0001422930-21-000045 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39748
Entity Registrant Name	PUBMATIC, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5863224
Entity Address, Address Line One	3 Lagoon Drive
Entity Address, Address Line Two	Suite 180
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	PUBM
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001422930
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,838,563
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,521,626

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 90,620	$ 81,188
Marketable securities	31,370	19,793
Accounts receivable - net	195,428	219,511
Prepaid expenses and other current assets	14,170	6,622
Total Current Assets	331,588	327,114
Property, equipment and software - net	43,601	30,044
Goodwill	6,250	6,250
Deferred income tax asset	495	762
Other assets, non-current	1,844	7,076
TOTAL ASSETS	383,778	371,246
Current Liabilities
Accounts payable	162,576	176,731
Accrued liabilities	13,780	14,844
Total Current Liabilities	176,356	191,575
Deferred tax liability	2,552	1,561
Other liabilities, non-current	2,789	2,683
TOTAL LIABILITIES	181,697	195,819
Commitments and contingencies (Note 6)
Stockholders' Equity
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of June 30, 2021 and December 31, 2020; No shares issued and outstanding as of June 30, 2021 and December 31, 2020	0	0
Common stock, par value $0.0001 per share; 1,000,000,000 Class A shares authorized as of June 30, 2021 and December 31, 2020; 19,649,956 and 6,801,368 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively; 1,000,000,000 Class B shares authorized as of June 30, 2021 and December 31, 2020; 30,592,870 and 42,186,774 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.	6	6
Treasury stock, at cost - 3,140,437 and 3,139,295 shares as of June 30, 2021 and December 31, 2020, respectively.	(11,486)	(11,434)
Additional paid-in capital	156,031	144,163
Accumulated other comprehensive income	0	1
Retained earnings	57,530	42,691
Total Stockholders' Equity	202,081	175,427
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 383,778	$ 371,246

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Treasury stock shares	3,140,437	3,139,295
Class A
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	19,649,956	6,801,368
Common stock shares outstanding	19,649,956	6,801,368
Class B
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	30,592,870	42,186,774
Common stock shares outstanding	30,592,870	42,186,774

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 49,658	$ 26,361	$ 93,266	$ 54,709
Cost of revenue	13,088	9,189	25,388	19,245
Gross profit	36,570	17,172	67,878	35,464
Operating expenses:
Technology and development	3,860	2,971	7,599	5,890
Sales and marketing	13,997	9,236	26,786	19,231
General and administration	8,580	4,236	16,719	8,584
Total operating expenses	26,437	16,443	51,104	33,705
Operating income	10,133	729	16,774	1,759
Interest income	67	132	129	392
Other income (expense), net	(306)	(124)	(168)	(109)
Total other income (expense), net	(239)	8	(39)	283
Income before income taxes	9,894	737	16,735	2,042
Provision for (benefit from) income taxes	(27)	84	1,896	483
Net income	$ 9,921	$ 653	$ 14,839	$ 1,559
Net income per share attributable to common stockholders:
Basic (in usd per share)	$ 0.20	$ 0	$ 0.30	$ 0
Diluted (in usd per share)	$ 0.18	$ 0	$ 0.26	$ 0
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic (in shares)	49,578,536	10,106,560	49,345,202
Diluted (in shares)	56,428,211	14,064,502	56,607,701	14,010,723

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Other Comprehensive Income [Abstract]
Net income	$ 9,921	$ 653	$ 14,839	$ 1,559
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net of tax	0	(17)	(1)	3
Comprehensive income	$ 9,921	$ 636	$ 14,838	$ 1,562

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Convertible Preferred Stock	Redeemable Common Stock
Beginning balance (in shares) at Dec. 31, 2019							33,443,969	5,901,863
Beginning balance at Dec. 31, 2019							$ 61,216	$ 19,025
Ending balance (in shares) at Mar. 31, 2020							33,443,969	5,901,863
Ending balance at Mar. 31, 2020							$ 61,216	$ 19,025
Beginning balance (in shares) at Dec. 31, 2019		5,746,216
Beginning balance at Dec. 31, 2019	$ 13,295	$ 1	$ (11,431)	$ 8,641	$ 6	$ 16,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	503			503
Exercise of stock options (in shares)		58,452
Exercise of stock options	74			74
Other comprehensive income (loss)	20				20
Net income	904					904
Ending balance (in shares) at Mar. 31, 2020		5,804,668
Ending balance at Mar. 31, 2020	14,796	$ 1	(11,431)	9,218	26	16,982
Beginning balance (in shares) at Dec. 31, 2019							33,443,969	5,901,863
Beginning balance at Dec. 31, 2019							$ 61,216	$ 19,025
Ending balance (in shares) at Jun. 30, 2020							33,443,969	5,901,863
Ending balance at Jun. 30, 2020							$ 61,216	$ 19,025
Beginning balance (in shares) at Dec. 31, 2019		5,746,216
Beginning balance at Dec. 31, 2019	13,295	$ 1	(11,431)	8,641	6	16,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,559
Ending balance (in shares) at Jun. 30, 2020		5,804,668
Ending balance at Jun. 30, 2020	15,937	$ 1	(11,431)	9,723	9	17,635
Beginning balance (in shares) at Mar. 31, 2020							33,443,969	5,901,863
Beginning balance at Mar. 31, 2020							$ 61,216	$ 19,025
Ending balance (in shares) at Jun. 30, 2020							33,443,969	5,901,863
Ending balance at Jun. 30, 2020							$ 61,216	$ 19,025
Beginning balance (in shares) at Mar. 31, 2020		5,804,668
Beginning balance at Mar. 31, 2020	14,796	$ 1	(11,431)	9,218	26	16,982
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	505			505
Other comprehensive income (loss)	(17)				(17)
Net income	653					653
Ending balance (in shares) at Jun. 30, 2020		5,804,668
Ending balance at Jun. 30, 2020	15,937	$ 1	(11,431)	9,723	9	17,635
Beginning balance (in shares) at Dec. 31, 2020							0	0
Beginning balance at Dec. 31, 2020							$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2021							0	0
Ending balance at Mar. 31, 2021							$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2020		48,988,142
Beginning balance at Dec. 31, 2020	175,427	$ 6	(11,434)	144,163	1	42,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,318			3,318
Exercise of stock options (in shares)		278,412
Exercise of stock options	451			451
Repurchase of treasury stock, at cost (in shares)		(693)
Repurchase of treasury stock, at cost	(27)		(27)
Other comprehensive income (loss)	(1)				(1)
Net income	4,918					4,918
Ending balance (in shares) at Mar. 31, 2021		49,265,861
Ending balance at Mar. 31, 2021	184,086	$ 6	(11,461)	147,932	0	47,609
Beginning balance (in shares) at Dec. 31, 2020							0	0
Beginning balance at Dec. 31, 2020							$ 0	$ 0
Ending balance (in shares) at Jun. 30, 2021							0	0
Ending balance at Jun. 30, 2021							$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2020		48,988,142
Beginning balance at Dec. 31, 2020	$ 175,427	$ 6	(11,434)	144,163	1	42,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	1,078,838
Net income	$ 14,839
Ending balance (in shares) at Jun. 30, 2021		50,242,826
Ending balance at Jun. 30, 2021	202,081	$ 6	(11,486)	156,031	0	57,530
Beginning balance (in shares) at Mar. 31, 2021							0	0
Beginning balance at Mar. 31, 2021							$ 0	$ 0
Ending balance (in shares) at Jun. 30, 2021							0	0
Ending balance at Jun. 30, 2021							$ 0	$ 0
Beginning balance (in shares) at Mar. 31, 2021		49,265,861
Beginning balance at Mar. 31, 2021	184,086	$ 6	(11,461)	147,932	0	47,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,837			3,837
Exercise of stock options (in shares)		800,426
Exercise of stock options	1,627			1,627
Repurchase of treasury stock, at cost (in shares)		(449)
Repurchase of treasury stock, at cost	$ (25)		(25)
Issuance of common stock related to employee stock purchase plan (in shares)	155,015
Issuance of common stock related to employee stock purchase plan	$ 2,635
Issuance of common stock related to RSU vesting (in shares)	21,973
Net income	$ 9,921					9,921
Ending balance (in shares) at Jun. 30, 2021		50,242,826
Ending balance at Jun. 30, 2021	$ 202,081	$ 6	$ (11,486)	$ 156,031	$ 0	$ 57,530

