ON24 INC., 10-K filed on 3/14/2022
Annual Report
v3.22.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Mar. 04, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39965    
Entity Registrant Name ON24, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 94-3292599    
Entity Address, Address Line One 50 Beale Street, 8th Floor    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94105    
City Area Code 415    
Local Phone Number 369-8000    
Title of 12(b) Security Common Stock, par value $0.0001 per share    
Trading Symbol ONTF    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Entity Shell Company false    
Entity Public Float     $ 735
Entity Common Stock, Shares Outstanding   47,777,947  
Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement for the 2022 Annual Stockholders’ Meeting, which the registrant expects to file with the Securities and Exchange Commission within 120 days of December 31, 2021, are incorporated by reference into Part III (Items 10, 11,12, 13 and 14) of this Annual Report on Form 10-K.    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001110611    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location San Francisco, California
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 164,948 $ 58,243
Marketable securities 217,609 3,000
Accounts receivable, net of allowances and reserves of $2,677 and $2,173 as of December 31, 2021 and 2020, respectively 46,117 48,617
Deferred contract acquisition costs, current 11,921 10,528
Prepaid expenses and other current assets 8,467 7,079
Total current assets 449,062 127,467
Property and equipment, net 8,780 9,051
Deferred contract acquisition costs, non-current 20,887 18,753
Other long-term assets 1,760 1,447
Total assets 480,489 156,718
Current liabilities    
Accounts payable 3,123 4,730
Accrued liabilities 18,740 17,439
Deferred revenue 96,225 92,240
Long-term debt, current portion 2,039 2,359
Total current liabilities 120,127 116,768
Long-term debt 1,955 25,727
Other long-term liabilities 3,317 4,022
Total liabilities 125,399 146,517
Commitments and contingencies
Stockholders’ equity (deficit)    
Common stock, $0.0001 par value per share; 500,000,000 and 50,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 47,727,346 and 10,896,137 shares issued and outstanding as of December 31, 2021 and 2020 respectively 5 1
Additional paid-in capital 550,839 27,512
Accumulated deficit (195,519) (171,263)
Accumulated other comprehensive income (235) 94
Total stockholders’ equity (deficit) 355,090 (143,656)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) 480,489 156,718
Convertible Class A-1 and Class A-2 Preferred Stock    
Current liabilities    
Convertible preferred stock 0 83,857
Redeemable Convertible Class B and Class B-1 Preferred Stock    
Current liabilities    
Convertible preferred stock $ 0 $ 70,000
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accounts receivable, allowances and reserves $ 2,677 $ 2,173
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 500,000,000 50,000,000
Common stock, issued (in shares) 47,727,346 10,896,137
Common stock, outstanding (in shares) 47,727,346 10,896,137
Convertible Class A-1 and Class A-2 Preferred Stock    
Convertible preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Convertible preferred stock, authorized (in shares) 0 21,699,945
Convertible preferred stock, issued (in shares) 0 21,683,548
Convertible preferred stock outstanding (in shares) 0 21,683,548
Convertible preferred stock, liquidation preference $ 0 $ 102,776
Redeemable Convertible Class B and Class B-1 Preferred Stock    
Convertible preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Convertible preferred stock, authorized (in shares) 0 5,543,918
Convertible preferred stock, issued (in shares) 0 5,543,918
Convertible preferred stock outstanding (in shares) 0 5,543,918
Convertible preferred stock, liquidation preference $ 0 $ 70,000
v3.22.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue:      
Total revenue $ 203,613 $ 156,941 $ 89,133
Cost of revenue:      
Total cost of revenue 47,365 33,335 27,141
Gross profit 156,248 123,606 61,992
Operating expenses:      
Sales and marketing 104,063 60,640 47,773
Research and development 34,835 19,275 15,730
General and administrative 40,940 21,848 14,590
Total operating expenses 179,838 101,763 78,093
Income (loss) from operations (23,590) 21,843 (16,101)
Interest expense 464 869 1,029
Other (income) expense, net 487 (76) 42
Income (loss) before provision for (benefit from) income taxes (24,541) 21,050 (17,172)
Provision for (benefit from) income taxes (285) 297 355
Net income (loss) (24,256) 20,753 (17,527)
Change in Class B-1 preferred stock redemption value 0 0 (10,047)
Cumulative preferred dividends allocated to preferred stockholders (558) (5,685) (4,774)
Net income (loss) attributable to common stockholders $ (24,814) $ 15,068 $ (32,348)
Net income (loss) per share attributable to common stockholders:      
Basic (in dollars per share) $ (0.57) $ 0.40 $ (3.68)
Diluted (in dollars per share) $ (0.57) $ 0.35 $ (3.68)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:      
Basic (in shares) 43,562,604 10,017,574 8,788,628
Diluted (in shares) 43,562,604 16,187,149 8,788,628
Subscription and other platform      
Revenue:      
Total revenue $ 175,876 $ 122,630 $ 72,589
Cost of revenue:      
Total cost of revenue 33,400 20,746 16,730
Professional services      
Revenue:      
Total revenue 27,737 34,311 16,544
Cost of revenue:      
Total cost of revenue $ 13,965 $ 12,589 $ 10,411
v3.22.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (24,256) $ 20,753 $ (17,527)
Other comprehensive income (loss)      
Foreign currency translation adjustment, net of tax 185 96 (80)
Unrealized loss on available for sale debt securities, net of tax (514) 0
Total other comprehensive income (loss) (329) 96 (80)
Total comprehensive income (loss) $ (24,585) $ 20,849 $ (17,607)
v3.22.0.1
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Convertible Preferred Stock
Redeemable Convertible Preferred Stock
Beginning balance, shares at Dec. 31, 2018               21,683,024 3,233,851
Beginning balance at Dec. 31, 2018               $ 83,845 $ 35,000
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Issuance of preferred stock (in shares)               524 2,310,067
Issuance of preferred stock               $ 12 $ 24,953
Change in Class B-1 preferred stock redemption value                 $ 10,047
Change in Class B-1 preferred stock redemption value $ (10,047)       $ (10,047)        
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering 0                
Ending balance, shares at Dec. 31, 2019               21,683,548 5,543,918
Ending balance at Dec. 31, 2019               $ 83,857 $ 70,000
Beginning balance, shares at Dec. 31, 2018     8,681,557            
Beginning balance at Dec. 31, 2018 (157,960) $ 11,982 $ 1 $ 18,385 (176,424) $ 11,982 $ 78    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Issuance of common stock upon exercise of stock options (in shares)     272,410            
Issuance of common stock upon exercise of stock options, Amount 426   $ 0 426          
Stock-based compensation expense 1,998     1,998          
Other comprehensive loss (80)           (80)    
Net income (loss) (17,527)       (17,527)        
Ending balance, shares at Dec. 31, 2019     8,953,967            
Ending balance at Dec. 31, 2019 (171,208)   $ 1 20,809 (192,016)   (2)    
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering 0                
Ending balance, shares at Dec. 31, 2020               21,683,548 5,543,918
Ending balance at Dec. 31, 2020               $ 83,857 $ 70,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Issuance of common stock upon exercise of stock options (in shares)     1,942,170            
Issuance of common stock upon exercise of stock options, Amount 3,774   $ 0 3,774          
Stock-based compensation expense 2,929     2,929          
Other comprehensive loss 96           96    
Net income (loss) $ 20,753       20,753        
Ending balance, shares at Dec. 31, 2020 10,896,137   10,896,137            
Ending balance at Dec. 31, 2020 $ (143,656)   $ 1 27,512 (171,263)   94    
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering (in shares)               (21,683,548) (5,543,918)
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering (153,857)             $ (83,857) $ (70,000)
Ending balance, shares at Dec. 31, 2021               0 0
Ending balance at Dec. 31, 2021               $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering (in shares)     27,227,466            
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering 153,857   $ 3 153,854          
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs (in shares)     7,599,928            
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs 347,781   $ 1 347,780          
Repurchase of common stock $ (7,228)   $ 0 (7,228)          
Repurchase of common stock (in shares) (428,218)   (428,218)            
Issuance of common stock upon exercise of stock options (in shares) 2,266,979   2,226,932            
Issuance of common stock upon exercise of stock options, Amount $ 5,825   $ 0 5,825          
Issuance of common stock upon release of restricted stock units (in shares)     130,074            
Issuance of common stock upon release of restricted stock units 0   $ 0 0          
Issuance of common stock under Employee Stock Purchase Plan (ESPP) (in shares)     75,027            
Issuance of common stock under Employee Stock Purchase Plan (ESPP) 1,054   $ 0 1,054          
Payment for employee tax withholding upon net share settlement on equity awards (3,608)     (3,608)          
Stock-based compensation expense 25,650     25,650          
Other comprehensive loss (329)           (329)    
Net income (loss) $ (24,256)       (24,256)        
Ending balance, shares at Dec. 31, 2021 47,727,346   47,727,346            
Ending balance at Dec. 31, 2021 $ 355,090   $ 5 $ 550,839 $ (195,519)   $ (235)    
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ (24,256) $ 20,753 $ (17,527)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 4,592 2,974 2,329
Stock-based compensation expense 25,650 2,929 1,998
Amortization of deferred contract acquisition costs 15,248 11,115 7,012
Provision for allowance for doubtful accounts and billing reserve 2,943 3,009 743
Other 503 0 0
Changes in operating assets and liabilities:      
Accounts receivable (443) (29,024) (5,431)
Deferred contract acquisition costs (18,775) (26,354) (8,983)
Prepaid expenses and other assets (4,617) (2,799) (418)
Accounts payable (1,247) 2,032 113
Accrued liabilities 2,311 4,986 (268)
Deferred revenue 3,985 47,799 9,392
Other long-term liabilities (705) 122 (310)
Net cash provided by (used in) operating activities 5,189 37,542 (11,350)
Cash flows from investing activities:      
Purchase of property and equipment (3,564) (1,030) (1,162)
Purchase of marketable securities (235,805) (5,000) (12,000)
Proceeds from maturities and paydowns of marketable securities 20,179 7,000 9,000
Net cash (used in) provided by investing activities (219,190) 970 (4,162)
Cash flows from financing activities:      
Proceeds from initial public offering, net of underwriting discounts 353,397 0 0
Proceeds from exercise of stock options 5,514 3,774 426
Proceeds from issuance of common stock under ESPP 1,054 0 0
Proceeds from issuance of Class B-1 preferred stock, net of issuance costs 0 0 24,953
Payment of tax withholding obligations related to net share settlements on equity awards (3,608) 0 0
Proceeds from long-term debt 0 28,381 9,508
Payment for repurchase of common stock (7,228) 0 0
Repayments of long-term debt (22,597) (28,179) (6,193)
Repayment of capital lease obligations (2,304) (1,270) (1,114)
Payments of offering costs (3,714) (1,902) 0
Net cash provided by financing activities 320,514 804 27,580
Effect of exchange rate changes on cash, cash equivalents and restricted cash 185 96 (80)
Net increase in cash, cash equivalents and restricted cash 106,698 39,412 11,988
Cash, cash equivalents and restricted cash, beginning of period 58,345 18,933 6,945
Cash, cash equivalents and restricted cash, end of period 165,043 58,345 18,933
Supplemental disclosures of cash flow information:      
Cash paid for taxes, net of refunds 337 183 238
Cash paid for interest 652 967 1,392
Supplemental disclosures of noncash investing and financing activities:      
Equipment acquired under capital leases 1,586 5,089 787
Equipment purchased funded by liabilities 391 179 74
Property and equipment purchased not yet paid 419 402 0
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock 153,857 0 0
Option exercises not yet settled 311 0 0
Deferred offering costs in accounts payable and accrued liabilities 0 1,318 0
Change in Class B-1 preferred stock redemption value 0 0 10,047
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets (in thousands):      
Cash and cash equivalents 164,948 58,243 18,844
Restricted cash included in other assets, non-current 95 102 89
Total cash, cash equivalent, and restricted cash $ 165,043 $ 58,345 $ 18,933
v3.22.0.1
Description of Business and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Significant Accounting Policies Description of Business and Significant Accounting Policies
Description of Business
ON24, Inc. and its subsidiaries (together, ON24 or the Company) provides a leading, cloud-based platform for digital engagement that enables businesses to convert customer engagement into revenue through interactive webinar experiences, virtual event experiences and multimedia content experiences. The Company’s platform offers a portfolio of interactive, personalized and content-rich digital experience products that creates and captures actionable, real-time data at scale from millions of professionals every month to provide businesses with buying signals and behavioral insights to efficiently convert prospects into customers. The Company was incorporated in the state of Delaware in January 1998 as NewsDirect, Inc. and in December 1998 changed its name to ON24, Inc. The Company is headquartered in San Francisco, California.
Initial Public Offering
On February 5, 2021, the Company closed its initial public offering (IPO) of 7,599,928 shares of its common stock at a public offering price of $50 per share for net proceeds of approximately $347.8 million, after deducting the underwriting discount of approximately $26.6 million and other offering costs of approximately $5.6 million. The shares of common stock sold in the IPO and the net proceeds from the IPO included the full exercise of the underwriters’ option to purchase additional shares.
Upon the closing of the IPO, all of the Company's outstanding shares of Class A-1 and Class A-2 convertible preferred stock and Class B and Class B-1 redeemable convertible preferred stock were automatically converted into an aggregate of 27,227,466 shares of common stock on a one-for-one basis.
Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements include the accounts of ON24 Inc. and its subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for annual financial reporting. All intercompany transactions and balances have been eliminated in consolidation.
Certain prior period amounts have been reclassified on the consolidated statements of cash flows and in Note 5 to conform to the current year's presentation.
Use of Estimates
The preparation of 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 disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the estimated expected benefit period for deferred contract acquisition costs, the determination of standalone selling price for the Company’s performance obligations, the allowance for doubtful accounts and billing reserve, the useful lives of long-lived assets, the estimated value of common stock prior to the IPO and other assumptions used to measure stock-based compensation, the valuation of deferred income tax assets and uncertain tax positions. Actual results could differ from those estimates.
Concentration of Risks

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable securities and accounts receivable. The Company maintains its cash and cash equivalents, restricted cash and marketable securities with high-quality financial institutions with investment-grade ratings. A majority of the cash balances are with banks in the U.S. and are insured to the extent defined by the Federal Deposit Insurance Corporation. For concentration of risks on accounts receivables and revenue, refer to Note 1.
Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of bank deposits and highly liquid investments, primarily money market mutual funds purchased with an original maturity of three months or less. Restricted cash included in other long-term assets in the consolidated balance sheets consists of term deposits to collateralize our Sydney operating lease.
Marketable Securities

The Company classifies its investments in debt securities as available-for-sale at the time of purchase since it is intended that these investments are available for current operations. These investments are included within cash and cash equivalents on the accompanying consolidated balance sheets.

Investments are reported at fair value and are subject to periodic impairment review. Unrealized gains and losses related to changes in the fair value of these securities are recognized in accumulated other comprehensive income (loss), net of tax, unless they are determined to be other-than-temporary impairments. The ultimate value realized on these securities is subject to market price volatility until they are sold.
Fair Value Measurements

The Company categorizes assets and liabilities recorded at fair value on its consolidated balance sheets based on the accounting guidance framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques are assigned a hierarchical level.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, to measure the fair value:

Level 1 – observable inputs for identical assets or liabilities, such as quoted prices in active markets.

