0001454938-23-000122 | 10-Q | XBRL Viewer

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Operating and Financing Leases, Assets and Liabilities

The following table summarizes assets and liabilities related to the Company’s operating and finance leases:


	Condensed Consolidated Balance Sheets Location	June 30, 2023		December 31, 2022
		(In thousands)
Lease assets:
Operating leases	Operating lease right-of-use assets, net	$	13,701	$	11,065
Finance leases	Property, equipment and capitalized software, net	930		1,858
Total lease assets		$	14,631	$	12,923

Lease liabilities:
Current liabilities:
Operating leases	Accrued and other current liabilities	$	3,487	$	3,236
Finance leases	Accrued and other current liabilities	1,025		1,758
Non-current liabilities:
Operating leases	Operating lease liabilities, non-current	10,967		8,445
Finance leases	Other liabilities	—		254
Total lease liabilities		$	15,479	$	13,693

Lease, Cost

The following table presents the components of the Company’s total lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Operating lease cost
Fixed lease costs (1)	$	1,136	$	965	$	2,282	$	2,133
Variable lease costs (2)	126		32		158		62
Short-term lease costs (1)	163		134		302		274
Finance lease cost:
Depreciation (3)	463		803		927		1,746
Interest (4)	25		71		59		159
Total lease cost	$	1,913	$	2,005	$	3,728	$	4,374

_____________________

(1)Recorded within cost of revenue and operating expenses.

(2)Recorded within operating expenses.

(3)Recorded within cost of revenue.

(4)Recorded within interest expense.

Lessee, Operating Lease, Liability, Maturity

As of June 30, 2023, the maturities of the Company’s lease liabilities under operating and finance leases were as follows:


Year	Operating Leases		Finance Leases
	(In thousands)
Remainder of 2023	$	2,168	$	796
2024	4,324		256
2025	3,986		—
2026	2,751		—
2027	2,125		—
Thereafter	1,768		—
Total minimum payments required	$	17,122	$	1,052
Less: imputed interest	(2,668)		(27)
Total present value of lease liabilities	$	14,454	$	1,025

Finance Lease, Liability, Fiscal Year Maturity

As of June 30, 2023, the maturities of the Company’s lease liabilities under operating and finance leases were as follows:


Year	Operating Leases		Finance Leases
	(In thousands)
Remainder of 2023	$	2,168	$	796
2024	4,324		256
2025	3,986		—
2026	2,751		—
2027	2,125		—
Thereafter	1,768		—
Total minimum payments required	$	17,122	$	1,052
Less: imputed interest	(2,668)		(27)
Total present value of lease liabilities	$	14,454	$	1,025

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company’s goodwill balance as of June 30, 2023 and December 31, 2022 was $63.1 million. The Company has not recorded any accumulated impairments of goodwill.

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows:


	June 30, 2023
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	8.0 years	$	18,411	$	(10,276)	$	8,135
Customer relationships	5.0 years	5,902		(5,387)		515
Publisher relationships	8.0 years	18,830		(10,046)		8,784
Trade names	8.8 years	5,298		(1,457)		3,841
Content provider relationships	5.0 years	284		(84)		200
Other	15.8 years	896		(255)		641
Total intangible assets, net		$	49,621	$	(27,505)	$	22,116


	December 31, 2022
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	5.8 years	$	18,411	$	(9,652)	$	8,759
Customer relationships	4.1 years	5,856		(5,022)		834
Publisher relationships	6.3 years	18,738		(8,782)		9,956
Trade names	8.7 years	5,279		(1,143)		4,136
Content provider relationships	5.0 years	284		(56)		228
Other	15.8 years	888		(227)		661
Total intangible assets, net		$	49,456	$	(24,882)	$	24,574

No impairment charges were recorded for the Company’s intangible assets subject to amortization during the three and six months ended June 30, 2023 and 2022.

As of June 30, 2023, estimated amortization related to the Company’s identifiable acquisition-related intangible assets in future periods was as follows:


	Amount
	(In thousands)
Remainder of 2023	$	1,732
2024	3,465
2025	3,465
2026	3,465
2027	3,116
Thereafter	6,873
Total	$	22,116

Net Income Loss Per Common Share - Antidilutive Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	5,282,339	15,602,699	12,622,477	15,602,699
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	0	9,440,000	7,432,044	9,440,000
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	2,547,995	2,912,747	2,604,607	2,912,747
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	188,235	188,235	188,235	188,235
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	2,546,109	3,061,717	2,397,591	3,061,717

Stock-based Compensation - Awards Under the Plan, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation related to unvested awards	$ 1.5	$ 1.5
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation related to unvested awards	$ 29.1	$ 29.1
Granted (in shares)		2,350,282
Granted (in usd per share)		$ 4.82
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding (in shares)	3,390	3,390	3,390
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	90,000
Granted (in usd per share)	$ 4.82
Award vesting period	3 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	6,355,954	6,355,954
2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	619,842	619,842

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Total Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance - beginning of period (in shares) at Dec. 31, 2021		58,015,075
Balance - beginning of period at Dec. 31, 2021	$ 256,775	$ 58	$ 434,945	$ (16,504)	$ (4,474)	$ (157,250)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021				(1,313,681)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		211,713		(22,499)
Vesting of restricted stock units, net of shares withheld for taxes	(293)			$ (293)
Acquisition consideration (in shares)		355,786
Acquisition stock consideration	4,190		4,190
Stock-based compensation	2,810		2,810
Other comprehensive (loss) income, net of tax	(741)				(741)
Net income (loss)	(1,890)					(1,890)
Exercise of employee stock options, warrants and restricted stock awards, net of shares withheld for taxes (in shares)		411,855		(95,138)
Exercise of employee stock options, warrants and restricted stock awards, net of shares withheld for taxes	849	$ 1	2,273	$ (1,425)
Balance - end of period (in shares) at Mar. 31, 2022		58,994,429
Treasury stock, ending balance (in shares) at Mar. 31, 2022				(1,431,318)
Balance - end of period at Mar. 31, 2022	261,700	$ 59	444,218	$ (18,222)	(5,215)	(159,140)
Balance - beginning of period (in shares) at Dec. 31, 2021		58,015,075
Balance - beginning of period at Dec. 31, 2021	256,775	$ 58	434,945	$ (16,504)	(4,474)	(157,250)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021				(1,313,681)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(12,208)
Balance - end of period (in shares) at Jun. 30, 2022		59,542,657
Treasury stock, ending balance (in shares) at Jun. 30, 2022				(2,858,499)
Balance - end of period at Jun. 30, 2022	246,597	$ 60	449,282	$ (26,076)	(7,211)	(169,458)
Balance - beginning of period (in shares) at Mar. 31, 2022		58,994,429
Balance - beginning of period at Mar. 31, 2022	261,700	$ 59	444,218	$ (18,222)	(5,215)	(159,140)
Treasury stock, beginning balance (in shares) at Mar. 31, 2022				(1,431,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		264,098		(38,864)
Vesting of restricted stock units, net of shares withheld for taxes	(353)			$ (353)
Shares repurchased under the share repurchase program (in shares)				(1,388,317)
Shares repurchased under the share repurchase program	(7,501)			$ (7,501)
Stock-based compensation	3,586		3,586
Other comprehensive (loss) income, net of tax	(1,996)				(1,996)
Net income (loss)	(10,318)					(10,318)
Exercise of employee stock options, warrants and restricted stock awards, net of shares withheld for taxes (in shares)		284,130		0
Exercise of employee stock options, warrants and restricted stock awards, net of shares withheld for taxes	1,479	$ 0	1,479	$ 0
Stock Issued During Period, Value, Restricted Stock Award, Gross		$ 1	(1)
Balance - end of period (in shares) at Jun. 30, 2022		59,542,657
Treasury stock, ending balance (in shares) at Jun. 30, 2022				(2,858,499)
Balance - end of period at Jun. 30, 2022	$ 246,597	$ 60	449,282	$ (26,076)	(7,211)	(169,458)
Balance - beginning of period (in shares) at Dec. 31, 2022	52,226,745	60,175,020
Balance - beginning of period at Dec. 31, 2022	$ 217,786	$ 60	455,831	$ (49,168)	(9,913)	(179,024)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(7,948,275)			(7,948,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		281,469		(48,202)
Vesting of restricted stock units, net of shares withheld for taxes	$ (213)			$ (213)
Shares repurchased under the share repurchase program (in shares)				(1,313,073)
Shares repurchased under the share repurchase program	(6,142)			$ (6,142)
Stock-based compensation	2,895		2,895
Other comprehensive (loss) income, net of tax	(800)				(800)
Net income (loss)	(5,605)					(5,605)
Balance - end of period (in shares) at Mar. 31, 2023		60,456,489
Treasury stock, ending balance (in shares) at Mar. 31, 2023				(9,309,550)
Balance - end of period at Mar. 31, 2023	$ 207,921	$ 60	458,726	$ (55,523)	(10,713)	(184,629)
Balance - beginning of period (in shares) at Dec. 31, 2022	52,226,745	60,175,020
Balance - beginning of period at Dec. 31, 2022	$ 217,786	$ 60	455,831	$ (49,168)	(9,913)	(179,024)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(7,948,275)			(7,948,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 5,677
Balance - end of period (in shares) at Jun. 30, 2023	51,305,013	60,856,628
Treasury stock, ending balance (in shares) at Jun. 30, 2023	(9,551,615)			(9,551,615)
Balance - end of period at Jun. 30, 2023	$ 220,219	$ 61	462,209	$ (56,700)	(12,004)	(173,347)
Balance - beginning of period (in shares) at Mar. 31, 2023		60,456,489
Balance - beginning of period at Mar. 31, 2023	207,921	$ 60	458,726	$ (55,523)	(10,713)	(184,629)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023				(9,309,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		400,139		(42,065)
Vesting of restricted stock units, net of shares withheld for taxes	(189)			$ (189)
Shares repurchased under the share repurchase program (in shares)				(200,000)
Shares repurchased under the share repurchase program	(988)			$ (988)
Stock-based compensation	3,484		3,484
Other comprehensive (loss) income, net of tax	(1,291)				(1,291)
Net income (loss)	$ 11,282					11,282
Stock Issued During Period, Value, Restricted Stock Award, Gross		$ 1	(1)
Balance - end of period (in shares) at Jun. 30, 2023	51,305,013	60,856,628
Treasury stock, ending balance (in shares) at Jun. 30, 2023	(9,551,615)			(9,551,615)
Balance - end of period at Jun. 30, 2023	$ 220,219	$ 61	$ 462,209	$ (56,700)	$ (12,004)	$ (173,347)

