0001454938-21-000013 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-40643
Entity Registrant Name	Outbrain Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5391629
Entity Address, Address Line One	111 West 19th Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	(646)
Local Phone Number	859-8594
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	OB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-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		55,151,688
Entity Central Index Key	0001454938
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 111,334	$ 93,641
Accounts receivable, net of allowances	168,127	165,449
Prepaid expenses and other current assets	22,202	18,326
Total current assets	301,663	277,416
Property, equipment and capitalized software, net	23,460	24,756
Intangible assets, net	7,426	9,812
Goodwill	32,881	32,881
Other assets	12,383	11,621
TOTAL ASSETS	377,813	356,486
CURRENT LIABILITIES:
Accounts payable	131,171	118,491
Accrued compensation and benefits	17,910	23,000
Accrued and other current liabilities	93,321	109,747
Deferred revenue	5,513	5,512
Total current liabilities	247,915	256,750
Other liabilities	16,587	17,105
TOTAL LIABILITIES	264,502	273,855
Commitments and Contingencies (Note 8)
Convertible preferred stock, par value of $0.001 per share, Series A, B, C, D, E, F, G and H — aggregate of 27,766,563 shares authorized as of June 30, 2021 and December 31, 2020; and aggregate of 27,652,449 shares issued and outstanding as of June 30, 2021 and December 31, 2020	162,444	162,444
STOCKHOLDERS’ DEFICIT:
Common stock, par value of $0.001 per share — 65,183,785 shares authorized as of June 30, 2021 and December 31, 2020; 17,764,264 and 17,158,802 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	18	17
Additional paid-in capital	97,277	92,705
Accumulated other comprehensive loss	(4,130)	(4,290)
Accumulated deficit	(142,298)	(168,245)
TOTAL STOCKHOLDERS’ DEFICIT	(49,133)	(79,813)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT	$ 377,813	$ 356,486

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	27,766,563	27,766,563
Convertible preferred stock, shares issued	27,652,449	27,652,449
Convertible preferred stock, shares outstanding	27,652,449	27,652,449
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	65,183,785	65,183,785
Common stock, shares issued	17,764,264	17,158,802
Common stock, shares outstanding	17,764,264	17,158,802

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 247,153	$ 157,862	$ 475,177	$ 335,194
Traffic acquisition costs	180,324	118,140	347,937	254,946
Other cost of revenue	7,767	7,648	14,709	15,521
Total cost of revenue	188,091	125,788	362,646	270,467
Gross profit	59,062	32,074	112,531	64,727
Operating expenses:
Research and development	8,474	6,903	16,902	13,885
Sales and marketing	21,186	17,816	41,054	38,111
General and administrative	12,247	7,056	22,640	21,949
Total operating expenses	41,907	31,775	80,596	73,945
Income (loss) from operations	17,155	299	31,935	(9,218)
Other income (expense), net:
Interest expense	(189)	(266)	(359)	(431)
Interest income and other income (expense), net	(943)	(685)	(3,196)	556
Total other income (expense), net	(1,132)	(951)	(3,555)	125
Income (loss) before provision for income taxes	16,023	(652)	28,380	(9,093)
Provision for income taxes	822	1,971	2,433	3,100
Net income (loss)	$ 15,201	$ (2,623)	$ 25,947	$ (12,193)
Net income (loss) per common share:
Basic (in usd per share)	$ 0.34	$ (0.16)	$ 0.58	$ (0.73)
Diluted (in usd per share)	$ 0.28	$ (0.16)	$ 0.51	$ (0.73)

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 15,201	$ (2,623)	$ 25,947	$ (12,193)
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,060)	155	160	(1,682)
Comprehensive income (loss)	$ 14,141	$ (2,468)	$ 26,107	$ (13,875)

- Definition

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

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+ Details

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Convertible Preferred Stock, Balance - beginning of period (in shares) at Dec. 31, 2019	27,652,449
Convertible Preferred Stock, Balance - beginning of period at Dec. 31, 2019	$ 162,444
Convertible Preferred Stock, Balance - end of period (in shares) at Jun. 30, 2020	27,652,449
Convertible Preferred Stock, Balance - end of period at Jun. 30, 2020	$ 162,444
Balance - beginning of period (in shares) at Dec. 31, 2019		16,584,315
Balance - beginning of period at Dec. 31, 2019	(89,662)	$ 17	$ 88,446	$ (5,523)	$ (172,602)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of employee stock options (in shares)		100,525
Issuance of common stock upon exercise of employee stock options	438		438
Issuance of common stock upon vesting of restricted stock units (in shares)		147,975
Stock-based compensation	1,833		1,833
Other comprehensive income (loss)	(1,682)			(1,682)
Net income (loss)	(12,193)				(12,193)
Other	(6)				(6)
Balance - end of period (in shares) at Jun. 30, 2020		16,832,815
Balance - end of period at Jun. 30, 2020	$ (101,272)	$ 17	90,717	(7,205)	(184,801)
Convertible Preferred Stock, Balance - beginning of period (in shares) at Mar. 31, 2020	27,652,449
Convertible Preferred Stock, Balance - beginning of period at Mar. 31, 2020	$ 162,444
Convertible Preferred Stock, Balance - end of period (in shares) at Jun. 30, 2020	27,652,449
Convertible Preferred Stock, Balance - end of period at Jun. 30, 2020	$ 162,444
Balance - beginning of period (in shares) at Mar. 31, 2020		16,716,692
Balance - beginning of period at Mar. 31, 2020	(99,924)	$ 17	89,599	(7,360)	(182,180)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of employee stock options (in shares)		42,289
Issuance of common stock upon exercise of employee stock options	115		115
Issuance of common stock upon vesting of restricted stock units (in shares)		73,834
Stock-based compensation	1,003		1,003
Other comprehensive income (loss)	155			155
Net income (loss)	(2,623)				(2,623)
Other	2				2
Balance - end of period (in shares) at Jun. 30, 2020		16,832,815
Balance - end of period at Jun. 30, 2020	$ (101,272)	$ 17	90,717	(7,205)	(184,801)
Convertible Preferred Stock, Balance - beginning of period (in shares) at Dec. 31, 2020	27,652,449
Convertible Preferred Stock, Balance - beginning of period at Dec. 31, 2020	$ 162,444
Convertible Preferred Stock, Balance - end of period (in shares) at Jun. 30, 2021	27,652,449
Convertible Preferred Stock, Balance - end of period at Jun. 30, 2021	$ 162,444
Balance - beginning of period (in shares) at Dec. 31, 2020	17,158,802	17,158,802
Balance - beginning of period at Dec. 31, 2020	$ (79,813)	$ 17	92,705	(4,290)	(168,245)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of employee stock options (in shares)	422,231	395,891
Issuance of common stock upon exercise of employee stock options	$ 1,534	$ 1	1,533
Issuance of common stock upon vesting of restricted stock units (in shares)		209,571
Stock-based compensation	3,039		3,039
Other comprehensive income (loss)	160			160
Net income (loss)	$ 25,947				25,947
Balance - end of period (in shares) at Jun. 30, 2021	17,764,264	17,764,264
Balance - end of period at Jun. 30, 2021	$ (49,133)	$ 18	97,277	(4,130)	(142,298)
Convertible Preferred Stock, Balance - beginning of period (in shares) at Mar. 31, 2021	27,652,449
Convertible Preferred Stock, Balance - beginning of period at Mar. 31, 2021	$ 162,444
Convertible Preferred Stock, Balance - end of period (in shares) at Jun. 30, 2021	27,652,449
Convertible Preferred Stock, Balance - end of period at Jun. 30, 2021	$ 162,444
Balance - beginning of period (in shares) at Mar. 31, 2021		17,367,049
Balance - beginning of period at Mar. 31, 2021	(66,012)	$ 17	94,540	(3,070)	(157,499)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of employee stock options (in shares)		292,745
Issuance of common stock upon exercise of employee stock options	1,238	$ 1	1,237
Issuance of common stock upon vesting of restricted stock units (in shares)		104,470
Stock-based compensation	1,500		1,500
Other comprehensive income (loss)	(1,060)			(1,060)
Net income (loss)	$ 15,201				15,201
Balance - end of period (in shares) at Jun. 30, 2021	17,764,264	17,764,264
Balance - end of period at Jun. 30, 2021	$ (49,133)	$ 18	$ 97,277	$ (4,130)	$ (142,298)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 25,947	$ (12,193)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property and equipment	3,285	3,402
Amortization of capitalized software development costs	4,092	3,627
Amortization of intangible assets	1,818	2,401
Loss (gain) on sale of assets	4	(1,112)
Stock-based compensation	2,948	1,858
Provision for doubtful accounts	1,385	1,128
Deferred income taxes	(602)	(221)
Other	3,211	(1,492)
Changes in operating assets and liabilities:
Accounts receivable	(3,852)	37,373
Prepaid expenses and other current assets	(4,565)	(941)
Other assets	(465)	(1,494)
Accounts payable	12,380	(1,817)
Accrued and other current liabilities	(21,201)	5,893
Deferred revenue	(7)	937
Other	483	454
Net cash provided by operating activities	24,861	37,803
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(676)	(1,175)
Capitalized software development costs	(5,089)	(4,468)
Proceeds from sale of assets	0	1,117
Other	(31)	(30)
Net cash used in investing activities	(5,796)	(4,556)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of common stock options and warrants	1,542	405
Deferred financing costs	(494)	0
Principal payments on capital obligation arrangements	(2,273)	(2,606)
Borrowings on revolving credit facility	0	10,000
Net cash (used in) provided by financing activities	(1,225)	7,799
Effect of exchange rate changes	(161)	(1,312)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	17,679	39,734
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	94,067	49,982
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	111,746	89,716
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	111,334	89,327
Restricted cash, included in other assets	412	389
Total cash, cash equivalents, and restricted cash	111,746	89,716
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds	1,958	462
Cash paid for interest	331	390
Stock-based compensation capitalized for software development costs	85	110
Purchases of property and equipment included in accounts payable	57	71
Property and equipment financed under capital obligation arrangements	$ 1,837	$ 2,532