Level 2 – directly or indirectly observable Inputs other than Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.
Financial instruments consist of cash and cash equivalents, restricted cash, marketable securities, accounts receivable and accounts payable. The Company’s investment portfolio consists of money market mutual funds, available for sales debt securities and certificates of deposit, which are carried at fair value.
Accounts Receivable
See Note 2, Revenue, for the Company’s accounting policy on accounts receivable.
Property and Equipment, Net
Property and equipment, net, are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, which are generally three years. Leasehold improvements are amortized over the shorter of the remaining lease term or the estimated useful life. Expenditures for maintenance and repairs are expensed as incurred. Significant improvements that substantially enhance the life of an asset are capitalized.
Impairment of Long-Lived Assets
The Company evaluates its long-lived assets or asset groups for impairment whenever events indicate that the carrying value of an asset or asset group may not be recoverable based on expected future cash flows attributable to that asset or asset group. If the carrying amount of an asset or asset group exceeds estimated undiscounted future cash flows, then an impairment charge would be recognized based on the excess of the carrying amount of the asset or asset group over its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell. There were no impairment charges recognized related to long-lived assets in 2021, 2020 and 2019.
Deferred Offering Costs
Deferred offering costs consist primarily of accounting, legal and other fees incremental and directly related to the Company’s IPO. Upon closing of the IPO on February 5, 2021, the deferred offering costs of $5.6 million were reclassified into stockholders' equity (deficit) and recorded against the proceeds from the offering. Deferred offering costs as of December 31, 2020 was $3.2 million and is included within prepaid expenses and other current assets on the consolidated balance sheets.
Revenue Recognition
Revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for these services. To achieve the core principle of this standard, the Company applies the following five steps:

1. Identification of the contract, or contracts, with the customer
The Company determines a contract with a customer to exist when the contract is approved, each party’s rights regarding the services to be transferred can be identified, the payment terms for the services can be identified, the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company will evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.

2. Identification of the performance obligations in the contract
Performance obligations committed to in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services and the products is separately identifiable from other promises in the contract.
The Company’s performance obligations generally consist of access to its digital engagement platform and related support services, which, together, are considered one performance obligation. The Company’s customers do not have the ability to take possession of the Company’s software, and, through access to the Company’s platform, the Company provides a series of distinct software-based services that are satisfied over the term of the applicable subscription. Customers may also purchase incremental capacity to the Company’s digital engagement platform. The Company recognizes incremental access as a series of distinct software-based services that are satisfied over the remaining term of the applicable subscription. The Company’s Legacy offering includes performance obligations to provide customers with access to the Company’s platform for the duration of specific contracted events, and revenue is recognized primarily as events occur. Amounts related to the Company’s digital engagement platform and Legacy offering are recorded as subscription and other platform revenue in the consolidated statements of operations.

The Company also provides professional services, which includes consulting services, such as experience management, monitoring and production services, implementation services and premium support services. Professional services are generally considered distinct from the access to the Company’s digital engagement platform. Amounts are recorded as Professional Services revenue in the consolidated statements of operations.

The Company enters contracts with customers that regularly include promises to transfer multiple services through access to the Company’s platform. For arrangements with multiple services, the Company evaluates whether the individual services qualify as distinct performance obligations. In its assessment of whether a service is a distinct performance obligation, the Company determines whether the customer can benefit from the service on its own or with other readily available resources and whether the service is separately identifiable from other services in the contract. This evaluation requires the Company to assess the nature of each individual service offering and how the services are provided in the context of the contract, including whether the services are significantly integrated, highly interrelated or significantly modify each other, which may require judgment based on the facts and circumstances of the contract.

3. Determination of the transaction price
The transaction price is determined based on the consideration that the Company expects to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company applies the practical expedient in paragraph 606-10-32-18 of Topic 606 and does not adjust the promised amount of consideration for the effects of a significant financing component for contracts that are one year or less, and none of our multi-year contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers (e.g., sales and other indirect taxes), which are subsequently remitted to governmental entities.

The Company’s digital engagement platform and related support services are typically warranted to perform in a professional manner that will comply with the terms of our subscription agreements. In addition, the Company includes service level commitments to its customers warranting certain levels of uptime reliability and performance and permitting those customers to receive credits in the event that the Company fails to meet those service levels. These credits represent a form of variable consideration. Historically, the Company has not experienced any significant incidents affecting the defined levels of reliability and performance as required by its subscription agreements. The Company has not provided any material refunds related to these agreements in the consolidated financial statements during the periods presented.
4. Allocation of the transaction price to the performance obligations in the contract
Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price (SSP). The SSP is the price at which the Company would sell a promised good or service separately to a customer. In instances where the Company does not sell or price a product or service separately, establishing SSP requires significant judgement. The Company estimates the SSP by considering available information, such as market conditions, internally approved pricing guidelines and the underlying cost of delivering the performance obligation.

5. Recognition of the revenue when, or as, a performance obligation is satisfied
Revenue is recognized at the time the related performance obligation is satisfied by transferring the control of the promised service to a customer. Revenue is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company recognizes subscription revenue on a straight-line basis over the term of the applicable contract subscription period beginning on the date access to the Company’s platform is granted. The Company recognizes revenue from consulting services related to events in the period the event occurs and the service is delivered. The Company recognizes revenue from implementation services upon completion of the services. The Company recognizes revenue from premium support offerings on a ratable basis over the applicable subscription term.
Costs to Obtain a Contract
The Company capitalizes sales commissions and associated payroll taxes paid to internal sales personnel and third-party referral fees that are incremental costs resulting from obtaining a contract with a customer. These costs are recorded as deferred contract acquisition costs on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract.
Sales commissions paid upon the initial acquisition of a customer contract are amortized over an estimated period of benefit of five years as the Company specifically anticipates renewals of customer contracts and commissions paid on renewal contracts are not commensurate with commissions paid on new customer contracts. Sales commissions paid upon renewal of customer contracts are amortized over the contractual renewal term. Amortization is recognized on a straight-line basis commensurate with the pattern of revenue recognition. Sales commissions paid related to professional services are amortized over the expected service period. The Company determines the period of benefit for commissions paid for the acquisition of the initial customer contract by taking into consideration the initial estimated customer life and the technological life of its platform and related significant features. Amortization of deferred contract acquisition costs was $15.2 million, $11.1 million and $7.0 million for 2021, 2020 and 2019, respectively. Amortization of deferred contract acquisition costs is included in sales and marketing expense in the consolidated statements of operations.
The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. The Company has no impairment losses relating to deferred contract acquisition costs during the periods presented.
Cost of Revenue
Subscription and Other Platform Cost of Revenue

Subscription and other platform cost of revenue primarily consists of costs related to hosting the Company’s platform and providing operating support services to its customers. These costs are related to the Company’s co-located data centers, personnel-related costs such as salaries, bonuses, stock-based compensation expense, benefits costs associated with our operations and support personnel, software license fees and allocated overhead.

Professional Services Cost of Revenue

Professional services cost of revenue consists primarily of personnel-related costs, including stock-based compensation, third-party consulting services and allocated overhead.
Research and Development
Research and development expenses primarily consist of personnel-related expenses, including stock-based compensation directly associated with the Company’s research and development employees, contractor costs related to third-party development and allocated overhead. Research and development costs are expensed as incurred.
Advertising Costs
Advertising costs are expensed as incurred in sales and marketing expense in the consolidated statements of operations and amounted to $17.3 million, $9.2 million and $6.0 million for 2021, 2020 and 2019, respectively.
Leases

The Company categorizes leases at their inception as either operating or capital leases. In certain lease agreements, the Company may receive rent holidays and other incentives. For operating leases, the Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.
Stock-Based Compensation
Stock-based compensation expense related to stock awards is measured based on the fair value of the awards granted and recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award, which is generally three to four years for restricted stock units (RSUs) and four years for option awards.

The fair value of each RSU is based on the fair value of the underlying common stock as of the grant date.

The fair value of each option award and purchase right under the employee share purchase plan (ESPP) is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the risk-free interest rates, the expected term of the option, the expected volatility of the price of the Company’s common stock and the expected dividend yield of the Company’s common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and application of management’s judgement.

Effective January 1, 2021, the Company elected to account for forfeited awards as they occur. Prior to 2021, the Company estimated the number of awards expected to be forfeited at the time of grant and revised its estimates in subsequent periods if the actual forfeitures differed from the estimates. This change in accounting policy did not have a material impact on the Company’s consolidated financial statements.
Foreign Currency

The functional currencies of the Company’s foreign subsidiaries are each country’s local currency. Assets and liabilities of the subsidiaries are translated into U.S. dollars at exchange rates in effect at the reporting date. Amounts classified in stockholders’ deficit are translated at historical exchange rates. Revenue and expenses are translated at the average exchange rates during the period. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss). Foreign currency transaction gains or losses, whether realized or unrealized, are reflected in the consolidated statements of operations within other (income) expense, net, and have not been material for all periods presented.
Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be fully realized. Due to our lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits at the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Income (Loss) Per Share Attributable to Common Stockholders

The Company calculates net income (loss) per share attributable to common stock using the two-class method required for companies with participating securities. The Company considers its convertible preferred stock and unvested common stock to be participating securities as holders of such securities have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for shares of common stock. In periods when the Company is in a net loss position, the net loss attributable to common stockholders was not allocated to the convertible preferred stock and unvested common stock under the two-class method as these securities do not have a contractual obligation to share in the Company’s losses.

Distributed and undistributed earnings allocated to participating securities are subtracted from net income (loss) in determining net income (loss) attributable to common stockholders. Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding.
The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the resulting net income (loss) attributable to common stockholders by the weighted-average number of fully diluted shares of common stock outstanding. During the periods when there is a net loss attributable to common stockholders, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.
Segment Information

The Company operates in one operating segment and one reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the Company’s Chief Executive Officer, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker allocates resources and assesses performance based upon consolidated financial information.
Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes Topic 740: Simplifying the Accounting for Income Taxes, which removes a variety of exceptions within the framework of ASC 740. These include the exception to the incremental approach for intraperiod tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. For public business entities, ASU No. 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. The Company adopted ASU No. 2019-12 effective January 1, 2021. The adoption of this standard did not have a material impact on its consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This new standard requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Costs for implementation activities in the application development stage can be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities are performed. The costs capitalized are expensed over the term of the hosting arrangement. The amendments in ASU No. 2018-15 also require the entity to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. ASU No. 2018-15 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, ASU No. 2018-15 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. ASU No. 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted ASU No. 2018-15 effective January 1, 2021 using a prospective approach. The adoption of this standard did not have a material impact on its consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Topic 326: Credit Losses Measurement of Credit Losses on Financial Instruments (Topic 326), as amended, which requires an entity to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts utilizing a new impairment model known as the current expected credit loss (CECL) model. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For Public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, ASU No. 2016-13, is effective for the annual periods in fiscal years beginning after December 15, 2019, and interim periods therein. For all other entities ASU No. 2016-13, is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal year. The Company has elected to use the extended transition period that allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies under the Jumpstart Our Business Startups Act of 2012.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as amended, to supersede existing guidance on accounting for leases in Topic 840, Leases. Topic 842 generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.
The Company will adopt the new standard effective January 1, 2022 on a modified retrospective basis, under which we will recognize the cumulative effects of initially applying the standard as an adjustment to the opening balance of accumulated deficit on the adoption date and will not restate comparative periods. The Company will elect the package of practical expedients permitted under the transition guidance, which allows us to carry-forward our historical lease classification and our assessment on whether a contract is or contains a lease. We will also elect to apply the hindsight practical expedient which allows us to use hindsight in determining the lease term. On the adoption date, the Company estimates it will recognize on its consolidated balance sheet approximately $7.3 million of right-of-use assets, $9.9 million of lease liabilities, and derecognize existing deferred rent and lease incentives totaling approximately $2.6 million. These are preliminary estimates that are subject to change as the Company finalizes its adoption.
Other than described above, we do not expect the new lease standard to have any other material impacts on our consolidated financial statements.
v3.22.0.1
Revenue
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table depicts the disaggregation of revenue by geographic region based on the shipping address of customers (in thousands):
Year Ended December 31,
202120202019
United States$150,579 $119,897 $70,124 
EMEA36,788 26,197 13,645 
Other16,246 10,847 5,364 
Total revenue$203,613 $156,941 $89,133 
The following table summarizes the foreign countries which contributed 10% or more of the total revenue (in thousands):
Year Ended December 31,
202120202019
United Kingdom10 %*10 %
*Represent less than 10% of total revenue
No single customer accounted for 10% or more of the total revenue during 2021, 2020 and 2019. Additionally, no single customer accounted for 10% or more of accounts receivable as of December 31, 2021 and 2020.
The following table summarizes revenue by digital engagement platform and Legacy offering (in thousands):
Year Ended December 31,
202120202019
Digital engagement platform - subscription and other platform$175,777 $121,214 $66,286 
Digital engagement platform - professional services27,702 33,583 14,413 
Legacy - subscription and other platform99 1,416 6,303 
Legacy - professional services35 728 2,131 
Total revenue$203,613 $156,941 $89,133 
Contract Balances
Accounts receivable: The Company records accounts receivable when the Company has a contractual right to consideration. In some arrangements, a right to consideration for the Company’s performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled receivable. As of December 31, 2021 and 2020, unbilled receivables were included within accounts receivable, net of allowance for doubtful accounts and billing reserves on the consolidated balance sheets and were not material.
Contract assets: The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration. Contract assets are included in prepaid expenses and other current assets in the consolidated balance sheets and were not material as of December 31, 2021 and 2020.
Contract liabilities: The Company defers its revenue when the Company has the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized during the following 12-month period and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the consolidated balance sheet. The amount of revenue recognized in 2021 that was included in deferred revenue at the beginning of the period was $87.9 million.
Remaining Performance Obligations
The terms of the Company’s subscription agreements are primarily annual and, to a lesser extent, multi-year. The Company may bill for the full term in advance or on an annual, quarterly or monthly basis, depending on the terms of the agreement. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $154.2 million, which consists of both billed consideration in the amount of $97.2 million and unbilled consideration in the amount of $57.0 million that the Company expects to recognize as revenue. As of December 31, 2021, the Company expects to recognize 79% of its remaining performance obligations as revenue over the subsequent 12 months and the remainder thereafter.
v3.22.0.1
Marketable Securities
 12 Months Ended
Dec. 31, 2021
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
Marketable securities consisted of the following as of the periods presented (in thousands):
December 31, 2021
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses Fair Value
Marketable Securities
U.S. Treasury securities$157,681 $— $(404)$157,277 
Certificates of deposit6,495 — (5)6,490 
Corporate debt securities36,422 — (95)36,327 
Commercial paper
11,624 2 (6)11,620 
Asset-backed securities5,901 1 (7)5,895 
Total marketable securities$218,123 $3 $(517)$217,609 
    