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jul. 27, 2021
Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on foreign currency derivative instruments	$ (0.1)	$ (3.3)	$ (0.2)	$ (4.1)
2.95% Convertible Senior Notes Due 2026 \| Convertible notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	2.95%		2.95%		2.95%

Investments in Marketable Securities - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale available-for-sale marketable securities	$ 78,900,000
Debt Securities, Available-for-Sale, Realized Gain (Loss)	(600,000)	$ (600,000)
Fair value of debt securities in an unrealized loss position	158,000,000	158,000,000
Allowance for credit losses	$ 0	$ 0	$ 0

Stock-based Compensation - RSU Award Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Outstanding - beginning of period (in shares) \| shares	2,785,510
Granted (in shares) \| shares	2,350,282
Vested (in shares) \| shares	(681,608)
Forfeited (in shares) \| shares	(253,257)
Outstanding - end of period (in shares) \| shares	4,200,927
Weighted-Average Grant Date Fair Value
Outstanding - beginning of period (in usd per share) \| $ / shares	$ 9.87
Granted (in usd per share) \| $ / shares	4.82
Vested (in usd per share) \| $ / shares	9.26
Forfeited (in usd per share) \| $ / shares	9.25
Outstanding - end of period (in usd per share) \| $ / shares	$ 7.18

Long Term Debt - Convertible Notes (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 27, 2021 USD ($) $ / shares	Jul. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Apr. 14, 2023 USD ($)
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt				$ 22,594	$ 0
Secured Notes
Debt Instrument [Line Items]
Debt extinguished		$ 200,000
Convertible notes \| 2.95% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Aggregate principal amount	$ 236,000		$ 118,000	$ 118,000
Repurchased face amount						$ 118,000
Cash paid for debt retirement			96,200
Discount on debt repurchase						0.19
Gain (Loss) on Extinguishment of Debt			$ 22,600
Interest rate	2.95%		2.95%	2.95%
Conversion price (in usd per share) \| $ / shares	$ 25
Conversion rate	0.04

Stockholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Class of Treasury Stock

The following is a summary of the Company’s share repurchase activity under its share repurchase programs for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except share information)
Shares repurchased	200,000		1,388,317		1,513,073		1,388,317
Fair value of shares repurchased	$	988	$	7,501	$	7,130	$	7,501

Schedule of Accumulated Other Comprehensive Loss

The following table details the changes in accumulated other compressive loss, net of tax:


	Foreign Currency Translation Loss		Unrealized (Losses) Gains on Investments in Marketable Securities		Total Accumulated Other Comprehensive Loss
	(In thousands)
Balance–December 31, 2022	$	(8,344)	$	(1,569)	$	(9,913)
Other comprehensive (loss) income, net of tax:
Other comprehensive (loss) income before reclassifications	(2,661)		147		(2,514)
Realized losses reclassified to earnings, net of tax of $128	—		423		423
Other comprehensive (loss) income, net of tax	(2,661)		570		(2,091)
Balance–June 30, 2023	$	(11,005)	$	(999)	$	(12,004)

Stock-based Compensation - Employee Stock Purchase Plan (Details) - ESPP	6 Months Ended
	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)	2,352,000
Number of shares purchased (in shares)	0

- Definition

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

+ References

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

Revenue Recognition - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract asset	$ 0	$ 0

Net Income Loss Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator, Basic:
Net Income (Loss) Available to Common Stockholders, Basic	$ 11,282	$ (10,318)	$ 5,677	$ (12,208)
Numerator, Diluted:
Net Income (Loss) Available to Common Stockholders, Basic	11,282	(10,318)	5,677	(12,208)
Increase in net income used to calculate diluted EPS due to dilutive convertible debt	765	0	0	0
Net Income (Loss) Available to Common Stockholders, Diluted	$ 12,047	$ (10,318)	$ 5,677	$ (12,208)
Denominator:
Basic weighted-average shares	51,223,988	57,590,308	51,329,055	57,414,636
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	5,401,778
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	53,150		58,096
Diluted weighted-average shares used in computing net income (loss) attributable to common stockholders (in shares)	56,678,916	57,590,308	51,387,151	57,414,636
Net income (loss) per common share:
Basic (in usd per share)	$ 0.22	$ (0.18)	$ 0.11	$ (0.21)
Diluted (in usd per share)	$ 0.21	$ (0.18)	$ 0.11	$ (0.21)

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company’s financial instruments include restricted time deposits, severance pay fund deposits and foreign currency forward contracts. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the Company uses the fair value hierarchy described below to distinguish between observable and unobservable inputs:

Level I — Valuations based on quoted prices in active markets for identical assets and liabilities at the measurement date;

Level II — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be principally corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level III — Valuations based on unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

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


	June 30, 2023
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	16,869	$	157,996	$	—	$	174,865
Restricted time deposit (2)	—		187		—		187
Severance pay fund deposits (2)	—		4,779		—		4,779
Foreign currency forward contract (3)	—		358		—		358
Total financial assets	$	16,869	$	163,320	$	—	$	180,189
Financial Liabilities:
Foreign currency forward contract (4)	—		977		—		977
Total financial liabilities	$	—	$	977	$	—	$	977


	December 31, 2022
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	39,198	$	245,666	$	—	$	284,864
Restricted time deposit (2)	—		185		—		185
Severance pay fund deposits (2)	—		5,378		—		5,378
Foreign currency forward contract (3)	—		726		—		726
Total financial assets	$	39,198	$	251,955	$	—	$	291,153
Financial Liabilities:
Foreign currency forward contract (4)	—		1,463		—		1,463
Total financial liabilities	$	—	$	1,463	$	—	$	1,463

_____________________

(1)Money market securities are valued using Level I of the fair value hierarchy, while the fair values of U.S. Treasuries, government bonds, commercial paper, and corporate bonds are considered Level II and are obtained from independent pricing services, which may use various methods, including quoted prices for identical or similar securities in active and inactive markets. See Note 5 for additional detail of the Company’s fixed income securities by balance sheet location.

(2)Recorded within other assets.

(3)Recorded within prepaid expenses and other current assets.

(4)Recorded within accrued and other current liabilities.

The Company records the fair values of the assets and liabilities relating to its undesignated foreign currency forward contracts on a gross basis in its condensed consolidated balance sheets, as they are not subject to master netting arrangements. There is no cash collateral required to be pledged by the Company or its counterparties. The Company enters into foreign currency forward exchange contracts to manage the effects of fluctuations in foreign currency exchange rates on its net cash flows from non-U.S. dollar denominated operations.

By entering into foreign currency forward contracts, the Company is exposed to a potential credit risk that the counterparty to its contracts will fail to meet its contractual obligations. If a counterparty fails to perform, the Company’s maximum credit risk exposure would be the positive fair value of the foreign currency forward contracts, or any asset balance, which represents the amount the counterparty owes to the Company. In order to mitigate the counterparty risk, the Company performs an evaluation of its counterparty credit worthiness, and its forward contracts have a term of no more than 12 months. The Company had foreign currency forward contracts with Silicon Valley Bank (“SVB”), which was closed by the California regulators on March 10, 2023. On March 12, 2023, the Department of the Treasury, Federal Reserve and the FDIC approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protected all depositors and converted SVB to Silicon Valley Bridge Bank, N.A. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) entered into an agreement with the FDIC to acquire Silicon Valley Bridge Bank, N.A and the Company’s existing foreign currency forward contracts were assumed by First Citizens Bank. During the three and six months ended June 30, 2023, the Company recognized net losses of $0.1 million and $0.2 million, respectively, within interest income and other income (expense), net in its condensed consolidated statements of operations, related to mark-to-market adjustments on its undesignated foreign currency forward contacts. The Company recorded corresponding losses of $3.3 million and $4.1 million, respectively, for the three and six months ended June 30, 2022.

The Company’s 2.95% Convertible Senior Notes due 2026 (“Convertible Notes”) are recorded within long-term debt in its condensed consolidated balance sheets at their carrying value, which may differ from their fair value. The fair value of Convertible Notes is estimated using external pricing data, including any available market data for other debt instruments with similar characteristics. The following table summarizes the carrying value and the estimated fair value of the Company’s Convertible Notes, based on Level II measurements of the fair value hierarchy:


	June 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
			(In thousands)
Convertible Notes	$	118,000	$	94,624	$	236,000	$	180,752

See Note 10 for additional information relating to Convertible Notes, half of which were repurchased in April 2023.

- 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

Leases - Lease, Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease, Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease costs (1)	$ 1,136	$ 965	$ 2,282	$ 2,133
Variable lease costs (2)	126	32	158	62
Short-term lease costs (1)	163	134	302	274
Depreciation (3)	463	803	927	1,746
Interest (4)	25	71	59	159
Total lease cost	$ 1,913	$ 2,005	$ 3,728	$ 4,374

Stock-based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Equity Incentive Plans

In July 2021, the Board and the Company’s stockholders approved the 2021 Long-Term Incentive Plan (the “2021 Plan”), which may be used to grant, among other award types, stock options and restricted stock units (“RSUs”). 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, as amended and restated on January 21, 2009 (“2007 Plan”), remain subject to the 2007 Plan. As of June 30, 2023, 6,355,954 and 619,842 shares were available for grant under the 2021 Plan and the 2007 Plan, respectively. The Company generally issues new shares for stock option exercises and vesting of RSUs.

