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Acquisitions, Goodwill and Intangible Assets - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Oct. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 541,292		$ 518,539
Eureka
Business Acquisition [Line Items]
Intangible assets		$ 6,900
Goodwill		22,753
Other liabilities, net		(449)
Total purchase price allocation		$ 29,204
Ermetic
Business Acquisition [Line Items]
Intangible assets				$ 45,500
Goodwill				202,019
Other liabilities, net				(3,692)
Total purchase price allocation				$ 243,827

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Business and Summary of Significant Accounting Policies - Impairment of Long Lived Assets (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 6,070,000	$ 4,499,000	$ 0
Impairment of long lived assets			$ 0	$ 0
Impairment Of Right-of-use Asset and Fixed Assets
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 4,500,000	$ 4,500,000

- Definition

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

+ References + Details

Business and Summary of Significant Accounting Policies - Property and Equipment, net (Details)	Dec. 31, 2024
Computer software and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	190,750	$	—	$	—	$	190,750

Total cash equivalents	$	190,750	$	—	$	—	$	190,750

Short-term investments
Commercial paper	$	—	$	41,604	$	—	$	41,604
Corporate bonds	—		95,410		—		95,410
Asset backed securities	—		30,796		—		30,796


Yankee bonds	—		14,007		—		14,007
U.S. Treasury and agency obligations	—		66,730		—		66,730
Total short-term investments	$	—	$	248,547	$	—	$	248,547


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	—	$	82,216	$	—	$	82,216
Corporate bonds	—		61,149		—		61,149
Asset backed securities	—		15,043		—		15,043


Yankee bonds	—		6,913		—		6,913
U.S. Treasury and agency obligations	—		71,519		—		71,519
Total short-term investments	$	—	$	236,840	$	—	$	236,840

Other Investments

Our investments in privately held securities were as follows:


	December 31,
(in thousands)	2024		2023
Equity securities	$	6,701	$	—
Debt and other securities	1,871		9,383
Total other investments	$	8,572	$	9,383

Other investments are classified as Level 3 as they do not have readily determinable market values.

In 2024, we received $3.5 million in proceeds from one of our SAFE investments and expect to collect the remaining $0.9 million once the escrow funds are released. Additionally in 2024, we recognized a $1.5 million gain on the conversion of our SAFE investment to an investment in preferred stock. In 2023, we identified impairment indicators for two of our SAFE investments and determined our investments were impaired, resulting in an impairment loss of $5.6 million that was recorded in other expense, net on our consolidated statement of operations.

We did not have any liabilities measured and recorded at fair value on a recurring basis at December 31, 2024 and 2023.

- Definition

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

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 328,647	$ 237,132
Short-term investments	248,547	236,840
Accounts receivable (net of allowance for doubtful accounts of $525 and $470 at December 31, 2024 and 2023, respectively)	258,734	220,060
Deferred commissions	51,791	49,559
Prepaid expenses and other current assets	53,026	61,882
Total current assets	940,745	805,473
Property and equipment, net	39,265	45,436
Deferred commissions (net of current portion)	67,914	72,394
Operating lease right-of-use assets	45,139	34,835
Acquired intangible assets, net	94,461	107,017
Goodwill	541,292	518,539
Other assets	13,303	23,177
Total assets	1,742,119	1,606,871
Current liabilities:
Accounts payable and accrued expenses	19,981	16,941
Accrued compensation	55,784	66,492
Deferred revenue	650,372	580,779
Operating lease liabilities	6,801	5,971
Other current liabilities	5,154	5,655
Total current liabilities	738,092	675,838
Deferred revenue (net of current portion)	182,815	169,718
Term loan, net of issuance costs (net of current portion)	356,705	359,281
Operating lease liabilities (net of current portion)	56,224	48,058
Other liabilities	8,329	7,632
Total liabilities	1,342,165	1,260,527
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized, 122,371 and 117,504 shares issued at December 31, 2024 and 2023, respectively)	1,224	1,175
Additional paid-in capital	1,374,659	1,185,100
Treasury stock (at cost: 2,673 and 356 shares at December 31, 2024 and 2023, respectively)	(114,911)	(14,934)
Accumulated other comprehensive income	318	38
Accumulated deficit	(861,336)	(825,035)
Total stockholders’ equity	399,954	346,344
Total liabilities and stockholders’ equity	$ 1,742,119	$ 1,606,871

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		108,929
Beginning balance at Dec. 31, 2021	$ 215,313	$ 1,089	$ 869,059	$ 0	$ (306)	$ (654,529)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	1,174	1,174
Exercise of stock options	$ 11,721	$ 12	11,709
Vesting of restricted stock units (in shares)		2,510
Vesting of restricted stock units	0	$ 25	(25)
Issuance of common stock under employee stock purchase plan (in shares)		443
Issuance of common stock under employee stock purchase plan	14,791	$ 5	14,786
Stock-based compensation	122,308		122,308
Other comprehensive income (loss)	(1,045)				(1,045)
Net loss	(92,222)					(92,222)
Ending balance (in shares) at Dec. 31, 2022		113,056
Ending balance at Dec. 31, 2022	$ 270,866	$ 1,131	1,017,837	0	(1,351)	(746,751)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	387	387
Exercise of stock options	$ 3,501	$ 4	3,497
Vesting of restricted stock units (in shares)		3,153
Vesting of restricted stock units	0	$ 32	(32)
Vesting of performance stock units (in shares)		91
Vesting of performance stock units	0
Issuance of restricted stock award (in shares)		311
Issuance of restricted stock awards	0	$ 3	(3)
Issuance of common stock under employee stock purchase plan (in shares)		506
Issuance of common stock under employee stock purchase plan	16,224	$ 5	16,219
Purchase of treasury stock	(14,934)			(14,934)
Fair value of replacement equity attributable to pre-acquisition service	526		526
Stock-based compensation	147,056		147,056
Other comprehensive income (loss)	1,389				1,389
Net loss	$ (78,284)					(78,284)
Ending balance (in shares) at Dec. 31, 2023	117,504	117,504
Ending balance at Dec. 31, 2023	$ 346,344	$ 1,175	1,185,100	(14,934)	38	(825,035)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	1,044	1,044
Exercise of stock options	$ 8,064	$ 11	8,053
Vesting of restricted stock units (in shares)		3,217
Vesting of restricted stock units	0	$ 32	(32)
Vesting of performance stock units (in shares)		107
Vesting of performance stock units	0	$ 1	(1)
Issuance of common stock under employee stock purchase plan (in shares)		499
Issuance of common stock under employee stock purchase plan	16,262	$ 5	16,257
Purchase of treasury stock	(99,977)			(99,977)
Fair value of replacement equity attributable to pre-acquisition service	42		42
Stock-based compensation	165,240		165,240
Other comprehensive income (loss)	280				280
Net loss	$ (36,301)					(36,301)
Ending balance (in shares) at Dec. 31, 2024	122,371	122,371
Ending balance at Dec. 31, 2024	$ 399,954	$ 1,224	$ 1,374,659	$ (114,911)	$ 318	$ (861,336)

Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	190,750	$	—	$	—	$	190,750

Total cash equivalents	$	190,750	$	—	$	—	$	190,750

Short-term investments
Commercial paper	$	41,610	$	—	$	(6)	$	41,604
Corporate bonds	95,267		208		(65)		95,410
Asset backed securities	30,740		63		(7)		30,796

Yankee bonds	13,998		16		(7)		14,007
U.S. Treasury and agency obligations	66,614		155		(39)		66,730
Total short-term investments	$	248,229	$	442	$	(124)	$	248,547


	December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375

Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	82,188	$	50	$	(22)	$	82,216
Corporate bonds	61,200		40		(91)		61,149
Asset backed securities	15,032		26		(15)		15,043


Yankee bonds	6,926		4		(17)		6,913
U.S. Treasury and agency obligations	71,456		97		(34)		71,519
Total short-term investments	$	236,802	$	217	$	(179)	$	236,840

Schedule of Contractual Maturities on Short-Term Investments

The contractual maturities of our short-term investments are as follows:


	December 31, 2024				December 31, 2023
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	204,156	$	204,532	$	219,437	$	219,414
Due between one and two years	44,073		44,015		17,365		17,426
Total short-term investments	$	248,229	$	248,547	$	236,802	$	236,840

- Definition

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

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+ Details

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 8,102	$ 7,592	$ 7,550

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

U.S. and foreign components of the loss before income taxes were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S. income (loss)	$	25,787	$	(26,249)	$	(23,768)
Foreign loss	(44,673)		(41,152)		(61,521)
Total loss before income taxes	$	(18,886)	$	(67,401)	$	(85,289)

The components of the provision for income taxes were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	3,278	$	5	$	3
State	454		708		248
Foreign	13,036		9,930		10,142
Total current tax expense	16,768		10,643		10,393
Deferred
Federal	580		293		(2,011)
State	227		239		(330)
Foreign	(160)		(292)		(1,119)
Total deferred tax expense (benefit)	647		240		(3,460)
Total provision for income taxes	$	17,415	$	10,883	$	6,933

In connection with the 2022 acquisition of Bit Discovery, Inc., we elected to first offset our existing deferred tax assets with acquired deferred tax liabilities. This resulted in releasing $2.5 million of the federal and state valuation allowance, which was recorded as a component of our deferred tax benefit.

We restructured our operations in Israel through intercompany transactions, which resulted in $1.2 million and $2.7 million of current tax expense in 2024 and 2022, respectively.

Beginning in 2024, we were an applicable taxpayer for the purposes of BEAT for the first time, which resulted in $3.3 million of current tax expense in 2024.

The items accounting for the difference between income taxes computed at the federal statutory rate and our effective tax rate were as follows:


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local taxes	(0.9)		1.9		3.1
Research and development tax credit	25.5		8.4		4.3
Stock-based compensation	(13.6)		(11.3)		7.0

Foreign tax rate differential	35.4		(1.7)		(4.0)
Change in valuation allowance	(81.7)		(34.0)		(28.3)
Gain on intercompany sale, net of losses	(2.1)		(1.4)		(2.9)


Foreign withholding tax	(24.8)		(5.4)		(3.3)
Foreign deferred FX remeasurement	(20.5)		9.0		(4.4)
GILTI	(1.7)		—		—
BEAT	(17.6)		—		—
Transaction costs	(3.6)		(1.0)		(0.6)
Non-deductible expenses	(5.3)		(1.5)		(0.4)
Other	(2.3)		(0.3)		0.4
Effective tax rate	(92.2)	%	(16.3)	%	(8.1)	%

We maintain a valuation allowance on certain U.S. federal, state and foreign deferred tax assets as the realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. In 2024, our valuation allowance increased by $16.0 million, primarily related to our 2024 loss before income taxes and U.S. R&D tax credits.

The components of the deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Net operating losses	$	153,781	$	156,695
Deferred revenue	21,949		22,194
Stock-based compensation	21,802		17,767
Tax credits	28,420		24,174
Leases	14,936		12,296
Accrued compensation	3,364		3,245
Interest expense	2,171		1,860
Capitalized research and development	32,441		22,078
Other	3,219		3,587
Total deferred tax assets	282,083		263,896
Valuation allowance	(219,773)		(203,773)
Net deferred tax assets	62,310		60,123
Deferred tax liabilities:
Deferred commissions	(23,623)		(24,289)
Property and equipment	(12,821)		(11,923)
Intangible assets	(27,302)		(24,915)
Other	(773)		(600)
Total deferred tax liabilities	(64,519)		(61,727)
Net deferred tax liabilities	$	(2,209)	$	(1,604)

At December 31, 2024, we had net operating loss (“NOL”) carryforwards for federal, state and foreign tax purposes of $353.9 million, $239.3 million, and $468.6 million, respectively, which will begin to expire in 2030, as well as $32.1 million of federal, state and foreign research and development tax credits, foreign tax credits, minimum tax credits and certain states’ job creation tax credits. The federal research and development and foreign tax credits will begin to expire in 2032 and the state job creation tax credits will begin to expire in 2025.