December 31, 2020
Amortized Cost
Gross Unrealized Gains
Gross Unrealized LossesFair Value
Marketable Securities
Certificates of deposit$3,000 $— $— $3,000 
Total marketable securities$3,000 $— $— $3,000 
The Company’s marketable securities have been classified as available for sale. All available for sale debt securities are available for use in current operations. Accordingly, they have been classified as current.
Marketable securities in an unrealized loss position for less than 12 months consisted of the following as of December 31, 2021 ((in thousands):
Fair ValueGross Unrealized Loss
U.S. Treasury securities$143,590 $(404)
Certificates of deposit6,490 (5)
Corporate debt securities36,327 (95)
Commercial paper6,984 (6)
Asset-backed securities4,967 (7)
Total$198,358 $(517)
As of December 31, 2021, the Company had no marketable securities in a continuous loss position for 12 months or more. As of December 31, 2020, the Company had no marketable securities in a loss position.
The Company reviews the individual securities that have unrealized losses on a regular basis to evaluate whether any security has experienced other-than-temporary decline in fair value below amortized cost. The Company evaluates, among other factors, whether the Company has the intention to sell any of these marketable securities and whether it is more likely than not that the Company will be required to sell any securities before recovery of the amortized cost basis. Since the Company has the ability to hold its investments until maturity, and the decline in fair value was not due to any credit-related factor, no decline was deemed to be other-than-temporary.
The Company had no realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive income for the years ended December 31, 2021 and 2020.
The following summarizes the remaining contractual maturities of the Company’s marketable securities as of December 31, 2021:
Fair Value
One year or less$119,795 
Over one year through five years97,814 
Total marketable securities$217,609 
v3.22.0.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following tables summarize our financial instruments recorded at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented
December 31, 2021
Level 1Level 2Level 3Total
Cash equivalents
Money market mutual funds
$151,079 $— $— $151,079 
Marketable Securities
U.S. Treasury securities— 157,277 — 157,277 
Certificates of deposit— 6,490 — 6,490 
Corporate debt securities— 36,327 — 36,327 
Commercial paper
— 11,620 — 11,620 
Asset-backed securities— 5,895 — 5,895 
Total cash equivalents and marketable securities$151,079 $217,609 $— $368,688 
December 31, 2020
Level 1Level 2Level 3Total
Cash equivalents
Money market mutual funds
$2,027 $— $— $2,027 
Marketable Securities— 
Certificates of deposit3,000 — — 3,000 
Total cash equivalents and marketable securities$5,027 $— $— $5,027 
As of December 31, 2021, the Company classified its highly liquid money market mutual funds within level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classified its U.S. Treasury securities, certificates of deposit, commercial paper, corporate debt securities and asset-backed securities within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded.
As of December 31, 2020, the Company classified its highly liquid money market mutual funds and certificates of deposit within level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets.
v3.22.0.1
Balance Sheets Components
 12 Months Ended
Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]  
Balance Sheets Components Balance Sheets Components
Allowance for Doubtful Account and Billing Reserve
The following table presents the changes in the allowance for doubtful accounts as of the periods presented (in thousands):
Year Ended December 31,
202120202019
Balance, beginning of period$1,139 $514 $389 
Charges to general and administrative expenses1,163 1,087 282 
Write-offs and other adjustments(730)(462)(157)
Balance, end of period$1,572 $1,139 $514 
In addition to the allowance for doubtful accounts, the Company maintains a billing reserve that represents potential billing adjustments that is recorded as a reduction of revenue. The Company’s billing reserve is based on known adjustments and an estimate using a percentage of revenue based on historical trends and experience.
The following table presents the changes in billing reserves as of the periods presented (in thousands):
Year Ended December 31,
202120202019
Balance, beginning of period$1,034 $398 $440 
Charges to revenue1,780 1,922 516 
Write-offs and other adjustments(1,709)(1,286)(558)
Balance, end of period$1,105 $1,034 $398 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following as of the periods presented (in thousands):
December 31, 2021December 31, 2020
Deferred offering costs$— $3,220 
Prepaid expenses5,617 2,848 
Other receivables2,786 873 
Other64 138 
Prepaid expenses and other current assets$8,467 $7,079 
Property and Equipment, Net
Property and equipment, net consisted of the following as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
Computer, equipment and software(1)
$28,227 $24,175 
Furniture and fixtures1,118 1,108 
Leasehold improvements3,776 3,708 
Property and equipment, gross33,121 28,991 
Less: Accumulated depreciation and amortization(2)
(24,341)(19,940)
Property and equipment, net$8,780 $9,051 
(1)
Includes assets recorded under capital leases of $5.3 million and $6.9 million as of December 31, 2021 and 2020, respectively.
(2)
Includes amount for assets recorded under capital leases of $2.2 million and $2.2 million as of December 31, 2021 and 2020, respectively.
Depreciation and amortization expense was $4.6 million, $3.0 million and $2.3 million for 2021, 2020 and 2019, respectively.
The following table presents the property and equipment, net of depreciation and amortization, by geographic region as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
United States$7,899 $8,698 
EMEA816 308 
Other65 45 
Total property and equipment, net$8,780 $9,051 
Accrued Liabilities
Accrued liabilities consisted of the following as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
Accrued bonus$3,922 $2,910 
Accrued vacation3,473 2,724 
Accrued commissions2,633 3,153 
Other accrued compensation and benefits2,474 977 
Accrued ESPP392 — 
Sales and other tax liabilities1,204 1,253 
Accrued Professional service fees647 1,769 
Other3,995 4,653 
Accrued liabilities$18,740 $17,439 
Other Long-term Liabilities
Other long-term liabilities consisted of the following as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
Deferred rent liabilities$1,988 $2,543 
Deferred revenue937 1,152 
Other392 327 
Other long-term liabilities$3,317 $4,022 
v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following as of the periods presented (in thousands):
December 31, 2021December 31, 2020
Revolving line of credit$— $22,350 
Equipment loan agreements578 438 
Capital leases3,416 5,298 
Total debt3,994 28,086 
Less: Current portion(2,039)(2,359)
Debt, non-current$1,955 $25,727 
Revolving Line of Credit
In September 2021, the Company amended its revolving line of credit with a financing institution effective August 2021, which increased the Company's borrowing capacity to a maximum of $50.0 million with a letter of credit sublimit of $4.0 million and a credit card sublimit of $1.0 million. The amendment allows the Company to borrow up to $50.0 million if the Company maintains at least $100.0 million on deposit at the institution. If such deposit is less than $100.0 million, the Company may borrow up to the lesser of $50.0 million or an amount determined by the Company's trailing five months of recurring revenue, annualized renewal rate and annualized monthly churn rate, as defined by the agreement. As of December 31, 2021, the Company has borrowing capacity of $50.0 million. The terms of the agreement permit voluntary prepayment without premium or penalty. The revolving credit facility matures in August 2024 and is secured by substantially all of the Company’s assets. The outstanding principal balance on the revolving line of credit, if any, is due at maturity. The Company is required to pay quarterly in arrears a commitment fee of 0.15% per annum on the undrawn portion available under the revolving line of credit. As of December 31, 2021, the Company had an outstanding standby letter of credit of $1.2 million as a guarantee for a leased space.
Interest on the revolving credit facility is payable monthly in arrears at a rate equal to the lender’s prime referenced rate as defined in the agreement. Prior to this amendment, interest on the revolving line of credit was the prime rate, as published by the Wall Street Journal (Prime Rate), plus 0.75% effective July 31, 2020, and Prime Rate plus 0.50% prior to July 31, 2020. The referenced prime rate was 3.25% as of December 31, 2021 and the Prime Rate was 3.25% and 4.75% as of December 31, 2020 and 2019, respectively.
The revolving credit facility is subject to certain restrictions and financial covenants, including the requirement of maintaining a minimum debt to EBITDA ratio when the Company’s current portion of the total borrowing exceeds $5.0 million and the Company fails to maintain $100.0 million on deposits. In addition, the revolving line of credit agreement restricts the Company from paying dividends without prior approval from the financing institution. The Company was not subject to the financial covenants as of December 31, 2021.
In the first quarter of 2021, the Company repaid in full the then outstanding principal balance of its revolving line of credit of $22.4 million.
Equipment Loan Agreements
The Company entered into various equipment loan agreements that allow it to obtain financing to purchase equipment. Borrowings are secured by the equipment purchased. The equipment loan agreements are repaid over a period up to 36 months beginning from the date of the advance at an interest rate ranging from 5.8% to 10.1%. As of December 31, 2021 and 2020, the Company owed $0.6 million and $0.4 million, respectively, on the equipment loans.
Capital Leases
The Company entered into various non-cancelable capital lease agreements for its equipment with lease periods expiring between 2022 and 2024.
As of December 31, 2021, future payments under the equipment loan agreements and capital lease obligations, are as follows (in thousands):
 Equipment LoansCapital LeasesTotal
2022271 1,888 2,159 
2023236 1,607 1,843 
202471 80 151 
Total payments578 3,575 4,153 
Less: Amount representing interest— (159)(159)
Total payments, net of interest$578 $3,416 $3,994 
v3.22.0.1
Commitment and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitment and Contingencies Commitment and Contingencies
Purchase Obligations
The Company has non-cancelable purchase commitments of $6.7 million as of December 31, 2021, primarily related to software license fees and co-location facilities and services, of which $4.4 million is expected to be paid in 2022, $2.2 million in 2023 and $0.1 million in 2024.
Operating Leases
The Company leases its office facilities in the United States, United Kingdom, Singapore and Australia under non-cancelable agreements that expire at various dates through 2025. As of December 31, 2021 and 2020, deferred rent was $2.6 million and $3.1 million, respectively. Rent expense, including common area maintenance charges, related to these facility leases was $2.9 million, $2.8 million and $3.0 million, for 2021, 2020 and 2019, respectively.
Future minimum lease payments by year under non-cancelable operating leases as of December 31, 2021 are as follows (in thousands):
2022$2,633 
20232,844 
20242,789 
20252,272 
Total future minimum lease payments$10,538 
Contingencies
The Company has agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable the Company to recover a portion of any future amounts paid.
FASB ASC 450-20, Contingencies, sets forth the rules for accounting for uncertain tax positions for taxes not based on income. When a loss contingency exists, the likelihood of the incurrence of the liability can range from probable to remote. The Company believes it is reasonably possible that a loss will result from the sales and use tax assessments in the range of zero to $0.4 million. The Company has not recorded an accrual as of December 31, 2021 and 2020.
Legal Proceedings
The Company, its Chief Executive Officer, its Chief Financial Officer, the members of its Board of Directors and the underwriters that participated in the Company’s IPO are named as defendants in two putative class actions, captioned Douvia v. ON24, Inc., et al., 3:21-cv-08578 (filed November 3, 2021) and Goemer v. ON24, Inc., et al., 3:21-cv-08744 (filed November 10,
2021), that are currently pending in the United States District Court for the Northern District of California. The complaints purport to assert claims on behalf of all persons and entities that purchased, or otherwise acquired, the Company’s common stock issued in connection with the Company’s IPO. The complaints allege that the Company’s registration statement and prospectus contained untrue statements of material fact and/or omitted material facts about ON24’s growth and customer base. Plaintiffs seek, among other things, an award of damages and attorneys’ fees and costs. On February 3, 2022, the Court issued an order consolidating the cases and appointing a lead plaintiff. ON24 believes that the allegations in the lawsuits are without merit. The Company is unable to reasonably estimate a possible loss or range of possible loss, if any, arising from this matter at this early stage. Accordingly, no accrued litigation expense has been recorded in the accompanying consolidated financial statements.
In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes or claims. Although the Company cannot predict with assurance the outcome of any litigation, the Company does not believe there are currently any actions, other than those described in the prior paragraph, that if resolved unfavorably, would have a material impact on its financial condition, results of operations or cash flows.
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan
Preferred Stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share. The Company’s board of directors is authorized to designate the rights, preferences, privileges and restrictions of the preferred stock from time to time.
Convertible Preferred Stock
Upon the closing of the IPO in February 2021, all 21,683,548 shares of the Company's outstanding Class A-1 and Class A-2 convertible preferred stock and 5,543,918 shares of Class B and Class B-1 redeemable convertible preferred stock were automatically converted into an aggregate of 27,227,466 shares of common stock on a one-for-one basis.
As of December 31, 2020, convertible preferred stock consisted of the following (in thousands):
Class A-1 and Class A-2 Convertible Preferred Stock
Share
 Authorized		Share Issued
and
Outstanding		Aggregate
Liquidation Preference
(in thousands)
Class A-15,177,655 5,177,654 54,379 
Class A-216,522,290 16,505,894 48,397 
Total Class A-1 and Class A-2 convertible preferred stock21,699,945 21,683,548 102,776 
Class B-1 and Class B-2 Redeemable Convertible Preferred Stock
Share
 Authorized		Share Issued
and
Outstanding		Aggregate
Liquidation Preference
(in thousands)
Class B-13,233,851 3,233,851 35,000 
Class B-22,310,067 2,310,067 35,000 
Total Class B-1 and Class B-2 redeemable convertible preferred stock5,543,918 5,543,918 70,000 
Common Stock
The Company’s amended and restated certificate of incorporation authorized the issuance of 500,000,000 shares of common stock, $0.0001 par value per share. Holders of common stock are entitled to one vote per share.
Common Stock Reserved for Future Issuance
As of December 31, 2021, the Company had the following shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan:
Stock options outstanding9,341,242 
Restricted stock units outstanding3,737,565 
Remaining shares available for future grant under 2021 Equity Incentive Plan4,880,897 
Remaining shares available for future issuance under ESPP1,224,973 
Total shares of common stock reserved as of December 31, 202119,184,677 
Equity Incentive Plan
In February 2021 in connection with the IPO, the Company adopted the 2021 Equity Incentive Plan (2021 Plan), which serves as a successor to and continuation of the 2014 Plan and 2000 Plan, collectively the “Predecessor Plans.” All shares that remained available for issuance under the Predecessor Plans as of the closing of the IPO, or that may expire or be canceled or forfeited following the closing of the IPO, become available for future issuance under the 2021 Plan.
Under the 2021 Plan, the Company may grant up to 8,282,313 shares of common stock which includes 6,400,000 shares of common stock reserved for issuance under the 2021 Plan, plus an additional 1,882,313 shares originally reserved for issuance under the 2014 Plan. In addition, the number of shares reserved for issuance under the 2021 Plan cumulatively increases on January 1, 2022 and on each subsequent January 1 through and including January 1, 2031, by the lesser of (a) 5% of the number of shares of stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by the Company’s board of directors. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards. The plan administrator determines the term of stock options granted under the 2021 Plan, up to a maximum of 10 years. Pursuant to the automatic annual increase, 2,386,367 additional shares were reserved under the 2021 Plan on January 1, 2021.
Grant Activities
Stock Options
A summary of stock option activity under the Company’s equity incentive plans and related information is as follows:
Options Outstanding
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 2020
11,947,731 $4.85 
Granted481,403 50.12 
Exercised(2,266,979)2.57 $65,860 
Cancelled and forfeited(820,913)15.19 
Balance as of December 31, 2021
9,341,242 $6.83 6.5$109,971 
Vested and exercisable5,839,680 $3.54 5.3$81,496 
The weighted-average grant date fair value of options granted in 2021, 2020 and 2019 was $25.18, $11.51 and $1.19, respectively. The total intrinsic value of options exercised in 2021, 2020 and 2019 was $65.9 million, $5.2 million and $0.3 million, respectively.
Restricted Stock Units
A summary of RSU activity under the Company’s equity incentive plans and related information is as follows:
RSUs Outstanding
Number of
Shares
Weighted-Average
Grant Date
Fair Value
Unvested balance as of December 31, 2020
— $— 
Granted3,907,260 20.53 
Vested(37,100)28.03 
Cancelled and forfeited(132,595)33.14 
Unvested balance as of December 31, 2021
3,737,565 $20.01 
The total fair value of RSU vested in 2021 was $1.0 million. There were no RSUs granted or vested in 2020 and 2019.
Restricted Stock Unit with Performance Conditions
In June 2014, the Company’s board of directors approved the issuance of 187,500 restricted stock units to an executive officer with a grant date fair value of $0.5 million. No monetary payment was required as a condition to receiving the shares of stock. The award provided that the restricted stock units would vest upon the satisfaction of the following two conditions occurring before June 17, 2021: (i) satisfaction of a service condition of one year and (ii) the occurrence of a liquidity event defined as a change of control or an IPO. The grant date fair value of the awards was not recognized as compensation expense until the performance criteria was probable.
Upon the consummation of the Company’s IPO in February 2021, these restricted stock units fully vested and the related stock-based compensation expense of $0.5 million was fully recognized. In accordance with the terms of the grant agreement, these restricted stock units had been settled after the expiration of the lock-up period in the fourth quarter of 2021.
Employee Stock Purchase Plan
In January 2021, the Company’s board of directors adopted the 2021 Employee Stock Purchase Plan (ESPP), which became effective in connection with the Company’s IPO. A total of 1,300,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares reserved for issuance cumulatively increases automatically on January 1, 2022 and on each subsequent January 1, through and including January 1, 2031, by the lesser of (a) 1% of the number of shares of stock issued and outstanding on the immediately preceding December 31, (b) 1,300,000 shares, or (c) an amount determined by the Company’s board of directors. Pursuant to the automatic annual increase, 477,273 additional shares were reserved under the ESPP Plan on January 1, 2021.
All eligible employees may participate in the ESPP and may contribute up to 20% of their earnings (as defined in the ESPP) for the purchase of the Company’s common stock under the ESPP. Unless otherwise determined by the Company’s board of directors, common stock will be purchased for the accounts of employees participating in the ESPP at a price per share equal to the lesser of (1) 85% of the fair market value of a share of the Company’s common stock on the first date of an offering or (2) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. Offering periods generally start on the first trading day on or after May 16 and November 16 of each year, except for the first offering period, which commenced on the effective date of the Company’s IPO and ended on November 15, 2021.
Employees purchased 75,027 shares of common stock at a price of $14.04 per share under the ESPP in 2021.
Fair Value Determination
The Black-Scholes assumptions used to value the employee options and the employee stock purchase rights at the grant dates are as follows:
Employee Stock Options
Year Ended December 31,
202120202019
Expected term5.92 years-6.07 years6.25 years6.25 years
Expected volatility53.82 %-54.98%41.60 %-62.00%40.70 %-51.50%
Risk-free interest rate0.62 %-0.96%0.40 %-1.70%1.50 %-2.50%
Dividend yield—%—%—%
Employee Stock Purchase Rights under ESPP
Year Ended
December 31, 2021
Expected term0.13 years-0.63 years
Expected volatility34.08 %-61.00%
Risk-free interest rate0.06%-0.07%
Dividend yield—%
These assumptions and estimates were determined as follows:
•Fair Value of Common Stock. Prior to the Company’s IPO, the fair value of its common stock was determined by the Company’s board of directors, with input from management and valuation reports prepared by third-party valuation specialists. Stock-based compensation for financial reporting purposes is measured based on updated estimates of fair value when appropriate, such as when additional relevant information related to the estimate becomes available in a valuation report issued as of a subsequent date. For valuations after the consummation of the Company’s IPO, the fair value of each share of underlying common stock is based on the closing price of the Company’s common stock as reported on the date of the grant on the New York Stock Exchange.
•Risk-Free Interest Rate. The risk-free interest rate for the expected term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant.
•Expected Term. The expected term of options represents the period of time that options are expected to be outstanding. The Company’s historical stock option exercise experience does not provide a reasonable basis upon which to estimate an expected term due to a lack of sufficient data. For stock options granted to employees, the Company estimates the expected term by using the simplified method. The simplified method calculates the expected term as the average of the time-to-vesting and the contractual life of the options. For stock options granted to non-employees, the expected term equals the contractual term of the option. With respect to the ESPP, the expected term is the length of purchase period.
•Expected Volatility. As the Company has a short trading history for its common stock, the expected volatility is estimated by taking the average historic price volatility for industry peers, consisting of several public companies in its industry that are similar in size, stage of life cycle, or financial leverage, over a period equivalent to the expected term of the awards.
•Expected Dividend Yield. The Company has not declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. As a result, an expected dividend yield of zero percent was used.
Stock-Based Compensation
Effective January 1, 2021, the Company elected to account for forfeited awards as they occur.
The stock-based compensation expense by line item in the accompanying consolidated statements of operations is summarized as follows (in thousands):
Year Ended December 31,
202120202019
Cost of revenue
Subscription and other platform$1,897 $154 $97 
Professional services382 37 50 
Total cost of revenue2,279 191 147 
Sales and marketing8,806 1,051 915 
Research and development4,402 360 197 
General and administrative10,163 1,327 739 
Total stock-based compensation expense$25,650 $2,929 $1,998 
As of December 31, 2021, unrecognized stock-based compensation expense by award type and their weighted-average recognition periods are as follows (in thousands, except years):
Stock OptionRSUESPP
Unrecognized stock-based compensation expense$42,812 $69,174 $310 
Weighted-average amortization period2.88 years3.34 years0.37 years
Repurchase of Common Stock
On December 1, 2021, the Company’s Board of Directors authorized a $50.0 million share repurchase program. The timing and number of shares repurchased under the program will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The share repurchase program may be modified, suspended or discontinued at any time at the company’s discretion.
The Company reduced its common stock by the par value of the repurchased shares. The excess of the repurchase price over par value of the shares was charged to additional paid in capital as the Company is in an accumulated deficit position. All repurchased shares were retired and became authorized and unissued shares.
As of December 31, 2021, the Company had $42.8 million available for future share buyback under the repurchase program.
Year Ended December 31, 2021
Number of shares repurchased428,218 
Average price per share (including commissions)$16.88 
Total repurchase costs (in million)$7.2 
In the first quarter of 2022, the Company repurchased an additional 579,929 shares of common stock at an average per share price of $15.72 (including commissions). As of March 9, 2022, the Company has $33.7 million remaining for future share buyback under the repurchase program.
v3.22.0.1
Employees Benefit Plan
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employees Benefit Plan Employees Benefit PlanThe Company maintains a retirement savings plan, or the 401(k) Plan. The 401(k) Plan is intended to qualify under Sections 401 of the Internal Revenue Code. Participants may contribute up to applicable annual Internal Revenue Code limits. The 401(k) Plan provides for automatic salary deferrals of 3% of compensation with a 1% escalator each year. Participants are permitted to waive the automatic deferral provision. All participants’ deferrals, rollovers and matching contributions are 100% vested when contributed. The 401(k) plan allows the Company to make matching contributions and profit-sharing contributions to eligible participants. Effective January 1, 2019, the Company began making contributions of up to $500 per year to eligible participants. The contribution expense was $0.3 million, $0.2 million and $0.2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income (loss) before the provision for (benefit from) income taxes is summarized as follows (in thousands):
Year Ended December 31,
202120202019
Domestic$(25,983)$19,663 $(18,086)
Foreign1,442 1,387 914 
Ending balance$(24,541)$21,050 $(17,172)
The provision for income taxes were as follows (in thousands):
Year Ended December 31,
202120202019
Current tax expense
Federal$— $— $— 
State2 32 24 
Foreign(10)265 331 
Total current tax (benefit) expense(8)297 355 
Deferred tax expense:
Federal— — — 
State— — — 
Foreign(277)— — 
Total deferred tax (benefit) expense(277)— — 
Provision for (benefit from) income taxes$(285)$297 $355 
The provision for income taxes differs from the amount computed by applying the statutory federal tax rate as follows (in thousands):
Year ended December 31,
202120202019
Tax benefit at U.S. statutory rate$(5,154)$4,402 $(3,470)
State income taxes, net of federal benefit10 32 24 
Foreign income and withholding taxes79 89 (22)
Expenses from resolution of certain tax audits and expiration of statute of limitations64 (32)(16)
Stock-based compensation(6,386)113 258 
Section 162(m)621 — — 
Expired attributes3,118 1,964 846 
Change in valuation allowance6,986 (5,857)(3)
Research and development credits(43)(261)(72)
Global Intangible Low-Taxed Income— 6 176 
Adoption of accounting principles— — 2,464 
Other420 (159)170 
Provision for (benefit from) income taxes$(285)$297 $355 
As a result of the Tax Cuts and Jobs Act (the Tax Act), foreign accumulated earnings that were subject to the mandatory transition tax as of December 31, 2017, can be repatriated to the U.S. without incurring further U.S. federal tax. The Tax Act moves towards a modified territorial tax system through the provision of a 100% dividend received deduction for the foreign-source portions of dividends received from controlled foreign subsidiaries. As a result, the Company continues to evaluate the indefinite reinvestment assertions with regards to unremitted earnings for our foreign subsidiaries. As of December 31, 2021, 44196 and 2019, the total undistributed earnings of the Company’s foreign subsidiaries were approximately $3.4 million, $3.5
million and $1.4 million, respectively. Historically, the Company has asserted its intention to indefinitely reinvest the undistributed earnings of foreign subsidiaries. The unrecognized deferred tax liability on the portion of the undistributed earnings considered indefinitely reinvested is not material.
Deferred income taxes result from differences in the recognition of expenses for tax and financial reporting purposes, as well as operating loss and tax credit carryforwards. Significant components of our deferred income tax assets as of the periods presented are as follows (in thousands):
December 31, 2021December 31, 2020
Deferred tax assets
Accrued expense and others$4,197 $4,083 
Stock-based compensation4,605 1,230 
Net operating losses29,092 21,622 
Tax credit carryforwards6,263 6,726 
Fixed assets— 167 
Interest expense and other— — 
Gross deferred tax assets$44,157 $33,828 
Valuation allowance(35,080)(26,257)
Total deferred tax assets$9,077 $7,571 
Deferred tax liabilities
Section 481(a) adjustment$(461)$(110)
Deferred commissions(8,339)(7,461)
Total deferred tax liabilities$(8,800)$(7,571)
Net deferred tax assets$277 $— 
The Company assesses the realizability of deferred tax assets based on the available evidence, including a history of taxable income and estimates of future taxable income. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of deferred tax assets will not be realized. Due to the losses the Company generated in prior years, management believes it is more likely than not that the deferred tax assets will not be realized. Accordingly, the Company established a full valuation allowance on its U.S. net deferred tax assets. The valuation allowance increased by $8.8 million for the year ended December 31, 2021. The Company has not recorded a valuation allowance on its net UK deferred tax assets as the Company believes it will generate sufficient future taxable income to realize the deferred tax asset in the UK.
As of December 31, 2021, the Company had net operating loss carryforwards of approximately $116.8 million for federal income tax purposes, of which a portion will begin to expire in 2022 if unused. As a result of Tax Act, $77.1 million of the federal net operating loss carryovers will carryover indefinitely and are limited to 80% of taxable income. The Company had net operating loss carryforwards of approximately $75.4 million for state income tax purposes, which will begin to expire in the year 2022 if unused.
As of December 31, 2021, the Company has research and development credit carryforwards of approximately $4.4 million for federal income tax and $4.7 million for state income tax purposes. The federal research and development tax credit will begin to expire in 2022 if unused. State research and development tax credits carryforward indefinitely.
The federal and state net operating loss carryforwards may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and similar provisions under state law. The Tax Reform Act of 1986 contains provisions that limit the federal net operating loss carryforwards that may be used in any given year in the event of special occurrences, including significant ownership changes. The Company completed a review of any potential limitation on the use of its net operating losses under Section 382 through December 31, 2021. Based on such review, the Company does not believe Section 382 of the Internal Revenue Code will adversely impact its ability to use its current net operating losses to offset future taxable income, if any,
The Company complies with ASC 740-10, Accounting for Uncertainty in Income Taxes, which prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be taken on a tax return. This pronouncement sets a “more likely than not” criterion for recognizing the tax benefit of uncertain tax positions. We do not anticipate any significant changes to unrecognized tax benefits in the next 12 months. The Company recognize interest and penalties related to uncertain tax positions in income tax expense.
A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows (in thousands):
Year Ended December 31,
202120202019
Beginning balance$2,397 $2,206 $2,061 
Decrease related to prior year tax provisions(151)— — 
Increase related to current year tax positions341 236 $187 
Decrease due to lapse of applicable statute of limitations(72)(45)$(42)
Ending balance$2,515 $2,397 $2,206 
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company recognized an immaterial amount of interest and penalties associated with unrecognized tax benefits in 2021, 2020 and 2019. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. If recognized, $0.4 million would affect the Company’s effective tax rate.