The Company recognizes stock-based compensation expense for stock-based awards, including stock options, RSUs and stock appreciation rights (“SARs”), based on the estimated fair value of the awards. The Company estimates the fair value of its stock option awards on the grant date using the Black-Scholes option pricing model. The fair value of RSUs is the fair value of the Company’s common stock on the date of grant. The Company accounts for forfeitures as they occur.

The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Research and development	$	1,037	$	756	$	1,539	$	1,293
Sales and marketing	1,222		1,410		2,248		2,583
General and administrative	1,237		1,191		2,320		2,214
Total stock-based compensation	$	3,496	$	3,357	$	6,107	$	6,090

As of June 30, 2023, the Company’s remaining unrecognized stock-based compensation expense was $1.5 million for unvested stock options and $29.1 million for unvested RSUs.

There were no stock options granted during the six months ended June 30, 2023. The following table summarizes stock option activity for the period presented:


	Stock Options
	Number of Shares	Weighted-Average Exercise Price
Outstanding — December 31, 2022	2,681,436	$	9.08
Forfeited/expired	(162,924)	$	8.55
Outstanding — June 30, 2023	2,518,512	$	9.11
Exercisable — June 30, 2023	2,198,751	$	8.83

As of June 30, 2023 and December 31, 2022, 3,390 SARs were outstanding, which are accounted for as liability awards.

The following table summarizes RSU activity for the six months ended June 30, 2023:


	Service-based RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding—December 31, 2022	2,785,510	$	9.87
Granted	2,350,282	$	4.82
Vested	(681,608)	$	9.26
Forfeited	(253,257)	$	9.25
Outstanding—June 30, 2023	4,200,927	$	7.18

The above rollforward includes 90,000 performance-based RSUs with a grant date fair value of $4.82 per share granted during the three months ended June 30, 2023. Expense related to performance-based RSUs is recognized ratably during the 3-year performance period, based on the probability of attaining the performance targets. The potential number of shares that may be earned ranges from 0% if minimum performance targets are not achieved to 100% if the performance level meets or exceeds the specified targets.

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, which expire between 2024 and 2026. As of June 30, 2023 and December 31, 2022, 188,235 warrants were outstanding and exercisable with a weighted average exercise price of $7.57.

Employee Stock Purchase Plan

In July 2021, the Board and the Company’s 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 approximately 2,352,000 shares of the Company’s common stock have been reserved for issuance under the ESPP, which is subject to annual automatic evergreen increases. As of June 30, 2023, no shares have been purchased under the ESPP as it is not yet active.

Acquisition	6 Months Ended
Acquisition	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	On January 5, 2022, the Company acquired all of the outstanding shares of video intelligence AG (“vi”), a Swiss-based contextual video technology company for digital media owners, for an aggregate purchase price of approximately $54.2 million, which was paid in the form of cash and Outbrain common stock. The equity portion of the purchase price was comprised of 355,786 shares of the Company’s common stock with a fair value of $4.2 million. The first installment of $37.3 million in cash and the equity portion were paid at closing, an additional $10.6 million was paid in the third quarter of 2022, and $1.2 million was paid in the first quarter of 2023. The consideration paid during the first quarter of 2023 included $0.9 million of contingent consideration, $0.5 million of which was recognized on the acquisition date, and $0.4 million recorded as a fair value adjustment in the Company’s consolidated statement of operations for the year ended December 31, 2022, based on the market price of the Company’s stock determined one year from closing. This acquisition expanded the Company’s video product offerings to include in-stream high-quality video content, delivering a better user experience and more value to its advertisers. This acquisition was accounted for as a business combination under the acquisition method of accounting and the results of operations of vi have been included in the Company’s results of operations since January 5, 2022. The Company incurred transaction costs relating to the vi acquisition of $0.2 million, which were included in general and administrative expenses in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2022. See Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2022 in the Company’s 2022 Form 10-K for additional information relating to purchase price allocation and intangible assets recorded in connection with this transaction

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid traffic acquisition costs	$ 23,160	$ 23,149
Prepaid taxes	15,461	15,280
Prepaid software licenses	2,722	2,465
Other prepaid expenses and other current assets	5,993	5,867
Total prepaid expenses and other current assets	$ 47,336	$ 46,761

Stockholders' Equity (Deficit) - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	$ 207,921	$ 261,700	$ 217,786	$ 256,775
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax	(1,291)	(1,996)	(2,091)	(2,737)
Balance - end of period	220,219	246,597	220,219	246,597
Foreign Currency Translation Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period			(8,344)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(2,661)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			0
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax			(2,661)
Balance - end of period	(11,005)		(11,005)
Unrealized (Losses) Gains on Investments in Marketable Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period			(1,569)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			147
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			423
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax			570
Balance - end of period	(999)		(999)
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	(10,713)	(5,215)	(9,913)	(4,474)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax			(2,514)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			423
Other Comprehensive Income (Loss), After Reclassifications, Net of Tax			(2,091)
Balance - end of period	$ (12,004)	$ (7,211)	$ (12,004)	$ (7,211)

- Definition

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

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- Definition

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

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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Goodwill and Intangible Assets - Estimated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 1,732
2024	3,465
2025	3,465
2026	3,465
2027	3,116
Thereafter	6,873
Net carrying value	$ 22,116	$ 24,574

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table presents total revenue based on where the Company’s marketers are physically located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
USA	$	68,889	$	85,079	$	141,105	$	170,656
Europe, the Middle East and Africa (EMEA)	134,486		140,293		268,240		279,968
Other	22,425		25,511		48,229		54,475
Total revenue	$	225,800	$	250,883	$	457,574	$	505,099

Contract Balances. There were no contract assets as of June 30, 2023 or December 31, 2022. Contract liabilities primarily relate to advance payments and consideration received from customers. As of June 30, 2023 and December 31, 2022, the Company’s contract liabilities were recorded as deferred revenue in its 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable
Debt Securities, Available-for-Sale [Line Items]
Traffic acquisition costs in accounts payable	$ 127.8	$ 136.8

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net

Accounts receivable, net of allowance for credit losses consists of the following:


	June 30, 2023		December 31, 2022
	(In thousands)
Accounts receivable	$	176,952	$	186,770
Allowance for credit losses	(8,073)		(5,512)
Accounts receivable, net of allowance for credit losses	$	168,879	$	181,258

Activity in Allowance for Credit Losses

The allowance for credit losses consists of the following activity:


	Six Months Ended June 30, 2023		Year Ended December 31, 2022
	(In thousands)
Allowance for credit losses, beginning balance	$	5,512	$	4,402
Provision for credit losses, net of recoveries	5,113		3,227
Write-offs	(2,552)		(2,117)
Allowance for credit losses, ending balance	$	8,073	$	5,512

Schedule of Other Current Assets

Prepaid expenses and other current assets consists of the following:


	June 30, 2023		December 31, 2022
	(In thousands)
Prepaid traffic acquisition costs	$	23,160	$	23,149
Prepaid taxes	15,461		15,280
Prepaid software licenses	2,722		2,465
Other prepaid expenses and other current assets	5,993		5,867
Total prepaid expenses and other current assets	$	47,336	$	46,761

Property, Equipment and Capitalized Software, Net

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


	June 30, 2023		December 31, 2022
	(In thousands)
Capitalized software development costs	$	73,491	$	67,685
Computer and equipment	63,130		59,536
Software	3,198		3,113
Leasehold improvements	3,149		2,859
Furniture and fixtures	1,113		1,177
Property, equipment, and capitalized software, gross	144,081		134,370
Less: accumulated depreciation and amortization	(101,989)		(94,480)
Total property, equipment and capitalized software, net	$	42,092	$	39,890

Accrued and Other Current Liabilities

Accrued and other current liabilities consists of the following:


	June 30, 2023		December 31, 2022
	(In thousands)
Accrued traffic acquisition costs	$	58,852	$	73,396
Accrued tax liabilities	13,398		15,013
Accrued agency commissions	10,482		13,451
Accrued professional fees	4,671		4,915
Operating lease obligations, current	3,487		3,236
Interest payable	1,565		3,074
Finance lease obligations, current	1,025		1,758
Other	9,302		11,249
Total accrued and other current liabilities	$	102,782	$	126,092

Long Term Debt - Revolving Credit Facility (Details)	Nov. 02, 2021 USD ($) Rate	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 27, 2021
Convertible notes \| 2.95% Convertible Senior Notes Due 2026
Line of Credit Facility [Line Items]
Interest rate		2.95%		2.95%
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 15,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 75,000,000
Period prior to maturity date of convertible notes	120 days
Percentage of available commitments	85.00%
Minimum consolidated monthly fixed charge coverage ratio \| Rate	1.00
Borrowings outstanding		$ 0	$ 0
Available borrowing capacity		60,100,000	70,700,000
Deferred financing costs		$ 400,000	$ 400,000
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.20%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.30%
Revolving Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Margin rate	1.00%
Revolving Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Margin rate	1.50%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Line of Credit Facility [Line Items]
Margin rate	1.50%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Line of Credit Facility [Line Items]
Margin rate	2.00%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Adjustment [Member] \| Minimum
Line of Credit Facility [Line Items]
Margin rate	0.10%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Adjustment [Member] \| Maximum
Line of Credit Facility [Line Items]
Margin rate	0.15%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 5,677	$ (12,208)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain (Loss) on Extinguishment of Debt	(22,594)	0
Depreciation and amortization of property and equipment	3,458	5,160
Amortization of capitalized software development costs	4,909	4,711
Amortization of intangible assets	2,449	3,153
Amortization of discount on marketable securities	(2,098)	0
Stock-based compensation	6,107	6,090
Non-cash operating lease expense	2,282	2,133
Provision for credit losses	4,835	978
Deferred income taxes	(220)	(3,995)
Other	(1,436)	3,530
Changes in operating assets and liabilities:
Accounts receivable	10,049	8,523
Prepaid expenses and other current assets	(536)	(4,598)
Accounts payable and other current liabilities	(33,401)	(16,123)
Operating lease liabilities	(2,145)	(1,936)
Deferred revenue	(231)	904
Other non-current assets and liabilities	4,244	2,548
Net cash used in operating activities	(18,651)	(1,130)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired	(285)	(34,524)
Purchases of property and equipment	(5,091)	(10,355)
Capitalized software development costs	(5,503)	(6,333)
Purchases of marketable securities	(60,718)	0
Proceeds from sales and maturities of marketable securities	151,003	0
Other	(8)	(97)
Net cash provided by (used in) investing activities	79,398	(51,309)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of Long-Term Debt	(96,170)	0
Proceeds from exercise of common stock options and warrants	0	3,753
Treasury stock repurchases and share withholdings on vested awards	(7,532)	(9,572)
Principal payments on finance lease obligations	(1,028)	(1,871)
Payment of contingent consideration liability up to acquisition-date fair value	(547)	0
Net cash used in financing activities	(105,277)	(7,690)
Effect of exchange rate changes	(1,246)	(3,875)
Net decrease in cash, cash equivalents and restricted cash	(45,776)	(64,004)
Cash, cash equivalents and restricted cash — Beginning	105,765	455,592
Cash, cash equivalents and restricted cash — Ending	59,989	391,588
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and cash equivalents	59,802	391,409
Restricted cash, included in other assets	187	179
Total cash, cash equivalents, and restricted cash	59,989	391,588
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes, net of refunds	6,080	2,746
Cash paid for interest	4,427	3,733
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock consideration issued for acquisition of a business	0	4,190
Purchases of property and equipment included in accounts payable	2,424	32
Operating lease right-of-use assets obtained in exchange for lease obligations	4,630	503
Acquisition consideration payable	285	12,017
Stock-based compensation capitalized for software development costs	$ 272	$ 306