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Cash Flows [Abstract]
Net income	$ 14,839	$ 1,559
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,688	7,396
Stock-based compensation	6,794	995
Provision for doubtful accounts	0	319
Deferred income taxes	1,258	99
Accretion of discount on marketable securities	(28)	(117)
Other	2	(1)
Changes in operating assets and liabilities:
Accounts receivable	24,083	25,713
Prepaid expenses and other current assets	(7,579)	(1,287)
Accounts payable	(15,125)	(19,485)
Accrued expenses	(275)	(2,923)
Other liabilities, non-current	106	(246)
Net cash provided by operating activities	33,763	12,022
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(11,808)	(7,393)
Capitalized software development costs	(4,828)	(4,196)
Purchases of marketable securities	(32,551)	(13,413)
Proceeds from sales of marketable securities	0	2,295
Proceeds from maturities of marketable securities	21,000	18,450
Net cash used in investing activities	(28,187)	(4,257)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock for employee stock purchase plan	2,635	0
Proceeds from exercise of stock options	2,078	74
Payments for offering costs	(805)	0
Payments to acquire treasury stock	(52)	0
Net cash provided by financing activities	3,856	74
NET INCREASE IN CASH AND CASH EQUIVALENTS	9,432	7,839
CASH AND CASH EQUIVALENTS - Beginning of period	81,188	34,250
CASH AND CASH EQUIVALENTS - End of period	90,620	42,089
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid	3,588	210
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal use software costs	361	13
Property and equipment included in accounts payable and accrued expenses	1,728	1,959
Capitalized software costs included in accounts payable and accrued expenses	$ 705	$ 458

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of BusinessPubMatic, Inc. and subsidiaries (“Company” or “PubMatic”) was founded in 2006. The Company has offices in California, New York, Europe, Asia, and Australia. The Company provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. The purpose-built technology and infrastructure provides superior outcomes for both publishers and advertising leveraging an efficient design, machine learning, and data processing capabilities, with customer alignment and global omnichannel reach.

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, September 30, and December 31. References to fiscal year 2021, for example, refer to the fiscal year ended December 31, 2021. Unaudited Interim Condensed Consolidated Financial Information The unaudited condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 26, 2021 (the “Annual Report”). Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Initial Public Offering The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on December 8, 2020, and the Company’s Class A common stock began trading on the Nasdaq Global Market on December 9, 2020. On December 11, 2020, the Company completed its IPO, in which the Company sold 2,655,000 shares of Class A common stock at a price to the public of $20.00 per share. The Company received aggregate net proceeds of $45.0 million after deducting underwriting discounts, commissions and offering costs. In connection with the IPO, all of the shares of convertible preferred stock outstanding automatically converted into an aggregate of 33,443,969 shares of Class B common stock. Deferred offering costs consisted primarily of accounting, legal, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in prepaid expenses and other current assets in the condensed consolidated balance sheets. Upon consummation of the IPO, the $4.4 million of deferred offering costs were reclassified to stockholders’ equity and recorded against the proceeds from the offering. No offering costs were capitalized as of June 30, 2021. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after June 30, 2021, including those resulting from the impacts of the COVID-19 pandemic, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates. Stock-Based Compensation The Company recognizes and measures compensation expense for all stock-based payment awards granted to employees, directors, and nonemployees, including stock options, restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) based on the fair value of the awards on the date of grant. The fair value of stock options and shares of common stock to be issued under the ESPP is estimated using the Black Scholes option pricing model. The grant date fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the date of grant. The Black Scholes option pricing model is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected common stock price volatility over the term of the stock options, the expected term of the stock options, risk-free interest rates, and the expected dividend yield. For additional information regarding stock-based compensation and the assumptions used for determining the fair value of stock options and ESPP awards, refer to Note 9 — “Stockholders’ Equity and Stock Option Plans.” Concentration of Revenue and Accounts Receivable The Company defines its revenue concentration based on revenue recognized from individual publishers. For the three months ended June 30, 2021 and 2020, one publisher represented 17% and 21%, respectively, and 18% and 22% for the six months ended June 30, 2021 and 2020, respectively, of the Company’s revenue. As of June 30, 2021, three buyers accounted for 33%, 13% and 11%, respectively, of accounts receivable. As of December 31, 2020, four buyers accounted for 33%, 14%, 13% and 11%, respectively, of accounts receivable. Net Income Per Share Attributable to Common Stockholders Basic and diluted net income per share attributable to Class A and Class B common stock is computed in conformity with the two-class method required for participating securities. The Company considers the preferred stock as participating securities. Holders of participating securities do not have a contractual obligation to share in the Company’s losses. In accordance with the two-class method, earnings allocated to these participating securities and the related number of outstanding shares of the participating securities have been excluded from the computation of basic and diluted net income per share attributable to common stockholders. Distributed and undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Company’s Class A and Class B common stock outstanding. The diluted net income per share attributable to common stockholders is computed by giving effect to all dilutive securities. Diluted net income per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares 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. Recently Adopted Accounting Pronouncements In December 2019 the FASB issued ASU 2019-12—Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies and amends existing guidance for clarity and consistent application. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Adopted Under the Jumpstart Our Business Startups Act (the “JOBS Act”), the Company meets the definition of an emerging growth company (“EGC”) and can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. The Company expects to become a large accelerated filer on the last day of its fiscal year 2021 and will no longer qualify as an EGC and plans to revise the adoption dates accordingly in a subsequent filing. In February 2016, FASB issued ASU No. 2016-02, Leases, which requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. The guidance offers specific accounting guidance for a lessee, lessor, and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the income statement. The guidance is effective for the Company for fiscal year 2022 and requires a modified retrospective adoption, with early adoption permitted. Although the Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements, the Company expects that most of its operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption of the new guidance. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This update changes the accounting for recognizing impairments of financial assets, such that credit losses for certain types of financial instruments will be estimated based on expected losses. The update also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for the Company in fiscal year 2023. Early adoption is permitted after for periods beginning after December 15, 2018. The Company has not yet determined the potential effects of this new accounting guidance on its condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 eliminates Step 2 from the goodwill impairment test which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under ASU 2017-04, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, and should recognize an impairment loss for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss not exceeding the total amount of goodwill allocated to that reporting unit. ASU 2017-04 will be effective for the Company beginning on January 1, 2023. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. At adoption, this update will require a prospective approach. The Company is currently evaluating the impact of adopting this new accounting guidance on its condensed consolidated financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	June 30, 2021
	Level I		Level II		Level III		Total
Financial Assets
Money market funds	$	38,101	$	—	$	—	$	38,101
Certificates of deposit	—		7,367		—		7,367
Cash equivalents	38,101		7,367		—		45,468
Commercial paper	—		31,370		—		31,370
Marketable securities	—		31,370		—		31,370
Total Financial Assets	$	38,101	$	38,737	$	—	$	76,838

	December 31, 2020
	Level I		Level II		Level III		Total
Financial Assets
Money market funds(1)	$	12,462	$	—	$	—	$	12,462
Commercial paper(1)	—		7,199		—		7,199
Cash equivalents	12,462		7,199		—		19,661
U.S. Treasury and government debt securities	—		8,999		—		8,999
Commercial paper	—		10,794		—		10,794
Marketable securities	—		19,793		—		19,793
Total Financial Assets	$	12,462	$	26,992	$	—	$	39,454

_______________

(1)The amounts were previously combined and presented as cash equivalents. Prior periods have been reclassified to conform with current period presentation.

