounted cash flows, applying current interest rates and current credit spreads, based on its own credit risk. The fair value amounts were approximately $539.7 million and $531.6 million as of September 30, 2023 and December 31, 2022, respectively.

Effective October 31, 2022, the Company entered into an interest rate swap agreement (the “Initial Swap”) in connection with the Company’s Credit Facilities for a notional amount of $200.0 million to convert a portion of the floating rate component of the Term Loans from a floating rate to a fixed rate. The Initial Swap agreement has a term of five years with a fixed rate in the agreement of 4.212%, as amended in June 2023. Additionally, effective March 31, 2023, the Company entered into a second interest rate swap agreement (the “Second Swap” and together with the Initial Swap, the “Swap Agreements”) in connection with the Company’s Credit Facilities for a notional amount of $100.0 million to convert a portion of the floating rate component of the Term Loans from a floating rate to a fixed rate. The Second Swap agreement has a term of approximately 4.5 years with a fixed rate in the agreement of 3.951%, as amended in June 2023.

The Swap Agreements are accounted for as derivatives whereby the fair value of each contract is reported within the condensed consolidated balance sheets, and associated gains or losses resulting from changes in the fair value are reported in interest and other expense, net, in the statement of operations and comprehensive loss. As of September 30, 2023 the fair value of the Swap Agreements was an asset of $3.7 million that is reported in other non-current assets on the condensed consolidated balance sheets.

The Company’s Credit Facilities are subject to certain financial and nonfinancial covenants and are secured by substantially all assets of the Company. As of September 30, 2023, the Company was in compliance with all of its covenants.

Aggregate maturities of the Company’s debt for the years ending December 31 are as follows as of September 30, 2023 (in thousands):


Year ending December 31:
2023 (remainder of year)	$	1,375
2024	5,500
2025	5,500
2026	5,500
2027	5,500
Thereafter	515,625
Total aggregate maturities of the Company’s debt	$	539,000

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consisted of the following as of:


	September 30, 2023
	Useful Life	Gross Carrying Value		Accumulated Amortization		Net Book Value
	(in thousands)

Customer relationships	3-20 years	$	608,024	$	318,175	$	289,849
Developed technology	2-12 years	106,702		71,298		35,404
Trade name	3-10 years	38,655		23,183		15,472
Non-compete agreements	2-5 years	2,404		2,288		116
Total		$	755,785	$	414,944	$	340,841


	December 31, 2022
	Useful Life	Gross Carrying Value		Accumulated Amortization		Net Book Value
	(in thousands)

Customer relationships	3-20 years	$	605,753	$	265,342	$	340,411
Developed technology	2-12 years	105,766		59,208		46,558
Trade name	3-10 years	38,131		19,725		18,406
Non-compete agreements	2-5 years	2,402		2,057		345
Total		$	752,052	$	346,332	$	405,720

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Sales and use tax liability	$ 10.8	$ 11.2

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Lease Expense and Supplemental Cash Flow, Balance Sheet Information

The components of lease expense are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

Operating lease cost	$	1,578	$	1,851	$	4,875	$	5,928
Variable lease cost	478		374		1,587		1,121
Short-term lease cost	109		80		258		268
Total lease cost	$	2,165	$	2,305	$	6,720	$	7,317

Supplemental cash flow information related to leases is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

Cash paid for operating lease liabilities	$	1,127	$	2,105	$	4,860	$	6,080

Operating lease assets obtained in exchange for operating lease liabilities	$	—	$	177	$	183	$	810

Supplemental balance sheet information, included in other non-current assets, accrued expenses and other and other non-current liabilities on the condensed consolidated balance sheets, related to leases is as follows:


	September 30,		December 31,
	2023		2022
	(in thousands)

Operating lease right-of-use assets	$	16,394	$	21,756

Current operating lease liabilities	3,692		5,239
Long-term operating lease liabilities	19,256		22,500
Total operating lease liabilities	$	22,948	$	27,739

Schedule of Future Undiscounted Cash Flows

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of September 30, 2023 is as follows (in thousands):


Year ended December 31,
2023 (remainder of year)	$	1,450
2024	4,751
2025	4,421
2026	4,225
2027	3,775
Thereafter	8,512
Total lease payments	27,134
Less: imputed interest	4,187
Total present value of lease liabilities	$	22,948

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40575
Entity Registrant Name	EverCommerce Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4063248
Entity Address, Address Line One	3601 Walnut Street, Suite 400
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80205
City Area Code	720
Local Phone Number	647-4948
Title of 12(b) Security	Common stock, $0.00001 par value
Trading Symbol	EVCM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		188,658,621
Entity Central Index Key	0001853145
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document fiscal Period Focus	Q3

Geographic Areas

9 Months Ended

Sep. 30, 2023

Geographic Areas, Long-Lived Assets [Abstract]

Geographic Areas

Note 17. Geographic Areas

The following table sets forth long-lived assets by geographic area as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

United States	$	40,245	$	36,226
International	$	10,623	$	8,258

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of:


	September 30, 2023								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
	(in thousands)

Assets:
Money market	$	11,365	$	—	$	—	$	11,365	Cash equivalents
Interest rate swaps	$	—	$	3,743	$	—	$	3,743	Other non-current assets


	December 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
	(in thousands)

Asset:
Money market	$	6,568	$	—	$	—	$	6,568	Cash equivalents
Liability:
Interest rate swap	$	—	$	2,893	$	—	$	2,893	Other non-current liabilities

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Outstanding Common Stock Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive outstanding potential common stock	17,359	19,118
Outstanding options to purchase common stock and unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive outstanding potential common stock	17,359	19,118