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax on unrealized gains	$ 45	$ 168

Balance Sheet Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued traffic acquisition costs	$ 58,852	$ 73,396
Accrued tax liabilities	13,398	15,013
Accrued agency commissions	10,482	13,451
Accrued professional fees	4,671	4,915
Operating lease obligations, current	3,487	3,236
Interest payable	$ 1,565	$ 3,074
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued and other current liabilities	Total accrued and other current liabilities
Finance lease obligations, current	$ 1,025	$ 1,758
Other	9,302	11,249
Total accrued and other current liabilities	$ 102,782	$ 126,092

Long Term Debt	6 Months Ended
Long Term Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Long Term Debt	Convertible Notes 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 $236.0 million aggregate principal amount of 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. The Convertible Notes mature on July 27, 2026, unless earlier converted, redeemed, or repurchased. On April 14, 2023, the Company repurchased $118.0 million aggregate principal amount of the Convertible Notes out of the initially issued principal balance of $236.0 million via a privately negotiated repurchase agreement with Baupost Group Securities, L.L.C., the sole holder of the Convertible Notes, for approximately $96.2 million in cash, including accrued interest, representing a discount of approximately 19% to the principal amount of the repurchased notes. As a result, the Company recorded a pre-tax gain of approximately $22.6 million in its condensed consolidated statement of operations for the three months ended June 30, 2023. Following the closing of the repurchase, the repurchased notes were cancelled by the Trustee, and $118.0 million principal amount of the Convertible Notes out of the initially issued principal balance of $236.0 million, remains outstanding as of June 30, 2023 and continues to be subject to the terms of the Indenture pursuant to which they were issued. Interest on the Convertible Notes 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. See Note 7 to the Company’s 2022 Annual Report on Form 10-K for additional information relating to the Company’s Convertible Notes, including the redemption and conversion provisions. Revolving Credit Facility On November 2, 2021, the Company entered into the Second Amended and Restated Loan and Security Agreement with SVB (the “2021 Revolving Credit Facility”), which provides, subject to borrowing availability and certain other conditions, for revolving loans in an aggregate principal amount of up to $75.0 million (the “Facility”), with a $15.0 million sub-facility for letters of credit. On July 18, 2023, the Company entered into a first amendment to the 2021 Revolving Credit Facility agreement by and among Silicon Valley Bank, a division of First Citizens Bank and Trust Company, to convert the borrowing rate from LIBOR to SOFR and reduce the required level of domestic cash deposits that the Company is required to maintain at SVB. The Company’s borrowing availability under the Facility is calculated by reference to a borrowing base which is determined by specified percentages of eligible accounts receivable. The Facility will terminate on the earlier of (i) November 2, 2026 or (ii) 120 days prior to the maturity date of Convertible Notes, unless the Convertible Notes have been converted to common equity securities of the Company. Outstanding loans under the Facility, as recently amended, accrue interest, at the Company’s option based upon borrowing availability under the Facility, at a rate equal to either (a) a base rate minus an applicable margin ranging from 1.5% to 1.0% per annum or (b) SOFR plus an applicable margin of 1.5% to 2.0% per annum, subject to a SOFR adjustment ranging from 0.10% to 0.15%, depending on the length of the borrowing. The undrawn portions of the commitments under the Facility are subject to a commitment fee at a rate ranging from 0.20% per annum to 0.30% per annum, based upon borrowing availability under the Facility. The 2021 Revolving Credit Facility contains representations and warranties, including, without limitation, with respect to collateral; accounts receivable; financials; litigation, indictment and compliance with laws; disclosure and no material adverse effect, each of which is a condition to funding. Additionally, the 2021 Revolving Credit Facility includes events of default and customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, without limitation, restrictions on liens, indebtedness, investments, fundamental changes, dispositions, restricted payments, and prepayment of the Convertible Notes and of junior indebtedness. The 2021 Revolving Credit Facility contains a financial covenant that requires, in the event that credit extensions under the Facility equal or exceed 85% of the available commitments under the Facility or upon the occurrence of an event of default, the Company to maintain a minimum consolidated monthly fixed charge coverage ratio of 1.00. The obligations of the Company, and the other subsidiary co-borrowers under the 2021 Revolving Credit Facility are secured by a first-priority lien on substantially all the assets of the Company and such other subsidiary co-borrowers. As previously discussed in Note 8, on March 27, 2023, First Citizens Bank entered into an agreement with FDIC to acquire the Silicon Valley Bridge Bank, N.A, assuming all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. As a result, the Company’s 2021 Revolving Credit Facility remains in effect with First Citizens Bank. The Company was in compliance with all of the related financial covenants as of June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, the Company had no borrowings outstanding under the 2021 Revolving Credit Facility and its available borrowing capacity was $60.1 million and $70.7 million, respectively, based on the defined borrowing formula. Other assets in the Company’s condensed consolidated balance sheets as each of June 30, 2023 and December 31, 2022 included deferred financing costs of $0.4 million, which are being amortized over the term of the 2021 Revolving Credit Facility.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements - Carrying Value and Estimated Fair Value of Convertible Notes (Details) - Level II - Convertible notes - 2.95% Convertible Senior Notes Due 2026 - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 118,000	$ 236,000
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 94,624	$ 180,752

Leases - Future Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating lease liabilities by fiscal year maturity
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 2,168
Lessee, Operating Lease, Liability, to be Paid, Year Two	4,324
Lessee, Operating Lease, Liability, to be Paid, Year Three	3,986
Lessee, Operating Lease, Liability, to be Paid, Year Four	2,751
Lessee, Operating Lease, Liability, to be Paid, Year Five	2,125
Lessee, Operating Lease, Liability, to be Paid, after Year Five	1,768
Lessee, Operating Lease, Liability, to be Paid	17,122
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(2,668)
Lease liabilities	14,454
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Finance Lease, Liability, to be Paid, Year One	796
Finance Lease, Liability, to be Paid, Year Two	256
Finance Lease, Liability, to be Paid, Year Three	0
Finance Lease, Liability, to be Paid, Year Four	0
Finance Lease, Liability, to be Paid, Year Five	0
Finance Lease, Liability, to be Paid, after Year Five	0
Finance Lease, Liability, to be Paid, Total	1,052
Finance Lease, Liability, Undiscounted Excess Amount	(27)
Finance Lease, Liability	$ 1,025

Restructuring and Related Activities - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) Rate
Restructuring and Related Activities [Abstract]
Employee Reduction Percentage \| Rate	10.00%
Restructuring Reserve	$ 1,500
Payments for Restructuring	$ 1,600

Net Income Loss Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Common Share

The following table presents the computation of the Company’s basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in thousands)
Numerator:
Net income (loss) attributed to common stockholders - basic	$	11,282	$	(10,318)	$	5,677	$	(12,208)
Add: interest on convertible debt	765		—		—		—
Net income (loss) attributable to common stockholders - diluted	$	12,047	$	(10,318)	$	5,677	$	(12,208)
Denominator:
Basic weighted-average shares	51,223,988		57,590,308		51,329,055		57,414,636
Weighted-average dilutive share equivalents:
Convertible debt	5,401,778		—		—		—
Restricted stock units	53,150		—		58,096		—
Diluted weighted-average shares	56,678,916		57,590,308		51,387,151		57,414,636
Net income (loss) per share:
Basic	$	0.22	$	(0.18)	$	0.11	$	(0.21)
Diluted	$	0.21	$	(0.18)	$	0.11	$	(0.21)

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Convertible debt	—	9,440,000	7,432,044	9,440,000
Options to purchase common stock	2,547,995	2,912,747	2,604,607	2,912,747
Warrants	188,235	188,235	188,235	188,235
Restricted stock units	2,546,109	3,061,717	2,397,591	3,061,717
Total shares excluded from diluted net loss per share	5,282,339	15,602,699	12,622,477	15,602,699

Restructuring and Related Activities

3 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Costs

On May 31, 2023, the Company announced a reduction in its global workforce of approximately 10%, to adjust to the continued macroeconomic uncertainty, create additional operating efficiencies, and support the Company’s strategic growth and profitability objectives. The Company began notifying the affected employees of their termination on May 31, 2023 and recognized the majority of the related charges during the three months ended June 30, 2023.

The following is a summary of pre-tax restructuring charges for severance and related personnel costs in the three and six months ended June 30, 2023:


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(In thousands)
Research and development	$	425	$	425
Sales and marketing	1,463		2,306		(1)
General and administrative	417		417
Total	$	2,305	$	3,148

_________________________________________

(1) Includes $0.8 million of severance and related costs relating to reorganization costs incurred during the first quarter of 2023.