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various foreign jurisdictions. As of December 31, 2021, all of the years remain open to examination by the federal and state tax authorities for three or four years from the tax year in which net operating losses or tax credits are utilized. There have been no examinations of our income tax returns by any tax authority.
v3.22.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Common Stockholders Net Income (Loss) Per Share Attributable to Common Stockholders
The following tables set forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods presented (in thousands, except share and per share data):
Year Ended December 31,
Basic net income (loss) per share202120202019
Net income (loss)$(24,256)$20,753 $(17,527)
Change in Class B-1 preferred stock redemption value— — (10,047)
Cumulative preferred dividends allocated to preferred stockholders(558)(5,685)(4,774)
Net income (loss) attributable to common stockholders(24,814)15,068 (32,348)
Income available to participating securities— (11,015)— 
Net income (loss) available to common stockholders$(24,814)$4,053 $(32,348)
Net income (loss) per share of common stock, basic$(0.57)$0.40 $(3.68)
Weighted-average common stock outstanding, basic43,562,604 10,017,574 8,788,628 
Year Ended December 31,
Diluted net income (loss) per share202120202019
Net income (loss)$(24,256)$20,753 $(17,527)
Change in Class B-1 preferred stock redemption value— — (10,047)
Cumulative preferred dividends allocated to preferred stockholders(558)(5,685)(4,774)
Net income (loss) attributable to common stockholders(24,814)15,068 (32,348)
Reallocation of earnings to participating securities considering potentially dilutive securities— (9,450)— 
Net income (loss) available to common stockholders$(24,814)$5,618 $(32,348)
Net income (loss) per share of common stock, diluted$(0.57)$0.35 $(3.68)
Weighted average common stock outstanding, basic43,562,604 10,017,574 8,788,628 
Weighted average dilutive effect of stock options and restricted stock— 6,169,575 — 
Weighted-average common stock outstanding, diluted43,562,604 16,187,149 8,788,628 
The following table sets forth the potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive:
Year Ended December 31,
202120202019
Convertible preferred stock (on an if-converted basis)— 5,543,918 27,227,466 
Stock options9,341,242 426,542 9,390,407 
Restricted stock units3,737,565 — 187,500 
ESPP purchase rights88,059 — — 
Total antidilutive securities13,166,866 5,970,460 36,805,373 
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party TransactionsThe Company incurred engineering and quality assurance costs from a third-party vendor in 2021, 2020 and 2019. The chief executive officer of the third-party vendor is considered an immediate family member of the Company’s chief technology officer. The Company recorded $2.5 million, $1.7 million and $1.5 million in 2021, 2020 and 2019, respectively, in research and development expense relating to this third-party vendor on the consolidated statements of operations. As of December 31, 2021 and 2020, the Company recorded $0.3 million in accounts payable and $0.2 million in accrued liability, respectively, on the consolidated balance sheets for the amount owed to this third party vendor.
v3.22.0.1
Description of Business and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements include the accounts of ON24 Inc. and its subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for annual financial reporting. All intercompany transactions and balances have been eliminated in consolidation.
Prior Period Reclassification Adjustment Certain prior period amounts have been reclassified on the consolidated statements of cash flows and in Note 5 to conform to the current year's presentation.
Use of Estimates
Use of Estimates
The preparation of 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 disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the estimated expected benefit period for deferred contract acquisition costs, the determination of standalone selling price for the Company’s performance obligations, the allowance for doubtful accounts and billing reserve, the useful lives of long-lived assets, the estimated value of common stock prior to the IPO and other assumptions used to measure stock-based compensation, the valuation of deferred income tax assets and uncertain tax positions. Actual results could differ from those estimates.
Concentration of Risks Concentration of RisksThe Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable securities and accounts receivable. The Company maintains its cash and cash equivalents, restricted cash and marketable securities with high-quality financial institutions with investment-grade ratings. A majority of the cash balances are with banks in the U.S. and are insured to the extent defined by the Federal Deposit Insurance Corporation.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of bank deposits and highly liquid investments, primarily money market mutual funds purchased with an original maturity of three months or less. Restricted cash included in other long-term assets in the consolidated balance sheets consists of term deposits to collateralize our Sydney operating lease.
Marketable Securities
Marketable Securities

The Company classifies its investments in debt securities as available-for-sale at the time of purchase since it is intended that these investments are available for current operations. These investments are included within cash and cash equivalents on the accompanying consolidated balance sheets.

Investments are reported at fair value and are subject to periodic impairment review. Unrealized gains and losses related to changes in the fair value of these securities are recognized in accumulated other comprehensive income (loss), net of tax, unless they are determined to be other-than-temporary impairments. The ultimate value realized on these securities is subject to market price volatility until they are sold.
Fair Value Measurements
Fair Value Measurements

The Company categorizes assets and liabilities recorded at fair value on its consolidated balance sheets based on the accounting guidance framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques are assigned a hierarchical level.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, to measure the fair value:

Level 1 – observable inputs for identical assets or liabilities, such as quoted prices in active markets.