Equity	9 Months Ended
Equity	Sep. 30, 2023
Equity [Abstract]
Equity	Note 11. Equity On July 6, 2021, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to authorize the issuance up to 2,050,000,000 shares, par value $0.00001 per share, consisting of 2,000,000,000 shares of common stock and 50,000,000 shares of preferred stock. On June 14, 2022, our Board of Directors approved a stock repurchase program (the “Repurchase Program”) with authorization to purchase up to $50.0 million in shares of the Company’s common stock through the expiration of the program on December 21, 2022. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. This program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or terminated at any time at the discretion of the Board of Directors. On November 7, 2022, our Board of Directors approved an expansion of the Repurchase Program with authorization to purchase up to an additional $50.0 million in shares of the Company’s common stock ($100.0 million total) and an extension to the expiration of the Repurchase Program through December 31, 2023. The Company expects to fund repurchases with existing cash on hand. The Company repurchased and retired 0.2 million and 4.2 million shares of common stock pursuant to the Repurchase Program for $1.6 million and $41.2 million including transaction fees, during the three and nine months ended September 30, 2023, respectively. As of September 30, 2023, $16.0 million remained available under the Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity (Details) - USD ($)	3 Months Ended	9 Months Ended
Equity (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Nov. 07, 2022	Jun. 14, 2022	Jul. 06, 2021
Class of Stock [Line Items]
Shares authorized (in shares)						2,050,000,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001			$ 0.00001
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001			$ 0.00001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000	2,000,000,000			2,000,000,000
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000			50,000,000
Stock repurchase program with authorization				$ 100,000,000
Repurchase and retirement of common shares (in shares)	200,000	4,200,000
Repurchase and retirement of common stock	$ 1,600,000	$ 41,200,000
Stock repurchase program, remaining authorized repurchase amount	$ 16,000,000	$ 16,000,000
Maximum
Class of Stock [Line Items]
Stock repurchase program with authorization					$ 50,000,000
Repurchase program, additional authorized amount				$ 50,000,000

Geographic Areas (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 40,245	$ 36,226
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 10,623	$ 8,258

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Note 13. Net Loss Per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net loss per share for the Company’s common stock as of:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands except per share amounts)







Numerator for basic and diluted EPS – net loss attributable to common stockholders	$	(614)	$	(15,853)	$	(22,285)	$	(42,043)
Denominator:
Denominator for basic and diluted EPS – weighted-average shares of common stock outstanding used in computing net loss per share	188,805		194,543		189,040		195,205
Basic and diluted net loss per share attributable to common stockholders	$	—	$	(0.08)	$	(0.12)	$	(0.22)


	September 30,
	2023	2022
	(in thousands)
Outstanding options to purchase common stock and unvested RSUs	17,359	19,118

Total anti-dilutive outstanding potential common stock	17,359	19,118

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Computer equipment and software	$	10,737	$	9,327
Furniture and fixtures	3,741		3,570
Leasehold improvements	11,954		11,941
Total property and equipment	26,432		24,838
Less accumulated depreciation	(16,171)		(12,908)
Property and equipment, net	$	10,261	$	11,930

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (614)	$ (896)	$ (20,775)	$ (15,853)	$ (12,881)	$ (13,309)	$ (22,285)	$ (42,043)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Note 9. Leases

The Company leases real estate from unrelated parties under operating lease agreements that have initial terms ranging from one year to 11 years. Some leases include one or more options to renew, generally at our sole discretion, of five additional years each.

The components of lease expense are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

Operating lease cost	$	1,578	$	1,851	$	4,875	$	5,928
Variable lease cost	478		374		1,587		1,121
Short-term lease cost	109		80		258		268
Total lease cost	$	2,165	$	2,305	$	6,720	$	7,317

Supplemental cash flow information related to leases is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

Cash paid for operating lease liabilities	$	1,127	$	2,105	$	4,860	$	6,080

Operating lease assets obtained in exchange for operating lease liabilities	$	—	$	177	$	183	$	810


	September 30,		December 31,
	2023		2022
	(in thousands)

Operating lease right-of-use assets	$	16,394	$	21,756

Current operating lease liabilities	3,692		5,239
Long-term operating lease liabilities	19,256		22,500
Total operating lease liabilities	$	22,948	$	27,739

At September 30, 2023 and December 31, 2022, the weighted average remaining lease term for operating leases was 6.03 years and 6.34 years, respectively, and the weighted average discount rate was 4.9%.


Year ended December 31,
2023 (remainder of year)	$	1,450
2024	4,751
2025	4,421
2026	4,225
2027	3,775
Thereafter	8,512
Total lease payments	27,134
Less: imputed interest	4,187
Total present value of lease liabilities	$	22,948