Organization, Description of Business, Basis of Presentation, Use of Estimates and Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Description of Business, Basis of Presentation, Use of Estimates and Recently Issued Accounting Pronouncements	Organization, Description of Business, Basis of Presentation, Use of Estimates and Recently Issued Accounting Pronouncements Organization and Description of Business Outbrain Inc., together with our subsidiaries, (“Outbrain”, the “Company”, “we”, “our” or “us”) was incorporated in August 2006 in Delaware. The Company is headquartered in New York, New York and has wholly-owned subsidiaries in Israel, Europe, Asia, Brazil and Australia. Outbrain is a leading recommendation platform powering the open web. Our platform provides personalized recommendations that appear as links to content, advertisements and videos on media owners’ online properties. We generate revenue from marketers through user engagements with promoted recommendations that we deliver across a variety of third-party media owners’ properties. We pay traffic acquisition costs to our media owner partners on whose digital properties the recommendations are shown. Our advertiser solutions are mainly priced using a performance-based model based on the actual number of engagements generated by users, which is highly dependent on our ability to generate trustworthy and interesting recommendations to individual users based on our proprietary algorithms. A small portion of our revenue is generated through advertisers participating in programmatic auctions wherein the pricing is determined by the auction results and not dependent on user engagement. Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in condensed consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2020. In July 2021, the Company completed a 1-for-1.7 reverse stock split of its common and convertible preferred stock. All shares presented within these condensed consolidated financial statements have been adjusted to reflect the reverse stock split for all periods presented. See Note 22, “Subsequent Events” for additional information. Offering Costs In connection with the Company’s initial public offering (“IPO”), the Company incurred certain accounting, legal, and financing costs directly related to the offering. Such costs will be recorded against the proceeds from the offering. In July 2021, the Company completed its IPO. See Note 11, “Subsequent Events” for additional information. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. Estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the allowance for doubtful accounts, sales allowance, software development costs eligible for capitalization, valuation of deferred tax assets, the useful lives of property and equipment, the useful lives and fair value of intangible assets and goodwill, the fair value of stock-based awards, the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates. Certain Risks and Concentrations Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, restricted cash and accounts receivable. Our cash and cash equivalents and restricted cash are generally invested in high-credit quality financial instruments with both banks and financial institutions to reduce the amount of exposure to any single financial institution. We generally do not require collateral to secure accounts receivable. No single marketer accounted for 10% or more of our total revenue for the three months and six months ended June 30, 2021 or June 30, 2020, or for 10% or more of our gross accounts receivable balance as of June 30, 2021 or December 31, 2020. For the three months and six months ended June 30, 2021, one media owner individually accounted for approximately 10% and 11%, respectively, of our total traffic acquisition costs. For the three months ended June 30, 2020, two media owners each individually accounted for 10% and 14% of our total traffic acquisition costs, and each accounted for 12% and 14% of our total traffic acquisition costs for the six months ended June 30, 2020. Segment Information We have a single operating and reporting segment. Our chief operating decision maker is our Co-Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. Recently Issued Accounting Pronouncements Under the JOBS Act, the Company meets the definition of an emerging growth company and can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an emerging growth company or until the Company affirmatively and irrevocably opts out of the extended transition period. Recently adopted accounting pronouncements On January 1, 2021, we early adopted Accounting Standards Update (“ASU”) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplified the accounting for convertible debt instruments by reducing the number of accounting models used to allocate proceeds from five to three, removing certain conditions for equity classification and amending earnings per share calculations to assume share settlement and to require the if-converted method to be applied to all for convertible debt instruments. The adoption of this standard did not have an impact on our consolidated financial statements as of the date of adoption. We will apply this guidance to our Convertible Notes upon consummation of our IPO. Recently issued accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). In June 2020 the FASB issued ASU 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. The amendments in this update defer the effective date of ASU 2016-02 for private companies to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application continues to be permitted. The Company plans to adopt this standard on January 1, 2022, as required. The Company is in the process of analyzing its lease portfolio and assessing the impacts of adoption on its consolidated financial statements. The Company expects its assets and liabilities to increase in connection with the recording of right-of-use assets and lease liabilities upon adoption of this standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires consideration of forward-looking information to calculate credit loss estimates. These changes will result in an earlier recognition of credit losses. The Company's financial assets held at amortized cost include accounts receivable. The amendments in ASU 2020-05 deferred the effective date for Topic 326 to fiscal years beginning after December 15, 2022. The Company plans to adopt this standard on the earlier of January 1, 2023 or on losing its emerging growth company status. The Company does not expect the adoption of this standard will have a material impact on the consolidated financial statements or related disclosures. See Note 1 to the Company’s audited consolidated financial statements for the year ended December 31, 2020 in our final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 23, 2021 for a complete disclosure of the Company’s significant accounting policies.