Level 2 – directly or indirectly observable Inputs other than Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.
Financial instruments consist of cash and cash equivalents, restricted cash, marketable securities, accounts receivable and accounts payable. The Company’s investment portfolio consists of money market mutual funds, available for sales debt securities and certificates of deposit, which are carried at fair value.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment, net, are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, which are generally three years. Leasehold improvements are amortized over the shorter of the remaining lease term or the estimated useful life. Expenditures for maintenance and repairs are expensed as incurred. Significant improvements that substantially enhance the life of an asset are capitalized.
Impairment of Long-Lived Assets Impairment of Long-Lived AssetsThe Company evaluates its long-lived assets or asset groups for impairment whenever events indicate that the carrying value of an asset or asset group may not be recoverable based on expected future cash flows attributable to that asset or asset group. If the carrying amount of an asset or asset group exceeds estimated undiscounted future cash flows, then an impairment charge would be recognized based on the excess of the carrying amount of the asset or asset group over its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell.
Deferred Offering Costs Deferred Offering CostsDeferred offering costs consist primarily of accounting, legal and other fees incremental and directly related to the Company’s IPO.
Revenue Recognition Revenue Recognition
Revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for these services. To achieve the core principle of this standard, the Company applies the following five steps:

1. Identification of the contract, or contracts, with the customer
The Company determines a contract with a customer to exist when the contract is approved, each party’s rights regarding the services to be transferred can be identified, the payment terms for the services can be identified, the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company will evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.

2. Identification of the performance obligations in the contract
Performance obligations committed to in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services and the products is separately identifiable from other promises in the contract.
The Company’s performance obligations generally consist of access to its digital engagement platform and related support services, which, together, are considered one performance obligation. The Company’s customers do not have the ability to take possession of the Company’s software, and, through access to the Company’s platform, the Company provides a series of distinct software-based services that are satisfied over the term of the applicable subscription. Customers may also purchase incremental capacity to the Company’s digital engagement platform. The Company recognizes incremental access as a series of distinct software-based services that are satisfied over the remaining term of the applicable subscription. The Company’s Legacy offering includes performance obligations to provide customers with access to the Company’s platform for the duration of specific contracted events, and revenue is recognized primarily as events occur. Amounts related to the Company’s digital engagement platform and Legacy offering are recorded as subscription and other platform revenue in the consolidated statements of operations.

The Company also provides professional services, which includes consulting services, such as experience management, monitoring and production services, implementation services and premium support services. Professional services are generally considered distinct from the access to the Company’s digital engagement platform. Amounts are recorded as Professional Services revenue in the consolidated statements of operations.

The Company enters contracts with customers that regularly include promises to transfer multiple services through access to the Company’s platform. For arrangements with multiple services, the Company evaluates whether the individual services qualify as distinct performance obligations. In its assessment of whether a service is a distinct performance obligation, the Company determines whether the customer can benefit from the service on its own or with other readily available resources and whether the service is separately identifiable from other services in the contract. This evaluation requires the Company to assess the nature of each individual service offering and how the services are provided in the context of the contract, including whether the services are significantly integrated, highly interrelated or significantly modify each other, which may require judgment based on the facts and circumstances of the contract.

3. Determination of the transaction price
The transaction price is determined based on the consideration that the Company expects to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company applies the practical expedient in paragraph 606-10-32-18 of Topic 606 and does not adjust the promised amount of consideration for the effects of a significant financing component for contracts that are one year or less, and none of our multi-year contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers (e.g., sales and other indirect taxes), which are subsequently remitted to governmental entities.

The Company’s digital engagement platform and related support services are typically warranted to perform in a professional manner that will comply with the terms of our subscription agreements. In addition, the Company includes service level commitments to its customers warranting certain levels of uptime reliability and performance and permitting those customers to receive credits in the event that the Company fails to meet those service levels. These credits represent a form of variable consideration. Historically, the Company has not experienced any significant incidents affecting the defined levels of reliability and performance as required by its subscription agreements. The Company has not provided any material refunds related to these agreements in the consolidated financial statements during the periods presented.
4. Allocation of the transaction price to the performance obligations in the contract
Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price (SSP). The SSP is the price at which the Company would sell a promised good or service separately to a customer. In instances where the Company does not sell or price a product or service separately, establishing SSP requires significant judgement. The Company estimates the SSP by considering available information, such as market conditions, internally approved pricing guidelines and the underlying cost of delivering the performance obligation.

5. Recognition of the revenue when, or as, a performance obligation is satisfied
Revenue is recognized at the time the related performance obligation is satisfied by transferring the control of the promised service to a customer. Revenue is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those services. The Company recognizes subscription revenue on a straight-line basis over the term of the applicable contract subscription period beginning on the date access to the Company’s platform is granted. The Company recognizes revenue from consulting services related to events in the period the event occurs and the service is delivered. The Company recognizes revenue from implementation services upon completion of the services. The Company recognizes revenue from premium support offerings on a ratable basis over the applicable subscription term.
Costs to Obtain a Contract
The Company capitalizes sales commissions and associated payroll taxes paid to internal sales personnel and third-party referral fees that are incremental costs resulting from obtaining a contract with a customer. These costs are recorded as deferred contract acquisition costs on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract.
Sales commissions paid upon the initial acquisition of a customer contract are amortized over an estimated period of benefit of five years as the Company specifically anticipates renewals of customer contracts and commissions paid on renewal contracts are not commensurate with commissions paid on new customer contracts. Sales commissions paid upon renewal of customer contracts are amortized over the contractual renewal term. Amortization is recognized on a straight-line basis commensurate with the pattern of revenue recognition. Sales commissions paid related to professional services are amortized over the expected service period. The Company determines the period of benefit for commissions paid for the acquisition of the initial customer contract by taking into consideration the initial estimated customer life and the technological life of its platform and related significant features. Amortization of deferred contract acquisition costs was $15.2 million, $11.1 million and $7.0 million for 2021, 2020 and 2019, respectively. Amortization of deferred contract acquisition costs is included in sales and marketing expense in the consolidated statements of operations.
The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. The Company has no impairment losses relating to deferred contract acquisition costs during the periods presented.
Cost of Revenue
Subscription and Other Platform Cost of Revenue

Subscription and other platform cost of revenue primarily consists of costs related to hosting the Company’s platform and providing operating support services to its customers. These costs are related to the Company’s co-located data centers, personnel-related costs such as salaries, bonuses, stock-based compensation expense, benefits costs associated with our operations and support personnel, software license fees and allocated overhead.

Professional Services Cost of Revenue

Professional services cost of revenue consists primarily of personnel-related costs, including stock-based compensation, third-party consulting services and allocated overhead.
Accounts receivable: The Company records accounts receivable when the Company has a contractual right to consideration. In some arrangements, a right to consideration for the Company’s performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled receivable.Contract assets: The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration.Contract liabilities: The Company defers its revenue when the Company has the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized during the following 12-month period and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the consolidated balance sheet.
Research and Development
Research and Development
Research and development expenses primarily consist of personnel-related expenses, including stock-based compensation directly associated with the Company’s research and development employees, contractor costs related to third-party development and allocated overhead. Research and development costs are expensed as incurred.
Advertising Cost Advertising CostsAdvertising costs are expensed as incurred in sales and marketing expense in the consolidated statements of operations
Leases
Leases

The Company categorizes leases at their inception as either operating or capital leases. In certain lease agreements, the Company may receive rent holidays and other incentives. For operating leases, the Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense related to stock awards is measured based on the fair value of the awards granted and recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award, which is generally three to four years for restricted stock units (RSUs) and four years for option awards.

The fair value of each RSU is based on the fair value of the underlying common stock as of the grant date.

The fair value of each option award and purchase right under the employee share purchase plan (ESPP) is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the risk-free interest rates, the expected term of the option, the expected volatility of the price of the Company’s common stock and the expected dividend yield of the Company’s common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and application of management’s judgement.

Effective January 1, 2021, the Company elected to account for forfeited awards as they occur. Prior to 2021, the Company estimated the number of awards expected to be forfeited at the time of grant and revised its estimates in subsequent periods if the actual forfeitures differed from the estimates. This change in accounting policy did not have a material impact on the Company’s consolidated financial statements.
Foreign Currency
Foreign Currency

The functional currencies of the Company’s foreign subsidiaries are each country’s local currency. Assets and liabilities of the subsidiaries are translated into U.S. dollars at exchange rates in effect at the reporting date. Amounts classified in stockholders’ deficit are translated at historical exchange rates. Revenue and expenses are translated at the average exchange rates during the period. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss). Foreign currency transaction gains or losses, whether realized or unrealized, are reflected in the consolidated statements of operations within other (income) expense, net, and have not been material for all periods presented.
Income Taxes
Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be fully realized. Due to our lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits at the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of provision for income taxes. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Income (Loss) Per Share Attributable to Common Stockholders
Net Income (Loss) Per Share Attributable to Common Stockholders

The Company calculates net income (loss) per share attributable to common stock using the two-class method required for companies with participating securities. The Company considers its convertible preferred stock and unvested common stock to be participating securities as holders of such securities have non-forfeitable dividend rights in the event of the Company’s declaration of a dividend for shares of common stock. In periods when the Company is in a net loss position, the net loss attributable to common stockholders was not allocated to the convertible preferred stock and unvested common stock under the two-class method as these securities do not have a contractual obligation to share in the Company’s losses.

Distributed and undistributed earnings allocated to participating securities are subtracted from net income (loss) in determining net income (loss) attributable to common stockholders. Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding.
The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the resulting net income (loss) attributable to common stockholders by the weighted-average number of fully diluted shares of common stock outstanding. During the periods when there is a net loss attributable to common stockholders, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.
Segment Information
Segment Information

The Company operates in one operating segment and one reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the Company’s Chief Executive Officer, in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker allocates resources and assesses performance based upon consolidated financial information.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes Topic 740: Simplifying the Accounting for Income Taxes, which removes a variety of exceptions within the framework of ASC 740. These include the exception to the incremental approach for intraperiod tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. For public business entities, ASU No. 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. The Company adopted ASU No. 2019-12 effective January 1, 2021. The adoption of this standard did not have a material impact on its consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This new standard requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Costs for implementation activities in the application development stage can be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities are performed. The costs capitalized are expensed over the term of the hosting arrangement. The amendments in ASU No. 2018-15 also require the entity to present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting element (service) of the arrangement and classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. ASU No. 2018-15 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, ASU No. 2018-15 is effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. ASU No. 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted ASU No. 2018-15 effective January 1, 2021 using a prospective approach. The adoption of this standard did not have a material impact on its consolidated financial statements.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Topic 326: Credit Losses Measurement of Credit Losses on Financial Instruments (Topic 326), as amended, which requires an entity to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts utilizing a new impairment model known as the current expected credit loss (CECL) model. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For Public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, ASU No. 2016-13, is effective for the annual periods in fiscal years beginning after December 15, 2019, and interim periods therein. For all other entities ASU No. 2016-13, is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal year. The Company has elected to use the extended transition period that allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies under the Jumpstart Our Business Startups Act of 2012.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as amended, to supersede existing guidance on accounting for leases in Topic 840, Leases. Topic 842 generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.
The Company will adopt the new standard effective January 1, 2022 on a modified retrospective basis, under which we will recognize the cumulative effects of initially applying the standard as an adjustment to the opening balance of accumulated deficit on the adoption date and will not restate comparative periods. The Company will elect the package of practical expedients permitted under the transition guidance, which allows us to carry-forward our historical lease classification and our assessment on whether a contract is or contains a lease. We will also elect to apply the hindsight practical expedient which allows us to use hindsight in determining the lease term. On the adoption date, the Company estimates it will recognize on its consolidated balance sheet approximately $7.3 million of right-of-use assets, $9.9 million of lease liabilities, and derecognize existing deferred rent and lease incentives totaling approximately $2.6 million. These are preliminary estimates that are subject to change as the Company finalizes its adoption.
Other than described above, we do not expect the new lease standard to have any other material impacts on our consolidated financial statements.
v3.22.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2021
Disaggregation Of Revenue [Line Items]  
Schedule of Disaggregation of Revenue by Geographic Region
The following table depicts the disaggregation of revenue by geographic region based on the shipping address of customers (in thousands):
Year Ended December 31,
202120202019
United States$150,579 $119,897 $70,124 
EMEA36,788 26,197 13,645 
Other16,246 10,847 5,364 
Total revenue$203,613 $156,941 $89,133 
Summary of Revenue by Digital Experience Platform and Legacy Offering
The following table summarizes revenue by digital engagement platform and Legacy offering (in thousands):
Year Ended December 31,
202120202019
Digital engagement platform - subscription and other platform$175,777 $121,214 $66,286 
Digital engagement platform - professional services27,702 33,583 14,413 
Legacy - subscription and other platform99 1,416 6,303 
Legacy - professional services35 728 2,131 
Total revenue$203,613 $156,941 $89,133 
Geographic Concentration Risk | Revenue  
Disaggregation Of Revenue [Line Items]  
Schedule of Foreign Countries Which Contributed 10% or More of Total Revenue
The following table summarizes the foreign countries which contributed 10% or more of the total revenue (in thousands):
Year Ended December 31,
202120202019
United Kingdom10 %*10 %
*Represent less than 10% of total revenue
v3.22.0.1
Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Marketable Securities [Abstract]  
Summary of Marketable Securities Marketable securities consisted of the following as of the periods presented (in thousands):
December 31, 2021
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses Fair Value
Marketable Securities
U.S. Treasury securities$157,681 $— $(404)$157,277 
Certificates of deposit6,495 — (5)6,490 
Corporate debt securities36,422 — (95)36,327 
Commercial paper
11,624 2 (6)11,620 
Asset-backed securities5,901 1 (7)5,895 
Total marketable securities$218,123 $3 $(517)$217,609 
    