The Company’s financial assets consist of Level I and II assets. The Company had no Level III assets or liabilities for the periods presented. The Company classifies its cash equivalents and marketable securities within Level I or Level II because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments.

- Definition

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

+ References + Details

Balance Sheet Components

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Marketable Securities

The following table summarizes the Company’s marketable securities by significant investment categories (in thousands):


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
Commercial paper	$	31,370	$	—	$	—	$	31,370
Total	$	31,370	$	—	$	—	$	31,370

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
Commercial paper	$	10,794	$	—	$	—	$	10,794
U.S. Treasury and government debt securities	$	8,998	$	1	$	—	$	8,999
Total	$	19,792	$	1	$	—	$	19,793

The remaining contractual maturity of all marketable securities was within one year as of June 30, 2021 and December 31, 2020. Realized gains and losses were not material for the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and 2020, there were no securities that were in an unrealized loss position for more than twelve months.

Property, Equipment and Software, Net

Property, equipment and software, net consists of the following (in thousands):


	June 30, 2021		December 31, 2020
Internal-use software	$	29,071	$	24,513
Network hardware, computer equipment and software	80,675		62,764
Leasehold improvements	1,230		1,249
Furniture and fixtures	623		621
Property, equipment and software, gross	111,599		89,147
Less: accumulated depreciation and amortization	(67,998)		(59,103)
Total property, equipment and software, net	$	43,601	$	30,044

Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal use software) was $3.4 million and $2.3 million for the three months ended June 30, 2021 and 2020, respectively, and $6.3 million and $4.5 million for the six months ended June 30, 2021 and 2020, respectively.

The Company capitalized $2.5 million and $1.7 million in software development costs during the three months ended June 30, 2021 and 2020, respectively, and $4.6 million and $3.4 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense of internal use software was $1.8 million and $1.5 million

during the three months ended June 30, 2021 and 2020, respectively, and $3.4 million and $2.9 million for the six months ended June 30, 2021 and 2020, respectively. These costs are included within cost of revenue in the condensed consolidated statements of operations and comprehensive income.

The Company did not recognize any impairment charges on its long-lived assets during the six months ended June 30, 2021 and 2020, respectively.

Accounts Payable

Accounts payable consists of the following (in thousands):


	June 30, 2021		December 31, 2020
Payable to publishers	$	151,600	$	168,673
Other	10,976		8,058
Total accounts payable	$	162,576	$	176,731

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	June 30, 2021		December 31, 2020
Accrued compensation	$	10,796	$	13,352
Accrued and other current liabilities	2,984		1,492
Total accrued expenses	$	13,780	$	14,844

Loan and Security Agreement	6 Months Ended
Loan and Security Agreement	Jun. 30, 2021
Debt Disclosure [Abstract]
Loan and Security Agreement	Loan and Security Agreement In June 2021, the Company amended and restated its loan and security agreement with Silicon Valley Bank ("SVB") (the "Loan Agreement"). The Loan Agreement provides a senior secured revolving credit facility of up to $25.0 million or 80% of eligible accounts receivable less certain reserves, minus the aggregate principal amount of all outstanding advances. Interest accrues on advances under the revolving line of credit at a variable rate equal to the greater of prime rate or 3.25%. An unused revolver fee in the amount of 0.40% per annum of the average unused portion of the revolver line is charged and is payable quarterly in arrears in any quarter where the average closing outstanding balance is less than $5.0 million. As of June 30, 2021, the applicable interest rate under the revolving line of credit was 3.25% with a maturity date of June 6, 2024. As of June 30, 2021 there were no outstanding advances under the revolving line of credit. The Company’s obligations under the line of credit and the letters of credit (described in Note 6) with SVB are secured by substantially all of its assets excluding its intellectual property. The Loan Agreement contains affirmative covenants including financial covenants that, among other things, require the Company to maintain an adjusted quick ratio of no less than 1.0 to 1.0. The adjusted quick ratio is defined as the ratio of unrestricted cash and cash equivalents at SVB, plus billed accounts receivable to total accounts payable plus all SVB loans outstanding and outstanding letters of credit. The Loan Agreement also restricts the Company from paying dividends to stockholders without prior consent from SVB. The Company was in compliance with the financial covenants as of June 30, 2021.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases and Other Contractual Obligations

The Company has commitments for future payments related to office facilities leases and other contractual obligations. The Company leases its office facilities under operating lease agreements that expire over varying time periods through the year ending December 31, 2023. Certain of these lease agreements have free or escalating rent payment provisions or fund certain leasehold improvements, which the Company accounts as lease incentives. The Company recognizes rent expense under such agreements on a straight-line basis over the lease term, with any lease incentive amortized as a reduction of rent expense over the lease term. The Company also has other contractual obligations expiring over varying time periods through the year ending December 31, 2024. Other contractual obligations primarily relate to minimum contractual payments due to data center providers.

Future annual minimum commitments as of June 30, 2021, are as follows (in thousands):


	Leases		Other Contractual Obligations
2021 (for remaining 6 months)	$	982	$	4,172
2022	1,028		8,692
2023	109		6,285
2024	—		3,629
Total future minimum commitments, net	$	2,119	$	22,778

Rent expense, net of sublease income, incurred under operating leases was $0.5 million and $0.6 million for three months ended June 30, 2021 and 2020, respectively, and $1.1 million and $1.3 million for the six months ended June 30, 2021 and 2020, respectively. Rent expense was offset by sublease income of $0.1 million for the three months ended June 30, 2020 and $0.3 million for the six months ended June 30, 2020. No rent expense was offset by sublease income for the six months ended June 30, 2021.

Letters of Credit

As of June 30, 2021 and December 31, 2020, the Company had an irrevocable letter of credit outstanding related to noncancelable facilities leases in the amounts of $0.7 million, with annual automatic renewal and final expiration date in June 2022.

Legal Matters

From time to time, the Company has become involved in claims and other legal matters arising in the normal course of business. The Company investigates these claims as they arise and accrues for contingencies when the Company believes that a loss is probable and that the Company can reasonably estimate the amount of any such loss. The Company has made an assessment of the probability of incurring any such losses and whether or not those losses are estimable and although claims are inherently unpredictable the Company concluded that these losses are not material to the Company’s business, financial position, results of operations, or cash flows. To the extent there is a reasonable possibility that a loss exceeding amounts already recognized may be incurred, and the amount of such additional loss would be material, the Company will either disclose the estimated additional loss or state that such an estimate cannot be made.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any material claims or been required to defend any actions related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. In addition, the Company has indemnification agreements with certain of its directors and executive officers that require it, among other things, to indemnify them against certain liabilities that may arise due to their status or service as directors or officers of the Company. The terms of such obligations may vary.

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2021
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock Upon completion of the IPO in December 11, 2020, all shares of convertible preferred stock outstanding, totaling 33,443,969 shares, were automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis and their carrying value of $61.2 million was reclassified into stockholders’ equity. As of June 30, 2021, there were no shares of convertible preferred stock issued and outstanding. In connection with the IPO, the Company’s 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 with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.

Stockholders’ Notes Receivable and Redeemable Common Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders’ Notes Receivable, Redeemable Common Stock and Stock Option Plans

Stockholders’ Notes Receivable and Redeemable Common Stock

In August 2018, the Company loaned its Chief Executive Officer and Chief Growth Officer a total of $4.0 million under secured nonrecourse promissory notes (the “Notes”). The Notes bore interest at a rate of 2.42% per annum compounded annually and had a maturity date of August 30, 2021, with interest and principal due at maturity. The Notes were secured by pledges of 1.6 million shares of outstanding common stock of the Company owned by the two officers (the “Pledged Shares”). The Notes could be prepaid in cash at any time without penalty. At maturity and in certain events of default, the Notes could, at the option of the two officers, be repaid in cash or surrender and cancellation of the Pledged Shares at fair market value. If the Pledged Shares were insufficient to repay the entire amount due under the Notes, then the value of the Pledged Shares would be deemed to be the full amount due under the Notes.