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table presents total revenue based on where our marketers are physically located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)				(In thousands)
USA	$	92,991	$	62,231	$	171,078	$	127,781
Europe, the Middle East and Africa (EMEA)	126,033		79,347		252,578		169,824
Other	28,129		16,284		51,521		37,589
Total revenue	$	247,153	$	157,862	$	475,177	$	335,194

Contract Balances

There were no contract assets as of June 30, 2021 or December 31, 2020. Contract liabilities primarily relate to advance payments and consideration received from customers. As of June 30, 2021 and December 31, 2020, the Company’s contract liabilities were recorded as deferred revenue in the condensed consolidated balance sheets.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table sets forth the fair value of our financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:


	June 30, 2021
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:

Restricted time deposit (1)	$	—	$	412	$	—	$	412
Severance pay fund deposits (1)	$	—	$	5,239	$	—	$	5,239
Total financial assets	$	—	$	5,651	$	—	$	5,651
Financial Liabilities:
Foreign currency forward contract (2)	$	—	$	40	$	—	$	40
Total financial liabilities	$	—	$	40	$	—	$	40


	December 31, 2020
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:

Restricted time deposit (1)	$	—	$	426	$	—	$	426
Severance pay fund deposits (1)	$	—	$	5,379	$	—	$	5,379
Foreign currency forward contract (3)	$	—	$	553	$	—	$	553
Total financial assets	$	—	$	6,358	$	—	$	6,358

_____________________

(1)Recorded within other assets

(2)Recorded within accrued and other current liabilities

(3)Recorded within prepaid expenses and other current assets

- 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

Balance Sheet Components

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Accounts Receivable, Net

Accounts receivable, net consists of the following:


	June 30, 2021		December 31, 2020
	(In thousands)
Accounts receivable	$	172,928	$	169,623
Allowance for doubtful accounts	(4,801)		(4,174)
Accounts receivable, net	$	168,127	$	165,449

Allowance for Doubtful Accounts

The allowance for doubtful accounts consists of the following activity:


	Six Months Ended June 30, 2021		Year Ended December 31, 2020
	(In thousands)
Allowance for doubtful accounts, beginning balance	$	4,174	$	3,281
Provision for doubtful accounts, net of recoveries	1,446		2,668
Write-offs	(819)		(1,775)
Allowance for doubtful accounts, ending balance	$	4,801	$	4,174

Property, Equipment and Capitalized Software, Net

Property, equipment and capitalized software, net consists of the following:


	June 30, 2021		December 31, 2020
	(In thousands)
Computer equipment	$	35,672	$	41,735
Capitalized software development costs	48,902		43,728
Software	3,168		3,444
Leasehold improvements	1,653		2,805
Furniture and fixtures	285		908
Property, equipment and capitalized software, gross	89,680		92,620
Less: accumulated depreciation and amortization	(66,220)		(67,864)
Total property, equipment and capitalized software, net	$	23,460	$	24,756

Current Liabilities

At June 30, 2021 and December 31, 2020, accrued and other current liabilities of $93.3 million and $109.7 million, respectively, included accrued traffic acquisition costs of $62.3 million and $77.2 million, respectively. In addition, accounts payable included $123.7 million and $111.7 million of traffic acquisition costs as of June 30, 2021 and December 31, 2020, respectively.

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company’s goodwill balance was $32.9 million as of June 30, 2021 and December 31, 2020 and the Company has not recorded any accumulated impairments of goodwill.

The gross carrying amount and accumulated amortization of our intangible assets are as follows:


	As of June 30, 2021
	Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	36-48 months	$	8,425	$	(8,425)	$	—
Customer relationships	48 months	5,550		(3,742)		1,808
Publisher relationships	48 months	8,820		(5,154)		3,666
Trade names	8 years	1,747		(511)		1,236
Other	14 years	860		(144)		716
Total intangible assets, net		$	25,402	$	(17,976)	$	7,426


	As of December 31, 2020
	Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	36-48 months	$	8,425	$	(8,388)	$	37
Customer relationships	48 months	5,694		(3,166)		2,528
Publisher relationships	48 months	9,111		(3,986)		5,125
Trade names	8 years	1,805		(395)		1,410
Other	14 years	830		(118)		712
Total intangible assets, net		$	25,865	$	(16,053)	$	9,812

No impairment charges were recorded during the three months and six months ended June 30, 2021 and June 30, 2020.

As of June 30, 2021, estimated amortization related to our identifiable acquisition-related intangible assets in future periods was as follows:


As of June 30, 2021	Amount
	(In thousands)
2021	$	1,781
2022	3,563
2023	805
2024	270
2025	270
Thereafter	737
Total	$	7,426

Long Term Debt	6 Months Ended
Long Term Debt	Jun. 30, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long Term Debt Revolving Credit Facility The Company is party to a loan and security agreement (“Revolving Credit Facility”) with Silicon Valley Bank (“SVB”), which matures on November 2, 2021, and provides the Company with an initial maximum borrowing capacity of up to $35.0 million that the Company may use to borrow against its qualifying receivables based on a defined borrowing formula. The Revolving Credit Facility contains customary conditions to borrowings, events of default and negative covenants, including covenants that restrict the Company's ability to dispose of assets, merge with or acquire other entities, incur indebtedness, incur encumbrances, make distributions to holders of its capital stock, make investments or engage in transactions with our affiliates. The Company is also subject to financial covenants with respect to a monthly modified liquidity ratio and Adjusted EBITDA for trailing six-month periods. Our obligations under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company with a negative pledge on our intellectual property. The Company was in compliance with all financial covenants under its Revolving Credit Facility as of June 30, 2021. As of June 30, 2021 and December 31, 2020, we had no borrowings outstanding under our Revolving Credit Facility and our available borrowing capacity was $35.0 million based on the defined borrowing formula.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rates for the three months and six months ended June 30, 2021 were 5.1% and 8.6%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2020 were (302.3)% and (34.1)%, respectively. The changes to the effective tax rates were primarily due to a loss from operations in the prior year periods. The Company’s effective tax rate differed from the United States federal statutory tax rate of 21% primarily due to the full valuation allowance recorded against the U.S. deferred tax assets for the three and six months ended June 30, 2021, and our deferred tax assets in the U.S. and in one of our foreign subsidiaries for the three and six months ended June 30, 2020, respectively.