December 31, 2020
Amortized Cost
Gross Unrealized Gains
Gross Unrealized LossesFair Value
Marketable Securities
Certificates of deposit$3,000 $— $— $3,000 
Total marketable securities$3,000 $— $— $3,000 
Summary of Marketable Securities in an Unrealized Loss Position
Marketable securities in an unrealized loss position for less than 12 months consisted of the following as of December 31, 2021 ((in thousands):
Fair ValueGross Unrealized Loss
U.S. Treasury securities$143,590 $(404)
Certificates of deposit6,490 (5)
Corporate debt securities36,327 (95)
Commercial paper6,984 (6)
Asset-backed securities4,967 (7)
Total$198,358 $(517)
Summary of Remaining Contractual Maturities of Marketable Securities
The following summarizes the remaining contractual maturities of the Company’s marketable securities as of December 31, 2021:
Fair Value
One year or less$119,795 
Over one year through five years97,814 
Total marketable securities$217,609 
v3.22.0.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Recorded at Fair Value on Recurring Basis
The following tables summarize our financial instruments recorded at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented
December 31, 2021
Level 1Level 2Level 3Total
Cash equivalents
Money market mutual funds
$151,079 $— $— $151,079 
Marketable Securities
U.S. Treasury securities— 157,277 — 157,277 
Certificates of deposit— 6,490 — 6,490 
Corporate debt securities— 36,327 — 36,327 
Commercial paper
— 11,620 — 11,620 
Asset-backed securities— 5,895 — 5,895 
Total cash equivalents and marketable securities$151,079 $217,609 $— $368,688 
December 31, 2020
Level 1Level 2Level 3Total
Cash equivalents
Money market mutual funds
$2,027 $— $— $2,027 
Marketable Securities— 
Certificates of deposit3,000 — — 3,000 
Total cash equivalents and marketable securities$5,027 $— $— $5,027 
v3.22.0.1
Balance Sheets Components (Tables)
 12 Months Ended
Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]  
Allowance for Doubtful Account and Billing Reserve
The following table presents the changes in the allowance for doubtful accounts as of the periods presented (in thousands):
Year Ended December 31,
202120202019
Balance, beginning of period$1,139 $514 $389 
Charges to general and administrative expenses1,163 1,087 282 
Write-offs and other adjustments(730)(462)(157)
Balance, end of period$1,572 $1,139 $514 
The following table presents the changes in billing reserves as of the periods presented (in thousands):
Year Ended December 31,
202120202019
Balance, beginning of period$1,034 $398 $440 
Charges to revenue1,780 1,922 516 
Write-offs and other adjustments(1,709)(1,286)(558)
Balance, end of period$1,105 $1,034 $398 
Summary of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following as of the periods presented (in thousands):
December 31, 2021December 31, 2020
Deferred offering costs$— $3,220 
Prepaid expenses5,617 2,848 
Other receivables2,786 873 
Other64 138 
Prepaid expenses and other current assets$8,467 $7,079 
Summary of Property and Equipment, Net
Property and equipment, net consisted of the following as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
Computer, equipment and software(1)
$28,227 $24,175 
Furniture and fixtures1,118 1,108 
Leasehold improvements3,776 3,708 
Property and equipment, gross33,121 28,991 
Less: Accumulated depreciation and amortization(2)
(24,341)(19,940)
Property and equipment, net$8,780 $9,051 
(1)
Includes assets recorded under capital leases of $5.3 million and $6.9 million as of December 31, 2021 and 2020, respectively.
(2)
Includes amount for assets recorded under capital leases of $2.2 million and $2.2 million as of December 31, 2021 and 2020, respectively.
Schedule of Property and Equipment, Net of Depreciation and Amortization, by Geographic Region
The following table presents the property and equipment, net of depreciation and amortization, by geographic region as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
United States$7,899 $8,698 
EMEA816 308 
Other65 45 
Total property and equipment, net$8,780 $9,051 
Summary of Accrued Liabilities
Accrued liabilities consisted of the following as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
Accrued bonus$3,922 $2,910 
Accrued vacation3,473 2,724 
Accrued commissions2,633 3,153 
Other accrued compensation and benefits2,474 977 
Accrued ESPP392 — 
Sales and other tax liabilities1,204 1,253 
Accrued Professional service fees647 1,769 
Other3,995 4,653 
Accrued liabilities$18,740 $17,439 
Summary of Other Long-Term Liabilities
Other long-term liabilities consisted of the following as of the periods presented (in thousands):
 December 31, 2021December 31, 2020
Deferred rent liabilities$1,988 $2,543 
Deferred revenue937 1,152 
Other392 327 
Other long-term liabilities$3,317 $4,022 
v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Debt
Debt consisted of the following as of the periods presented (in thousands):
December 31, 2021December 31, 2020
Revolving line of credit$— $22,350 
Equipment loan agreements578 438 
Capital leases3,416 5,298 
Total debt3,994 28,086 
Less: Current portion(2,039)(2,359)
Debt, non-current$1,955 $25,727 
Schedule of Future Payments Under Equipment Loan Agreements and Capital Lease Obligations
As of December 31, 2021, future payments under the equipment loan agreements and capital lease obligations, are as follows (in thousands):
 Equipment LoansCapital LeasesTotal
2022271 1,888 2,159 
2023236 1,607 1,843 
202471 80 151 
Total payments578 3,575 4,153 
Less: Amount representing interest— (159)(159)
Total payments, net of interest$578 $3,416 $3,994 
v3.22.0.1
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Operating Lease Maturity
Future minimum lease payments by year under non-cancelable operating leases as of December 31, 2021 are as follows (in thousands):
2022$2,633 
20232,844 
20242,789 
20252,272 
Total future minimum lease payments$10,538 
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Convertible Preferred Stock
As of December 31, 2020, convertible preferred stock consisted of the following (in thousands):
Class A-1 and Class A-2 Convertible Preferred Stock
Share
 Authorized		Share Issued
and
Outstanding		Aggregate
Liquidation Preference
(in thousands)
Class A-15,177,655 5,177,654 54,379 
Class A-216,522,290 16,505,894 48,397 
Total Class A-1 and Class A-2 convertible preferred stock21,699,945 21,683,548 102,776 
Class B-1 and Class B-2 Redeemable Convertible Preferred Stock
Share
 Authorized		Share Issued
and
Outstanding		Aggregate
Liquidation Preference
(in thousands)
Class B-13,233,851 3,233,851 35,000 
Class B-22,310,067 2,310,067 35,000 
Total Class B-1 and Class B-2 redeemable convertible preferred stock5,543,918 5,543,918 70,000 
Common Stock Reserved for Future Issuance
As of December 31, 2021, the Company had the following shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan:
Stock options outstanding9,341,242 
Restricted stock units outstanding3,737,565 
Remaining shares available for future grant under 2021 Equity Incentive Plan4,880,897 
Remaining shares available for future issuance under ESPP1,224,973 
Total shares of common stock reserved as of December 31, 202119,184,677 
Summary of Stock Options
A summary of stock option activity under the Company’s equity incentive plans and related information is as follows:
Options Outstanding
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual Life
(in years)
Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 2020
11,947,731 $4.85 
Granted481,403 50.12 
Exercised(2,266,979)2.57 $65,860 
Cancelled and forfeited(820,913)15.19 
Balance as of December 31, 2021
9,341,242 $6.83 6.5$109,971 
Vested and exercisable5,839,680 $3.54 5.3$81,496 
Summary of RSU Activity Under Equity Incentive Plans and Related Information
A summary of RSU activity under the Company’s equity incentive plans and related information is as follows:
RSUs Outstanding
Number of
Shares
Weighted-Average
Grant Date
Fair Value
Unvested balance as of December 31, 2020
— $— 
Granted3,907,260 20.53 
Vested(37,100)28.03 
Cancelled and forfeited(132,595)33.14 
Unvested balance as of December 31, 2021
3,737,565 $20.01 
Schedule of Black-Scholes Assumptions Used to Value the Employee Stock Options
Employee Stock Options
Year Ended December 31,
202120202019
Expected term5.92 years-6.07 years6.25 years6.25 years
Expected volatility53.82 %-54.98%41.60 %-62.00%40.70 %-51.50%
Risk-free interest rate0.62 %-0.96%0.40 %-1.70%1.50 %-2.50%
Dividend yield—%—%—%
Schedule of Black-Scholes Assumptions Used to Value the ESPP
Employee Stock Purchase Rights under ESPP
Year Ended
December 31, 2021
Expected term0.13 years-0.63 years
Expected volatility34.08 %-61.00%
Risk-free interest rate0.06%-0.07%
Dividend yield—%
Summary of Share-based Compensation Expense by line item in the Condensed Consolidated Statements of Operations
The stock-based compensation expense by line item in the accompanying consolidated statements of operations is summarized as follows (in thousands):
Year Ended December 31,
202120202019
Cost of revenue
Subscription and other platform$1,897 $154 $97 
Professional services382 37 50 
Total cost of revenue2,279 191 147 
Sales and marketing8,806 1,051 915 
Research and development4,402 360 197 
General and administrative10,163 1,327 739 
Total stock-based compensation expense$25,650 $2,929 $1,998 
Summary of Unrecognized Stock-Based Compensation Expenses
As of December 31, 2021, unrecognized stock-based compensation expense by award type and their weighted-average recognition periods are as follows (in thousands, except years):
Stock OptionRSUESPP
Unrecognized stock-based compensation expense$42,812 $69,174 $310 
Weighted-average amortization period2.88 years3.34 years0.37 years
Schedule of Repurchase Agreements
Year Ended December 31, 2021
Number of shares repurchased428,218 
Average price per share (including commissions)$16.88 
Total repurchase costs (in million)$7.2 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before the provision for (benefit from) income taxes is summarized as follows (in thousands):
Year Ended December 31,
202120202019
Domestic$(25,983)$19,663 $(18,086)
Foreign1,442 1,387 914 
Ending balance$(24,541)$21,050 $(17,172)
Schedule of Income Tax Expense (Benefit)
The provision for income taxes were as follows (in thousands):
Year Ended December 31,
202120202019
Current tax expense
Federal$— $— $— 
State2 32 24 
Foreign(10)265 331 
Total current tax (benefit) expense(8)297 355 
Deferred tax expense:
Federal— — — 
State— — — 
Foreign(277)— — 
Total deferred tax (benefit) expense(277)— — 
Provision for (benefit from) income taxes$(285)$297 $355 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes differs from the amount computed by applying the statutory federal tax rate as follows (in thousands):
Year ended December 31,
202120202019
Tax benefit at U.S. statutory rate$(5,154)$4,402 $(3,470)
State income taxes, net of federal benefit10 32 24 
Foreign income and withholding taxes79 89 (22)
Expenses from resolution of certain tax audits and expiration of statute of limitations64 (32)(16)
Stock-based compensation(6,386)113 258 
Section 162(m)621 — — 
Expired attributes3,118 1,964 846 
Change in valuation allowance6,986 (5,857)(3)
Research and development credits(43)(261)(72)
Global Intangible Low-Taxed Income— 6 176 
Adoption of accounting principles— — 2,464 
Other420 (159)170 
Provision for (benefit from) income taxes$(285)$297 $355 
Schedule of Deferred Tax Assets and Liabilities Significant components of our deferred income tax assets as of the periods presented are as follows (in thousands):
December 31, 2021December 31, 2020
Deferred tax assets
Accrued expense and others$4,197 $4,083 
Stock-based compensation4,605 1,230 
Net operating losses29,092 21,622 
Tax credit carryforwards6,263 6,726 
Fixed assets— 167 
Interest expense and other— — 
Gross deferred tax assets$44,157 $33,828 
Valuation allowance(35,080)(26,257)
Total deferred tax assets$9,077 $7,571 
Deferred tax liabilities
Section 481(a) adjustment$(461)$(110)
Deferred commissions(8,339)(7,461)
Total deferred tax liabilities$(8,800)$(7,571)
Net deferred tax assets$277 $— 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows (in thousands):
Year Ended December 31,
202120202019
Beginning balance$2,397 $2,206 $2,061 
Decrease related to prior year tax provisions(151)— — 
Increase related to current year tax positions341 236 $187 
Decrease due to lapse of applicable statute of limitations(72)(45)$(42)
Ending balance$2,515 $2,397 $2,206 
v3.22.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share
The following tables set forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods presented (in thousands, except share and per share data):
Year Ended December 31,
Basic net income (loss) per share202120202019
Net income (loss)$(24,256)$20,753 $(17,527)
Change in Class B-1 preferred stock redemption value— — (10,047)
Cumulative preferred dividends allocated to preferred stockholders(558)(5,685)(4,774)
Net income (loss) attributable to common stockholders(24,814)15,068 (32,348)
Income available to participating securities— (11,015)— 
Net income (loss) available to common stockholders$(24,814)$4,053 $(32,348)
Net income (loss) per share of common stock, basic$(0.57)$0.40 $(3.68)
Weighted-average common stock outstanding, basic43,562,604 10,017,574 8,788,628 
Year Ended December 31,
Diluted net income (loss) per share202120202019
Net income (loss)$(24,256)$20,753 $(17,527)
Change in Class B-1 preferred stock redemption value— — (10,047)
Cumulative preferred dividends allocated to preferred stockholders(558)(5,685)(4,774)
Net income (loss) attributable to common stockholders(24,814)15,068 (32,348)
Reallocation of earnings to participating securities considering potentially dilutive securities— (9,450)— 
Net income (loss) available to common stockholders$(24,814)$5,618 $(32,348)
Net income (loss) per share of common stock, diluted$(0.57)$0.35 $(3.68)
Weighted average common stock outstanding, basic43,562,604 10,017,574 8,788,628 
Weighted average dilutive effect of stock options and restricted stock— 6,169,575 — 
Weighted-average common stock outstanding, diluted43,562,604 16,187,149 8,788,628 
Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share
The following table sets forth the potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive:
Year Ended December 31,
202120202019
Convertible preferred stock (on an if-converted basis)— 5,543,918 27,227,466 
Stock options9,341,242 426,542 9,390,407 
Restricted stock units3,737,565 — 187,500 
ESPP purchase rights88,059 — — 
Total antidilutive securities13,166,866 5,970,460 36,805,373 
v3.22.0.1
Description of Business and Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Feb. 05, 2021
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
reportableSegment
operatingSegment
shares
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 01, 2022
USD ($)
Description of Business and Significant Accounting Policies [Line Items]          
Proceeds from initial public offering, net of underwriting discounts   $ 353,397,000 $ 0 $ 0  
Payments of offering costs   $ 3,714,000 1,902,000 0  
Estimated useful life   3 years      
Impairment charges   $ 0 0 0  
Deferred offering costs within prepaid expenses and other current asset/ reclassified into stockholders' equity (deficit)   $ 0 3,220,000    
Capitalized contract cost, amortization period   5 years      
Amortization of deferred contract acquisition costs   $ 15,248,000 11,115,000 7,012,000  
Impairment losses of deferred contract acquisition costs   0 0 0  
Advertising costs   17,300,000 9,200,000 6,000,000  
Interest or penalties charge in relation to unrecognized tax benefits   $ 0 0 0  
Number of operating segments | operatingSegment   1      
Deferred rent and lease incentives   $ (2,600,000) (3,100,000)    
Number of Reportable Segments | reportableSegment   1      
Restricted Stock Units (RSUs) [Member] | Minimum          
Description of Business and Significant Accounting Policies [Line Items]          
Requisite service period   3 years      
Restricted Stock Units (RSUs) [Member] | Maximum          
Description of Business and Significant Accounting Policies [Line Items]          
Requisite service period   4 years      
Employee Stock Option          
Description of Business and Significant Accounting Policies [Line Items]          
Requisite service period   4 years      
Accounting Standards Update 2016-02 | Forecast | Cumulative Effect, Period of Adoption, Adjustment          
Description of Business and Significant Accounting Policies [Line Items]          
Right-of-use assets         $ 7,300,000
Lease liabilities         9,900,000
Deferred rent and lease incentives         $ 2,600,000
Sales and Marketing Expense          
Description of Business and Significant Accounting Policies [Line Items]          
Amortization of deferred contract acquisition costs   $ 15,200,000 11,100,000 $ 7,000,000  
Prepaid Expenses and Other Current Assets          
Description of Business and Significant Accounting Policies [Line Items]          
Deferred offering costs within prepaid expenses and other current asset/ reclassified into stockholders' equity (deficit)     $ 3,200,000    
IPO          
Description of Business and Significant Accounting Policies [Line Items]          
Convertible preferred stock converted into shares of common stock (in shares) | shares 27,227,466        
Common Stock          
Description of Business and Significant Accounting Policies [Line Items]          
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs (in shares) | shares   7,599,928      
Convertible preferred stock converted into shares of common stock (in shares) | shares   27,227,466      
Common Stock | IPO          
Description of Business and Significant Accounting Policies [Line Items]          
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs (in shares) | shares 7,599,928        
Offering price (in dollars per share) | $ / shares $ 50        
Proceeds from initial public offering, net of underwriting discounts $ 347,800,000        
Payments of offering costs 26,600,000        
Other offering costs $ 5,600,000        
Convertible preferred stock converted into shares of common stock (in shares) | shares 27,227,466        
Conversion of convertible preferred stock to common stock, ratio 1        
Additional Paid-in Capital          
Description of Business and Significant Accounting Policies [Line Items]          
Deferred offering costs within prepaid expenses and other current asset/ reclassified into stockholders' equity (deficit) $ 5,600,000        
v3.22.0.1
Revenue - Schedule of Disaggregation of Revenue by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation Of Revenue [Line Items]      
Total revenue $ 203,613 $ 156,941 $ 89,133
United States      
Disaggregation Of Revenue [Line Items]      
Total revenue 150,579 119,897 70,124
EMEA      