In addition to what is included in the table above, as of September 30, 2023, we have entered into an office lease that has not yet commenced with aggregate future lease payments of approximately $1.6 million. This lease is expected to commence in the fourth quarter 2023, and will have a lease term of approximately three years.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022 and the related notes (“Annual Report on Form 10-K”). The December 31, 2022 consolidated balance sheet was derived from our audited consolidated financial statements as of that date. Our unaudited interim condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the unaudited condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes in accounting policies during the nine months ended September 30, 2023 from those disclosed in the annual consolidated financial statements for the year ended December 31, 2022 and the related notes. Certain prior year amounts have been reclassified to conform to the current year presentation. The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the unaudited condensed consolidated financial statements, including the accompanying notes. The Company bases its estimates on historical factors, current circumstances, and the experience and judgment of management. The Company evaluates its estimates and assumptions on an ongoing basis. Actual results could differ from those estimates. Significant estimates reflected in the consolidated financial statements include revenue recognition, allowance for expected credit losses, valuation allowances with respect to deferred tax assets, assumptions underlying the fair value used in the calculation of stock-based compensation, valuation of intangible assets and goodwill and useful lives of tangible and intangible assets, among others. Emerging Growth Company As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies. The Company has elected to use the extended transition period under the JOBS Act until the earlier of the date that it is (i) no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The adoption dates are discussed below to reflect this election within the “Recently Issued Accounting Pronouncements” section. Recently Issued Accounting Pronouncements Accounting pronouncements issued and adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, which includes the Company’s accounts receivable and contract assets. This updated standard is effective for annual reporting periods beginning after December 15, 2022. The Company adopted this ASU for the year ending December 31, 2023 and it did not have a material impact on the financial statements. In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the guidance in ASC 805 to require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. FASB’s objective in issuing the ASU is to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity and inconsistency related to both the recognition of an acquired contract liability and payment terms’ effects on subsequent revenue recognized by the acquirer. This updated standard is effective for annual reporting periods beginning after December 15, 2022. The Company adopted this ASU on January 1, 2023 and it is prospectively applicable to all business combinations from the adoption date. The adoption of this standard was not material to the KickServ Acquisition (see Note 3). In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2024. There was no material impact to our financial statements from the adoption of this standard. We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the financial statements.

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 26,432	$ 24,838
Less accumulated depreciation	(16,171)	(12,908)
Property and equipment, net	10,261	11,930
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	10,737	9,327
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,741	3,570
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 11,954	$ 11,941

Kickserv Acquisition - Schedule of Estimated Fair Values of Consideration Transferred, Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Aug. 10, 2023	Sep. 30, 2023	Dec. 31, 2022
Net assets acquired:
Goodwill		$ 923,766	$ 914,082
KickServ, LLC
Business Acquisition [Line Items]
Cash	$ 14,993
Net assets acquired:
Prepaid expenses and other assets	51
Intangibles—definite lived	3,155
Goodwill	12,516
Accounts payable, accrued expenses and other	(11)
Deferred tax liability, net	(397)
Deferred revenue	(274)
Other non-current liabilities	(47)
Total net assets acquired	$ 14,993

Geographic Areas (Tables)

9 Months Ended

Sep. 30, 2023

Geographic Areas, Long-Lived Assets [Abstract]

Schedule of Long-Lived Assets by Geographic Areas

The following table sets forth long-lived assets by geographic area as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

United States	$	40,245	$	36,226
International	$	10,623	$	8,258

Goodwill (Details) $ in Thousands	9 Months Ended
Goodwill (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 914,082
Acquired goodwill	12,516
Effect of foreign currency exchange rate changes	(2,832)
Ending balance	$ 923,766

- Definition

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

+ References + Details

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 755,785	$ 752,052
Accumulated Amortization	414,944	346,332
Net Book Value	340,841	405,720
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	608,024	605,753
Accumulated Amortization	318,175	265,342
Net Book Value	$ 289,849	$ 340,411
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	20 years	20 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 106,702	$ 105,766
Accumulated Amortization	71,298	59,208
Net Book Value	$ 35,404	$ 46,558
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years	2 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	12 years	12 years
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 38,655	$ 38,131
Accumulated Amortization	23,183	19,725
Net Book Value	$ 15,472	$ 18,406
Trade name \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years
Trade name \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years	10 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,404	$ 2,402
Accumulated Amortization	2,288	2,057
Net Book Value	$ 116	$ 345
Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years	2 years
Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years	5 years

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 87,335	$ 92,625
Restricted cash	3,488	3,199
Accounts receivable, net of allowance for expected credit losses of $6.3 million and $4.7 million at September 30, 2023 and December 31, 2022, respectively	50,725	48,032
Contract assets	13,233	12,971
Prepaid expenses and other current assets	24,480	23,760
Total current assets	179,261	180,587
Property and equipment, net	10,261	11,930
Capitalized software, net	40,607	32,554
Other non-current assets	46,563	46,855
Intangible assets, net	340,841	405,720
Goodwill	923,766	914,082
Total assets	1,541,299	1,591,728
Current liabilities:
Accounts payable	8,354	8,373
Accrued expenses and other	57,935	56,963
Deferred revenue	24,639	22,885
Customer deposits	12,188	11,360
Current maturities of long-term debt	5,500	5,500
Total current liabilities	108,616	105,081
Long-term debt, net of current maturities and deferred financing costs	527,762	530,946
Other non-current liabilities	42,765	49,008
Total liabilities	679,143	685,035
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.00001 par value, 50,000,000 shares authorized and no shares issued or outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.00001 par value, 2,000,000,000 shares authorized and 188,927,445 and 191,447,237 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	2	2
Accumulated other comprehensive loss	(12,919)	(10,198)
Additional paid-in capital	1,471,713	1,489,935
Accumulated deficit	(596,640)	(573,046)
Total stockholders’ equity	862,156	906,693
Total liabilities and stockholders’ equity	$ 1,541,299	$ 1,591,728

Kickserv Acquisition - Narrative (Details) $ in Thousands	Aug. 10, 2023 USD ($)
Developed technology
Business Acquisition [Line Items]
Estimated useful life	5 years
Customer relationships
Business Acquisition [Line Items]
Estimated useful life	13 years
KickServ, LLC
Business Acquisition [Line Items]
Percentage of interest acquired	100.00%
Cash	$ 14,993