- 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.

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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesFrom time to time, we may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. In addition, we may receive letters alleging infringement of patent or other intellectual property rights. We are not currently a party to any material legal proceedings, nor are we aware of any pending or threatened litigation that, in our opinion, would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.On April 29, 2021, we were notified that the Antitrust Division of the U.S. Department of Justice is conducting a criminal investigation into the hiring in our industry that includes us. We are cooperating with the Antitrust Division. While there can be no assurance regarding the ultimate resolution of this matter, we do not believe that our conduct violated applicable law.

Stock-based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

We issue equity awards under our Omnibus Securities and Incentive Plan adopted in September 2007, as amended in January 2009 (the “Plan”). The Plan is administered by the Company’s board of directors or designated person(s) and provides for grants of options, and restricted awards. As of June 30, 2021, approximately 586,964 shares were available for grant under the Plan.

We recognize stock-based compensation for stock-based awards, including stock-options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and stock appreciation rights (“SARs”) based on the estimated fair value of the awards. We estimated the fair value of our stock option awards on the grant date using the Black-Scholes option pricing model. The fair value of our RSAs and RSUs is the fair value of our common stock on the date of grant.

In our accompanying condensed consolidated statements of operations, we recognized stock-based compensation for our employees and non-employees as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	446	$	189	$	694	$	367
Sales and marketing	784		542		1,339		1,017
General and administrative	231		211		915		474
Total stock-based compensation	$	1,461	$	942	$	2,948	$	1,858

During the three months and six months ended June 30, 2021 and June 30, 2020, we have not recorded any stock-based compensation related to our stock option awards, RSAs, RSUs and SARs that vest upon the satisfaction of a performance condition because the performance condition is not probable of occurring until a qualifying liquidity event (qualified IPO or change of control) has occurred. If a qualifying liquidity event had occurred on June 30, 2021, we would have recorded approximately $12.8 million in additional stock-based compensation related to our stock options, RSAs, RSUs and SARs that vest upon the satisfaction of a performance condition. Such expense will be recognized in the third quarter of 2021 as a result of the July IPO (see Note 11, “Subsequent Events” for additional information).

Determination of fair value

The estimated grant-date fair value of our stock options and warrants was calculated using the Black-Scholes option pricing model, based on the following weighted-average assumptions:


	Six Months Ended June 30, 2021
Expected term (in years)	6.0 years
Risk-free interest rate	1.07		%
Expected volatility	43.6		%
Dividend rate	—		%
Weighted-average grant date fair value	$	5.17

The following table summarizes stock option, RSA and RSU activity under the Plan and related information:


	Options Outstanding		RSAs and RSUs Unvested and Outstanding
	Number of Shares	Weighted- Average Exercise Price	Number of Shares	Weighted- Average Grant Date Fair Value
Outstanding—December 31, 2020	5,475,481	$6.36	4,036,409	$	9.35
Granted	7,059	$12.33	247,029	$	12.33
Exercised/ Vested	(422,231)	$4.62	(209,571)	$	9.75
Forfeited	(274,555)	$4.27	(92,411)	$	10.10
Outstanding—June 30, 2021	4,785,754	$6.64	3,981,456	$	9.50
Exercisable—June 30, 2021	3,603,813	$5.52

Stock Options

The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2021 was $5.17. As of June 30, 2021, total unrecognized stock-based compensation related to unvested stock options was $4.8 million, which is expected to be recognized over a weighted-average period of 3.4 years. Certain stock options vest only upon IPO or other performance conditions.

Restricted Stock Awards

Certain RSAs issued during 2012 and 2013 relate to common stock issued in exchange for loans in the amount of the exercise price of the awards. The awards were also subject to a performance condition that is not probable until an IPO occurs. Because the notes were considered to be in-substance nonrecourse notes receivable, the awards are treated as a stock options for accounting purposes.

Restricted Stock Units

For those RSUs subject to occurrence of a performance condition because the performance condition is not probable until an IPO or certain merger and acquisition events have occurred, we have not recorded any stock-based compensation to date. As of June 30, 2021, the unrecognized stock-based compensation related to unvested RSUs not subject to performance conditions is $10.2 million.

Stock Appreciation Rights (SARs)

The Plan provides for the award of SARs that are granted in connection with a related option to certain employees. The fair value of each SAR award is estimated using a similar method described for stock options. The fair value of each vested SAR award is recalculated at the end of each reporting period and the liability and expense adjusted based on the new fair value. Because these SARs vest upon an IPO and the satisfaction of other performance conditions and these performance conditions are not probable to occur until an IPO has occurred, we have not recorded any stock-based compensation for the six-month periods ended June 30, 2021 and 2020 or recorded a liability related to these SAR grants as of June 30, 2021 or December 31, 2020. As of June 30, 2021 and December 31, 2020, 3,390 SAR awards were outstanding with a weighted average grant date fair value of $3.93.

Stock-Based Awards Granted Outside of Equity Incentive Plans

Warrants

The Company issued equity classified warrants to purchase shares of common stock to certain third-party advisors, consultants and financial institutions with exercise prices ranging from $0.37 to $8.28 per share. The exercise period of the warrants is until the earlier of the closing of an IPO, the closing of a deemed liquidation event or the end of the warrant terms. As of June 30, 2021 and December 31, 2020, the Company had 621,089 warrants outstanding with a weighted exercise price of $4.96.

Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Income (Loss) Per Share

We apply the two-class method to calculate basic and diluted income (loss) per share attributable to common stockholders as shares of our convertible preferred stock are participating securities due to their participation rights. The two-class method is an earnings allocation method under which earnings per share is calculated for common stock considering a participating security’s rights to undistributed earnings as if all such earnings had been distributed during the period. Our participating securities are not included in the computation of loss per share attributable to common stockholders in periods of net loss because the convertible preferred stockholders have no contractual obligation to participate in losses.