As the Company’s only recourse on the Notes and associated interest was the Pledged Shares, the Notes were accounted for as nonrecourse and recorded to stockholders’ equity as of June 30, 2020. This was accounted for as though the Company repurchased the Pledged Shares and in exchange issued the Notes and granted 1.6 million fully vested stock options with an exercise price equal to the face value of Notes plus interest. No principal or interest payments were paid during the three months ended June 30, 2020. During the quarter ended September 30, 2020, all principal and interest due under the notes were prepaid.

In connection with the Notes, the Company provided the officers with a right to sell to the Company outstanding shares of common stock upon settlement of the Notes (the “Put Option”). The officers could only exercise the Put Option upon repayment of the Notes using the Pledged Shares or upon the prepayment of the Notes using proceeds from the officers’ sale or disposal of the Pledged Shares at a price less than the face value of the Notes. The Put Option allowed the officers to require the Company to repurchase any or all common stock held or beneficially owned to offset their tax liabilities resulting from the settlement of the Notes via one of the above methods. As the exercisability of the Put Option and therefore redemption of the common stock was outside the control of the Company, all common stock held or beneficially owned by the officers required temporary equity classification. The Company therefore classified $19.0 million of common stock outside of stockholders’ equity as of June 30, 2020, which represented the fair value of the shares held or beneficially owned on the transaction date. The Company did not adjust the carrying value of the redeemable common stock during the three months ended June 30, 2020 since a redemption event was not probable. The Put Option expired unexercised upon the repayment of the Notes and during the Company’s quarter ended September 30, 2020, the $19.0 million of redeemable common stock was reclassified back to common stock.

Stockholders’ Equity and Stock Option Plans

Common Stock

In connection with the IPO in December 2020, the Company’s restated certificate of incorporation became effective, which authorized 1,000,000,000 shares of Class A common stock, $0.0001 par value per share, and 1,000,000,000 shares of Class B common stock, $0.0001 par value per share. Class A and Class B common stock are referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted.

Equity Incentive Plans

Upon completion of the IPO, the Company adopted the 2020 Equity Incentive Plan (“2020 Plan”), pursuant to which the Company may grant stock options, restricted stock awards, stock appreciation rights, restricted stock units (“RSUs”), deferred stock units (“DSUs”) performance awards, and stock bonus awards. As of June 30, 2021, the Company has reserved 6,434,712 shares of Class A common stock for the issuance of awards under the 2020 Plan. These available shares will increase automatically on January 1 for each of the first ten calendar years during the term of the 2020 Plan by the number of shares equal to the lesser of five percent (5%) of the aggregate number of outstanding shares of all classes of the Company’s common stock outstanding as of the immediately preceding December 31, or a number as may be determined by the Company’s board of directors or compensation committee. To the extent outstanding awards under the 2017 Plan and the 2006 Plan are forfeited, lapse unexercised, or would otherwise have been returned to the share reserve under the Prior Plans, the shares of Class B common stock subject to such awards instead will be available for future issuance as Class A common stock under the 2020 Plan. No new awards were issued under the 2006 Plan or 2017 Plan after the effective date of the 2020 Plan.

Stock Options

A summary of stock option activity under the Company’s equity incentive plan and related information is as follows:


	Stock Options
	Number of Shares Underlying Outstanding Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding — December 31, 2020	8,459,969	$	2.53	6.83	$	215,144
Options granted	660,466	$	36.74
Options exercised	(1,078,838)	$	1.93
Options canceled/expired	(14,484)	$	6.80
Outstanding — June 30, 2021	8,027,113	$	5.42	6.98	$	270,368

Vested — June 30, 2021	5,098,040	$	2.71	5.91	$	185,399

As of June 30, 2021, unrecognized stock-based compensation of $20.9 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 3.13 years.

Restricted Stock Units

A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:


	RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested — December 31, 2020	—	$	—
Granted	463,812	$	36.05
Vested	(21,973)	$	40.34
Canceled/Forfeited	(781)	$	31.91
Unvested — June 30, 2021	441,058	$	35.84

As of June 30, 2021, unrecognized stock-based compensation of $15.0 million related to unvested RSUs will be recognized on a straight-line basis over a weighted average period of 3.60 years.

2020 Employee Stock Purchase Plan

In November 2020, the Company’s board of directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (“ESPP”), which became effective in connection with the IPO. A total of 500,000 shares of the Company’s Class A common stock were initially reserved for issuance under the ESPP.

The aggregate number of shares reserved for issuance under the ESPP will increase automatically on January 1st of each of the first ten calendar years during the term of the ESPP by the number of shares equal to the lesser of (a) 1% of the total outstanding shares of all classes of the Company’s common stock as of the immediately preceding December 31 and (b) such number of shares of common stock as determined by the Company’s board of directors. The aggregate number of shares issued over the term of the ESPP may not exceed 7,500,000 shares of Class A common stock. As of June 30, 2021, the Company has reserved 834,866 shares of its common stock for issuance under the ESPP.

Under the ESPP, Class A common stock will be purchased for the accounts of employees participating in the ESPP on each purchase date at a price per share equal to 85% of the lesser of: (a) the fair market value on the offering date or (b) the fair market value on the purchase date. The ESPP provides for, at maximum, 27 month offering periods and each offering period may consist of one or more six-month purchase periods, beginning December 9, 2020 through May 31, 2022 with the purchase date on the last day of each purchase period. As of June 30, 2021, $0.4 million has been withheld on behalf of employees for a future purchase under the ESPP due to the timing of payroll deductions and is included in accrued and other current liabilities. For the six months ended June 30, 2021, 155,015 shares of our Class A common stock have been purchased under the ESPP.

As of June 30, 2021, unrecognized stock-based compensation expense related to the ESPP was $3.6 million, which is expected to be recognized over a weighted-average period of 0.92 years.

Stock-Based Compensation

The total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	204	$	11	$	372	$	21
Technology and development	579		80		1,060		155
Sales and marketing	1,290		183		2,451		363
General and administrative	1,556		226		2,911		456
Total stock-based compensation	3,629		500		6,794		995
Tax benefit from stock-based compensation	(500)		(44)		(880)		(83)
Total stock-based compensation, net of tax effect	$	3,129	$	456	$	5,914	$	912

Stockholders’ Equity and Stock Option Plans

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders’ Notes Receivable, Redeemable Common Stock and Stock Option Plans

Stockholders’ Notes Receivable and Redeemable Common Stock

Stockholders’ Equity and Stock Option Plans

Common Stock

Equity Incentive Plans

Stock Options

A summary of stock option activity under the Company’s equity incentive plan and related information is as follows:


	Stock Options
	Number of Shares Underlying Outstanding Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding — December 31, 2020	8,459,969	$	2.53	6.83	$	215,144
Options granted	660,466	$	36.74
Options exercised	(1,078,838)	$	1.93
Options canceled/expired	(14,484)	$	6.80
Outstanding — June 30, 2021	8,027,113	$	5.42	6.98	$	270,368

Vested — June 30, 2021	5,098,040	$	2.71	5.91	$	185,399

As of June 30, 2021, unrecognized stock-based compensation of $20.9 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 3.13 years.

Restricted Stock Units

A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:


	RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested — December 31, 2020	—	$	—
Granted	463,812	$	36.05
Vested	(21,973)	$	40.34
Canceled/Forfeited	(781)	$	31.91
Unvested — June 30, 2021	441,058	$	35.84

As of June 30, 2021, unrecognized stock-based compensation of $15.0 million related to unvested RSUs will be recognized on a straight-line basis over a weighted average period of 3.60 years.