We are currently subject to the annual limitation under Sections 382 and 383 of the Internal Revenue Code. We will not be precluded from realizing the NOL carryforward and tax credits but may be limited in the amount we could utilize in any given tax year in the event that the federal and state taxable income will exceed the limitation imposed by Section 382. The amount of the annual limitation is determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years.

At December 31, 2024 and 2023, the total amount of gross unrecognized tax benefits was $8.5 million and $8.3 million, respectively, which, if recognized, would impact our effective tax rate by approximately $0.2 million in each year. Interest and penalties associated with uncertain tax positions recognized as a component of income tax expense were immaterial in 2024, 2023 and 2022.

The change in gross unrecognized tax benefits, excluding accrued interest, were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Unrecognized tax benefits at the beginning of the period	$	8,297	$	7,820	$	7,575
Additions for tax positions in the current year	329		417		245
Increase in prior year positions	—		60		—
Decrease in prior year positions	(88)		—		—
Acquisitions	—		—		—
Unrecognized tax benefits at the end of the period	$	8,538	$	8,297	$	7,820

We file income tax returns in the United States, including various state jurisdictions. Our subsidiaries file income tax returns in various foreign jurisdictions. Tax years after 2014 remain open to examination by the major taxing jurisdictions in which we are subject to tax. At December 31, 2024, we were not under examination for income tax audits by the Internal Revenue Service. We are currently under tax examination in France for tax years 2019 through 2022.

Depending on the jurisdiction, distributions of earnings could be subject to withholding taxes at rates applicable to the distributing jurisdiction. As we intend to continue to reinvest the earnings of foreign subsidiaries indefinitely, we have not provided for a U.S. income tax liability and foreign withholding taxes on undistributed foreign earnings of foreign subsidiaries. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested foreign earnings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Concentrations (Details)	12 Months Ended
Revenue - Concentrations (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
One distributor \| Revenue \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk (in percent)	34.00%	36.00%	38.00%
One distributor \| Accounts receivable \| Customer concentration risk
Concentration Risk [Line Items]
Concentration risk (in percent)	29.00%	32.00%
Channel network \| Revenue \| Sales method risk
Concentration Risk [Line Items]
Concentration risk (in percent)	94.00%	93.00%	92.00%

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,945	13,252	12,798
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,209	7,343	6,894
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,051	5,095	5,485
Shares to be issued under the 2018 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	198	245	223
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	300	258	196
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	187	311	0

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Number of shares outstanding, beginning of period (in shares)	5,095	5,485	6,731
Number of shares, exercised (in shares)	(1,044)	(387)	(1,174)
Number of shares, forfeited/canceled (in shares)	0	(3)	(72)
Number of shares outstanding, end of period (in shares)	4,051	5,095	5,485	6,731
Number of shares exercisable (in shares)	4,051
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in usd per share)	$ 8.95	$ 8.96	$ 9.21
Weighted average exercise price, exercised (in usd per share)	7.72	9.05	9.98
Weighted average exercise price, forfeited/canceled (in usd per share)	0	10.97	16.15
Weighted average exercise price, outstanding, end of period (in usd per share)	9.26	$ 8.95	$ 8.96	$ 9.21
Weighted average exercise price, exercisable (in usd per share)	$ 9.26
Weighted Average Remaining Contractual Term/ Aggregate Intrinsic Value
Weighted average remaining contractual term (in years), outstanding	2 years 7 months 6 days	3 years 6 months	4 years 6 months	5 years 6 months
Weighted average remaining contractual term (in years), exercisable	2 years 7 months 6 days
Aggregate intrinsic value, outstanding, beginning of period	$ 189,108	$ 160,135	$ 308,677
Aggregate intrinsic value, exercised	38,831	13,364	47,880
Aggregate intrinsic value, outstanding, end of period	122,024	$ 189,108	$ 160,135	$ 308,677
Aggregate intrinsic value, exercisable	$ 122,024

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following table presents a summary of revenue:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Subscription revenue	$	824,659	$	725,013	$	612,510
Perpetual license and maintenance revenue	47,774		48,729		50,699
Professional services and other revenue	27,588		24,968		19,982
Revenue	$	900,021	$	798,710	$	683,191

Schedule of Future Estimated Revenue Related To Unsatisfied Performance Obligations

The following summarizes the future estimated revenue related to unsatisfied performance obligations:


	December 31,
(in thousands)	2024		2023
Remaining performance obligations, short-term	$	660,647	$	595,053
Remaining performance obligations, long-term	206,879		179,955
Remaining performance obligations	$	867,526	$	775,008

Schedule of Activity of Deferred Contract Costs

The following summarizes the activity of deferred incremental costs of obtaining a contract:


	Year Ended December 31,
(in thousands)	2024		2023
Beginning balance	$	121,953	$	111,508
Capitalization of contract acquisition costs	52,263		60,268
Amortization of deferred contract acquisition costs	(54,511)		(49,823)
Ending balance	$	119,705	$	121,953

Commitments and Contingencies (Details) € in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Jul. 31, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Jul. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Amount of purchase obligation spent \| €		€ 6.9
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 15,000,000
Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 5,700,000
Restricted cash	5,500,000
Microsoft
Line of Credit Facility [Line Items]
Purchase obligation \| €				€ 28.5
Amazon Web Services (AWS)
Line of Credit Facility [Line Items]
Purchase obligation			$ 230,300,000
Amount of purchase obligation spent	$ 28,100,000
Purchase obligation, year 1			59,700,000
Purchase obligation, year 2			77,600,000
Purchase obligation, year 3			$ 93,000,000

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Contribution expense	$ 9.8	$ 10.3	$ 9.7