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands, except share and per share data)
Numerator:
Basic and diluted:
Net income (loss)	$	15,201	$	(2,623)	$	25,947	$	(12,193)
Less: undistributed earnings allocated to participating securities	(9,255)		—		(15,798)		—
Net income (loss) attributable to common stockholders	$	5,946	$	(2,623)	$	10,149	$	(12,193)

Denominator:
Basic weighted-average shares used in computing income (loss) attributable to common stockholders	17,519,243		16,752,435		17,371,162		16,696,606
Weighted average dilutive share equivalents:
Stock options, Warrants, RSAs and RSUs	3,417,911		—		2,643,791		—
Diluted weighted-average shares used in computing income (loss) attributable to common stockholders	20,937,154		16,752,435		20,014,953		16,696,606

Net income (loss) per share attributable to common stockholders:
Basic	$	0.34	$	(0.16)	$	0.58	$	(0.73)
Diluted	$	0.28	$	(0.16)	$	0.51	$	(0.73)

The following weighted average shares have been excluded from the calculation of diluted income (loss) per share attributable to common stockholders for each period presented because they are anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Convertible preferred stock	27,652,449	27,652,449	27,652,449	27,652,449
Options to purchase common stock	1,050,000	2,145,915	1,050,000	2,133,454
Warrants	—	339,771	—	339,771
Restricted stock units	133,630	219,770	116,971	245,389
Total shares excluded from diluted income (loss) per share	28,836,079	30,357,905	28,819,420	30,371,063

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Initial Public Offering On July 22, 2021, the Company’s Form S-1 was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) in connection with the IPO of its common stock and its common stock began trading on Nasdaq on July 23, 2021. On July 27, 2021, the Company closed its IPO and issued 8,000,000 shares of its common stock at an initial offering price of $20.00 per share, for gross proceeds of $160.0 million before deducting underwriting discounts and commissions of $11.2 million. Deferred offering costs, primarily consisting of accounting, legal and other costs directly related to the IPO, were capitalized within prepaid expenses and other current assets in the Company’s balance sheet as of June 30, 2021. Approximately $4 million of transaction costs will be reclassified to stockholders’ equity and recorded against the proceeds of the offering. In connection with the IPO, all of the shares of the Company’s convertible preferred stock outstanding automatically converted into an aggregate of 28,091,267 shares of the Company’s common stock, with all series converted on a one-to-one basis, with the exception of Series F, which was converted at 1.14-to-1, based on the terms of the Series F agreement and the IPO price. The carrying value of convertible preferred stock of $162.4 million was reclassified to stockholders’ deficit. Reverse Stock Split In connection with the IPO, our board of directors and stockholders approved a 1-for-1.70 reverse stock split of our common stock. The reverse stock split became effective on July 13, 2021. The par value of the common stock was not adjusted as a result of the reverse stock split. In addition, adjustments corresponding to the reverse stock split were made to the ratio at which the convertible preferred stock converted into common stock immediately prior to the closing of the IPO, in accordance with existing terms of the convertible preferred stock. All share and per-share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively to reflect the reverse stock split and adjustment of the conversion ratio of the convertible preferred stockholders. Shares Authorization In July 2021, the Company’s certificate of incorporation was amended and restated to provide the Company with the authority to issue up to 1.1 billion shares, comprised of 1.0 billion shares of $0.001 par value common stock and 0.1 billion shares of $0.001 par value preferred stock. Each holder of common stock is entitled to one vote with respect to each share of common stock and is entitled to dividends, if and when declared by the Board of Directors, subject to preferential rights of preferred stockholders. Equity Plans In July 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Long-Term Incentive Plan (the “LTIP”), which became effective in connection with the closing of the Company’s IPO. A total of 5,050,000 shares of the Company’s common stock have been reserved for issuance under the LTIP, which is subject to automatic annual increases. The LTIP may be used to grant stock options, full value awards and cash incentive awards. The number of shares of common stock reserved for future issuance under the 2021 Plan will also be increased pursuant to provisions for annual automatic evergreen increases. The Company’s previous awards issued under its 2007 Omnibus Securities and Incentive Plan (“2007 Plan”), as amended and restated on January 21, 2009 remain subject to the 2007 Plan, including its lock-up provisions of up to 180 days after the IPO. In July 2021, the Company’s Board of Directors adopted, and its stockholders approved, a new 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the closing of the Company’s IPO. A total of 1,263,000 shares of the Company’s common stock have been reserved for issuance under the ESPP, which is subject to automatic annual increases. Convertible Notes On July 1, 2021, the Company completed the sale of $200 million aggregate principal amount of senior subordinated secured notes due July 1, 2026 (the “Notes”), in a private placement to one or more institutional investors affiliated with and funds managed by The Baupost Group, L.L.C. (the “Baupost Investors”), pursuant to a Senior Subordinated Secured Note Purchase Agreement dated July 1, 2021 (the “Note Purchase Agreement”). The Notes, which were exchanged and cancelled upon the IPO, bore interest that accrued at the rate of (i) prior to July 1, 2024, 10.0% per annum and (ii) on and after July 1, 2024, 14.5% per annum, payable quarterly and were guaranteed by certain of the Company’s wholly-owned subsidiaries and secured by a second priority lien on all of the Company’s and its subsidiaries’ tangible and intangible assets, subject to certain excluded assets, permitted liens and customary exceptions. On July 27, 2021, in connection with the closing of the Company’s IPO and pursuant to the terms of the Note Purchase Agreement, the Company exchanged $200 million aggregate principal amount of the Notes due July 1, 2026 for $236 million aggregate principal amount of the Company’s 2.95% Convertible Senior Notes due 2026 (the “Convertible Notes”), pursuant to an indenture, dated as of July 27, 2021 (the “Indenture”), between the Company and The Bank of New York Mellon, as trustee. Upon the issuance of such Convertible Notes, the Notes and the obligations of the Company and the guarantee thereunder have been canceled and extinguished. The Convertible Notes will mature on July 27, 2026, unless earlier converted, redeemed or repurchased. Interest on the Convertible Notes accrues from July 27, 2021 and is payable semi-annually in arrears on January 27 and July 27 of each year, beginning on January 27, 2022, at a rate of 2.95% per year. The initial conversion rate for the Convertible Notes is 40 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of $25 per share of the Company’s common stock), subject to adjustment. The Company may not redeem the Convertible Notes prior to July 27, 2024. On or after July 27, 2024, the Company may redeem for cash all or any portion of the Convertible Notes, at its option, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. In addition, calling any Convertible Note for redemption will constitute a “make-whole fundamental change” (as defined in the Indenture) with respect to that Convertible Note, in which case the conversion rate applicable to the conversion of that Convertible Note will be increased if it is converted by holders after it is called for redemption. Holders may convert all or any portion of their Convertible Notes, in multiples of $1,000 principal amount, into shares of the Company’s common stock at any time until the second scheduled trading day immediately preceding the maturity date, at the conversion rate then in effect. The Company will settle conversions of the Convertible Notes by paying or delivering, as the case may be, cash, shares of common stock, or a combination thereof, at its election. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders of the Convertible Notes may require the Company to repurchase for cash all or any portion of their Convertible Notes in principal amounts of $1,000 or an integral multiple thereof, at a repurchase price of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event or convert its Convertible Notes called for redemption during the related redemption period, as the case may be. The Indenture contains customary covenants and events of default.