As of June 30, 2023, accrued severance and related liabilities recorded within accrued compensation and benefits in the Company’s condensed consolidated balance sheet was $1.5 million, reflecting cash payments of $1.6 million made during the six months ended June 30, 2023. The remainder of the liability is expected to be paid by the end of 2023.

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 225,800	$ 250,883	$ 457,574	$ 505,099
Cost of revenue:
Traffic acquisition costs	171,224	191,554	350,800	382,250
Other cost of revenue	10,555	10,610	21,598	20,199
Total cost of revenue	181,779	202,164	372,398	402,449
Gross profit	44,021	48,719	85,176	102,650
Operating expenses:
Research and development	10,041	10,519	19,352	20,947
Sales and marketing	25,896	28,122	51,644	55,517
General and administrative	15,743	12,957	31,149	28,991
Total operating expenses	51,680	51,598	102,145	105,455
Loss from operations	(7,659)	(2,879)	(16,969)	(2,805)
Other income (expense), net:
Gain (Loss) on Repurchase of Debt Instrument	22,594	0	22,594	0
Interest Expense	1,105	1,953	2,972	3,824
Interest income and other income (expense), net	1,515	(3,828)	5,375	(4,909)
Total other income (expense), net	23,004	(5,781)	24,997	(8,733)
Income (loss) before provision for income taxes	15,345	(8,660)	8,028	(11,538)
Provision for income taxes	4,063	1,658	2,351	670
Net income (loss)	$ 11,282	$ (10,318)	$ 5,677	$ (12,208)
Weighted average shares outstanding:
Basic (in shares)	51,223,988	57,590,308	51,329,055	57,414,636
Diluted (in shares)	56,678,916	57,590,308	51,387,151	57,414,636
Net income (loss) per common share:
Basic (in usd per share)	$ 0.22	$ (0.18)	$ 0.11	$ (0.21)
Diluted (in usd per share)	$ 0.21	$ (0.18)	$ 0.11	$ (0.21)

Investments in Marketable Securities - Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 176,164	$ 286,903
Gross Unrealized Gains	0	32
Gross Unrealized Losses	(1,299)	(2,071)
Estimated Fair Value	174,865	284,864
Cash Equivalents	16,869	39,198
Short-term investments in marketable securities	113,168	166,905
Long-term investments in marketable securities	44,828	78,761
Accrued interest	900	1,000
Level I \| Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	16,869	39,198
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	16,869	39,198
Level I \| Money market funds \| Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	16,869	39,198
Level I \| Money market funds \| Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	0	0
Long-term investments in marketable securities	0	0
Level II \| U.S. Treasuries
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	10,821	31,721
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(118)	(317)
Estimated Fair Value	10,703	31,404
Level II \| U.S. Treasuries \| Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	0	0
Level II \| U.S. Treasuries \| Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	10,703	23,701
Long-term investments in marketable securities	0	7,703
Level II \| U.S. government bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	43,952	77,259
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(457)	(899)
Estimated Fair Value	43,495	76,360
Level II \| U.S. government bonds \| Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	0	0
Level II \| U.S. government bonds \| Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	35,226	52,254
Long-term investments in marketable securities	8,269	24,106
Level II \| Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	28,715	43,126
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(49)	(161)
Estimated Fair Value	28,666	42,968
Level II \| Commercial paper \| Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	0	0
Level II \| Commercial paper \| Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	28,666	42,968
Long-term investments in marketable securities	0	0
Level II \| U.S. Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	75,807	95,599
Gross Unrealized Gains	0	29
Gross Unrealized Losses	(675)	(694)
Estimated Fair Value	75,132	94,934
Level II \| U.S. Corporate bonds \| Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Cash Equivalents	0	0
Level II \| U.S. Corporate bonds \| Short And Long Term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term investments in marketable securities	38,573	47,982
Long-term investments in marketable securities	$ 36,559	$ 46,952

Organization, Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 (“U.S. GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 15, 2023 (“2022 Form 10-K”).
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. Estimates and judgments are based on historical information and on various other assumptions that the Company believes 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 credit losses, 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, valuation of goodwill, the fair value of stock-based awards, and the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation.
Cash and Cash Equivalents, and Investments	Cash and Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash on hand and highly liquid investments in money market funds, U.S. government bonds and commercial paper. Most of the Company’s cash deposits are above the $250,000 Federal Deposit Insurance Corporation (“FDIC”) limit and, therefore, not insured. The Company’s investments in debt securities are classified as available-for-sale and are recorded at fair value. The Company classifies its investments in debt securities as short-term or long-term, based on each security’s maturity date. Unrealized gains and losses on available-for-sale securities are recognized in other comprehensive (loss) income (“OCI”), net of taxes.
Restricted Cash	Restricted Cash Restricted cash represents security deposits for facility leases and is included in other assets in the accompanying condensed consolidated balance sheets.
Certain Risks and Concentrations	Certain Risks and Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. The Company’s 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. The Company generally does not require collateral to secure accounts receivable.
Segment Information	Segment Information The Company has one operating and reporting segment. The Company’s chief operating decision maker is its Co-Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis.
New Accounting Pronouncements And Recently Issued Accounting Pronouncements	New 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 would otherwise 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 Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and has concluded that based on the current information, there are no new pronouncements that are expected to have a material impact on its results of operations, financial condition, or cash flows.
Fair Value Measurement	The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company’s financial instruments include restricted time deposits, severance pay fund deposits and foreign currency forward contracts. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the Company uses the fair value hierarchy described below to distinguish between observable and unobservable inputs: Level I — Valuations based on quoted prices in active markets for identical assets and liabilities at the measurement date; Level II — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be principally corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level III — Valuations based on unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.The Company’s 2.95% Convertible Senior Notes due 2026 (“Convertible Notes”) are recorded within long-term debt in its condensed consolidated balance sheets at their carrying value, which may differ from their fair value. The fair value of Convertible Notes is estimated using external pricing data, including any available market data for other debt instruments with similar characteristics
Derivative Financial Instruments	The Company records the fair values of the assets and liabilities relating to its undesignated foreign currency forward contracts on a gross basis in its condensed consolidated balance sheets, as they are not subject to master netting arrangements. There is no cash collateral required to be pledged by the Company or its counterparties. The Company enters into foreign currency forward exchange contracts to manage the effects of fluctuations in foreign currency exchange rates on its net cash flows from non-U.S. dollar denominated operations. By entering into foreign currency forward contracts, the Company is exposed to a potential credit risk that the counterparty to its contracts will fail to meet its contractual obligations. If a counterparty fails to perform, the Company’s maximum credit risk exposure would be the positive fair value of the foreign currency forward contracts, or any asset balance, which represents the amount the counterparty owes to the Company. In order to mitigate the counterparty risk, the Company performs an evaluation of its counterparty credit worthiness, and its forward contracts have a term of no more than 12 months. The Company had foreign currency forward contracts with Silicon Valley Bank (“SVB”), which was closed by the California regulators on March 10, 2023. On March 12, 2023, the Department of the Treasury, Federal Reserve and the FDIC approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protected all depositors and converted SVB to Silicon Valley Bridge Bank, N.A. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) entered into an agreement with the FDIC to acquire Silicon Valley Bridge Bank, N.A and the Company’s existing foreign currency forward contracts were assumed by First Citizens Bank.
Lessee, Leases	The Company leases certain equipment and computers under finance lease arrangements, as well as office facilities and managed data center facilities under non-cancelable operating lease arrangements for its U.S. and international locations that expire on various dates through 2032.

Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 176,952	$ 186,770
Allowance for credit losses	(8,073)	(5,512)	$ (4,402)
Accounts receivable, net of allowance for credit losses	$ 168,879	$ 181,258

Acquisition - Narrative (Details) - vi - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
	Jan. 05, 2022	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Consideration transferred, gross	$ 54,200
Stock consideration (in shares)	355,786
Stock consideration issued for acquisition of a business	$ 4,200
Payments to acquire businesses, gross	37,300	$ 1,200	$ 10,600
Business combination, contingent consideration, liability	$ 500				$ 900
Contingent consideration payable, change in fair value					$ 400
Acquisition transaction costs				$ 200

Restructuring and Related Activities - Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Severance and related costs	$ 800	$ 2,305	$ 3,148
Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Severance and related costs		425	425
Selling and Marketing Expense [Member]
Restructuring Cost and Reserve [Line Items]
Severance and related costs		1,463	2,306
General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Severance and related costs		$ 417	$ 417

- 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

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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

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


	June 30, 2023
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	16,869	$	157,996	$	—	$	174,865
Restricted time deposit (2)	—		187		—		187
Severance pay fund deposits (2)	—		4,779		—		4,779
Foreign currency forward contract (3)	—		358		—		358
Total financial assets	$	16,869	$	163,320	$	—	$	180,189
Financial Liabilities:
Foreign currency forward contract (4)	—		977		—		977
Total financial liabilities	$	—	$	977	$	—	$	977


	December 31, 2022
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	39,198	$	245,666	$	—	$	284,864
Restricted time deposit (2)	—		185		—		185
Severance pay fund deposits (2)	—		5,378		—		5,378
Foreign currency forward contract (3)	—		726		—		726
Total financial assets	$	39,198	$	251,955	$	—	$	291,153
Financial Liabilities:
Foreign currency forward contract (4)	—		1,463		—		1,463
Total financial liabilities	$	—	$	1,463	$	—	$	1,463

_____________________

(2)Recorded within other assets.

(3)Recorded within prepaid expenses and other current assets.

(4)Recorded within accrued and other current liabilities.