2020 Employee Stock Purchase Plan

As of June 30, 2021, unrecognized stock-based compensation expense related to the ESPP was $3.6 million, which is expected to be recognized over a weighted-average period of 0.92 years.

Stock-Based Compensation

The total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	204	$	11	$	372	$	21
Technology and development	579		80		1,060		155
Sales and marketing	1,290		183		2,451		363
General and administrative	1,556		226		2,911		456
Total stock-based compensation	3,629		500		6,794		995
Tax benefit from stock-based compensation	(500)		(44)		(880)		(83)
Total stock-based compensation, net of tax effect	$	3,129	$	456	$	5,914	$	912

Net Income Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Common Stockholders

The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data):


	Three Months Ended June 30,
	2021				2020
	Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net income	$	3,880	$	6,041	$	—	$	653
Less: Undistributed earnings allocated to participating securities	$	—	$	—	$	—	$	(653)
Reallocation of net income attributable to common stockholders	$	(1,366)	$	1,366	$	—	$	—
Net income attributable to common stockholders – basic	$	2,514	$	7,407	$	—	$	—
Denominator:
Weighted average common shares outstanding – basic	12,565,379		37,013,157		—		10,106,560
Net income per share attributable to common stockholders – basic:	$	0.20	$	0.20	$	—	$	—
Numerator:
Net income attributable to common stockholders - diluted	$	2,244	$	7,677	$	—	$	—
Denominator:
Weighted average shares outstanding – basic	12,565,379		37,013,157		—		10,106,560
Options to purchase common stock	28,310		6,650,176		—		3,957,942
Restricted stock	58,112		—		—		—
Employee stock purchase plan shares	113,077		—		—		—
Weighted average shares outstanding – diluted	12,764,878		43,663,333		—		14,064,502
Net income per share attributable to common stockholders – diluted	$	0.18	$	0.18	$	—	$	—

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:


	Three Months Ended June 30,
	2021		2020
	Class A	Class B	Class A	Class B
Options to purchase common stock	665,398	—	—	724,701
Common stock issuable upon conversion of convertible preferred stock	—	—	—	33,443,969
Total excludable from net income per share attributable to common stockholders – diluted	665,398	—	—	34,168,670


	Six months ended June 30,
	2021				2020
	Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net income	$	5,804	$	9,035	$	—	$	1,559
Less: Undistributed earnings allocated to participating securities	$	—	$	—	$	—	$	(1,559)
Reallocation of net income attributable to common stockholders	$	(2,879)	$	2,879	$	—	$	—
Net income attributable to common stockholders – basic	$	2,925	$	11,914	$	—	$	—
Denominator:
Weighted average common shares outstanding – basic	9,725,389		39,619,813		—		10,099,356
Net income per share attributable to common stockholders – basic:	$	0.30	$	0.30	$	—	$	—
Numerator:
Net income attributable to common stockholders - diluted	$	2,606	$	12,233	$	—	$	—
Denominator:
Weighted average shares outstanding – basic	9,725,389		39,619,813		—		10,099,356
Options to purchase common stock	128,589		7,048,315		—		3,911,367
Restricted stock	29,056		—		—		—
Employee stock purchase plan shares	56,539		—		—		—
Weighted average shares outstanding – diluted	9,939,573		46,668,128		—		14,010,723
Net income per share attributable to common stockholders – diluted	$	0.26	$	0.26	$	—	$	—


	Six months ended June 30,
	2021		2020
	Class A	Class B	Class A	Class B
Options to purchase common stock	556,122	—	—	765,628
Common stock issuable upon conversion of convertible preferred stock	—	—	—	33,443,969
Total excludable from net income per share attributable to common stockholders – diluted	556,122	—	—	34,209,597

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its provision for income taxes by applying the estimated annual effective tax rate to pretax income and adjusts the provision for discrete tax items recorded in the period. The Company recorded a benefit of less than $0.1 million and a provision for income taxes of $0.1 million for the three months ended June 30, 2021 and 2020, respectively, and a provision for income taxes of $1.9 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively. The effective income tax rate was 11% for the six months ended June 30, 2021 and differs from the statutory federal rate of 21% due to deductions for equity awards and for foreign-sourced revenue, and tax benefit for federal and state research credits, partially offset by nondeductible stock-based compensation, and a higher tax rate in certain foreign countries where the Company operates. The effective income tax rate was 24% for the six months ended June 30, 2020. This differs from the statutory federal rate of 21% primarily due to non deductible stock-based compensation and foreign rate differential partially offset by federal and state research credits. Realization of the Company’s deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance, the Company considers its historical, as well as future projected, taxable income along with other objectively verifiable evidence. Objectively verifiable evidence includes the Company’s realization of tax attributes, assessment of tax credits, and utilization of net operating loss carryforwards during the year.

- Definition

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

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

The following table represents total revenue by geographic area based on the publisher’s billing address (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	30,076	$	17,508	$	57,484	$	36,550
EMEA	14,445		5,680		25,755		11,529
APAC	4,142		2,679		8,337		5,620
Rest of the world	995		494		1,690		1,010
Total	$	49,658	$	26,361	$	93,266	$	54,709

The Company’s long-lived assets, net by geographic area are summarized as follows (in thousands):


	June 30, 2021		December 31, 2020
United States	$	37,342	$	24,580
Rest of the world	6,259		5,464
Total	$	43,601	$	30,044

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

401(k) Plan	6 Months Ended
401(k) Plan	Jun. 30, 2021
Retirement Benefits [Abstract]
401(k) Plan	401(k) PlanThe Company has a 401(k) Savings Plan (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer matching contribution. The Company made no matching contribution to the 401(k) Plan for the six months ended June 30, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after June 30, 2021, including those resulting from the impacts of the COVID-19 pandemic, may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes and measures compensation expense for all stock-based payment awards granted to employees, directors, and nonemployees, including stock options, restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) based on the fair value of the awards on the date of grant. The fair value of stock options and shares of common stock to be issued under the ESPP is estimated using the Black Scholes option pricing model. The grant date fair value of RSUs is based on the closing market price of the Company’s Class A common stock on the date of grant. The Black Scholes option pricing model is impacted by the fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected common stock price volatility over the term of the stock options, the expected term of the stock options, risk-free interest rates, and the expected dividend yield. For additional information regarding stock-based compensation and the assumptions used for determining the fair value of stock options and ESPP awards, refer to Note 9 — “Stockholders’ Equity and Stock Option Plans.”
Net Income Per Share Attributable to Common Stockholders	Net Income Per Share Attributable to Common Stockholders Basic and diluted net income per share attributable to Class A and Class B common stock is computed in conformity with the two-class method required for participating securities. The Company considers the preferred stock as participating securities. Holders of participating securities do not have a contractual obligation to share in the Company’s losses. In accordance with the two-class method, earnings allocated to these participating securities and the related number of outstanding shares of the participating securities have been excluded from the computation of basic and diluted net income per share attributable to common stockholders. Distributed and undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Company’s Class A and Class B common stock outstanding. The diluted net income per share attributable to common stockholders is computed by giving effect to all dilutive securities. Diluted net income per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares 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.
Recently Adopted Accounting Pronouncements And Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2019 the FASB issued ASU 2019-12—Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and clarifies and amends existing guidance for clarity and consistent application. Effective on January 1, 2021, the Company adopted this standard, which did not have a material impact on the condensed consolidated financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Adopted Under the Jumpstart Our Business Startups Act (the “JOBS Act”), the Company meets the definition of an emerging growth company (“EGC”) and can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. The Company expects to become a large accelerated filer on the last day of its fiscal year 2021 and will no longer qualify as an EGC and plans to revise the adoption dates accordingly in a subsequent filing. In February 2016, FASB issued ASU No. 2016-02, Leases, which requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. The guidance offers specific accounting guidance for a lessee, lessor, and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the income statement. The guidance is effective for the Company for fiscal year 2022 and requires a modified retrospective adoption, with early adoption permitted. Although the Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements, the Company expects that most of its operating lease commitments will be recognized as operating lease liabilities and right-of-use assets upon adoption of the new guidance. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This update changes the accounting for recognizing impairments of financial assets, such that credit losses for certain types of financial instruments will be estimated based on expected losses. The update also modifies the impairment models for available-for-sale debt securities and for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for the Company in fiscal year 2023. Early adoption is permitted after for periods beginning after December 15, 2018. The Company has not yet determined the potential effects of this new accounting guidance on its condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASU 2017-04). ASU 2017-04 eliminates Step 2 from the goodwill impairment test which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under ASU 2017-04, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, and should recognize an impairment loss for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss not exceeding the total amount of goodwill allocated to that reporting unit. ASU 2017-04 will be effective for the Company beginning on January 1, 2023. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. At adoption, this update will require a prospective approach. The Company is currently evaluating the impact of adopting this new accounting guidance on its condensed consolidated financial statements and related disclosures.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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