Leases - Schedule of Operating Lease Liability Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 9,585
2026	12,182
2027	11,767
2028	11,124
2029	10,800
Thereafter	22,079
Total lease payments	77,537
Less: Imputed interest	(14,512)
Total	$ 63,025

Business and Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Dec. 31, 2024 reporting_unit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting units	1

Acquisitions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2023	$ 518,539
Acquired goodwill	22,753
Balance at December 31, 2024	$ 541,292

- Definition

+ References

+ Details

Cash Equivalents and Short-Term Investments - Schedule of Contractual Maturities on Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Amortized cost, due within one year	$ 204,156	$ 219,437
Amortized cost, due between one and four years	44,073	17,365
Amortized Cost	248,229	236,802
Estimated fair value, due within one year	204,532	219,414
Estimated fair value, due between one and four years	44,015	17,426
Estimated Fair Value	$ 248,547	$ 236,840

Business and Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Revenue - Schedule of Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 121,953	$ 111,508
Capitalization of contract acquisition costs	52,263	60,268
Amortization of deferred contract acquisition costs	(54,511)	(49,823)
Ending balance	$ 119,705	$ 121,953

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents a summary of revenue:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Subscription revenue	$	824,659	$	725,013	$	612,510
Perpetual license and maintenance revenue	47,774		48,729		50,699
Professional services and other revenue	27,588		24,968		19,982
Revenue	$	900,021	$	798,710	$	683,191

Concentrations

We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end users. Revenue derived through our channel network comprised 94%, 93% and 92% of revenue in 2024, 2023 and 2022, respectively. One of our distributors accounted for 34%, 36% and 38% of revenue in 2024, 2023 and 2022, respectively. That same distributor accounted for 29% and 32% of accounts receivable at December 31, 2024 and 2023, respectively.

Contract Balances

We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In 2024, 2023 and 2022, we recognized revenue of $581.8 million, $502.8 million and $407.5 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.

Remaining Performance Obligations

The following summarizes the future estimated revenue related to unsatisfied performance obligations:


	December 31,
(in thousands)	2024		2023
Remaining performance obligations, short-term	$	660,647	$	595,053
Remaining performance obligations, long-term	206,879		179,955
Remaining performance obligations	$	867,526	$	775,008

Deferred Commissions

The following summarizes the activity of deferred incremental costs of obtaining a contract:


	Year Ended December 31,
(in thousands)	2024		2023
Beginning balance	$	121,953	$	111,508
Capitalization of contract acquisition costs	52,263		60,268
Amortization of deferred contract acquisition costs	(54,511)		(49,823)
Ending balance	$	119,705	$	121,953

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

+ Details

Fair Value Measurements - Schedule of Assets Measured At Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 190,750	$ 130,375
Short-term investments	248,547	236,840
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	190,750	130,375
Short-term investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	248,547	236,840
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	0	0
Total other investments	8,572	9,383
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	41,604	82,216
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	41,604	82,216
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	95,410	61,149
Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	95,410	61,149
Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	30,796	15,043
Asset backed securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Asset backed securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	30,796	15,043
Asset backed securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Yankee bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	14,007	6,913
Yankee bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Yankee bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	14,007	6,913
Yankee bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	66,730	71,519
U.S. Treasury and agency obligations \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
U.S. Treasury and agency obligations \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	66,730	71,519
U.S. Treasury and agency obligations \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Equity securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments	6,701	0
Debt and other securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments	1,871	9,383
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	190,750	130,375
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	190,750	130,375
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Year Ended December 31,
(in thousands, except per share data)	2024		2023		2022
Net loss	$	(36,301)	$	(78,284)	$	(92,222)

Weighted-average shares used to compute net loss per share, basic and diluted	118,789		115,408		111,321
Net loss per share, basic and diluted	$	(0.31)	$	(0.68)	$	(0.83)

The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive:


	Year Ended December 31,
(in thousands)	2024	2023	2022
RSUs	7,209	7,343	6,894
Stock options	4,051	5,095	5,485
Shares to be issued under the 2018 ESPP	198	245	223
PSUs	300	258	196
Restricted stock	187	311	—
Total	11,945	13,252	12,798

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (36,301)	$ (78,284)	$ (92,222)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available-for-sale securities	280	1,389	(1,045)
Other comprehensive income (loss)	280	1,389	(1,045)
Comprehensive loss	$ (36,021)	$ (76,895)	$ (93,267)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 163,515	$ 145,327	$ 120,633
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	12,677	11,247	8,369
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	62,727	61,322	49,383
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	47,656	37,225	31,499
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 40,455	$ 35,533	$ 31,382

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

SUPPLEMENTARY CONSOLIDATED FINANCIAL STATEMENT SCHEDULE

VALUATION AND QUALIFYING ACCOUNTS


(in thousands)	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Deductions(1)		Balance at End of Year
Allowance for Doubtful Accounts
Year Ended December 31, 2024	$	470	$	545	$	(490)	$	525
Year Ended December 31, 2023	1,400		593		(1,523)		470
Year Ended December 31, 2022	524		1,154		(278)		1,400

_______________

(1) Consists of recoveries and write-offs of uncollectible accounts.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 900,021	$ 798,710	$ 683,191
Cost of revenue	199,668	183,577	154,789
Gross profit	700,353	615,133	528,402
Operating expenses:
Sales and marketing	395,385	393,450	349,430
Research and development	181,624	153,163	143,560
General and administrative	124,130	116,181	103,227
Restructuring	6,070	4,499	0
Total operating expenses	707,209	667,293	596,217
Loss from operations	(6,856)	(52,160)	(67,815)
Interest income	23,325	24,700	6,284
Interest expense	(31,920)	(31,339)	(19,001)
Other expense, net	(3,435)	(8,602)	(4,757)
Loss before income taxes	(18,886)	(67,401)	(85,289)
Provision for income taxes	17,415	10,883	6,933
Net loss	$ (36,301)	$ (78,284)	$ (92,222)
Net loss per share, basic (in usd per share)	$ (0.31)	$ (0.68)	$ (0.83)
Net loss per share, diluted (in usd per share)	$ (0.31)	$ (0.68)	$ (0.83)
Weighted-average shares used to compute net loss per share, basic (in shares)	118,789	115,408	111,321
Weighted-average shares used to compute net loss per share, diluted (in shares)	118,789	115,408	111,321

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Credit Agreement

In July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:

•a $375.0 million senior secured term loan facility ("Term Loan"); and

•a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").