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following table summarizes the carrying value and the estimated fair value of the Company’s Convertible Notes, based on Level II measurements of the fair value hierarchy:


	June 30, 2023				December 31, 2022
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
			(In thousands)
Convertible Notes	$	118,000	$	94,624	$	236,000	$	180,752

Stockholders' Equity (Deficit) - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 14, 2022
Temporary Equity [Line Items]
Common stock, par value (in usd per share)	$ 0.001			$ 0.001		$ 0.001
Treasury stock, value, acquired, cost method	$ 988	$ 6,142	$ 7,501
Number of shares withheld to satisfy employee tax withholding obligations (in shares)	42,065		38,864	90,267	156,501
Fair value of shares withheld to satisfy employee tax withholding obligations	$ 200		$ 400	$ 400	$ 2,100
December 2022 Repurchase Program
Temporary Equity [Line Items]
Stock repurchase program, authorized amount							$ 30,000
Common stock, par value (in usd per share)							$ 0.001
Treasury stock, shares, acquired (in shares)	200,000			1,513,073
Treasury stock, value, acquired, cost method	$ 988			$ 7,130
Stock repurchase program, remaining authorized repurchase amount	$ 22,900			$ 22,900
February 2022 Repurchase Program
Temporary Equity [Line Items]
Treasury stock, shares, acquired (in shares)			1,388,317		1,388,317
Treasury stock, value, acquired, cost method			$ 7,501		$ 7,501

Investments in Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale

All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of June 30, 2023 and December 31, 2022 consisted of the following:


		June 30, 2023
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments		Long-term investments
Money market funds	1	$	16,869	$	—	$	—	$	16,869	$	16,869	$	—	$	—
U.S. Treasuries	2	10,821		—		(118)		10,703		—		10,703		—
U.S. government bonds	2	43,952		—		(457)		43,495		—		35,226		8,269
Commercial paper	2	28,715		—		(49)		28,666		—		28,666		—
U.S. Corporate bonds	2	75,807		—		(675)		75,132		—		38,573		36,559
Total cash equivalents and investments		$	176,164	$	—	$	(1,299)	$	174,865	$	16,869	$	113,168	$	44,828


		December 31, 2022
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments		Long-term investments
Money market funds	1	$	39,198	$	—	$	—	$	39,198	$	39,198	$	—	$	—
U.S. Treasuries	2	31,721		—		(317)		31,404		—		23,701		7,703
U.S. government bonds	2	77,259		—		(899)		76,360		—		52,254		24,106
Commercial paper	2	43,126		3		(161)		42,968		—		42,968		—
U.S. Corporate bonds	2	95,599		29		(694)		94,934		—		47,982		46,952
Total cash equivalents and investments		$	286,903	$	32	$	(2,071)	$	284,864	$	39,198	$	166,905	$	78,761

___________________________

(1) The amortized cost of debt securities excludes accrued interest of $0.9 million and $1.0 million, respectively, as of June 30, 2023 and December 31, 2022.

The following table shows the fair value of the Company’s available-for-sale securities by contractual maturity:


	June 30, 2023
	(In thousands)
Within 1 year	$	130,037
After 1 year through 2 years	44,828
Total fair value	$	174,865

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Net Income Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the computation of the Company’s basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Dollars in thousands)
Numerator:
Net income (loss) attributed to common stockholders - basic	$	11,282	$	(10,318)	$	5,677	$	(12,208)
Add: interest on convertible debt	765		—		—		—
Net income (loss) attributable to common stockholders - diluted	$	12,047	$	(10,318)	$	5,677	$	(12,208)
Denominator:
Basic weighted-average shares	51,223,988		57,590,308		51,329,055		57,414,636
Weighted-average dilutive share equivalents:
Convertible debt	5,401,778		—		—		—
Restricted stock units	53,150		—		58,096		—
Diluted weighted-average shares	56,678,916		57,590,308		51,387,151		57,414,636
Net income (loss) per share:
Basic	$	0.22	$	(0.18)	$	0.11	$	(0.21)
Diluted	$	0.21	$	(0.18)	$	0.11	$	(0.21)

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Convertible debt	—	9,440,000	7,432,044	9,440,000
Options to purchase common stock	2,547,995	2,912,747	2,604,607	2,912,747
Warrants	188,235	188,235	188,235	188,235
Restricted stock units	2,546,109	3,061,717	2,397,591	3,061,717
Total shares excluded from diluted net loss per share	5,282,339	15,602,699	12,622,477	15,602,699

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 59,802	$ 105,580
Short-term investments in marketable securities	113,168	166,905
Accounts receivable, net of allowances	168,879	181,258
Prepaid expenses and other current assets	47,336	46,761
Total current assets	389,185	500,504
Non-current assets:
Long-term investments in marketable securities	44,828	78,761
Total property, equipment and capitalized software, net	42,092	39,890
Operating lease right-of-use assets, net	13,701	11,065
Intangible assets, net	22,116	24,574
Goodwill	63,063	63,063
Deferred tax assets	34,831	35,735
Other assets	23,790	27,556
TOTAL ASSETS	633,606	781,148
Current Liabilities:
Accounts payable	140,918	147,653
Accrued compensation and benefits	16,871	19,662
Accrued and other current liabilities	102,782	126,092
Deferred revenue	6,607	6,698
Total current liabilities	267,178	300,105
Non-current liabilities:
Long-term debt	118,000	236,000
Operating lease liabilities, non-current	10,967	8,445
Other liabilities	17,242	18,812
TOTAL LIABILITIES	413,387	563,362
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized, 60,856,628 shares issued and 51,305,013 shares outstanding as of June 30, 2023; one billion shares authorized, 60,175,020 shares issued and 52,226,745 shares outstanding as of December 31, 2022.	61	60
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	462,209	455,831
Treasury stock, at cost − 9,551,615 shares as of June 30, 2023 and 7,948,275 shares as of December 31, 2022	(56,700)	(49,168)
Accumulated other comprehensive loss	(12,004)	(9,913)
Accumulated deficit	(173,347)	(179,024)
TOTAL STOCKHOLDERS’ EQUITY	220,219	217,786
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 633,606	$ 781,148

Investments in Marketable Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of June 30, 2023 and December 31, 2022 consisted of the following:


		June 30, 2023
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments		Long-term investments
Money market funds	1	$	16,869	$	—	$	—	$	16,869	$	16,869	$	—	$	—
U.S. Treasuries	2	10,821		—		(118)		10,703		—		10,703		—
U.S. government bonds	2	43,952		—		(457)		43,495		—		35,226		8,269
Commercial paper	2	28,715		—		(49)		28,666		—		28,666		—
U.S. Corporate bonds	2	75,807		—		(675)		75,132		—		38,573		36,559
Total cash equivalents and investments		$	176,164	$	—	$	(1,299)	$	174,865	$	16,869	$	113,168	$	44,828


		December 31, 2022
(In thousands)	Fair Value Level	Amortized cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments		Long-term investments
Money market funds	1	$	39,198	$	—	$	—	$	39,198	$	39,198	$	—	$	—
U.S. Treasuries	2	31,721		—		(317)		31,404		—		23,701		7,703
U.S. government bonds	2	77,259		—		(899)		76,360		—		52,254		24,106
Commercial paper	2	43,126		3		(161)		42,968		—		42,968		—
U.S. Corporate bonds	2	95,599		29		(694)		94,934		—		47,982		46,952
Total cash equivalents and investments		$	286,903	$	32	$	(2,071)	$	284,864	$	39,198	$	166,905	$	78,761

___________________________

(1) The amortized cost of debt securities excludes accrued interest of $0.9 million and $1.0 million, respectively, as of June 30, 2023 and December 31, 2022.

On April 14, 2023, in connection with the Company’s partial repurchase of its Convertible Notes, the Company redeemed some of its available-for-sale marketable securities prior to their maturities to finance the debt repurchase. The proceeds from the sales of securities were $78.9 million, which included a gross realized loss of $0.6 million, which was released from other comprehensive loss and recorded within interest income and other income (expense), net in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2023. The gross realized loss was determined using the specific identification method. The total estimated fair value of debt securities in an unrealized loss position as of June 30, 2023 was $158.0 million, all of which has been in an unrealized loss position for less than twelve months. For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of June 30, 2023 and December 31, 2022.

The following table shows the fair value of the Company’s available-for-sale securities by contractual maturity:


	June 30, 2023
	(In thousands)
Within 1 year	$	130,037
After 1 year through 2 years	44,828
Total fair value	$	174,865

Balance Sheet Components - Property, Equipment and Capitalized Software (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	$ 144,081	$ 134,370
Less: accumulated depreciation and amortization	(101,989)	(94,480)
Total property, equipment and capitalized software, net	42,092	39,890
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	73,491	67,685
Computer and equipment
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	63,130	59,536
Software
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	3,198	3,113
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	3,149	2,859
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment, and capitalized software, gross	$ 1,113	$ 1,177

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lease assets:
Operating leases	$ 13,701	$ 11,065
Finance leases	$ 930	$ 1,858
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total property, equipment and capitalized software, net	Total property, equipment and capitalized software, net
Total lease assets	$ 14,631	$ 12,923
Lease liabilities:
Operating leases	3,487	$ 3,236
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accrued and other current liabilities
Finance leases	$ 1,025	$ 1,758
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Operating lease liabilities, non-current	$ 10,967	$ 8,445
Finance leases	$ 0	$ 254
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total lease liabilities	$ 15,479	$ 13,693

Stock-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding - beginning of period (in shares) \| shares	2,681,436
Forfeited (in shares) \| shares	(162,924)
Outstanding - end of period (in shares) \| shares	2,518,512
Exercisable (in shares) \| shares	2,198,751
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding - beginning of period (in usd per share) \| $ / shares	$ 9.08
Forfeited (in usd per share) \| $ / shares	8.55
Outstanding - end of period (in usd per share) \| $ / shares	9.11
Exercisable (in usd per share) \| $ / shares	$ 8.83

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Legal Proceedings and Other Matters From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. In addition, the Company may receive letters alleging infringement of patent or other intellectual property rights. The Company is not currently a party to any material legal proceedings, nor is it aware of any pending or threatened litigation that, in its opinion, would have a material adverse effect on its business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. Since 2021, the Company had been cooperating with the previously disclosed criminal investigation being conducted by the Antitrust Division of the U.S. Department of Justice into the hiring practices in the Company’s industry that included the Company. On July 11, 2023, the U.S. Department of Justice informed the Company that it is no longer pursuing this investigation.