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 15. Income Taxes Our provision for income taxes in interim periods has historically been based on our estimated annual effective tax rate. We record cumulative adjustments in the quarter in which a change in the estimated annual effective rate is determined. In the third quarter of 2023, it is the Company's judgement that the estimated annual effective tax rate did not result in a reliable estimate, so an estimate was determined using year to date results. The income tax (expense) benefit was expense of $0.2 million and a benefit of $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and a benefit of $1.5 million and $6.0 million for the nine months ended September 30, 2023 and 2022, respectively. Our effective income tax rate was (64.6)% and 1.8% for the three months ended September 30, 2023 and 2022, respectively, and 6.5% and 12.4% for the nine months ended September 30, 2023 and 2022, respectively. The difference in income tax (expense) benefit for the three and nine months ended September 30, 2023 as compared to the corresponding period in 2022, with such changes driven primarily by discrete items. The nine months ended September 30, 2023 includes the release of a valuation allowance in the second quarter 2023. The nine months ended September 30, 2022 included a California law change, an intercompany intellectual property sale, and the establishment of a valuation allowance for our New Zealand subsidiaries in the first quarter of 2022.

- Definition

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

+ References

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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Unit and Stock Option Activity (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Stock Options
Beginning balance (in shares)	13,919	16,756	16,937
Granted (in shares)	0	0	0
Vested or exercised (in shares)	(156)	(38)	(103)
Cancelled or forfeited (in shares)	(124)	(2,799)	(78)
Ending balance (in shares)	13,639	13,919	16,756
RSUs
RSUs
Beginning balance (in shares)	4,047	4,490	2,022
Granted (in shares)	87	149	2,839
Vested or exercised (in shares)	(292)	(404)	(347)
Cancelled or forfeited (in shares)	(122)	(188)	(24)
Ending balance (in shares)	3,720	4,047	4,490

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021			195,384
Beginning balance at Dec. 31, 2021	$ 985,648		$ 2	$ 1,500,643	$ (513,230)		$ (1,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,135			6,135
Stock option exercises (in shares)			126
Stock option exercises	723			723
Foreign currency translation losses, net	(664)						(664)
Net loss	(13,309)				(13,309)
Ending balance (in shares) at Mar. 31, 2022			195,510
Ending balance at Mar. 31, 2022	978,533		$ 2	1,507,501	(526,539)		(2,431)
Beginning balance (in shares) at Dec. 31, 2021			195,384
Beginning balance at Dec. 31, 2021	985,648		$ 2	1,500,643	(513,230)		(1,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation losses, net	(15,811)
Net loss	(42,043)
Ending balance (in shares) at Sep. 30, 2022			193,938
Ending balance at Sep. 30, 2022	929,136		$ 2	1,501,985	(555,273)		(17,578)
Beginning balance (in shares) at Dec. 31, 2021			195,384
Beginning balance at Dec. 31, 2021	985,648		$ 2	1,500,643	(513,230)		(1,767)
Ending balance (in shares) at Dec. 31, 2022			191,447
Ending balance at Dec. 31, 2022	$ 906,693	$ (1,309)	$ 2	1,489,935	(573,046)	$ (1,309)	(10,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Beginning balance (in shares) at Mar. 31, 2022			195,510
Beginning balance at Mar. 31, 2022	$ 978,533		$ 2	1,507,501	(526,539)		(2,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Employee Stock Purchase Plan (in shares)			218
Issuance of common stock for Employee Stock Purchase Plan	1,804			1,804
Stock-based compensation	6,508			6,508
Stock option exercises (in shares)			96
Stock option exercises	381			381
Repurchase and retirement of common stock including taxes (in shares)			(296)
Repurchase and retirement of common stock including taxes	(2,665)			(2,665)
Foreign currency translation losses, net	(8,169)						(8,169)
Net loss	(12,881)				(12,881)
Ending balance (in shares) at Jun. 30, 2022			195,528
Ending balance at Jun. 30, 2022	963,511		$ 2	1,513,529	(539,420)		(10,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Employee Stock Purchase Plan	(50)
Common stock issued upon vesting of restricted stock units (in shares)			116
Stock-based compensation	7,133			7,133
Stock option exercises (in shares)			95
Stock option exercises	571			571
Repurchase and retirement of common stock including taxes (in shares)			(1,801)
Repurchase and retirement of common stock including taxes	(19,198)
Foreign currency translation losses, net	(6,978)						(6,978)
Net loss	(15,853)				(15,853)
Ending balance (in shares) at Sep. 30, 2022			193,938
Ending balance at Sep. 30, 2022	929,136		$ 2	1,501,985	(555,273)		(17,578)
Beginning balance (in shares) at Dec. 31, 2022			191,447
Beginning balance at Dec. 31, 2022	906,693	(1,309)	$ 2	1,489,935	(573,046)	(1,309)	(10,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued upon vesting of restricted stock units (in shares)			348
Stock-based compensation	$ 7,514			7,514
Stock option exercises (in shares)	103		103
Stock option exercises	$ 609			609
Repurchase and retirement of common stock including taxes (in shares)			(3,124)
Repurchase and retirement of common stock including taxes	(29,643)			(29,643)
Foreign currency translation losses, net	(99)						(99)
Net loss	(20,775)				(20,775)
Ending balance (in shares) at Mar. 31, 2023			188,774
Ending balance at Mar. 31, 2023	862,990		$ 2	1,468,415	(595,130)		(10,297)
Beginning balance (in shares) at Dec. 31, 2022			191,447
Beginning balance at Dec. 31, 2022	$ 906,693	$ (1,309)	$ 2	1,489,935	(573,046)	$ (1,309)	(10,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock including taxes (in shares)	(4,200)
Foreign currency translation losses, net	$ (2,721)
Net loss	(22,285)
Ending balance (in shares) at Sep. 30, 2023			188,927
Ending balance at Sep. 30, 2023	862,156		$ 2	1,471,713	(596,640)		(12,919)
Beginning balance (in shares) at Mar. 31, 2023			188,774
Beginning balance at Mar. 31, 2023	862,990		$ 2	1,468,415	(595,130)		(10,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for Employee Stock Purchase Plan (in shares)			324
Issuance of common stock for Employee Stock Purchase Plan	1,765			1,765
Common stock issued upon vesting of restricted stock units (in shares)			404
Stock-based compensation	$ 6,241			6,241
Stock option exercises (in shares)	38		38
Stock option exercises	$ 300			300
Repurchase and retirement of common stock including taxes (in shares)			(904)
Repurchase and retirement of common stock including taxes	(10,361)			(10,361)
Foreign currency translation losses, net	(682)						(682)
Net loss	(896)				(896)
Ending balance (in shares) at Jun. 30, 2023			188,636
Ending balance at Jun. 30, 2023	859,357		$ 2	1,466,360	(596,026)		(10,979)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued upon vesting of restricted stock units (in shares)			295
Stock-based compensation	$ 5,855			5,855
Stock option exercises (in shares)	156		156
Stock option exercises	$ 1,073			1,073
Repurchase and retirement of common stock including taxes (in shares)	(200)		(160)
Repurchase and retirement of common stock including taxes	$ (1,575)			(1,575)
Foreign currency translation losses, net	(1,940)						(1,940)
Net loss	(614)				(614)
Ending balance (in shares) at Sep. 30, 2023			188,927
Ending balance at Sep. 30, 2023	$ 862,156		$ 2	$ 1,471,713	$ (596,640)		$ (12,919)