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


	June 30, 2021
	Level I		Level II		Level III		Total
Financial Assets
Money market funds	$	38,101	$	—	$	—	$	38,101
Certificates of deposit	—		7,367		—		7,367
Cash equivalents	38,101		7,367		—		45,468
Commercial paper	—		31,370		—		31,370
Marketable securities	—		31,370		—		31,370
Total Financial Assets	$	38,101	$	38,737	$	—	$	76,838

	December 31, 2020
	Level I		Level II		Level III		Total
Financial Assets
Money market funds(1)	$	12,462	$	—	$	—	$	12,462
Commercial paper(1)	—		7,199		—		7,199
Cash equivalents	12,462		7,199		—		19,661
U.S. Treasury and government debt securities	—		8,999		—		8,999
Commercial paper	—		10,794		—		10,794
Marketable securities	—		19,793		—		19,793
Total Financial Assets	$	12,462	$	26,992	$	—	$	39,454

_______________

(1)The amounts were previously combined and presented as cash equivalents. Prior periods have been reclassified to conform with current period presentation.

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Debt Securities, Available-for-sale

The following table summarizes the Company’s marketable securities by significant investment categories (in thousands):


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
Commercial paper	$	31,370	$	—	$	—	$	31,370
Total	$	31,370	$	—	$	—	$	31,370

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
Commercial paper	$	10,794	$	—	$	—	$	10,794
U.S. Treasury and government debt securities	$	8,998	$	1	$	—	$	8,999
Total	$	19,792	$	1	$	—	$	19,793

Property, Plant and Equipment

Property, equipment and software, net consists of the following (in thousands):


	June 30, 2021		December 31, 2020
Internal-use software	$	29,071	$	24,513
Network hardware, computer equipment and software	80,675		62,764
Leasehold improvements	1,230		1,249
Furniture and fixtures	623		621
Property, equipment and software, gross	111,599		89,147
Less: accumulated depreciation and amortization	(67,998)		(59,103)
Total property, equipment and software, net	$	43,601	$	30,044

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable consists of the following (in thousands):


	June 30, 2021		December 31, 2020
Payable to publishers	$	151,600	$	168,673
Other	10,976		8,058
Total accounts payable	$	162,576	$	176,731

Schedule of Accrued Liabilities

Accrued expenses consist of the following (in thousands):


	June 30, 2021		December 31, 2020
Accrued compensation	$	10,796	$	13,352
Accrued and other current liabilities	2,984		1,492
Total accrued expenses	$	13,780	$	14,844

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity

Future annual minimum commitments as of June 30, 2021, are as follows (in thousands):


	Leases		Other Contractual Obligations
2021 (for remaining 6 months)	$	982	$	4,172
2022	1,028		8,692
2023	109		6,285
2024	—		3,629
Total future minimum commitments, net	$	2,119	$	22,778

Stockholders’ Equity and Stock Option Plans (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award


	Stock Options
	Number of Shares Underlying Outstanding Options	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding — December 31, 2020	8,459,969	$	2.53	6.83	$	215,144
Options granted	660,466	$	36.74
Options exercised	(1,078,838)	$	1.93
Options canceled/expired	(14,484)	$	6.80
Outstanding — June 30, 2021	8,027,113	$	5.42	6.98	$	270,368

Vested — June 30, 2021	5,098,040	$	2.71	5.91	$	185,399

A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:


	RSUs
	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Unvested — December 31, 2020	—	$	—
Granted	463,812	$	36.05
Vested	(21,973)	$	40.34
Canceled/Forfeited	(781)	$	31.91
Unvested — June 30, 2021	441,058	$	35.84

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The total stock-based compensation recognized in the condensed consolidated statements of operations and comprehensive income is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	204	$	11	$	372	$	21
Technology and development	579		80		1,060		155
Sales and marketing	1,290		183		2,451		363
General and administrative	1,556		226		2,911		456
Total stock-based compensation	3,629		500		6,794		995
Tax benefit from stock-based compensation	(500)		(44)		(880)		(83)
Total stock-based compensation, net of tax effect	$	3,129	$	456	$	5,914	$	912

Net Income Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings per Share, Basic, by Common Class, Including Two Class Method

The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data):


	Three Months Ended June 30,
	2021				2020
	Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net income	$	3,880	$	6,041	$	—	$	653
Less: Undistributed earnings allocated to participating securities	$	—	$	—	$	—	$	(653)
Reallocation of net income attributable to common stockholders	$	(1,366)	$	1,366	$	—	$	—
Net income attributable to common stockholders – basic	$	2,514	$	7,407	$	—	$	—
Denominator:
Weighted average common shares outstanding – basic	12,565,379		37,013,157		—		10,106,560
Net income per share attributable to common stockholders – basic:	$	0.20	$	0.20	$	—	$	—
Numerator:
Net income attributable to common stockholders - diluted	$	2,244	$	7,677	$	—	$	—
Denominator:
Weighted average shares outstanding – basic	12,565,379		37,013,157		—		10,106,560
Options to purchase common stock	28,310		6,650,176		—		3,957,942
Restricted stock	58,112		—		—		—
Employee stock purchase plan shares	113,077		—		—		—
Weighted average shares outstanding – diluted	12,764,878		43,663,333		—		14,064,502
Net income per share attributable to common stockholders – diluted	$	0.18	$	0.18	$	—	$	—


	Three Months Ended June 30,
	2021		2020
	Class A	Class B	Class A	Class B
Options to purchase common stock	665,398	—	—	724,701
Common stock issuable upon conversion of convertible preferred stock	—	—	—	33,443,969
Total excludable from net income per share attributable to common stockholders – diluted	665,398	—	—	34,168,670

Schedule of Earnings per Share, Diluted, by Common Class, Including Two Class Method

The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data):


	Three Months Ended June 30,
	2021				2020
	Class A		Class B		Class A		Class B
	(in thousands, except share and per share data)
Numerator:
Net income	$	3,880	$	6,041	$	—	$	653
Less: Undistributed earnings allocated to participating securities	$	—	$	—	$	—	$	(653)
Reallocation of net income attributable to common stockholders	$	(1,366)	$	1,366	$	—	$	—
Net income attributable to common stockholders – basic	$	2,514	$	7,407	$	—	$	—
Denominator:
Weighted average common shares outstanding – basic	12,565,379		37,013,157		—		10,106,560
Net income per share attributable to common stockholders – basic:	$	0.20	$	0.20	$	—	$	—
Numerator:
Net income attributable to common stockholders - diluted	$	2,244	$	7,677	$	—	$	—
Denominator:
Weighted average shares outstanding – basic	12,565,379		37,013,157		—		10,106,560
Options to purchase common stock	28,310		6,650,176		—		3,957,942
Restricted stock	58,112		—		—		—
Employee stock purchase plan shares	113,077		—		—		—
Weighted average shares outstanding – diluted	12,764,878		43,663,333		—		14,064,502
Net income per share attributable to common stockholders – diluted	$	0.18	$	0.18	$	—	$	—