The table below summarizes the carrying value of the Term Loan:


(in thousands)	December 31, 2024
Term loan	$	363,750
Less: Unamortized debt discount and issuance costs	(4,465)
Term loan, net of issuance costs	359,285
Less: Term loan, net, current (1)	(2,580)
Term loan, net of issuance costs (net of current portion)	$	356,705

_______________

(1) Term loan, net, current is included in other current liabilities on our consolidated balance sheets.

The Term Loan bears interest at a rate of 2.75% per annum over the Secured Overnight Financing Rate ("SOFR"), subject to a 0.50% floor, plus a credit spread adjustment depending on the interest period. The Term Loan is being amortized at 1% per annum in equal quarterly installments until the final payment of $350.6 million on the July 7, 2028 maturity date.

Our Term Loan is recorded at its carrying value. At December 31, 2024, the fair value of our Term Loan was approximately $364.7 million. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets.

The maturities of our Term Loan at December 31, 2024 were as follows:


(in thousands)
Year ending December 31,
2025	$	3,750
2026	3,750
2027	3,750
2028	352,500
Total	$	363,750

We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions. These prepayments would only be required if our first lien net leverage ratio (as defined in our Credit Agreement) exceeds 3.5 at the end of each year. At December 31, 2024, our first lien net leverage ratio was 0.86.

The Revolving Credit Facility bears interest at a rate, depending on first lien net leverage, ranging from 2.00% to 2.50% over SOFR and matures on July 7, 2026. Additionally, we pay a commitment fee during the term ranging from 0.25% to 0.375% per annum of the average daily undrawn portion of the revolving commitments based on the first lien net leverage ratio. The Revolving Credit Facility contains a $15.0 million letter of credit sublimit.

The Credit Agreement contains certain customary events of default, which include failure to make payments when due, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, failure of any lien created under the Security Documents (as defined in the Credit Agreement) to be valid and perfected (subject to certain exceptions), failure of any material guarantee of the Loan Document Obligations (as defined in the Credit Agreement) to be in full force and effect and a Change of Control (as defined in the Credit Agreement).

The Credit Agreement is guaranteed by the Company and Tenable Public Sector LLC, an indirect subsidiary of the Company, as guarantors, and is supported by a security interest in substantially all of the assets of Tenable, Inc. and the guarantors.

The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on incurring additional indebtedness or guaranteeing indebtedness of others, creating liens on properties or assets, making certain investments, loans, advances and guarantees, selling assets, making certain restricted payments and entering into certain sale and leaseback transactions, affiliate transactions, restrictive agreements and asset and stock-based transactions. Additionally, if at least 35% of the Revolving Credit Facility is drawn on the last day of the quarter, the total net leverage ratio cannot be greater than 5.50 to 1.00. At December 31, 2024, we had $0.2 million of standby letters of credit outstanding under our Revolving Credit Facility related to one of our operating leases. At December 31, 2024, we were in compliance with the covenants under the Credit Agreement.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in deferred revenue	$ 581.8	$ 502.8	$ 407.5

Fair Value Measurements - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) investment
Fair Value Disclosures [Abstract]
Proceeds from SAFE Investments	$ 3.5
SAFE Investments, receivable	0.9
Gain (loss) from SAFE investments	$ 1.5
Number of SAFE investments impaired \| investment		2
Impairment of other investments		$ 5.6

Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateral For Letters of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash	$ 8.2	$ 5.8

Segment and Geographic Information - Schedule of Revenue by Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 900,021	$ 798,710	$ 683,191
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	558,068	500,512	432,734
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	239,741	205,851	175,767
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 102,212	$ 92,347	$ 74,690

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (36,301)	$ (78,284)	$ (92,222)
Weighted-average shares used to compute net loss per share, basic (in shares)	118,789	115,408	111,321
Weighted-average shares used to compute net loss per share, diluted (in shares)	118,789	115,408	111,321
Net loss per share, basic (in usd per share)	$ (0.31)	$ (0.68)	$ (0.83)
Net loss per share, diluted (in usd per share)	$ (0.31)	$ (0.68)	$ (0.83)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 13,700	$ 13,200	$ 10,800
Restructuring	$ 6,070	$ 4,499	$ 0

Business and Summary of Significant Accounting Policies - Deferred Commissions (Details)	Dec. 31, 2024
Perpetual license and maintenance revenue
Capitalized Contract Cost [Line Items]
Estimated period of benefit	5 years
Minimum \| Subscription revenue
Capitalized Contract Cost [Line Items]
Estimated period of benefit	3 years
Maximum \| Subscription revenue
Capitalized Contract Cost [Line Items]
Estimated period of benefit	4 years

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 18, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38600
Entity Registrant Name	TENABLE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5580846
Entity Address, Address Line One	6100 Merriweather Drive
Entity Address, City or Town	Columbia
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21044
City Area Code	410
Local Phone Number	872-0555
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	TENB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5.1
Entity Common Stock, Shares Outstanding (in shares)		120,302,439
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement relating to the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the year ended December 31, 2024.
Entity Central Index Key	0001660280
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events In February 2025, we acquired Vulcan Cyber, an innovator in cyber risk management. This acquisition is expected to add enhanced visibility, extended third-party data flows, risk prioritization and optimized remediation to strengthen our Tenable One Exposure Management platform. We acquired Vulcan Cyber for a total purchase price of approximately $148 million in cash and $2 million in RSUs that vest over a future period, subject to certain customary purchase price adjustments.