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 14. Fair Value of Financial Instruments

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

•Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.

•Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

•Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying value of cash and cash equivalents, accounts receivable, contract assets and accounts payable approximate their fair value because of the short-term nature of these instruments. Our interest rate swaps are valued based upon interest yield curves, interest rate volatility and credit spreads. Our interest rate swaps are classified within Level 2 of the fair value hierarchy as all significant inputs are corroborated by observable data.

There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2023 and 2022.

The following table presents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of:


	September 30, 2023								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
	(in thousands)

Assets:
Money market	$	11,365	$	—	$	—	$	11,365	Cash equivalents
Interest rate swaps	$	—	$	3,743	$	—	$	3,743	Other non-current assets


	December 31, 2022								Balance Sheet Classification
	Level 1		Level 2		Level 3		Total
	(in thousands)

Asset:
Money market	$	6,568	$	—	$	—	$	6,568	Cash equivalents
Liability:
Interest rate swap	$	—	$	2,893	$	—	$	2,893	Other non-current liabilities

- Definition

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

+ References + Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2023	Jul. 06, 2021	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, RSUs			$ 34.1
Unrecognized compensation expense, stock options			$ 12.4
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)		22,000,000
Percentage of stock outstanding		3.00%
Additional shares reserved for issuance (in shares)	5,700,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)(1)(iv)(04)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 22.5	$ 25.2	$ 68.6	$ 75.7

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16. Commitments and Contingencies

The Company has non-cancelable contractual purchase obligations incurred in the normal course of business to help deliver our services and products and provide support to our customers. These contracts with vendors primarily relate to software service, targeted mail costs, third party fulfillment costs and software hosting. Unrecognized future minimum payments due under these agreements are as follows (in thousands):


Year ended December 31,
2023 (remainder of year)	$	3,252
2024	13,040
2025	10,279
2026	2,125
2027	2,625
Thereafter	687
Total future minimum payments due	$	32,008

From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

The Company assesses the applicability of nexus in jurisdictions in which the Company sells products and services. As of September 30, 2023 and December 31, 2022, the Company recorded a liability in the amount of $10.8 million and $11.2 million, respectively, within current liabilities and other long-term liabilities as a provision for sales and use, gross receipts and goods and services tax. In connection with the Company's accounting for acquisitions, the Company has recorded liabilities and corresponding provisional escrow or indemnity receivables within the purchase price allocations for instances in which the Company is indemnified for tax matters.

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present a disaggregation of our revenue from contracts with customers by revenue recognition pattern and geographical market:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

By pattern of recognition (timing of transfer of services):
Point in time	$	17,984	$	14,496	$	48,141	$	40,112
Over time	156,757		143,630		457,788		418,836
Total	$	174,741	$	158,126	$	505,929	$	458,948
By geographical market:
United States	$	159,859	$	146,492	$	461,336	$	418,510
International	14,882		11,634		44,593		40,438
Total	$	174,741	$	158,126	$	505,929	$	458,948

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to contracts from customers as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Accounts receivable, net	$	50,725	$	48,032
Contract assets	$	13,233	$	12,971
Deferred revenue	$	24,639	$	22,885
Customer deposits	$	12,188	$	11,360
Long-term deferred revenue	$	2,192	$	2,496