	Three Months Ended June 30,
	2021		2020
	Class A	Class B	Class A	Class B
Options to purchase common stock	665,398	—	—	724,701
Common stock issuable upon conversion of convertible preferred stock	—	—	—	33,443,969
Total excludable from net income per share attributable to common stockholders – diluted	665,398	—	—	34,168,670

Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share


	Six months ended June 30,
	2021		2020
	Class A	Class B	Class A	Class B
Options to purchase common stock	556,122	—	—	765,628
Common stock issuable upon conversion of convertible preferred stock	—	—	—	33,443,969
Total excludable from net income per share attributable to common stockholders – diluted	556,122	—	—	34,209,597

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table represents total revenue by geographic area based on the publisher’s billing address (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
United States	$	30,076	$	17,508	$	57,484	$	36,550
EMEA	14,445		5,680		25,755		11,529
APAC	4,142		2,679		8,337		5,620
Rest of the world	995		494		1,690		1,010
Total	$	49,658	$	26,361	$	93,266	$	54,709

The Company’s long-lived assets, net by geographic area are summarized as follows (in thousands):


	June 30, 2021		December 31, 2020
United States	$	37,342	$	24,580
Rest of the world	6,259		5,464
Total	$	43,601	$	30,044

Basis of Presentation and Summary of Significant Accounting Policies - Initial Public Offering (Details) $ / shares in Units, $ in Millions	Dec. 11, 2020 USD ($) $ / shares shares
Class B
Schedule of Equity Method Investments [Line Items]
Convertible preferred stock, shares issued upon conversion	33,443,969
IPO
Schedule of Equity Method Investments [Line Items]
Sale of stock, number of shares issued in transaction	2,655,000
Sale of Stock, Price Per Share \| $ / shares	$ 20.00
Sale of stock, consideration received on transaction \| $	$ 45.0
Deferred offering costs \| $	$ 4.4
IPO \| Class B
Schedule of Equity Method Investments [Line Items]
Convertible preferred stock, shares issued upon conversion	33,443,969

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk Percentage (Details) - Customer Concentration Risk - Accounts Receivable	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
One Publisher
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	21.00%	18.00%	22.00%
Buyer One
Concentration Risk [Line Items]
Concentration risk, percentage			33.00%		33.00%
Buyer Two
Concentration Risk [Line Items]
Concentration risk, percentage			13.00%		14.00%
Buyer Three
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%		13.00%
Buyer Four
Concentration Risk [Line Items]
Concentration risk, percentage					11.00%

Balance Sheet Components - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 31,370	$ 19,792
Gross Unrealized Gains	0	1
Gross Unrealized Loss	0	0
Marketable securities	31,370	19,793
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31,370	10,794
Gross Unrealized Gains	0	0
Gross Unrealized Loss	0	0
Marketable securities	$ 31,370	10,794
U.S. Treasury and government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		8,998
Gross Unrealized Gains		1
Gross Unrealized Loss		0
Marketable securities		$ 8,999

Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 111,599	$ 89,147
Less: accumulated depreciation and amortization	(67,998)	(59,103)
Property, equipment and software - net	43,601	30,044
Internal-use software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	29,071	24,513
Network hardware, computer equipment and software
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	80,675	62,764
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	1,230	1,249
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, gross	$ 623	$ 621

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3.4	$ 2.3	$ 6.3	$ 4.5
Capitalized computer software additions	2.5	1.7	4.6	3.4
Internal-use software
Property, Plant and Equipment [Line Items]
Amortization	$ 3.4	$ 2.9	$ 1.8	$ 1.5

Balance Sheet Components - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payable to publishers	$ 151,600	$ 168,673
Other	10,976	8,058
Total accounts payable	$ 162,576	$ 176,731

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 10,796	$ 13,352
Accrued and other current liabilities	2,984	1,492
Accrued liabilities	$ 13,780	$ 14,844

Loan and Security Agreement (Details) - Revolving Credit Facility - Silicon Valley Bank $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 25.0
Line of credit facility, borrowing capacity, percentage of eligible accounts receivable, net,	80.00%
Line of credit facility, unused capacity, commitment fee percentage	0.40%
Line of credit facility, borrowing capacity, unused capacity fee, closing balance threshold	$ 5.0
Debt instrument, interest rate	3.25%
Debt instrument, covenant, quick ratio, minimum	1.0

Commitments and Contingencies - Future Minimum Commitments (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases
2021 (for remaining 6 months)	$ 982
2022	1,028
2023	109
2024	0
Total future minimum commitments, net	2,119
Other Contractual Obligations
2021 (for remaining 6 months)	4,172
2022	8,692
2023	6,285
2024	3,629
Total future minimum commitments, net	$ 22,778

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating leases, rent expense, net	$ 0.5	$ 0.6	$ 1.1	$ 1.3
Sublease income		$ 0.1		$ 0.3
Letters of credit outstanding, amount	$ 0.7		$ 0.7		$ 0.7

Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 11, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Preferred Units [Line Items]
Preferred stock shares authorized	10,000,000			10,000,000
Preferred stock par value (in usd per share)	$ 0.0001		$ 0.0001	$ 0.0001
Class B
Preferred Units [Line Items]
Convertible preferred stock, shares issued upon conversion				33,443,969
Convertible Preferred Stock
Preferred Units [Line Items]
Temporary equity, carrying amount, attributable to parent	$ 0	$ 0	$ 0	$ 61,200	$ 61,216	$ 61,216	$ 61,216

Stockholders’ Notes Receivable and Redeemable Common Stock (Details) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Aug. 31, 2018
Class of Stock [Line Items]
Temporary equity, common stock, shares issued							1.6
2.42% due August 2021 \| Notes Payable, Other Payables
Class of Stock [Line Items]
Debt instrument, face amount							$ 4,000
Debt instrument, interest rate							2.42%
Redeemable Common Stock
Class of Stock [Line Items]
Temporary equity, carrying amount, attributable to parent	$ 0	$ 0	$ 0	$ 19,025	$ 19,025	$ 19,025

Stockholders’ Equity and Stock Option Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 11, 2020	Nov. 30, 2020
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 15.0	$ 15.0
Discount from market price, purchase date		85.00%
Amount withheld for employee stock purchase plan	$ 0.4	$ 0.4
Issuance of common stock related to employee stock purchase plan (in shares)	155,015
Share-based Payment Arrangement, Option
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 20.9	$ 20.9
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		3 years 1 month 17 days
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		3 years 7 months 6 days
Employee Stock
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	834,866	834,866
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		11 months 1 day
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 3.6	$ 3.6
Percentage of outstanding stock maximum		1.00%
Class A
Class of Stock [Line Items]
Common stock shares authorized	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock reserved for issuance (in shares)	6,434,712	6,434,712
Issuance of common stock related to employee stock purchase plan (in shares)		155,015
Class A \| Employee Stock
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)					500,000
Number of shares authorized	7,500,000	7,500,000
Class B
Class of Stock [Line Items]
Common stock shares authorized	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001