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Year Ended December 31,
(in thousands, except per share data)	2024		2023		2022
Net loss	$	(36,301)	$	(78,284)	$	(92,222)

Weighted-average shares used to compute net loss per share, basic and diluted	118,789		115,408		111,321
Net loss per share, basic and diluted	$	(0.31)	$	(0.68)	$	(0.83)

Schedule of Potentially Dilutive Securities

The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive:


	Year Ended December 31,
(in thousands)	2024	2023	2022
RSUs	7,209	7,343	6,894
Stock options	4,051	5,095	5,485
Shares to be issued under the 2018 ESPP	198	245	223
PSUs	300	258	196
Restricted stock	187	311	—
Total	11,945	13,252	12,798

Revenue - Unsatisfied Performance Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Remaining performance obligations, short-term	$ 660,647	$ 595,053
Remaining performance obligations, long-term	206,879	179,955
Remaining performance obligations	$ 867,526	$ 775,008

Business and Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2024	Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock repurchase program authorized amount	$ 185,100			$ 100,000
Additional share repurchase amount authorized			$ 200,000
Purchase of treasury stock (in shares)	2,300,000	400,000
Purchase of treasury stock	$ 99,977	$ 14,934

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”).
Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, the incremental borrowing rate for operating leases and the valuation of deferred tax assets and investments. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates.
Foreign Currency	Foreign Currency The functional currency for all of our foreign subsidiaries is the U.S. dollar. Assets and liabilities denominated in other currencies are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. We bill our customers in U.S. dollars. Expenses incurred in non U.S. dollar currencies are remeasured into U.S. dollars when incurred. Remeasurement losses in currencies other than the functional currency were $5.0 million, $3.1 million and $4.8 million in 2024, 2023 and 2022, respectively, and are included as a component of other expense, net in the consolidated statements of operations.
Revenue Recognition/Deferred Commissions	Revenue Recognition We recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. To achieve this, we apply the following steps: •Identify the contract with a customer •Identify the performance obligations in the contract •Determine the transaction price •Allocate the transaction price to the performance obligations in the contract •Recognize revenue when or as performance obligations are satisfied In situations where we enter into a contractual arrangement that includes non-standard terms and conditions, such as acceptance provisions or options to purchase additional products and services, as well as contract modifications, we apply judgment in identifying and assessing the impact on revenue recognition. We generate revenue from subscription arrangements for software and cloud-based solutions, perpetual licenses, maintenance associated with perpetual licenses, and professional services and other revenue. We begin to recognize revenue when control of our software or services is transferred to the customer, which for sales made through distributors is concurrent with the transfer to the end user. Subscription Revenue Subscription arrangements generally have annual or multi-year contractual terms and allow customers to use our software or cloud solutions. For our software subscriptions that are dependent on ongoing software updates and the ability to identify the latest cybersecurity vulnerabilities, revenue is recognized ratably over the subscription term given the critical utility provided by the ongoing updates that are released throughout the contract period. When the critical utility of our software does not depend on ongoing updates, we recognize revenue attributable to the license at the time of delivery and the revenue attributable to the maintenance and support ratably over the contract period. Perpetual License and Maintenance Revenue Our perpetual licenses are generally sold with one or more years of maintenance that include ongoing software updates to identify the latest cybersecurity vulnerabilities, which provide critical utility to the software. We recognize perpetual license revenue over a five-year estimated economic life of the expected customer contract. Professional Services and Other Revenue Professional services and other revenue is primarily comprised of advisory services and training related to the deployment and optimization of our products. These services do not result in significant customization of our products. Professional services and other revenue is recognized as the services are performed. Contracts with Multiple Performance Obligations In cases where our contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price basis. We typically determine standalone selling price based on observable selling prices of our products and services. Variable Consideration We record revenue from sales at the net sales price, which is the transaction price, including estimates of variable consideration when applicable. Certain of our customers may be entitled to receive credits and in limited circumstances, refunds, if service level commitments are not met. We have not historically experienced significant incidents affecting the ability to meet these service level commitments and any estimated refunds related to these agreements have not been material. Sales through our channel network of distributors and resellers are generally discounted as compared to the price that we would sell to an end user. Revenue for sales through our channel network is recorded net of any distributor or reseller margin. Deferred Commissions Sales commissions, including related fringe benefit costs, are considered to be incremental costs of obtaining a contract. Sales commissions on initial sales are not commensurate with sales commissions on contract renewals and therefore are recognized over an estimated period of benefit, which ranges between three and four years for subscription arrangements and five years for perpetual license arrangements. We estimate the period of benefit based on the expected contract term including renewal periods, the lifecycle of our technology and other factors. Sales commissions on contract renewals are capitalized and amortized ratably over the contract term as part of sales and marketing expense, with the exception of contracts with renewal periods that are one year or less, in which case the incremental costs are expensed as incurred.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We measure cash and cash equivalents and short-term investments at fair value using a fair value hierarchy of inputs. We approximate fair value by using the carrying amounts for accounts receivable, accounts payable and accrued expenses due to their short-term nature.
Investments	Investments Short-term Investments Our short-term investments include asset backed securities, certificates of deposit, commercial paper, corporate and Yankee bonds, and U.S. treasury and agency obligations. Our investments are classified as available-for-sale and recorded at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss) within stockholders’ equity. We classify investments with original maturities of less than 90 days as cash and cash equivalents. Investments with original maturities greater than 90 days, including those we do not currently intend on selling within the next twelve months, are classified as short-term investments as they are available for use in our operations. We evaluate potential impairments of available-for-sale debt securities due to credit-related and non-credit-related factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Identified credit-related impairments would be recognized as a charge in the statement of operations. Other Investments Our investments in privately held companies consist of preferred stock, convertible notes and non-marketable simple agreements for future equity ("SAFE") investments. We have elected to apply the measurement alternative and record these other investments at cost, less any impairment, plus or minus observable price changes for similar investments of the same issuer. Gains or losses on other investments are recognized in other expense, net on our consolidated statements of operations. Other investments are included in other assets on our consolidated balance sheets.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at the invoiced amount, less an allowance for doubtful accounts, and do not bear interest. We maintain an allowance for doubtful accounts at an amount estimated to be sufficient to cover the risk of collecting less than full payment of the receivables. At each balance sheet date, we evaluate our receivables and assess the allowance for doubtful accounts based on specific customer collection issues and historical write-off trends. Our allowance for doubtful accounts reflects our best estimate of expected future credit losses. We consider various factors that may impact our ability to collect on accounts receivable, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as other factors, however, these estimates may change and future credit losses may differ from our estimates. Expected credit losses from accounts receivable are recognized as expense in our statement of operations.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: three years for computer software and equipment and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Repairs and maintenance costs are expensed as incurred.