Organization, Description of Business, Basis of Presentation, Use of Estimates and Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in condensed consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2020. In July 2021, the Company completed a 1-for-1.7 reverse stock split of its common and convertible preferred stock. All shares presented within these condensed consolidated financial statements have been adjusted to reflect the reverse stock split for all periods presented.
Offering Costs	Offering CostsIn connection with the Company’s initial public offering (“IPO”), the Company incurred certain accounting, legal, and financing costs directly related to the offering. Such costs will be recorded against the proceeds from the offering. In July 2021, the Company completed its IPO.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. Estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the allowance for doubtful accounts, sales allowance, software development costs eligible for capitalization, valuation of deferred tax assets, the useful lives of property and equipment, the useful lives and fair value of intangible assets and goodwill, the fair value of stock-based awards, the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates.
Certain Risks and Concentrations	Certain Risks and Concentrations Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, restricted cash and accounts receivable. Our cash and cash equivalents and restricted cash are generally invested in high-credit quality financial instruments with both banks and financial institutions to reduce the amount of exposure to any single financial institution. We generally do not require collateral to secure accounts receivable.
Segment Information	Segment InformationWe have a single operating and reporting segment. Our chief operating decision maker is our Co-Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Under the JOBS Act, the Company meets the definition of an emerging growth company and can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the Company is no longer an emerging growth company or until the Company affirmatively and irrevocably opts out of the extended transition period. Recently adopted accounting pronouncements On January 1, 2021, we early adopted Accounting Standards Update (“ASU”) 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplified the accounting for convertible debt instruments by reducing the number of accounting models used to allocate proceeds from five to three, removing certain conditions for equity classification and amending earnings per share calculations to assume share settlement and to require the if-converted method to be applied to all for convertible debt instruments. The adoption of this standard did not have an impact on our consolidated financial statements as of the date of adoption. We will apply this guidance to our Convertible Notes upon consummation of our IPO. Recently issued accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). In June 2020 the FASB issued ASU 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. The amendments in this update defer the effective date of ASU 2016-02 for private companies to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application continues to be permitted. The Company plans to adopt this standard on January 1, 2022, as required. The Company is in the process of analyzing its lease portfolio and assessing the impacts of adoption on its consolidated financial statements. The Company expects its assets and liabilities to increase in connection with the recording of right-of-use assets and lease liabilities upon adoption of this standard. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires consideration of forward-looking information to calculate credit loss estimates. These changes will result in an earlier recognition of credit losses. The Company's financial assets held at amortized cost include accounts receivable. The amendments in ASU 2020-05 deferred the effective date for Topic 326 to fiscal years beginning after December 15, 2022. The Company plans to adopt this standard on the earlier of January 1, 2023 or on losing its emerging growth company status. The Company does not expect the adoption of this standard will have a material impact on the consolidated financial statements or related disclosures.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Total Revenue by Physical Location of Marketers

The following table presents total revenue based on where our marketers are physically located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)				(In thousands)
USA	$	92,991	$	62,231	$	171,078	$	127,781
Europe, the Middle East and Africa (EMEA)	126,033		79,347		252,578		169,824
Other	28,129		16,284		51,521		37,589
Total revenue	$	247,153	$	157,862	$	475,177	$	335,194

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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

The following table sets forth the fair value of our financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:


	June 30, 2021
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:

Restricted time deposit (1)	$	—	$	412	$	—	$	412
Severance pay fund deposits (1)	$	—	$	5,239	$	—	$	5,239
Total financial assets	$	—	$	5,651	$	—	$	5,651
Financial Liabilities:
Foreign currency forward contract (2)	$	—	$	40	$	—	$	40
Total financial liabilities	$	—	$	40	$	—	$	40


	December 31, 2020
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:

Restricted time deposit (1)	$	—	$	426	$	—	$	426
Severance pay fund deposits (1)	$	—	$	5,379	$	—	$	5,379
Foreign currency forward contract (3)	$	—	$	553	$	—	$	553
Total financial assets	$	—	$	6,358	$	—	$	6,358

_____________________

(1)Recorded within other assets

(2)Recorded within accrued and other current liabilities

(3)Recorded within prepaid expenses and other current assets

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net

Accounts receivable, net consists of the following:


	June 30, 2021		December 31, 2020
	(In thousands)
Accounts receivable	$	172,928	$	169,623
Allowance for doubtful accounts	(4,801)		(4,174)
Accounts receivable, net	$	168,127	$	165,449

Activity in Allowance for Doubtful Accounts

The allowance for doubtful accounts consists of the following activity:


	Six Months Ended June 30, 2021		Year Ended December 31, 2020
	(In thousands)
Allowance for doubtful accounts, beginning balance	$	4,174	$	3,281
Provision for doubtful accounts, net of recoveries	1,446		2,668
Write-offs	(819)		(1,775)
Allowance for doubtful accounts, ending balance	$	4,801	$	4,174

Property, Equipment and Capitalized Software, Net

Property, equipment and capitalized software, net consists of the following:


	June 30, 2021		December 31, 2020
	(In thousands)
Computer equipment	$	35,672	$	41,735
Capitalized software development costs	48,902		43,728
Software	3,168		3,444
Leasehold improvements	1,653		2,805
Furniture and fixtures	285		908
Property, equipment and capitalized software, gross	89,680		92,620
Less: accumulated depreciation and amortization	(66,220)		(67,864)
Total property, equipment and capitalized software, net	$	23,460	$	24,756

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amount and accumulated amortization of our intangible assets are as follows:


	As of June 30, 2021
	Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	36-48 months	$	8,425	$	(8,425)	$	—
Customer relationships	48 months	5,550		(3,742)		1,808
Publisher relationships	48 months	8,820		(5,154)		3,666
Trade names	8 years	1,747		(511)		1,236
Other	14 years	860		(144)		716
Total intangible assets, net		$	25,402	$	(17,976)	$	7,426


	As of December 31, 2020
	Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	36-48 months	$	8,425	$	(8,388)	$	37
Customer relationships	48 months	5,694		(3,166)		2,528
Publisher relationships	48 months	9,111		(3,986)		5,125
Trade names	8 years	1,805		(395)		1,410
Other	14 years	830		(118)		712
Total intangible assets, net		$	25,865	$	(16,053)	$	9,812

Schedule of Estimated Amortization on Identifiable Acquisition-Related Intangible Assets

As of June 30, 2021, estimated amortization related to our identifiable acquisition-related intangible assets in future periods was as follows:


As of June 30, 2021	Amount
	(In thousands)
2021	$	1,781
2022	3,563
2023	805
2024	270
2025	270
Thereafter	737
Total	$	7,426

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

In our accompanying condensed consolidated statements of operations, we recognized stock-based compensation for our employees and non-employees as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Research and development	$	446	$	189	$	694	$	367
Sales and marketing	784		542		1,339		1,017
General and administrative	231		211		915		474
Total stock-based compensation	$	1,461	$	942	$	2,948	$	1,858

Schedule of Weighted-Average Assumptions

The estimated grant-date fair value of our stock options and warrants was calculated using the Black-Scholes option pricing model, based on the following weighted-average assumptions:


	Six Months Ended June 30, 2021
Expected term (in years)	6.0 years
Risk-free interest rate	1.07		%
Expected volatility	43.6		%
Dividend rate	—		%
Weighted-average grant date fair value	$	5.17

Summary of Award Activity

The following table summarizes stock option, RSA and RSU activity under the Plan and related information:


	Options Outstanding		RSAs and RSUs Unvested and Outstanding
	Number of Shares	Weighted- Average Exercise Price	Number of Shares	Weighted- Average Grant Date Fair Value
Outstanding—December 31, 2020	5,475,481	$6.36	4,036,409	$	9.35
Granted	7,059	$12.33	247,029	$	12.33
Exercised/ Vested	(422,231)	$4.62	(209,571)	$	9.75
Forfeited	(274,555)	$4.27	(92,411)	$	10.10
Outstanding—June 30, 2021	4,785,754	$6.64	3,981,456	$	9.50
Exercisable—June 30, 2021	3,603,813	$5.52

Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands, except share and per share data)
Numerator:
Basic and diluted:
Net income (loss)	$	15,201	$	(2,623)	$	25,947	$	(12,193)
Less: undistributed earnings allocated to participating securities	(9,255)		—		(15,798)		—
Net income (loss) attributable to common stockholders	$	5,946	$	(2,623)	$	10,149	$	(12,193)

Denominator:
Basic weighted-average shares used in computing income (loss) attributable to common stockholders	17,519,243		16,752,435		17,371,162		16,696,606
Weighted average dilutive share equivalents:
Stock options, Warrants, RSAs and RSUs	3,417,911		—		2,643,791		—
Diluted weighted-average shares used in computing income (loss) attributable to common stockholders	20,937,154		16,752,435		20,014,953		16,696,606

Net income (loss) per share attributable to common stockholders:
Basic	$	0.34	$	(0.16)	$	0.58	$	(0.73)
Diluted	$	0.28	$	(0.16)	$	0.51	$	(0.73)

Schedule of Weighted Average Shares Excluded From Calculation of Diluted Income (Loss) Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Convertible preferred stock	27,652,449	27,652,449	27,652,449	27,652,449
Options to purchase common stock	1,050,000	2,145,915	1,050,000	2,133,454
Warrants	—	339,771	—	339,771
Restricted stock units	133,630	219,770	116,971	245,389
Total shares excluded from diluted income (loss) per share	28,836,079	30,357,905	28,819,420	30,371,063

Organization, Description of Business, Basis of Presentation, Use of Estimates and Recently Issued Accounting Pronouncements - Certain Risks and Concentrations (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	14.00%	11.00%	14.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%		12.00%

Organization, Description of Business, Basis of Presentation, Use of Estimates and Recently Issued Accounting Pronouncements - Segment Information (Details)	6 Months Ended
	Jun. 30, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segment	1
Number of operating segment	1

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 247,153	$ 157,862	$ 475,177	$ 335,194
USA
Disaggregation of Revenue [Line Items]
Revenue	92,991	62,231	171,078	127,781
Europe, the Middle East and Africa (EMEA)
Disaggregation of Revenue [Line Items]
Revenue	126,033	79,347	252,578	169,824
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 28,129	$ 16,284	$ 51,521	$ 37,589

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	$ 5,651	$ 6,358
Total financial liabilities	40
Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		553
Derivative liability	40
Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	412	426
Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	5,239	5,379
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	0
Total financial liabilities	0
Level I \| Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		0
Derivative liability	0
Level I \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level I \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	5,651	6,358
Total financial liabilities	40
Level II \| Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		553
Derivative liability	40
Level II \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	412	426
Level II \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	5,239	5,379
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	0
Total financial liabilities	0
Level III \| Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset		0
Derivative liability	0
Level III \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level III \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	$ 0	$ 0

Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 172,928	$ 169,623
Allowance for doubtful accounts	(4,801)	(4,174)	$ (3,281)
Accounts receivable, net of allowances	$ 168,127	$ 165,449

Balance Sheet Components - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 4,174	$ 3,281
Provision for doubtful accounts, net of recoveries	1,446	2,668
Write-offs	(819)	(1,775)
Allowance for doubtful accounts, ending balance	$ 4,801	$ 4,174

Balance Sheet Components - Property, Equipment and Capitalized Software (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, equipment and capitalized software, gross	$ 89,680	$ 92,620
Less: accumulated depreciation and amortization	(66,220)	(67,864)
Total property, equipment and capitalized software, net	23,460	24,756
Computer equipment
Property, Plant and Equipment [Line Items]
Property, equipment and capitalized software, gross	35,672	41,735
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property, equipment and capitalized software, gross	48,902	43,728
Software
Property, Plant and Equipment [Line Items]
Property, equipment and capitalized software, gross	3,168	3,444
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and capitalized software, gross	1,653	2,805
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and capitalized software, gross	$ 285	$ 908

Balance Sheet Components - Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Separate Account, Liability [Line Items]
Accrued and other current liabilities	$ 93,321	$ 109,747
Accrued And Other Liabilities, Current
Separate Account, Liability [Line Items]
Traffic acquisition costs in current liabilities	62,300	77,200
Accounts Payable
Separate Account, Liability [Line Items]
Traffic acquisition costs in current liabilities	$ 123,700	$ 111,700

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 32,881,000		$ 32,881,000		$ 32,881,000
Accumulated impairments of goodwill	0		0		$ 0
Impairment charges	$ 0	$ 0	$ 0	$ 0

Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 25,402	$ 25,865
Accumulated Amortization	(17,976)	(16,053)
Net Value	7,426	9,812
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Value	8,425	8,425
Accumulated Amortization	(8,425)	(8,388)
Net Value	$ 0	$ 37
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	36 months	36 months
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	48 months	48 months
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	48 months	48 months
Gross Value	$ 5,550	$ 5,694
Accumulated Amortization	(3,742)	(3,166)
Net Value	$ 1,808	$ 2,528
Publisher relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	48 months	48 months
Gross Value	$ 8,820	$ 9,111
Accumulated Amortization	(5,154)	(3,986)
Net Value	$ 3,666	$ 5,125
Trade names
Finite-Lived Intangible Assets [Line Items]
Amortization Period	8 years	8 years
Gross Value	$ 1,747	$ 1,805
Accumulated Amortization	(511)	(395)
Net Value	$ 1,236	$ 1,410
Other
Finite-Lived Intangible Assets [Line Items]
Amortization Period	14 years	14 years
Gross Value	$ 860	$ 830
Accumulated Amortization	(144)	(118)
Net Value	$ 716	$ 712

Goodwill and Intangible Assets - Estimated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 1,781
2022	3,563
2023	805
2024	270
2025	270
Thereafter	737
Net Value	$ 7,426	$ 9,812

Long Term Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Maximum borrowing capacity	$ 35,000,000
Available borrowing capacity	35,000,000
Borrowings outstanding	$ 0	$ 0

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	5.10%	(302.30%)	8.60%	(34.10%)

Stock-based Compensation - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	586,964	586,964		586,964
Stock-based compensation		$ 1,461,000	$ 942,000	$ 2,948,000	$ 1,858,000
Weighted-average grant date fair value of stock options granted (in usd per share)				$ 5.17
Number of warrants outstanding (in shares)	621,089	621,089		621,089		621,089
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in usd per share)	$ 0.37	$ 0.37		$ 0.37
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in usd per share)	8.28	8.28		8.28
Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in usd per share)	$ 4.96	$ 4.96		$ 4.96		$ 4.96
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation related to unvested awards	$ 4,800,000	$ 4,800,000		$ 4,800,000
Unrecognized stock-based compensation, period for recognition				3 years 4 months 24 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation related to unvested awards	$ 10,200,000	$ 10,200,000		$ 10,200,000
SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding	3,390	3,390		3,390		3,390
Weighted average grant date fair value of outstanding shares (in usd per share)	$ 3.93	$ 3.93		$ 3.93		$ 3.93
Vest upon satisfaction of a performance condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 12,800,000	$ 0	$ 0	$ 0	$ 0
Vest upon satisfaction of a performance condition \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation				$ 0