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	26.50%	(19.10%)	29.30%	(5.80%)

Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 49,621	$ 49,456
Accumulated amortization	(27,505)	(24,882)
Net carrying value	$ 22,116	$ 24,574
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	5 years 9 months 18 days
Gross Value	$ 18,411	$ 18,411
Accumulated amortization	(10,276)	(9,652)
Net carrying value	$ 8,135	$ 8,759
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	5 years	4 years 1 month 6 days
Gross Value	$ 5,902	$ 5,856
Accumulated amortization	(5,387)	(5,022)
Net carrying value	$ 515	$ 834
Publisher relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years	6 years 3 months 18 days
Gross Value	$ 18,830	$ 18,738
Accumulated amortization	(10,046)	(8,782)
Net carrying value	$ 8,784	$ 9,956
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	8 years 9 months 18 days	8 years 8 months 12 days
Gross Value	$ 5,298	$ 5,279
Accumulated amortization	(1,457)	(1,143)
Net carrying value	$ 3,841	$ 4,136
Content provider relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	5 years	5 years
Gross Value	$ 284	$ 284
Accumulated amortization	(84)	(56)
Net carrying value	$ 200	$ 228
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period	15 years 9 months 18 days	15 years 9 months 18 days
Gross Value	$ 896	$ 888
Accumulated amortization	(255)	(227)
Net carrying value	$ 641	$ 661

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows:


	June 30, 2023
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	8.0 years	$	18,411	$	(10,276)	$	8,135
Customer relationships	5.0 years	5,902		(5,387)		515
Publisher relationships	8.0 years	18,830		(10,046)		8,784
Trade names	8.8 years	5,298		(1,457)		3,841
Content provider relationships	5.0 years	284		(84)		200
Other	15.8 years	896		(255)		641
Total intangible assets, net		$	49,621	$	(27,505)	$	22,116


	December 31, 2022
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
	(In thousands)
Developed technology	5.8 years	$	18,411	$	(9,652)	$	8,759
Customer relationships	4.1 years	5,856		(5,022)		834
Publisher relationships	6.3 years	18,738		(8,782)		9,956
Trade names	8.7 years	5,279		(1,143)		4,136
Content provider relationships	5.0 years	284		(56)		228
Other	15.8 years	888		(227)		661
Total intangible assets, net		$	49,456	$	(24,882)	$	24,574

Schedule of Estimated Amortization on Identifiable Acquisition-Related Intangible Assets

As of June 30, 2023, estimated amortization related to the Company’s identifiable acquisition-related intangible assets in future periods was as follows:


	Amount
	(In thousands)
Remainder of 2023	$	1,732
2024	3,465
2025	3,465
2026	3,465
2027	3,116
Thereafter	6,873
Total	$	22,116

Investments in Marketable Securities - Available for Sale Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]
Within 1 year	$ 130,037
After 1 year through 2 years	44,828
Total fair value	$ 174,865

Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Accounts Receivable and Allowance for Credit Losses

Accounts receivable, net of allowance for credit losses consists of the following:


	June 30, 2023		December 31, 2022
	(In thousands)
Accounts receivable	$	176,952	$	186,770
Allowance for credit losses	(8,073)		(5,512)
Accounts receivable, net of allowance for credit losses	$	168,879	$	181,258

The allowance for credit losses consists of the following activity:


	Six Months Ended June 30, 2023		Year Ended December 31, 2022
	(In thousands)
Allowance for credit losses, beginning balance	$	5,512	$	4,402
Provision for credit losses, net of recoveries	5,113		3,227
Write-offs	(2,552)		(2,117)
Allowance for credit losses, ending balance	$	8,073	$	5,512

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consists of the following:


	June 30, 2023		December 31, 2022
	(In thousands)
Prepaid traffic acquisition costs	$	23,160	$	23,149
Prepaid taxes	15,461		15,280
Prepaid software licenses	2,722		2,465
Other prepaid expenses and other current assets	5,993		5,867
Total prepaid expenses and other current assets	$	47,336	$	46,761

Property, Equipment and Capitalized Software, Net

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


	June 30, 2023		December 31, 2022
	(In thousands)
Capitalized software development costs	$	73,491	$	67,685
Computer and equipment	63,130		59,536
Software	3,198		3,113
Leasehold improvements	3,149		2,859
Furniture and fixtures	1,113		1,177
Property, equipment, and capitalized software, gross	144,081		134,370
Less: accumulated depreciation and amortization	(101,989)		(94,480)
Total property, equipment and capitalized software, net	$	42,092	$	39,890

Accrued and Other Current Liabilities

Accrued and other current liabilities consists of the following:


	June 30, 2023		December 31, 2022
	(In thousands)
Accrued traffic acquisition costs	$	58,852	$	73,396
Accrued tax liabilities	13,398		15,013
Accrued agency commissions	10,482		13,451
Accrued professional fees	4,671		4,915
Operating lease obligations, current	3,487		3,236
Interest payable	1,565		3,074
Finance lease obligations, current	1,025		1,758
Other	9,302		11,249
Total accrued and other current liabilities	$	102,782	$	126,092

In addition to accrued traffic acquisition costs, accounts payable includes $127.8 million and $136.8 million of traffic acquisition costs as of June 30, 2023 and December 31, 2022, respectively.

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 63,063,000		$ 63,063,000
Accumulated impairments of goodwill	0
Impairment charges	$ 0	$ 0

- 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

Revenue Recognition- Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 225,800	$ 250,883	$ 457,574	$ 505,099
USA
Disaggregation of Revenue [Line Items]
Revenue	68,889	85,079	141,105	170,656
Europe, the Middle East and Africa (EMEA)
Disaggregation of Revenue [Line Items]
Revenue	134,486	140,293	268,240	279,968
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 22,425	$ 25,511	$ 48,229	$ 54,475

- Definition

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

+ References + Details

- Definition

Amount of 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

+ Details

Organization, Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Description of Business and Summary of Significant Accounting Policies	Organization and Description of Business Outbrain Inc., together with its subsidiaries (“Outbrain,” the “Company,” “we,” “our” or “us”), was incorporated in August 2006 in Delaware. The Company is headquartered in New York, New York with various wholly-owned subsidiaries, including in Israel, Europe and Asia. In connection with the Company’s initial public offering (“IPO”), its common stock began trading on The Nasdaq Stock Market LLC (“Nasdaq”) on July 23, 2021 under the “OB” ticker symbol. Outbrain is a leading technology platform that drives business results by engaging people across the open Internet. Outbrain’s technology provides personalization, engagement and monetization solutions to thousands of digital media properties, including a number of the world’s most prestigious publishers. The Company pays traffic acquisition costs to its media owner partners on whose digital properties the recommendations are shown. The Company’s 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 its ability to generate trustworthy and interesting recommendations to individual users based on its proprietary algorithms. A portion of the Company’s 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 (“U.S. GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 15, 2023 (“2022 Form 10-K”). 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. Estimates and judgments are based on historical information and on various other assumptions that the Company believes 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 credit losses, 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, valuation of goodwill, the fair value of stock-based awards, and the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates. Reclassifications Certain reclassifications have been made to the prior periods’ financial information in order to conform to the current period’s presentation. Cash and Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash on hand and highly liquid investments in money market funds, U.S. government bonds and commercial paper. Most of the Company’s cash deposits are above the $250,000 Federal Deposit Insurance Corporation (“FDIC”) limit and, therefore, not insured. The Company’s investments in debt securities are classified as available-for-sale and are recorded at fair value. The Company classifies its investments in debt securities as short-term or long-term, based on each security’s maturity date. Unrealized gains and losses on available-for-sale securities are recognized in other comprehensive (loss) income (“OCI”), net of taxes. Restricted Cash Restricted cash represents security deposits for facility leases and is included in other assets in the accompanying condensed consolidated balance sheets. Certain Risks and Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. The Company’s 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. The Company generally does not require collateral to secure accounts receivable. No single marketer accounted for 10% or more of the Company’s total revenue for the three and six months ended June 30, 2023 or 2022, or 10% or more of its gross accounts receivable balance as of June 30, 2023 and December 31, 2022. During the three and six months ended June 30, 2023 and 2022, none of the Company’s media owners accounted for 10% of its total traffic acquisition costs. Segment Information The Company has one operating and reporting segment. The Company’s chief operating decision maker is its Co-Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. New 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 would otherwise 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 Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and has concluded that based on the current information, there are no new pronouncements that are expected to have a material impact on its results of operations, financial condition, or cash flows. See Note 1 to the Company’s audited consolidated financial statements for the year ended December 31, 2022 in the Company’s 2022 Form 10-K for a complete disclosure of the Company’s significant accounting policies.

Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Share Repurchases

On December 14, 2022, the Company’s Board of Directors (the “Board”) approved a new share repurchase program, authorizing the Company to repurchase up to $30 million of its common stock, par value $0.001 per share, with no requirement to purchase any minimum number of shares. The manner, timing, and actual number of shares repurchased under the program will depend on a variety of factors, including price, general business and market conditions, and other investment opportunities. Shares may be repurchased through privately negotiated transactions or open market purchases, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act. The repurchase program may be commenced, suspended, or terminated at any time by the Company at its discretion without prior notice. The following is a summary of the Company’s share repurchase activity under its share repurchase programs for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands, except share information)
Shares repurchased	200,000		1,388,317		1,513,073		1,388,317
Fair value of shares repurchased	$	988	$	7,501	$	7,130	$	7,501

As of June 30, 2023, the remaining availability under the Company’s $30 million share repurchase program was $22.9 million.

In addition, the Company may periodically withhold shares to satisfy employee tax withholding obligations arising in connection with the vesting of restricted stock units and exercise of options and warrants in accordance with the terms of the Company’s equity incentive plans and the underlying award agreements. During the three and six months ended June 30, 2023, the Company withheld 42,065 shares and 90,267 shares, respectively, with a fair value of $0.2 million and $0.4 million, respectively, to satisfy the employee tax withholding obligations. During the three and six months ended June 30, 2022, the Company withheld 38,864 shares and 156,501 shares, respectively, with a fair value of $0.4 million and $2.1 million, respectively.