Long-Term Debt - Narrative (Details)			3 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details)	Jul. 01, 2023	Oct. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) loan	Sep. 30, 2023 USD ($)	Jun. 30, 2023	Dec. 31, 2022 USD ($)
Interest rate swaps
Debt Instrument [Line Items]
Notional amount		$ 200,000,000
Agreement term		5 years
Fixed interest rate						4.212%
Fair value of asset					$ 3,700,000
Interest Rate Swap Two
Debt Instrument [Line Items]
Notional amount			$ 100,000,000
Agreement term			4 years 6 months
Fixed interest rate						3.951%
Level 2 \| Fair Value
Debt Instrument [Line Items]
Fair value					$ 539,700,000		$ 531,600,000
Line of Credit \| Credit Faciltities \| Federal Reserve Bank of New York
Debt Instrument [Line Items]
Basis spread	0.50%			0.50%
Line of Credit \| Credit Faciltities \| LIBOR
Debt Instrument [Line Items]
Basis spread				1.00%
Line of Credit \| Credit Faciltities \| SOFR
Debt Instrument [Line Items]
Basis spread	1.00%
Term Loan \| New Term Loan
Debt Instrument [Line Items]
Number of term loans \| loan				2
Maximum borrowing capacity				$ 550,000,000
Term Loan \| New Term Loan \| Eurocurrency
Debt Instrument [Line Items]
Basis spread				3.00%
Term Loan \| New Term Loan \| Base Rate
Debt Instrument [Line Items]
Basis spread	2.00%			2.00%
Term Loan \| New Term Loan \| One Month Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	0.11448%
Term Loan \| New Term Loan \| Three Month Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	0.26161%
Term Loan \| New Term Loan \| Six Month Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	0.42826%
Term Loan \| New Term Loan \| Twelve Month Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	0.71513%
Term Loan \| New Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread	3.00%
Revolving Loans \| New Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 190,000,000
Revolving Loans \| New Revolver \| Eurocurrency
Debt Instrument [Line Items]
Basis spread				3.00%
Revolving Loans \| New Revolver \| Base Rate
Debt Instrument [Line Items]
Basis spread	2.00%			2.00%
Revolving Loans \| New Revolver \| Adjusted Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread
Revolving Loans \| New Revolver \| SOFR
Debt Instrument [Line Items]
Basis spread	3.00%
Letter of Credit \| New Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 20,000,000

Leases - Schedule of Future Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023 (remainder of year)	$ 1,450
2024	4,751
2025	4,421
2026	4,225
2027	3,775
Thereafter	8,512
Total lease payments	27,134
Less: imputed interest	4,187
Total present value of lease liabilities	$ 22,948	$ 27,739

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

In 2016, the Company adopted the 2016 Equity Incentive Plan (the “2016 Plan”). The 2016 Plan provided for the granting of stock-based awards, including stock options, stock appreciation rights, restricted or unrestricted stock awards, phantom stock, performance awards, and other stock-based awards. In connection with the Initial Public Offering (“IPO”), the Company’s board of directors adopted, and the Company’s stockholders approved, the 2021 Incentive Award Plan (the “2021 Plan”), which became effective immediately prior to the effectiveness of the registration statement for the Company’s IPO and, as a result of which, the Company can no longer make awards under the 2016 Plan. The 2021 Plan provides for the issuance of incentive stock options, non-qualified stock options, stock awards, stock units, stock appreciation rights and other stock-based awards. The number of shares initially reserved for issuance under the 2021 Plan was 22,000,000 shares, inclusive of available shares previously reserved for issuance under the 2016 Plan. In addition, the number of shares reserved for issuance under the 2021 Plan is subject to an annual increase on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 3% of the shares outstanding (on an as-converted basis) on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares as determined by the Company’s board of directors, provided that no more than 22,000,000 shares may be issued upon the exercise of incentive stock options. Based on the Company’s outstanding shares of common stock as of December 31, 2022, as of January 1, 2023 the number of shares reserved for issuance under the 2021 Plan increased by 5.7 million.

In connection with the IPO, the Company’s board of directors adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). For more information on the ESPP, refer to Note 12. Stock-Based Compensation in the Annual Report on Form 10-K.

The following table summarizes our restricted stock unit (“RSU”) and stock option activity for the nine months ended September 30, 2023:


	RSUs	Stock Options
	(in thousands)

Outstanding as of January 1, 2023	2,022	16,937
Granted	2,839	—
Vested or exercised	(347)	(103)
Cancelled or forfeited	(24)	(78)
Outstanding as of March 31, 2023	4,490	16,756
Granted	149	—
Vested or exercised	(404)	(38)
Cancelled or forfeited	(188)	(2,799)
Outstanding as of June 30, 2023	4,047	13,919
Granted	87	—
Vested or exercised	(292)	(156)
Cancelled or forfeited	(122)	(124)
Outstanding as of September 30, 2023	3,720	13,639

As of September 30, 2023, total unrecognized compensation expense was $34.1 million and $12.4 million related to outstanding restricted stock units and outstanding stock options, respectively.

Stock-based compensation expense was classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

Cost of revenues	$	127	$	109	$	362	$	278
Sales and marketing	402		380		1,281		1,127
Product development	642		501		1,808		1,389
General and administrative	4,684		6,143		16,159		16,982
Total stock-based compensation expense	$	5,855	$	7,133	$	19,610	$	19,776

Subsequent Event (Details) - USD ($)	Nov. 05, 2023	Nov. 04, 2023	Nov. 07, 2022
Subsequent Event [Line Items]
Stock repurchase program with authorization			$ 100,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, increase in authorized amount	$ 50,000,000
Stock repurchase program with authorization	$ 150,000,000	$ 100,000,000