Stock-based Compensation - Schedule of Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,461	$ 942	$ 2,948	$ 1,858
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	446	189	694	367
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	784	542	1,339	1,017
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 231	$ 211	$ 915	$ 474

Stock-based Compensation - Weighted-Average Assumptions (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares
Share-based Payment Arrangement [Abstract]
Expected term (in years)	6 years
Risk-free interest rate	1.07%
Expected volatility	43.60%
Dividend rate	0.00%
Weighted-average grant date fair value (in usd per share)	$ 5.17

Stock-based Compensation - Award Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021
Options, Outstanding, Number of Shares
Outstanding - beginning of period (in shares)	5,475,481
Granted (in shares)	7,059
Exercised (in shares)	(422,231)
Forfeited (in shares)	(274,555)
Outstanding - end of period (in shares)	4,785,754
Exercisable (in shares)	3,603,813
Options Outstanding, Weighted Average Exercise Price
Outstanding - beginning of period (in usd per share)	$ 6.36
Granted (in usd per share)	12.33
Exercised (in usd per share)	4.62
Forfeited (in usd per share)	4.27
Outstanding - end of period (in usd per share)	6.64
Exercisable (in usd per share)	$ 5.52
RSAs and RSUs
RSAs and RSUs Unvested and Outstanding, Number of Shares
Outstanding - beginning of period (in shares)	4,036,409
Granted (in shares)	247,029
Vested (in shares)	(209,571)
Forfeited (in shares)	(92,411)
Outstanding - end of period (in shares)	3,981,456
RSAs and RSUs Unvested and Outstanding, Weighted-Average Grant Date Fair Value
Outstanding - beginning of period (in usd per share)	$ 9.35
Granted (in usd per share)	12.33
Vested (in usd per share)	9.75
Forfeited (in usd per share)	10.10
Outstanding - end of period (in usd per share)	$ 9.50

Income (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator, Basic:
Net income (loss)	$ 15,201	$ (2,623)	$ 25,947	$ (12,193)
Less: undistributed earnings allocated to participating securities	(9,255)	0	(15,798)	0
Net income (loss) attributable to common stockholders	5,946	(2,623)	10,149	(12,193)
Numerator, Diluted:
Net income (loss)	15,201	(2,623)	25,947	(12,193)
Less: undistributed earnings allocated to participating securities	(9,255)	0	(15,798)	0
Net income (loss) attributable to common stockholders	$ 5,946	$ (2,623)	$ 10,149	$ (12,193)
Denominator:
Basic weighted-average shares used in computing income (loss) attributable to common stockholders (in shares)	17,519,243	16,752,435	17,371,162	16,696,606
Weighted average dilutive share equivalents: Stock options, Warrants, RSAs and RSUs (in shares)	3,417,911	0	2,643,791	0
Diluted weighted-average shares used in computing income (loss) attributable to common stockholders (in shares)	20,937,154	16,752,435	20,014,953	16,696,606
Net income (loss) per share attributable to common stockholders:
Basic (in usd per share)	$ 0.34	$ (0.16)	$ 0.58	$ (0.73)
Diluted (in usd per share)	$ 0.28	$ (0.16)	$ 0.51	$ (0.73)

Income (Loss) Per Share - Antidilutive Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted income (loss) per share	28,836,079	30,357,905	28,819,420	30,371,063
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted income (loss) per share	27,652,449	27,652,449	27,652,449	27,652,449
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted income (loss) per share	1,050,000	2,145,915	1,050,000	2,133,454
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted income (loss) per share	0	339,771	0	339,771
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted income (loss) per share	133,630	219,770	116,971	245,389

Subsequent Events - Initial Public Offering (Details) - Subsequent Event $ / shares in Units, $ in Millions	Jul. 27, 2021 USD ($) $ / shares shares
Subsequent Event [Line Items]
Number of shares issued upon conversion of convertible preferred stock \| shares	28,091,267
Convertible preferred stock, conversion ratio	1
Carrying value of convertible preferred stock reclassified to equity	$ 162.4
Series F Preferred Stock
Subsequent Event [Line Items]
Convertible preferred stock, conversion ratio	1.14
IPO
Subsequent Event [Line Items]
Number of shares issued \| shares	8,000,000
Stock price (in usd per share) \| $ / shares	$ 20.00
Gross proceeds from sale of stock	$ 160.0
Underwriting discounts and commissions	11.2
Deferred offering costs	$ 4.0

Subsequent Events - Reverse Stock Split (Details)	Jul. 13, 2021
Subsequent Event
Subsequent Event [Line Items]
Reverse stock split ratio	0.5882

Subsequent Events - Shares Authorization (Details) - $ / shares	Jul. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, shares authorized		65,183,785	65,183,785
Common stock, par value (in usd per share)		$ 0.001	$ 0.001
Subsequent Event
Subsequent Event [Line Items]
Common and preferred stock, shares authorized	1,100,000,000
Common stock, shares authorized	1,000,000,000
Common stock, par value (in usd per share)	$ 0.001
Preferred stock, shares authorized	100,000,000
Preferred stock, par value (in usd per share)	$ 0.001

Subsequent Events - Equity Plans (Details) - Subsequent Event	Jul. 27, 2021 shares
LTIP
Subsequent Event [Line Items]
Number of shares reserved for future issuance	5,050,000
2007 Plan
Subsequent Event [Line Items]
Lock-up provision, period	180 days
ESPP
Subsequent Event [Line Items]
Number of shares reserved for future issuance	1,263,000

Subsequent Events - Convertible Notes (Details) - Subsequent Event	Jul. 27, 2021 USD ($) day $ / shares	Jul. 01, 2021 USD ($)
Senior Subordinated Secured Notes Due July 1, 2026 \| Secured Notes \| Minimum
Subsequent Event [Line Items]
Interest rate		10.00%
Senior Subordinated Secured Notes Due July 1, 2026 \| Secured Notes \| Maximum
Subsequent Event [Line Items]
Interest rate		14.50%
2.95% Convertible Senior Notes Due 2026 \| Convertible Notes
Subsequent Event [Line Items]
Interest rate	2.95%
Aggregate principal amount \| $	$ 236,000,000
Conversion rate	0.04
Conversion price (in usd per share) \| $ / shares	$ 25
Threshold percentage of stock price trigger	130.00%
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Redemption price, percentage	100.00%
Secured Notes \| Senior Subordinated Secured Notes Due July 1, 2026
Subsequent Event [Line Items]
Amount of debt sold \| $		$ 200,000,000