Disaggregation Of Revenue [Line Items]      
Total revenue 36,788 26,197 13,645
Other      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 16,246 $ 10,847 $ 5,364
v3.22.0.1
Revenue - Foreign Countries Which Contributed 10% or more of Total Revenue (Detail)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Geographic Concentration Risk | Revenue | United Kingdom    
Disaggregation Of Revenue [Line Items]    
Percentage of concentration risk 10.00% 10.00%
v3.22.0.1
Revenue - Summary of Revenue by Digital Experience Platform and Legacy Offering (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation Of Revenue [Line Items]      
Total revenue $ 203,613 $ 156,941 $ 89,133
Digital engagement platform - subscription and other platform      
Disaggregation Of Revenue [Line Items]      
Total revenue 175,777 121,214 66,286
Digital engagement platform - professional services      
Disaggregation Of Revenue [Line Items]      
Total revenue 27,702 33,583 14,413
Legacy - subscription and other platform      
Disaggregation Of Revenue [Line Items]      
Total revenue 99 1,416 6,303
Legacy - professional services      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 35 $ 728 $ 2,131
v3.22.0.1
Revenue - Contract Balances and Costs To Obtain A Contract (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized related to deferred revenue $ 87.9
v3.22.0.1
Revenue - Remaining Performance Obligations (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Disaggregation Of Revenue [Line Items]  
Remaining performance obligation $ 154.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Disaggregation Of Revenue [Line Items]  
Remaining performance obligation percentage 79.00%
Revenue remaining performance obligation, expected timing of satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Disaggregation Of Revenue [Line Items]  
Revenue remaining performance obligation, expected timing of satisfaction period
Billed Consideration  
Disaggregation Of Revenue [Line Items]  
Remaining performance obligation $ 97.2
Unbilled Consideration  
Disaggregation Of Revenue [Line Items]  
Remaining performance obligation $ 57.0
v3.22.0.1
Marketable Securities - Summary of Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Marketable Securities [Line Items]    
Total marketable securities, Amortized Cost $ 218,123 $ 3,000
Total marketable securities, Gross Unrealized Gains 3 0
Total marketable securities, Gross Unrealized Losses (517) 0
Total marketable securities, fair value 217,609 3,000
U.S. Treasury securities    
Marketable Securities [Line Items]    
Total marketable securities, Amortized Cost 157,681  
Total marketable securities, Gross Unrealized Gains 0  
Total marketable securities, Gross Unrealized Losses (404)  
Total marketable securities, fair value 157,277  
Certificates of deposit    
Marketable Securities [Line Items]    
Total marketable securities, Amortized Cost 6,495 3,000
Total marketable securities, Gross Unrealized Gains 0 0
Total marketable securities, Gross Unrealized Losses (5) 0
Total marketable securities, fair value 6,490 $ 3,000
Corporate debt securities    
Marketable Securities [Line Items]    
Total marketable securities, Amortized Cost 36,422  
Total marketable securities, Gross Unrealized Gains 0  
Total marketable securities, Gross Unrealized Losses (95)  
Total marketable securities, fair value 36,327  
Commercial paper    
Marketable Securities [Line Items]    
Total marketable securities, Amortized Cost 11,624  
Total marketable securities, Gross Unrealized Gains 2  
Total marketable securities, Gross Unrealized Losses (6)  
Total marketable securities, fair value 11,620  
Asset-backed securities    
Marketable Securities [Line Items]    
Total marketable securities, Amortized Cost 5,901  
Total marketable securities, Gross Unrealized Gains 1  
Total marketable securities, Gross Unrealized Losses (7)  
Total marketable securities, fair value $ 5,895  
v3.22.0.1
Marketable Securities - Marketable Securities in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Marketable Securities [Line Items]    
Fair Value $ 198,358  
Gross Unrealized Loss (517) $ 0
U.S. Treasury securities    
Marketable Securities [Line Items]    
Fair Value 143,590  
Gross Unrealized Loss (404)  
Certificates of deposit    
Marketable Securities [Line Items]    
Fair Value 6,490  
Gross Unrealized Loss (5) $ 0
Corporate debt securities    
Marketable Securities [Line Items]    
Fair Value 36,327  
Gross Unrealized Loss (95)  
Commercial paper    
Marketable Securities [Line Items]    
Fair Value 6,984  
Gross Unrealized Loss (6)  
Asset-backed securities    
Marketable Securities [Line Items]    
Fair Value 4,967  
Gross Unrealized Loss $ (7)  
v3.22.0.1
Marketable Securities - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Marketable Securities (Available For Sale) [Line Items]    
Marketable securities in a continuous loss position for 12 months or more $ 0  
Marketable securities in a loss position   $ 0
Decline deemed to be other-than-temporary 0  
Reclassification out of Accumulated Other Comprehensive Income (Loss)    
Marketable Securities (Available For Sale) [Line Items]    
Realized gains (losses) from marketable securities $ 0 $ 0
v3.22.0.1
Marketable Securities - Summary of Remaining Contractual Maturities of Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Marketable Securities (Available For Sale) Maturities [Abstract]    
One year or less $ 119,795  
Over one year through five years 97,814  
Total marketable securities $ 217,609 $ 3,000
v3.22.0.1
Fair Value Measurement - Summary of Financial Instruments Recorded at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value $ 217,609 $ 3,000
U.S. Treasury securities    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 157,277  
Certificates of deposit    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 6,490 3,000
Corporate debt securities    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 36,327  
Commercial paper    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 11,620  
Asset-backed securities    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 5,895  
Fair Value Measurements Recurring    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total cash equivalents and marketable securities 368,688 5,027
Fair Value Measurements Recurring | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total cash equivalents and marketable securities 151,079 5,027
Fair Value Measurements Recurring | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total cash equivalents and marketable securities 217,609 0
Fair Value Measurements Recurring | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total cash equivalents and marketable securities 0 0
Fair Value Measurements Recurring | Money market mutual funds    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Money market funds, fair value 151,079 2,027
Fair Value Measurements Recurring | Money market mutual funds | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Money market funds, fair value 151,079 2,027
Fair Value Measurements Recurring | Money market mutual funds | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Money market funds, fair value 0 0
Fair Value Measurements Recurring | Money market mutual funds | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Money market funds, fair value 0 0
Fair Value Measurements Recurring | U.S. Treasury securities    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 157,277  
Fair Value Measurements Recurring | U.S. Treasury securities | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | U.S. Treasury securities | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 157,277  
Fair Value Measurements Recurring | U.S. Treasury securities | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | Certificates of deposit    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 6,490 3,000
Fair Value Measurements Recurring | Certificates of deposit | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0 3,000
Fair Value Measurements Recurring | Certificates of deposit | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 6,490 0
Fair Value Measurements Recurring | Certificates of deposit | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0 $ 0
Fair Value Measurements Recurring | Corporate debt securities    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 36,327  
Fair Value Measurements Recurring | Corporate debt securities | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | Corporate debt securities | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 36,327  
Fair Value Measurements Recurring | Corporate debt securities | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | Commercial paper    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 11,620  
Fair Value Measurements Recurring | Commercial paper | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | Commercial paper | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 11,620  
Fair Value Measurements Recurring | Commercial paper | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | Asset-backed securities    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 5,895  
Fair Value Measurements Recurring | Asset-backed securities | Level 1    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 0  
Fair Value Measurements Recurring | Asset-backed securities | Level 2    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value 5,895  
Fair Value Measurements Recurring | Asset-backed securities | Level 3    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Total marketable securities, fair value $ 0  
v3.22.0.1
Balance Sheets Components - Allowance For Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Changes in Allowance for Doubtful Accounts      
Balance, beginning of period $ 1,139 $ 514 $ 389
Charges to general and administrative expenses 1,163 1,087 282
Write-offs and other adjustments (730) (462) (157)
Balance, end of period $ 1,572 $ 1,139 $ 514
v3.22.0.1
Balance Sheets Components - Billing Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Changes in Billing Reserve      
Balance, beginning of period $ 1,034 $ 398 $ 440
Charges to revenue 1,780 1,922 516
Write-offs and other adjustments (1,709) (1,286) (558)
Balance, end of period $ 1,105 $ 1,034 $ 398
v3.22.0.1
Balance Sheets Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]    
Deferred offering costs $ 0 $ 3,220
Prepaid expenses 5,617 2,848
Other receivables 2,786 873
Other 64 138
Prepaid expenses and other current assets $ 8,467 $ 7,079
v3.22.0.1
Balance Sheets Components - Summary of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 33,121 $ 28,991
Less: Accumulated depreciation and amortization (24,341) (19,940)
Property and equipment, net 8,780 9,051
Computer, equipment and software    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 28,227 24,175
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 1,118 1,108
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 3,776 $ 3,708
v3.22.0.1
Balance Sheets Components - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property Plant And Equipment [Line Items]      
Property and equipment, gross $ 33,121 $ 28,991  
Accumulated depreciation and amortization 24,341 19,940  
Depreciation and amortization 4,592 2,974 $ 2,329
Assets recorded under capital leases      
Property Plant And Equipment [Line Items]      
Property and equipment, gross 5,300 6,900  
Accumulated depreciation and amortization $ 2,200 $ 2,200  
v3.22.0.1
Balance Sheets Components - Schedule of Property and Equipment, Net of Depreciation and Amortization, by Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property Plant And Equipment [Line Items]    
Total property and equipment, net $ 8,780 $ 9,051
United States    
Property Plant And Equipment [Line Items]    
Total property and equipment, net 7,899 8,698
EMEA    
Property Plant And Equipment [Line Items]    
Total property and equipment, net 816 308
Other    
Property Plant And Equipment [Line Items]    
Total property and equipment, net $ 65 $ 45
v3.22.0.1
Balance Sheets Components - Summary of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]    
Accrued bonus $ 3,922 $ 2,910
Accrued vacation 3,473 2,724
Accrued commissions 2,633 3,153
Other accrued compensation and benefits 2,474 977
Accrued ESPP 392 0
Sales and other tax liabilities 1,204 1,253
Accrued Professional service fees 647 1,769
Other 3,995 4,653
Accrued liabilities $ 18,740 $ 17,439
v3.22.0.1
Balance Sheets Components - Summary of Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]    
Deferred rent liabilities $ 1,988 $ 2,543
Deferred revenue 937 1,152
Other 392 327
Other long-term liabilities $ 3,317 $ 4,022
v3.22.0.1
Debt - Summary of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 3,994 $ 28,086
Less: Current portion (2,039) (2,359)
Debt, non-current 1,955 25,727
Equipment Loan Agreements    
Debt Instrument [Line Items]    
Total debt 578 438
Capital Leases    
Debt Instrument [Line Items]    
Total debt 3,416 5,298
Revolving Line of Credit    
Debt Instrument [Line Items]    
Total debt $ 0 $ 22,350
v3.22.0.1
Debt - Revolving Line of Credit (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2020
Jul. 30, 2020
Sep. 30, 2021
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]              
Repayments of long-term debt         $ 22,597,000 $ 28,179,000 $ 6,193,000
Revolving Line of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 50,000,000        
Cash to be maintained per agreement     $ 100,000,000        
Deferred revenue trailing period     5 months        
Borrowing capacity         $ 50,000,000    
Percentage of unused facility fee to be paid quarterly     0.15%        
Current portion of total borrowing amount, subject to maximum debt to EBITDA ratio, financial covenant     $ 5,000,000        
Repayments of long-term debt       $ 22,400,000      
Revolving Line of Credit | Prime Rate              
Debt Instrument [Line Items]              
Margin on interest rate 0.75% 0.50%          
Debt instrument, interest rate         3.25% 3.25% 4.75%
Letter of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity     4,000,000        
Letter of Credit | Property Lease Guarantee              
Debt Instrument [Line Items]              
Letters of credit outstanding, amount         $ 1,200,000    
Credit Card Sublimit              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 1,000,000        
v3.22.0.1
Debt - Equipment Loan Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 3,994 $ 28,086
Equipment Loan Agreements    
Debt Instrument [Line Items]    
Total debt $ 578 $ 438
Maximum | Equipment Loan Agreements    
Debt Instrument [Line Items]    
Repayment period 36 months  
Debt instrument, interest rate 10.10%  
Minimum | Equipment Loan Agreements    
Debt Instrument [Line Items]    
Debt instrument, interest rate 5.80%  
v3.22.0.1
Debt - Future Payments Under Equipment Loan Agreements and Capital Lease Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Disclosure [Abstract]    
Equipment Loans, 2022 $ 271  
Equipment Loans, 2023 236  
Equipment Loans, 2024 71  
Equipment Loans, Total payments 578  
Equipment loan, Less: Amount representing interest 0  
Equipment Loans, Total payments, net of interest 578  
Capital leases, 2022 1,888  
Capital leases, 2023 1,607  
Capital leases, 2024 80  
Total payments 3,575  
Capital leases, Less: Amount representing interest (159)  
Total payments, net of interest 3,416  
2022 2,159  
2023 1,843  
2024 151  
Total payments 4,153  
Less: Amount representing interest (159)  
Total debt $ 3,994 $ 28,086
v3.22.0.1
Commitment and Contingencies - Purchase Obligations (Details) - Software License Fees And Co-Location Facilities And Services
$ in Millions
Dec. 31, 2021
USD ($)
Loss Contingencies [Line Items]  
Non-cancelable purchase commitments $ 6.7
Non-cancelable purchase commitments, due 2022 4.4
Non-cancelable purchase commitments, due 2023 2.2
Non-cancelable purchase commitments, due 2024 $ 0.1
v3.22.0.1
Commitment and Contingencies - Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]      
Deferred rent $ 2,600 $ 3,100  
Rent expense 2,900 $ 2,800 $ 3,000
2022 2,633    
2023 2,844    
2024 2,789    
2025 2,272    
Total future minimum lease payments $ 10,538    
v3.22.0.1
Commitment and Contingencies - Contingencies and Legal Proceedings (Details)
Dec. 31, 2021
USD ($)
Nov. 03, 2021
putativeClassActions
Dec. 31, 2020
USD ($)
Putative Class Actions Douvia v ON24 And Goemer v ON24 | Pending Litigation      
Loss Contingencies [Line Items]      
Number of pending claims | putativeClassActions   2  
Accrued litigation expense $ 0    
Sales and Use Tax Assessments      
Loss Contingencies [Line Items]      
Loss contingency, range of possible loss, portion not accrued 0   $ 0
Sales and Use Tax Assessments | Minimum      
Loss Contingencies [Line Items]      
Loss contingency, estimate of possible loss 0    
Sales and Use Tax Assessments | Maximum      
Loss Contingencies [Line Items]      
Loss contingency, estimate of possible loss $ 400,000    
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Preferred Stock (Details) - Undesignated Preferred Stock - IPO
Feb. 05, 2021
$ / shares
shares
Class Of Stock [Line Items]  
Undesignated preferred stock shares authorized (in shares) | shares 10,000,000
Undesignated referred stock par value (in dollars per share) | $ / shares $ 0.0001
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Convertible Preferred Stock (Details)
Feb. 05, 2021
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
IPO      
Class Of Stock [Line Items]      
Convertible preferred stock converted into shares of common stock (in shares) 27,227,466    
Redeemable preferred stock convertible to common stock conversion ratio 1    
Convertible Class A-1 and Class A-2 Preferred Stock      
Class Of Stock [Line Items]      
Convertible preferred stock outstanding (in shares)   0 21,683,548
Convertible Class A-1 and Class A-2 Preferred Stock | IPO      
Class Of Stock [Line Items]      
Convertible preferred stock outstanding (in shares) 21,683,548    
Redeemable Convertible Class B and Class B-1 Preferred Stock      
Class Of Stock [Line Items]      
Convertible preferred stock outstanding (in shares)   0 5,543,918
Redeemable Convertible Class B and Class B-1 Preferred Stock | IPO      
Class Of Stock [Line Items]      
Convertible preferred stock outstanding (in shares) 5,543,918    
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Schedule of Convertible Preferred Stock (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Convertible Class A-1 and Class A-2 Preferred Stock    
Class Of Stock [Line Items]    
Convertible preferred stock, authorized (in shares) 0 21,699,945
Convertible preferred stock, issued (in shares) 0 21,683,548
Convertible preferred stock outstanding (in shares) 0 21,683,548
Convertible preferred stock, liquidation preference $ 0 $ 102,776
Class A-1    