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2022 and the related notes (“Annual Report on Form 10-K”). The December 31, 2022 consolidated balance sheet was derived from our audited consolidated financial statements as of that date. Our unaudited interim condensed consolidated financial statements include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the unaudited condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes in accounting policies during the nine months ended September 30, 2023 from those disclosed in the annual consolidated financial statements for the year ended December 31, 2022 and the related notes. Certain prior year amounts have been reclassified to conform to the current year presentation. The operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts reported in the unaudited condensed consolidated financial statements, including the accompanying notes. The Company bases its estimates on historical factors, current circumstances, and the experience and judgment of management. The Company evaluates its estimates and assumptions on an ongoing basis. Actual results could differ from those estimates. Significant estimates reflected in the consolidated financial statements include revenue recognition, allowance for expected credit losses, valuation allowances with respect to deferred tax assets, assumptions underlying the fair value used in the calculation of stock-based compensation, valuation of intangible assets and goodwill and useful lives of tangible and intangible assets, among others.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting pronouncements issued and adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, which includes the Company’s accounts receivable and contract assets. This updated standard is effective for annual reporting periods beginning after December 15, 2022. The Company adopted this ASU for the year ending December 31, 2023 and it did not have a material impact on the financial statements. In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the guidance in ASC 805 to require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. FASB’s objective in issuing the ASU is to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity and inconsistency related to both the recognition of an acquired contract liability and payment terms’ effects on subsequent revenue recognized by the acquirer. This updated standard is effective for annual reporting periods beginning after December 15, 2022. The Company adopted this ASU on January 1, 2023 and it is prospectively applicable to all business combinations from the adoption date. The adoption of this standard was not material to the KickServ Acquisition (see Note 3). In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2024. There was no material impact to our financial statements from the adoption of this standard. We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the financial statements.

Revenue - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 50,725	$ 48,032
Contract assets	13,233	12,971
Deferred revenue	24,639	22,885
Customer deposits	12,188	11,360
Long-term deferred revenue	$ 2,192	$ 2,496

Kickserv Acquisition (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Estimated Fair Values of Consideration Transferred, Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of consideration transferred, assets acquired and liabilities assumed at the acquisition date:


		August 10, 2023
	(in thousands)

Total consideration transferred:


Cash		$	14,993

Net assets acquired:




Prepaid expenses and other assets		$	51


Intangibles—definite lived		3,155



Goodwill		12,516

Accounts payable, accrued expenses and other		(11)

Deferred tax liability, net		(397)
Deferred revenue		(274)
Other non-current liabilities		(47)
Total net assets acquired		$	14,993

Capitalized Software - Schedule of Capitalized Software (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Research and Development [Abstract]
Capitalized software	$ 59,872	$ 45,872
Less: accumulated amortization	(19,265)	(13,318)
Capitalized software, net	$ 40,607	$ 32,554

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit and Stock Option Activity

The following table summarizes our restricted stock unit (“RSU”) and stock option activity for the nine months ended September 30, 2023:


	RSUs	Stock Options
	(in thousands)

Outstanding as of January 1, 2023	2,022	16,937
Granted	2,839	—
Vested or exercised	(347)	(103)
Cancelled or forfeited	(24)	(78)
Outstanding as of March 31, 2023	4,490	16,756
Granted	149	—
Vested or exercised	(404)	(38)
Cancelled or forfeited	(188)	(2,799)
Outstanding as of June 30, 2023	4,047	13,919
Granted	87	—
Vested or exercised	(292)	(156)
Cancelled or forfeited	(122)	(124)
Outstanding as of September 30, 2023	3,720	13,639

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the unaudited condensed consolidated statements of operations and comprehensive loss as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)

Cost of revenues	$	127	$	109	$	362	$	278
Sales and marketing	402		380		1,281		1,127
Product development	642		501		1,808		1,389
General and administrative	4,684		6,143		16,159		16,982
Total stock-based compensation expense	$	5,855	$	7,133	$	19,610	$	19,776

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remainder of year)	$ 1,375
2024	5,500
2025	5,500
2026	5,500
2027	5,500
Thereafter	515,625
Total aggregate maturities of the Company’s debt	$ 539,000

Capitalized Software - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Research and Development [Abstract]
Amortization	$ 2.3	$ 1.4	$ 6.1	$ 3.7
Capitalized software abandonment	$ 0.1	$ 0.1	$ 0.6	$ 0.6

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 174,741	$ 158,126	$ 505,929	$ 458,948
United States
Disaggregation of Revenue [Line Items]
Total revenues	159,859	146,492	461,336	418,510
International
Disaggregation of Revenue [Line Items]
Total revenues	14,882	11,634	44,593	40,438
Point in time
Disaggregation of Revenue [Line Items]
Total revenues	17,984	14,496	48,141	40,112
Over time
Disaggregation of Revenue [Line Items]
Total revenues	$ 156,757	$ 143,630	$ 457,788	$ 418,836

- Definition

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

+ References + Details

- Definition

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

+ References

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

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Note 18. Subsequent Event On November 5, 2023, our Board of Directors approved an expansion of the Repurchase Program with authorization to purchase up to an additional $50.0 million in shares of the Company’s common stock (from $100.0 million to $150.0 million in total) and an extension to the expiration of the Repurchase Program through December 31, 2024.