Leases	Leases We determine if an arrangement contains a lease and the classification of that lease, if applicable, at inception. We have elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). For contracts with lease and non-lease components, we have elected to not allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Additionally, we enter into arrangements to use shared office spaces and other facilities, and have determined that these arrangements do not contain leases as we do not have the right to use an identified asset. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within our operating leases is generally not determinable and we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using our current borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Any sublease income is recorded as a reduction of lease expense.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstance indicate that the carrying amount may not be fully recoverable. Recoverability of the long-lived assets is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the excess of the carrying amount over the fair value.
Business Combinations	Business Combinations We account for business combinations by recognizing the fair value of acquired assets and liabilities. The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, a non-recurring Level 3 fair value measurement, we make estimates and assumptions, especially with respect to intangible assets such as identified acquired technology and trade names. We generally determine the fair value of acquired technology using the multi-period excess earnings method, a form of the income approach. However in certain situations we may use the cost approach. Estimates in valuing identifiable intangible assets include, but are not limited to, projected revenue growth rates, obsolescence projections and an appropriate discount rate. Our estimate of fair value is based upon assumptions we believe to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, we may make adjustments to the fair value of assets acquired and liabilities assumed, with offsetting adjustments to goodwill. Any adjustments made after the measurement period will be reflected in the consolidated statements of operations. Acquisition-related costs are expensed as incurred.
Goodwill	Goodwill The excess of the purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. We perform our annual impairment assessment on October 1, or more frequently, when events or circumstances indicate impairment may have occurred. We operate as one reporting unit and have elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company as a whole is less than its carrying amount, including goodwill. The qualitative assessment includes an evaluation of relevant events and circumstances, including macroeconomic, industry and market conditions, our overall financial performance, and trends in the value of our common stock. During the periods presented, there were no indications of impairment and it was not more likely than not that goodwill was impaired.
Common Stock and Treasury Stock	Common Stock Our Amended and Restated Certificate of Incorporation authorized 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. There were no shares of preferred stock issued or outstanding at December 31, 2024 or 2023. The voting, dividend, and liquidation rights of common stockholders are subject to, and qualified by, the rights of preferred stockholders. The common stockholders are entitled to receive dividends when, as and if, declared by the Board of Directors, subject to preferential dividend rights of preferred stockholders. Upon dissolution or liquidation, our common stockholders will be entitled to receive all assets available for distribution to stockholders, subject to any preferential rights of preferred stockholders. Treasury Stock In November 2023, our Board of Directors authorized the repurchase of up to $100 million of our common stock. In October 2024, our Board of Directors increased the repurchase authorization by $200 million. We account for purchases of treasury stock under the cost method. Shares are held for future issuance and not retired.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense related to restricted stock units ("RSUs"), purchase rights issued under our 2018 Employee Stock Purchase Plan ("2018 ESPP"), stock options and restricted stock is calculated based on the fair value of the awards granted and is recognized on a straight-line basis over the requisite service period, which is generally two to four years. Our performance stock units ("PSUs") vest over a period of 4 years and are subject to defined performance and service conditions. Our PSUs are expensed using the accelerated attribution method. We account for forfeitures as they occur. The fair value of RSUs, PSUs and restricted stock is based on the market price of our common stock on the date of grant. The fair value of 2018 ESPP purchase rights is estimated on the grant date using the Black-Scholes option pricing model, which requires us to make assumptions and judgments, including the expected term, expected volatility, and risk-free interest rates. We use the market price of our common stock at the date of grant.
Advertising	Advertising Advertising costs are expensed as they are incurred.
Software Development Costs	Software Development Costs Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. We have not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the consolidated statements of operations. Software developed for internal use, with no substantive plans to market such software at the time of development, are capitalized and included in property and equipment, net in the consolidated balance sheets. Costs incurred during the preliminary planning and evaluation and post implementation stages of the project are expensed as incurred. Costs incurred during the application development stage of the project are capitalized.
Restructuring	Restructuring Restructuring expenses consist of non-ordinary course severance, employee related benefits and other charges to reorganize business operations. The $6.1 million of restructuring expense in 2024 consisted of $4.5 million non-cash impairment of leasehold improvements and furniture and fixtures that was recorded in connection with the sublease of a portion of our headquarters in 2024 and $1.5 million in non-ordinary course severance and employee related benefits. The $4.5 million of restructuring expense in 2023 related to the optimization of our go-to-market efforts, including reducing our reliance on sales specialists and streamlining layers of management. We completed our restructuring in the second quarter of 2024.
Net Loss per Share	Net Loss per Share We calculate basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by giving effect to all potentially dilutive common stock equivalents in the period, including unvested RSUs, PSUs, stock options, unvested restricted shares and shares to be issued under our 2018 ESPP. As we have reported losses for all periods presented, all potentially dilutive securities have been excluded from the calculation of diluted net loss per share as their effect would be antidilutive.
Segment Information	Segment Information We operate as one operating segment as our interim co-chief executive officers, who are our chief operating decision makers ("CODMs"), review financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities, net operating loss carryforwards, and tax credit carryforwards. We have elected to treat taxes related to GILTI as a period cost. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position if it is more likely than not to be sustained upon audit by the relevant taxing authority. Interest and penalties associated with such uncertain tax positions are classified as a component of income tax expense.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In 2024, we adopted ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This requires public entities with a single reportable segment to disclose significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the reported measure(s) of a segment's profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment's profit or loss to assess performance and decide how to allocate resources. The adoption of ASU 2023-07 did not have a material impact on our consolidated financial statements as we operate as one operating segment and significant segment expenses are disclosed in our consolidated statements of operations. See Note 13 for our segment disclosures. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to provide greater disaggregation within their annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclose both percentages and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meet a quantitative threshold. The guidance also requires disaggregating the annual disclosure of income taxes paid, net of refunds received, by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that meet a quantitative threshold. The guidance is effective for our annual periods beginning January 1, 2025 on a prospective basis, with a retrospective option, and early adoption is permitted. Adopting this guidance will result in additional annual tax disclosures but will not impact our provision for income taxes, deferred tax assets or deferred tax liabilities. In November 2024, the FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. The ASU also requires disclosure of the total amount of selling expenses recognized in continuing operations on an annual and interim basis and disclosure of a public business entity’s definition of selling expenses on an annual basis (or in interim reporting periods if the definition is changed). The guidance is effective for our annual periods beginning January 1, 2026 on a prospective basis, with a retrospective option, and early adoption is permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 470	$ 1,400	$ 524
Additions Charged to Costs and Expenses	545	593	1,154
Deductions	(490)	(1,523)	(278)
Balance at End of Year	$ 525	$ 470	$ 1,400