Class Of Stock [Line Items]    
Convertible preferred stock, authorized (in shares)   5,177,655
Convertible preferred stock, issued (in shares)   5,177,654
Convertible preferred stock outstanding (in shares)   5,177,654
Convertible preferred stock, liquidation preference   $ 54,379
Class A-2    
Class Of Stock [Line Items]    
Convertible preferred stock, authorized (in shares)   16,522,290
Convertible preferred stock, issued (in shares)   16,505,894
Convertible preferred stock outstanding (in shares)   16,505,894
Convertible preferred stock, liquidation preference   $ 48,397
Redeemable Convertible Class B and Class B-1 Preferred Stock    
Class Of Stock [Line Items]    
Convertible preferred stock, authorized (in shares) 0 5,543,918
Convertible preferred stock, issued (in shares) 0 5,543,918
Convertible preferred stock outstanding (in shares) 0 5,543,918
Convertible preferred stock, liquidation preference $ 0 $ 70,000
Class B-1    
Class Of Stock [Line Items]    
Convertible preferred stock, authorized (in shares)   3,233,851
Convertible preferred stock, issued (in shares)   3,233,851
Convertible preferred stock outstanding (in shares)   3,233,851
Convertible preferred stock, liquidation preference   $ 35,000
Class B-2    
Class Of Stock [Line Items]    
Convertible preferred stock, authorized (in shares)   2,310,067
Convertible preferred stock, issued (in shares)   2,310,067
Convertible preferred stock outstanding (in shares)   2,310,067
Convertible preferred stock, liquidation preference   $ 35,000
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Common Stock (Details)
Feb. 05, 2021
Vote
$ / shares
shares
Dec. 31, 2021
$ / shares
shares
Dec. 31, 2020
$ / shares
shares
Class Of Stock [Line Items]      
Common stock, authorized (in shares)   500,000,000 50,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001
Number of votes per share | Vote 1    
Common Stock      
Class Of Stock [Line Items]      
Common stock, authorized (in shares) 500,000,000    
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Common Stock Reserved for Future Issuance (Details) - shares
Dec. 31, 2021
Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Stock options outstanding (in shares) 9,341,242 11,947,731
Number of shares available for future issuance (in shares) 19,184,677  
2021 Equity Incentive Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Common stock, shares available for grant (in shares) 4,880,897  
2021 Employee Stock Purchase Plan    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Common stock, shares available for grant (in shares) 1,224,973  
Restricted Stock    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Restricted stock units outstanding (in shares) 3,737,565  
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Equity Incentive Plan (Details) - shares
Feb. 05, 2021
Dec. 31, 2021
Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares available for future issuance (in shares)   19,184,677  
2021 Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Common stock, shares available for grant (in shares) 8,282,313    
Number of shares available for future issuance (in shares) 6,400,000    
Percent of outstanding stock from Jan 1, 2022 to Jan 1, 2031, maximum 5.00%    
Number of additional shares authorized (in shares)     2,386,367
2021 Plan | Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Term of stock options granted 10 years    
2014 Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares available for future issuance (in shares) 1,882,313    
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Shares      
Beginning balance (in shares) 11,947,731    
Granted (in shares) 481,403    
Exercised (in shares) (2,266,979)    
Cancelled and forfeited (in shares) (820,913)    
Ending balance (in shares) 9,341,242 11,947,731  
Vested and exercisable (in shares) 5,839,680    
Weighted- Average Exercise Price      
Beginning balance (in dollars per share) $ 4.85    
Granted (in dollars per share) 50.12    
Exercised (in dollars per share) 2.57    
Cancelled and forfeited (in dollars per share) 15.19    
Ending Balance (in dollars per share) 6.83 $ 4.85  
Vested and exercisable (in dollars per share) $ 3.54    
Ending balance, Weighted Average Remaining Contractual Life 6 years 6 months    
Vested and exercisable, Weighted Average Remaining Contractual Life 5 years 3 months 18 days    
Exercise, aggregate intrinsic value $ 65,860 $ 5,200 $ 300
Outstanding ending balance, aggregate intrinsic value 109,971    
Vested and exercisable, aggregate intrinsic value $ 81,496    
Weighted-average grant date fair value of options granted (in dollars per share) $ 25.18 $ 11.51 $ 1.19
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of RSU Activity Under Equity Incentive Plans and Related Information (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Shares      
Unvested beginning balance (in shares) 0    
Granted (in shares) 3,907,260 0 0
Vested (in shares) (37,100) 0 0
Cancelled and forfeited (in shares) (132,595)    
Unvested ending balance (in shares) 3,737,565 0  
Weighted-Average Grant Date Fair Value      
Unvested beginning balance (in dollars per share) $ 0    
Granted (in dollars per share) 20.53    
Vested (in dollars per share) 28.03    
Cancelled and forfeited (in dollars per share) 33.14    
Unvested ending balance (in dollars per share) $ 20.01 $ 0  
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Restricted Stock Unit with Performance Conditions (Details) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 02, 2021
Feb. 28, 2021
Jun. 30, 2014
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Payment to receive shares of stock       $ 1,054,000 $ 0 $ 0
Stock-based compensation expense       25,650,000 $ 2,929,000 $ 1,998,000
Performance-based Restricted Stock Unit            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Total fair value of RSU vested       $ 1,000,000    
Granted (in shares)       3,907,260 0 0
Number of shares vested (in shares)       37,100 0 0
Executive Officer | Performance-based Restricted Stock Unit | Share-based Payment Arrangement, Employee            
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]            
Granted (in shares)     187,500      
Number of shares vested (in shares) 187,500          
Grant date fair value     $ 500,000      
Payment to receive shares of stock     $ 0      
Requisite service period     1 year      
Stock-based compensation expense   $ 500,000        
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Employee Stock Purchase Plan (Details) - $ / shares
 1 Months Ended 12 Months Ended
Jan. 31, 2021
Dec. 31, 2021
Jan. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares available for future issuance (in shares)   19,184,677  
Common Stock | Employee Stock      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Maximum Percentage of employees earnings contribution for purchase of common stock under ESPP 20.00%    
Purchase of common stock under ESPP (in shares)   75,027  
Employee stock purchase plan, shares purchased price paid per share (in dollars per share)   $ 14.04  
Common Stock | Employee Stock | First Date of ESPP Offering      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Percentage of purchase price of common stock to fair market value of common stock on offering or purchase date 85.00%    
Common Stock | Employee Stock | Date of Purchase of ESPP Offering      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Percentage of purchase price of common stock to fair market value of common stock on offering or purchase date 85.00%    
2021 Employee Stock Purchase Plan | Employee Stock      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Maximum percentage of number of shares of stock issued and outstanding on the immediately preceding December 31 reserved for ESPP increases 1.00%    
Numbers of additional shares authorized from Jan 1, 2022 to Jan 1, 2031 under the plan 1,300,000    
Number of additional shares reserved pursuant to automatic annual increase (in shares)     477,273
2021 Employee Stock Purchase Plan | Common Stock | Employee Stock      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of shares available for future issuance (in shares) 1,300,000    
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Schedule of Black-Scholes Assumptions Used to Value the Employee Stock Options (Detail) - Employee Stock Option
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term   6 years 3 months 6 years 3 months
Expected volatility, minimum 53.82% 41.60% 40.70%
Expected volatility, maximum 54.98% 62.00% 51.50%
Risk-free interest rate, minimum 0.62% 0.40% 1.50%
Risk-free interest rate, maximum 0.96% 1.70% 2.50%
Dividend yield 0.00% 0.00% 0.00%
Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term 5 years 11 months 1 day    
Maximum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term 6 years 25 days    
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Schedule of Black-Scholes Assumptions Used to Value the ESPP (Detail) - ESPP purchase rights
 12 Months Ended
Dec. 31, 2021
Class Of Stock [Line Items]  
Expected volatility, minimum 34.08%
Expected volatility, maximum 61.00%
Risk-free interest rate, minimum 0.06%
Risk-free interest rate, maximum 0.07%
Dividend yield 0.00%
Minimum  
Class Of Stock [Line Items]  
Expected term 1 month 17 days
Maximum  
Class Of Stock [Line Items]  
Expected term 7 months 17 days
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Expected Dividend Yield (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Cash dividends payment (in dollars per share) $ 0 $ 0 $ 0
Declared cash dividends (in dollars per share) $ 0 $ 0 $ 0
Employee Stock Option      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of Share-based Compensation Expense by line item in the Condensed Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Class Of Stock [Line Items]      
Stock-based compensation expense $ 25,650 $ 2,929 $ 1,998
Cost of revenue      
Class Of Stock [Line Items]      
Stock-based compensation expense 2,279 191 147
Cost of revenue | Subscription and other platform      
Class Of Stock [Line Items]      
Stock-based compensation expense 1,897 154 97
Cost of revenue | Professional services      
Class Of Stock [Line Items]      
Stock-based compensation expense 382 37 50
Sales and marketing      
Class Of Stock [Line Items]      
Stock-based compensation expense 8,806 1,051 915
Research and development      
Class Of Stock [Line Items]      
Stock-based compensation expense 4,402 360 197
General and administrative      
Class Of Stock [Line Items]      
Stock-based compensation expense $ 10,163 $ 1,327 $ 739
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of Unrecognized Stock-based Compensation Expense (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Stock options  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 42,812
Weighted-average amortization period 2 years 10 months 17 days
Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 69,174
Weighted-average amortization period 3 years 4 months 2 days
ESPP purchase rights  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 310
Weighted-average amortization period 4 months 13 days
v3.22.0.1
Convertible Preferred Stock, Stockholders’ Equity (Deficit) and Equity Incentive Plan - Repurchase of Common Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
 2 Months Ended 12 Months Ended
Mar. 09, 2022
Dec. 31, 2021
Dec. 01, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share repurchase program, authorized amount     $ 50,000
Amount available for future share repurchases   $ 42,800  
Number of shares repurchased (in shares)   428,218  
Average price per share (including commissions) (dollars per share)   $ 16.88  
Total repurchase costs (in million)   $ 7,228  
Subsequent Event      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Amount available for future share repurchases $ 33,700    
Number of shares repurchased (in shares) 579,929    
Average price per share (including commissions) (dollars per share) $ 15.72    
v3.22.0.1
Employees Benefit Plan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Amount of compensation automatically deferred 3.00%    
Amount of compensation automatically deferred, annual escalator amount 1.00%    
Amount of matching contributions automatically vested 100.00%    
Maximum contribution amount per participant $ 500 $ 500 $ 500
Contribution expense $ 300,000 $ 200,000 $ 200,000
v3.22.0.1
Income Taxes - Components of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Domestic $ (25,983) $ 19,663 $ (18,086)
Foreign 1,442 1,387 914
Income (loss) before provision for (benefit from) income taxes $ (24,541) $ 21,050 $ (17,172)
v3.22.0.1
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current tax expense      
Federal $ 0 $ 0 $ 0
State 2 32 24
Foreign (10) 265 331
Total current tax (benefit) expense (8) 297 355
Deferred tax expense:      
Federal 0 0 0
State 0 0 0
Foreign (277) 0 0
Total deferred tax (benefit) expense (277) 0 0
Provision for (benefit from) income taxes $ (285) $ 297 $ 355
v3.22.0.1
Income Taxes - Reconciliation for Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Tax benefit at U.S. statutory rate $ (5,154) $ 4,402 $ (3,470)
State income taxes, net of federal benefit 10 32 24
Foreign income and withholding taxes 79 89 (22)
Expenses from resolution of certain tax audits and expiration of statute of limitations 64 (32) (16)
Stock-based compensation (6,386) 113 258
Section 162(m) 621 0 0
Expired attributes 3,118 1,964 846
Change in valuation allowance 6,986 (5,857) (3)
Research and development credits (43) (261) (72)
Global Intangible Low-Taxed Income 0 6 176
Adoption of accounting principles 0 0 2,464
Other 420 (159) 170
Provision for (benefit from) income taxes $ (285) $ 297 $ 355
v3.22.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]      
Undistributed earnings of the Company's foreign subsidiaries $ 3,400,000 $ 3,500,000 $ 1,400,000
Increase in valuation allowance 8,800,000    
Valuation allowance $ (35,080,000) $ (26,257,000)  
Net operating loss carryover limit based on taxable income 80.00%    
Tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease $ 0    
Amount of of unrecognized tax benefits that would affect Company's effective tax rate if recognized $ 400,000    
Minimum      
Operating Loss Carryforwards [Line Items]      
Remain Open To Examination Period 3 years    
Maximum      
Operating Loss Carryforwards [Line Items]      
Remain Open To Examination Period 4 years    
Her Majesty's Revenue and Customs (HMRC in UK)      
Operating Loss Carryforwards [Line Items]      
Valuation allowance $ 0    
Federal      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 116,800,000    
Net operating loss carryforwards indefinitely 77,100,000    
State      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforwards 75,400,000    
Research Tax Credit Carryforward | Federal      
Operating Loss Carryforwards [Line Items]      
Research and development credit carryforwards 4,400,000    
Research Tax Credit Carryforward | State      
Operating Loss Carryforwards [Line Items]      
Research and development credit carryforwards $ 4,700,000    
v3.22.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets    
Accrued expense and others $ 4,197 $ 4,083
Stock-based compensation 4,605 1,230
Net operating losses 29,092 21,622
Tax credit carryforwards 6,263 6,726
Fixed assets 0 167
Interest expense and other 0 0
Gross deferred tax assets 44,157 33,828
Valuation allowance (35,080) (26,257)
Total deferred tax assets 9,077 7,571
Deferred tax liabilities    
Section 481(a) adjustment (461) (110)
Deferred commissions (8,339) (7,461)
Total deferred tax liabilities (8,800) (7,571)
Net deferred tax assets $ 277 $ 0
v3.22.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Total Unrecognized Tax Position      
Beginning balance $ 2,397 $ 2,206 $ 2,061
Decrease related to prior year tax provisions (151) 0 0
Increase related to current year tax positions 341 236 187
Decrease due to lapse of applicable statute of limitations (72) (45) (42)
Ending balance $ 2,515 $ 2,397 $ 2,206
v3.22.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Basic net income (loss) per share      
Net income (loss) $ (24,256) $ 20,753 $ (17,527)
Change in Class B-1 preferred stock redemption value 0 0 (10,047)
Cumulative preferred dividends allocated to preferred stockholders (558) (5,685) (4,774)
Net income (loss) attributable to common stockholders (24,814) 15,068 (32,348)
Income available to participating securities 0 (11,015) 0
Net income (loss) available to common stockholders $ (24,814) $ 4,053 $ (32,348)
Net income (loss) per share of common stock, basic (in dollars per share) $ (0.57) $ 0.40 $ (3.68)
Weighted-average common stock outstanding, basic (in shares) 43,562,604 10,017,574 8,788,628
Diluted net income (loss) per share      
Net income (loss) $ (24,256) $ 20,753 $ (17,527)
Change in Class B-1 preferred stock redemption value 0 0 (10,047)
Cumulative preferred dividends allocated to preferred stockholders (558) (5,685) (4,774)
Net income (loss) attributable to common stockholders (24,814) 15,068 (32,348)
Reallocation of earnings to participating securities considering potentially dilutive securities 0 (9,450) 0
Net income (loss) available to common stockholders $ (24,814) $ 5,618 $ (32,348)
Net income (loss) per share of common stock, diluted (in dollars per share) $ (0.57) $ 0.35 $ (3.68)
Weighted-average common stock outstanding, basic (in shares) 43,562,604 10,017,574 8,788,628
Weighted average dilutive effect of stock options and restricted stock (in shares) 0 6,169,575 0
Weighted-average common stock outstanding, diluted (in shares) 43,562,604 16,187,149 8,788,628
v3.22.0.1
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Total antidilutive securities 13,166,866 5,970,460 36,805,373
Stock options      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Total antidilutive securities 9,341,242 426,542 9,390,407
Restricted Stock Units (RSUs) [Member]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Total antidilutive securities 3,737,565 0 187,500
ESPP purchase rights      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Total antidilutive securities 88,059 0 0
Convertible Preferred Stock (On An If-converted Basis)      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Total antidilutive securities 0 5,543,918 27,227,466
v3.22.0.1
Related Party Transactions - Additional Information (Details) - Chief Executive Officer of Third-party Vendor - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts Payable and Accrued Liabilities      
Related Party Transaction [Line Items]      
Related party transactions, amounts owed $ 0.3 $ 0.2  
Research and development      
Related Party Transaction [Line Items]      
Engineering and quality assurance costs $ 2.5 $ 1.7 $ 1.5
v3.22.0.1
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2014-09 [Member]