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Revenue recognized			$ 21.0
Cost to obtain contracts amortization period	5 years		5 years
Short-term assets	$ 8.1		$ 8.1		$ 6.6
Long-term assets	17.5		17.5		$ 15.1
Sales and Marketing Expense
Capitalized Contract Cost [Line Items]
Amortization expense	1.4	$ 1.1	4.2	$ 3.1
Cost of revenues
Capitalized Contract Cost [Line Items]
Amortization expense	$ 0.6	$ 0.4	$ 1.6	$ 1.2

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 174,741	$ 158,126	$ 505,929	$ 458,948
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization presented separately below)	61,471	57,655	175,602	163,503
Sales and marketing	30,086	29,440	91,660	89,531
Product development	19,318	18,508	56,352	53,568
General and administrative	31,538	32,164	101,553	96,748
Depreciation and amortization	26,035	27,613	77,975	82,524
Total operating expenses	168,448	165,380	503,142	485,874
Operating income (loss)	6,293	(7,254)	2,787	(26,926)
Interest and other expense, net	(6,666)	(8,890)	(26,615)	(21,070)
Net loss attributable to common stockholders before income tax (expense) benefit	(373)	(16,144)	(23,828)	(47,996)
Income tax (expense) benefit	(241)	291	1,543	5,953
Net loss attributable to common stockholders, basic	(614)	(15,853)	(22,285)	(42,043)
Net loss attributable to common stockholders, diluted	(614)	(15,853)	(22,285)	(42,043)
Other comprehensive loss:
Foreign currency translation losses, net	(1,940)	(6,978)	(2,721)	(15,811)
Comprehensive loss attributable to common stockholders	$ (2,554)	$ (22,831)	$ (25,006)	$ (57,854)
Basic net loss per share attributable to common stockholders (in dollars per share)	$ 0	$ (0.08)	$ (0.12)	$ (0.22)
Diluted net loss per share attributable to common stockholders (in dollars per share)	$ 0	$ (0.08)	$ (0.12)	$ (0.22)
Basic weighted-average shares of common stock outstanding used in computing net loss per share (in shares)	188,805,421	194,542,764	189,039,709	195,205,260
Diluted weighted-average shares of common stock outstanding used in computing net loss per share (in shares)	188,805,421	194,542,764	189,039,709	195,205,260
Subscription and transaction fees
Revenues:
Total revenues	$ 132,640	$ 120,085	$ 386,765	$ 343,734
Marketing technology solutions
Revenues:
Total revenues	36,838	36,276	103,081	101,340
Other
Revenues:
Total revenues	$ 5,263	$ 1,765	$ 16,083	$ 13,874

Nature of the Business (Details) customer in Thousands	Sep. 30, 2023 customer core_vertical
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of customers \| customer	685
Number of core verticals \| core_vertical	3

Capitalized Software

9 Months Ended

Sep. 30, 2023

Research and Development [Abstract]

Capitalized Software

Note 8. Capitalized Software

Capitalized software consisted of the following as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Capitalized software	$	59,872	$	45,872
Less: accumulated amortization	(19,265)		(13,318)
Capitalized software, net	$	40,607	$	32,554

Amortization expense was $2.3 million and $1.4 million for the three months ended September 30, 2023 and 2022, respectively, and $6.1 million and $3.7 million for the nine months ended September 30, 2023 and 2022, respectively. During the ordinary course of business, the Company may determine that certain capitalized features of its software will no longer be used either internally or to deliver value to its customers. The Company recorded a charge to general and administrative on the accompanying condensed consolidated statements of operations and comprehensive loss of $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.6 million and $0.6 million for the nine months ended September 30, 2023 and 2022, respectively, related to capitalized features no longer expected to be used.

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following as of:


	September 30,		December 31,
	2023		2022
	(in thousands)

Term notes with interest payable monthly, interest rate at Adjusted SOFR or Alternative Base Rate (“ABR”), plus an applicable margin of 3.25% (8.69554% at September 30, 2023) quarterly principal payments of 0.25% of original principal balance with balloon payment due July 2028	$	539,000	$	543,125
Revolver with interest payable monthly, interest rate at Adjusted SOFR or ABR, plus an applicable margin of 3.25% (8.68056% at September 30, 2023), and outstanding balance due July 2026	—		—
Principal debt	539,000		543,125
Deferred financing costs on long-term debt	(4,210)		(4,900)
Discount on long-term debt	(1,528)		(1,779)
Total debt	533,262		536,446
Less current maturities	5,500		5,500
Long-term portion	$	527,762	$	530,946

Schedule of Maturities of Long-term Debt

Aggregate maturities of the Company’s debt for the years ending December 31 are as follows as of September 30, 2023 (in thousands):


Year ending December 31:
2023 (remainder of year)	$	1,375
2024	5,500
2025	5,500
2026	5,500
2027	5,500
Thereafter	515,625
Total aggregate maturities of the Company’s debt	$	539,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,855	$ 7,133	$ 19,610	$ 19,776
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	127	109	362	278
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	402	380	1,281	1,127
Product development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	642	501	1,808	1,389
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,684	$ 6,143	$ 16,159	$ 16,982

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Interest rate swaps
Assets:
Interest rate swaps	$ 3,700
Fair Value, Recurring \| Interest rate swaps
Assets:
Interest rate swaps	3,743
Liability:
Interest rate swap		$ 2,893
Fair Value, Recurring \| Interest rate swaps \| Level 1
Assets:
Interest rate swaps	0
Liability:
Interest rate swap		0
Fair Value, Recurring \| Interest rate swaps \| Level 2
Assets:
Interest rate swaps	3,743
Liability:
Interest rate swap		2,893
Fair Value, Recurring \| Interest rate swaps \| Level 3
Assets:
Interest rate swaps	0
Liability:
Interest rate swap		0
Fair Value, Recurring \| Money market
Assets:
Money market	11,365	6,568
Fair Value, Recurring \| Money market \| Level 1
Assets:
Money market	11,365	6,568
Fair Value, Recurring \| Money market \| Level 2
Assets:
Money market	0	0
Fair Value, Recurring \| Money market \| Level 3
Assets:
Money market	$ 0	$ 0

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.3	$ 1.0	$ 3.3	$ 3.1