Accumulated Other Comprehensive Loss

The following table details the changes in accumulated other compressive loss, net of tax:


	Foreign Currency Translation Loss		Unrealized (Losses) Gains on Investments in Marketable Securities		Total Accumulated Other Comprehensive Loss
	(In thousands)
Balance–December 31, 2022	$	(8,344)	$	(1,569)	$	(9,913)
Other comprehensive (loss) income, net of tax:
Other comprehensive (loss) income before reclassifications	(2,661)		147		(2,514)
Realized losses reclassified to earnings, net of tax of $128	—		423		423
Other comprehensive (loss) income, net of tax	(2,661)		570		(2,091)
Balance–June 30, 2023	$	(11,005)	$	(999)	$	(12,004)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization, Description of Business and Summary of Significant Accounting Policies - Segment Information (Details)	6 Months Ended
	Jun. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segment	1
Number of operating segment	1

Stock-based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,496	$ 3,357	$ 6,107	$ 6,090
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,037	756	1,539	1,293
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,222	1,410	2,248	2,583
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,237	$ 1,191	$ 2,320	$ 2,214

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	The Company’s interim provision from income taxes is determined based on its annual estimated effective tax rate, applied to the actual year-to-date income, and adjusted for the tax effects of any discrete items. The Company’s effective tax rates for the three and six months ended June 30, 2023 were 26.5% and 29.3%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2022 were (19.1)% and (5.8)%, respectively. The Company’s effective tax rates for the three months and six months ended June 30, 2023 were higher than the United States federal statutory tax rate of 21%, primarily due to certain non-deductible stock-based compensation expenses, partially offset by a deduction related to foreign-derived intangible income. The Company’s effective tax rates for the three and six months ended June 30, 2022 were lower than the U.S. federal statutory tax rate of 21%, primarily due the tax impact related to the profitability of non-U.S. jurisdictions and certain non-deductible stock-based compensation expenses. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which among other things implements a 15% minimum tax on adjusted financial statement income of certain large corporations and a 1% excise tax on net stock repurchases. Based on the Company’s current level of income and share repurchase program, this legislation is not expected to have a material impact on its consolidated financial statements. In addition, a provision enacted as part of the 2017 Tax Cuts & Jobs Act requires companies to capitalize certain research and experimental expenditures for tax purposes in tax years beginning after December 31, 2021. As a result, the Company expects to utilize a substantial portion of its federal net operating loss carryforwards in 2023.

- 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

Restructuring and Related Activities (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following is a summary of pre-tax restructuring charges for severance and related personnel costs in the three and six months ended June 30, 2023:


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(In thousands)
Research and development	$	425	$	425
Sales and marketing	1,463		2,306		(1)
General and administrative	417		417
Total	$	2,305	$	3,148

_________________________________________

(1) Includes $0.8 million of severance and related costs relating to reorganization costs incurred during the first quarter of 2023.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 11,282	$ (10,318)	$ 5,677	$ (12,208)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1,441)	(1,996)	(2,661)	(2,737)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax	150	0	570	0
Total other comprehensive loss	(1,291)	(1,996)	(2,091)	(2,737)
Comprehensive income (loss)	$ 9,991	$ (12,314)	$ 3,586	$ (14,945)

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Stock-based Compensation - Warrants, Narrative (Details) - Warrants - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Exercisable at end of period (in shares)	188,235	188,235
Number of shares outstanding (in shares)	188,235	188,235
Weighted average exercise price, outstanding, (in usd per share)	$ 7.57	$ 7.57

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Total Revenue Based on Location

The following table presents total revenue based on where the Company’s marketers are physically located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
USA	$	68,889	$	85,079	$	141,105	$	170,656
Europe, the Middle East and Africa (EMEA)	134,486		140,293		268,240		279,968
Other	22,425		25,511		48,229		54,475
Total revenue	$	225,800	$	250,883	$	457,574	$	505,099

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	867-0149
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	OB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,972,793
Entity Central Index Key	0001454938
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	60,856,628	60,175,020
Common stock, shares outstanding (in shares)	51,305,013	52,226,745
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	9,551,615	7,948,275

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Research and development	$	1,037	$	756	$	1,539	$	1,293
Sales and marketing	1,222		1,410		2,248		2,583
General and administrative	1,237		1,191		2,320		2,214
Total stock-based compensation	$	3,496	$	3,357	$	6,107	$	6,090

Summary of Stock Option

The following table summarizes stock option activity for the period presented:


	Stock Options
	Number of Shares	Weighted-Average Exercise Price
Outstanding — December 31, 2022	2,681,436	$	9.08
Forfeited/expired	(162,924)	$	8.55
Outstanding — June 30, 2023	2,518,512	$	9.11
Exercisable — June 30, 2023	2,198,751	$	8.83

Summary of RSU Activity

The following table summarizes RSU activity for the six months ended June 30, 2023:


	Service-based RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding—December 31, 2022	2,785,510	$	9.87
Granted	2,350,282	$	4.82
Vested	(681,608)	$	9.26
Forfeited	(253,257)	$	9.25
Outstanding—June 30, 2023	4,200,927	$	7.18

Balance Sheet Components - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 5,512	$ 4,402
Provision for credit losses, net of recoveries	(5,113)	(3,227)
Write-offs	(2,552)	(2,117)
Allowance for credit losses, ending balance	$ 8,073	$ 5,512

Fair Value Measurements - Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	$ 180,189	$ 291,153
Derivative liability	977	1,463
Total financial liabilities	$ 977	$ 1,463
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 358	$ 726
Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	174,865	284,864
Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	187	185
Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	4,779	5,378
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	16,869	39,198
Derivative liability	0	0
Total financial liabilities	0	0
Level I \| Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Level I \| Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	16,869	39,198
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	163,320	251,955
Derivative liability	977	1,463
Total financial liabilities	977	1,463
Level II \| Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	358	726
Level II \| Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	157,996	245,666
Level II \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	187	185
Level II \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	4,779	5,378
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	0
Derivative liability	0	0
Total financial liabilities	0	0
Level III \| Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	0	0
Level III \| Cash equivalents and investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	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

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Operating Leases

9. Leases

The Company leases certain equipment and computers under finance lease arrangements, as well as office facilities and managed data center facilities under non-cancelable operating lease arrangements for its U.S. and international locations that expire on various dates through 2032.

The following table summarizes assets and liabilities related to the Company’s operating and finance leases:


	Condensed Consolidated Balance Sheets Location	June 30, 2023		December 31, 2022
		(In thousands)
Lease assets:
Operating leases	Operating lease right-of-use assets, net	$	13,701	$	11,065
Finance leases	Property, equipment and capitalized software, net	930		1,858
Total lease assets		$	14,631	$	12,923

Lease liabilities:
Current liabilities:
Operating leases	Accrued and other current liabilities	$	3,487	$	3,236
Finance leases	Accrued and other current liabilities	1,025		1,758
Non-current liabilities:
Operating leases	Operating lease liabilities, non-current	10,967		8,445
Finance leases	Other liabilities	—		254
Total lease liabilities		$	15,479	$	13,693

The following table presents the components of the Company’s total lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Operating lease cost
Fixed lease costs (1)	$	1,136	$	965	$	2,282	$	2,133
Variable lease costs (2)	126		32		158		62
Short-term lease costs (1)	163		134		302		274
Finance lease cost:
Depreciation (3)	463		803		927		1,746
Interest (4)	25		71		59		159
Total lease cost	$	1,913	$	2,005	$	3,728	$	4,374

_____________________

(1)Recorded within cost of revenue and operating expenses.

(2)Recorded within operating expenses.

(3)Recorded within cost of revenue.

(4)Recorded within interest expense.

As of June 30, 2023, the maturities of the Company’s lease liabilities under operating and finance leases were as follows:


Year	Operating Leases		Finance Leases
	(In thousands)
Remainder of 2023	$	2,168	$	796
2024	4,324		256
2025	3,986		—
2026	2,751		—
2027	2,125		—
Thereafter	1,768		—
Total minimum payments required	$	17,122	$	1,052
Less: imputed interest	(2,668)		(27)
Total present value of lease liabilities	$	14,454	$	1,025

Finance Leases

9. Leases

The following table summarizes assets and liabilities related to the Company’s operating and finance leases:


	Condensed Consolidated Balance Sheets Location	June 30, 2023		December 31, 2022
		(In thousands)
Lease assets:
Operating leases	Operating lease right-of-use assets, net	$	13,701	$	11,065
Finance leases	Property, equipment and capitalized software, net	930		1,858
Total lease assets		$	14,631	$	12,923

Lease liabilities:
Current liabilities:
Operating leases	Accrued and other current liabilities	$	3,487	$	3,236
Finance leases	Accrued and other current liabilities	1,025		1,758
Non-current liabilities:
Operating leases	Operating lease liabilities, non-current	10,967		8,445
Finance leases	Other liabilities	—		254
Total lease liabilities		$	15,479	$	13,693

The following table presents the components of the Company’s total lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Operating lease cost
Fixed lease costs (1)	$	1,136	$	965	$	2,282	$	2,133
Variable lease costs (2)	126		32		158		62
Short-term lease costs (1)	163		134		302		274
Finance lease cost:
Depreciation (3)	463		803		927		1,746
Interest (4)	25		71		59		159
Total lease cost	$	1,913	$	2,005	$	3,728	$	4,374

_____________________

(1)Recorded within cost of revenue and operating expenses.

(2)Recorded within operating expenses.

(3)Recorded within cost of revenue.

(4)Recorded within interest expense.

As of June 30, 2023, the maturities of the Company’s lease liabilities under operating and finance leases were as follows:


Year	Operating Leases		Finance Leases
	(In thousands)
Remainder of 2023	$	2,168	$	796
2024	4,324		256
2025	3,986		—
2026	2,751		—
2027	2,125		—
Thereafter	1,768		—
Total minimum payments required	$	17,122	$	1,052
Less: imputed interest	(2,668)		(27)
Total present value of lease liabilities	$	14,454	$	1,025