Stockholders’ Equity and Stock Option Plans - Summary of Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Number of Shares Underlying Outstanding Options
Beginning balance (in shares) \| shares	8,459,969
Options granted (in shares) \| shares	660,466
Options exercised (in shares) \| shares	(1,078,838)
Options canceled (in shares) \| shares	(14,484)
Ending balance (in shares) \| shares	8,027,113	8,459,969
Vested (in shares) \| shares	5,098,040
Weighted-Average Exercise Price
Beginning balance (in usd per share) \| $ / shares	$ 2.53
Options granted (in usd per share) \| $ / shares	36.74
Options exercised (in usd per share) \| $ / shares	1.93
Options canceled (in usd per share) \| $ / shares	6.80
Ending balance (in usd per share) \| $ / shares	5.42	$ 2.53
Vested (in usd per share) \| $ / shares	$ 2.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (years)	6 years 11 months 23 days	6 years 9 months 29 days
Weighted average remaining contractual term vested (in years)	5 years 10 months 28 days
Aggregate intrinsic value, awards outstanding \| $	$ 270,368	$ 215,144
Aggregate intrinsic value, vested \| $	$ 185,399

Stockholders’ Equity and Stock Option Plans - Summary of Restricted Stock Units and Related Information (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Number of Shares Underlying Outstanding Options
Unvested beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	463,812
Vested (in shares) \| shares	(21,973)
Canceled/Forfeited (in shares) \| shares	(781)
Unvested ending balance (in shares) \| shares	441,058
Weighted-Average Exercise Price
Unvested beginning balance (in usd per share) \| $ / shares	$ 0
Granted (in usd per share) \| $ / shares	36.05
Vested (in usd per share) \| $ / shares	40.34
Canceled/Forfeited (in usd per share) \| $ / shares	31.91
Unvested ending balance (in usd per share) \| $ / shares	$ 35.84

Stockholders’ Equity and Stock Option Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,629	$ 500	$ 6,794	$ 995
Tax benefit from stock-based compensation	(500)	(44)	(880)	(83)
Total stock-based compensation, net of tax effect	3,129	456	5,914	912
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	204	11	372	21
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	579	80	1,060	155
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,290	183	2,451	363
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,556	$ 226	$ 2,911	$ 456

Net Income Per Share Attributable to Common Stockholders - Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 9,921	$ 4,918	$ 653	$ 904	$ 14,839	$ 1,559
Denominator:
Weighted average common shares outstanding – basic	49,578,536		10,106,560		49,345,202
Net income per share attributable to common stockholders – basic: (in usd per share)	$ 0.20		$ 0		$ 0.30	$ 0
Denominator:
Weighted average common shares outstanding – basic	49,578,536		10,106,560		49,345,202
Weighted average shares outstanding – diluted	56,428,211		14,064,502		56,607,701	14,010,723
Net income per share attributable to common stockholders – diluted (in usd per share)	$ 0.18		$ 0		$ 0.26	$ 0
Class A
Numerator:
Net income	$ 3,880		$ 0		$ 5,804	$ 0
Less: Undistributed earnings allocated to participating securities	0		0		0	0
Reallocation of net income attributable to common stockholders	(1,366)		0		(2,879)	0
Net income attributable to common stockholders – basic	$ 2,514		$ 0		$ 2,925	$ 0
Denominator:
Weighted average common shares outstanding – basic	12,565,379		0		9,725,389	0
Net income per share attributable to common stockholders – basic: (in usd per share)	$ 0.20		$ 0		$ 0.30	$ 0
Numerator:
Net income attributable to common stockholders - diluted	$ 2,244		$ 0		$ 2,606	$ 0
Denominator:
Weighted average common shares outstanding – basic	12,565,379		0		9,725,389	0
Options to purchase common stock (in shares)	28,310		0		128,589	0
Restricted stock (in shares)	58,112		0		29,056	0
Employee stock purchase plan shares (in shares)	113,077		0		56,539	0
Weighted average shares outstanding – diluted	12,764,878		0		9,939,573	0
Net income per share attributable to common stockholders – diluted (in usd per share)	$ 0.18		$ 0		$ 0.26	$ 0
Class B
Numerator:
Net income	$ 6,041		$ 653		$ 9,035	$ 1,559
Less: Undistributed earnings allocated to participating securities	0		(653)		0	(1,559)
Reallocation of net income attributable to common stockholders	1,366		0		2,879	0
Net income attributable to common stockholders – basic	$ 7,407		$ 0		$ 11,914	$ 0
Denominator:
Weighted average common shares outstanding – basic	37,013,157		10,106,560		39,619,813	10,099,356
Net income per share attributable to common stockholders – basic: (in usd per share)	$ 0.20		$ 0		$ 0.30	$ 0
Numerator:
Net income attributable to common stockholders - diluted	$ 7,677		$ 0		$ 12,233	$ 0
Denominator:
Weighted average common shares outstanding – basic	37,013,157		10,106,560		39,619,813	10,099,356
Options to purchase common stock (in shares)	6,650,176		3,957,942		7,048,315	3,911,367
Restricted stock (in shares)	0		0		0	0
Employee stock purchase plan shares (in shares)	0		0		0	0
Weighted average shares outstanding – diluted	43,663,333		14,064,502		46,668,128	14,010,723
Net income per share attributable to common stockholders – diluted (in usd per share)	$ 0.18		$ 0		$ 0.26	$ 0

Net Income Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	665,398	0	556,122	0
Class A \| Options to purchase common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	665,398	0	556,122	0
Class A \| Common stock issuable upon conversion of convertible preferred stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	0	0	0	0
Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	0	34,168,670	0	34,209,597
Class B \| Options to purchase common stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	0	724,701	0	765,628
Class B \| Common stock issuable upon conversion of convertible preferred stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total excludable from net income per share attributable to common stockholders – diluted	0	33,443,969	0	33,443,969

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Contingency [Line Items]
Provision for (benefit from) income taxes	$ (27)	$ 84	$ 1,896	$ 483
Effective income tax rate reconciliation, percent	11.00%	24.00%
Maximum
Income Tax Contingency [Line Items]
Provision for (benefit from) income taxes	$ (100)

- Definition

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

+ References + Details

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 49,658	$ 26,361	$ 93,266	$ 54,709
Total	43,601		43,601		$ 30,044
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	30,076	17,508	57,484	36,550
Total	37,342		37,342		24,580
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	14,445	5,680	25,755	11,529
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,142	2,679	8,337	5,620
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	995	$ 494	1,690	$ 1,010
Total	$ 6,259		$ 6,259		$ 5,464

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

401(k) Plan - Narrative (Details) - USD ($)	6 Months Ended
401(k) Plan - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Defined contribution plan, maximum annual contributions per employee, percent	100.00%
Defined contribution plan, employer discretionary contribution amount	$ 0	$ 0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	$ 31,370	$ 19,793
Total Financial Assets	76,838	39,454
Money Market Funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	38,101	12,462
Certificates of Deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	7,367
Cash Equivalents \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	45,468	19,661
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		7,199
Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Total Financial Assets	38,101	12,462
Fair Value, Inputs, Level 1 \| Money Market Funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	38,101	12,462
Fair Value, Inputs, Level 1 \| Certificates of Deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0
Fair Value, Inputs, Level 1 \| Cash Equivalents \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	38,101	12,462
Fair Value, Inputs, Level 1 \| Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	31,370	19,793
Total Financial Assets	38,737	26,992
Fair Value, Inputs, Level 2 \| Money Market Funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Fair Value, Inputs, Level 2 \| Certificates of Deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	7,367
Fair Value, Inputs, Level 2 \| Cash Equivalents \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	7,367	7,199
Fair Value, Inputs, Level 2 \| Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		7,199
Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Total Financial Assets	0	0
Fair Value, Inputs, Level 3 \| Money Market Funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Fair Value, Inputs, Level 3 \| Certificates of Deposit \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0
Fair Value, Inputs, Level 3 \| Cash Equivalents \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Fair Value, Inputs, Level 3 \| Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		0
U.S. Treasury and government debt securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		8,999
U.S. Treasury and government debt securities \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		0
U.S. Treasury and government debt securities \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		8,999
U.S. Treasury and government debt securities \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value		0
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	31,370	10,794
Commercial paper \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	0	0
Commercial paper \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	31,370	10,794
Commercial paper \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, fair value	$ 0	$ 0