Income Taxes - Schedule Change of Gross Unrealized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the period	$ 8,297	$ 7,820	$ 7,575
Additions for tax positions in the current year	329	417	245
Increase in prior year positions	0	60	0
Decrease in prior year positions	(88)	0	0
Acquisitions	0	0	0
Unrecognized tax benefits at the end of the period	$ 8,538	$ 8,297	$ 7,820

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense and Supplemental Information

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Operating lease cost	$	8,102	$	7,592	$	7,550

Supplemental information related to leases was as follows:


	December 31,
	2024	2023
Operating leases
Weighted average remaining lease term	6.5 years	7.3 years
Weighted average discount rate	6.1%	5.6%


	Year Ended December 31,
(in thousands)	2024		2023		2022
ROU assets obtained in exchange for lease obligations
Operating leases	$	10,143	$	1,234	$	4,256

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2024 were as follows:


(in thousands)
Year ending December 31,
2025	$	9,585
2026	12,182
2027	11,767
2028	11,124
2029	10,800
Thereafter	22,079
Total lease payments	77,537
Less: Imputed interest	(14,512)
Total	$	63,025

Stock-Based Compensation - Schedule of Fair Value of ESPP Purchase Rights (Details) - Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	31.90%	46.90%	42.80%
Expected volatility, maximum	51.40%	58.10%	61.00%
Risk - free interest rate, minimum	3.80%	4.80%	0.10%
Risk - free interest rate, maximum	5.10%	5.40%	3.40%
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years	2 years

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (36,301)	$ (78,284)	$ (92,222)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	33,209	27,108	22,194
Stock-based compensation	163,515	145,327	120,633
Net accretion of discounts and amortization of premiums on short-term investments	(7,595)	(8,323)	(1,199)
Amortization of debt issuance costs	1,353	1,267	1,299
(Gain) loss on other investments	(1,452)	5,617	0
Restructuring	4,528	0	0
Other	6,507	2,179	2,623
Changes in operating assets and liabilities:
Accounts receivable	(38,730)	(30,042)	(51,256)
Prepaid expenses and other assets	26,170	1,689	(2,929)
Accounts payable, accrued expenses and accrued compensation	(8,257)	7,071	409
Deferred revenue	82,581	81,755	132,622
Other current and noncurrent liabilities	(8,052)	(5,509)	(1,023)
Net cash provided by operating activities	217,476	149,855	131,151
Cash flows from investing activities:
Purchases of property and equipment	(4,247)	(1,704)	(9,359)
Capitalized software development costs	(6,451)	(7,052)	(9,789)
Purchases of short-term investments	(287,797)	(278,209)	(266,693)
Sales and maturities of short-term investments	283,964	317,651	234,569
Purchases of other investments	(1,250)	0	(10,000)
Proceeds from other investments	3,512	0	0
Business combinations, net of cash acquired	(29,162)	(243,301)	(66,767)
Net cash used in investing activities	(41,431)	(212,615)	(128,039)
Cash flows from financing activities:
Payments on term loan	(3,750)	(3,750)	(3,750)
Proceeds from stock issued in connection with the employee stock purchase plan	16,262	16,224	14,791
Proceeds from the exercise of stock options	8,064	3,501	11,721
Purchase of treasury stock	(99,977)	(14,934)	0
Other financing activities	0	210	556
Net cash (used in) provided by financing activities	(79,401)	1,251	23,318
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(5,129)	(2,225)	(3,835)
Net increase (decrease) in cash and cash equivalents and restricted cash	91,515	(63,734)	22,595
Cash and cash equivalents and restricted cash at beginning of year	237,132	300,866	278,271
Cash and cash equivalents and restricted cash at end of year	328,647	237,132	300,866
Supplemental disclosure of cash flow information:
Cash paid for interest	30,977	34,323	16,047
Cash paid for income taxes, net of refunds	15,180	8,981	10,582
Supplemental cash flow information related to leases:
Cash payments for operating leases	$ 9,204	$ 8,914	$ 6,113

Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Ermetic
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of replacement equity		$ 0.5		$ 0.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plans, maximum term (in years)			10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)			3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)			4 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	1.8
Shares available for grant (in shares)			10.0
Percentage of employee earnings allowed			15.00%
Discount price percentage			85.00%
Offering period (up to)			27 months
Share-based payment award, termination contingency, new offering period			24 months
Share-based payment award, termination contingency, new purchase period			6 months
Employee contributions			$ 6.9	$ 7.9
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	5.9
Shares available for grant (in shares)			26.1

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2024		2023
Computer software and equipment	$	21,051	$	21,845
Internally developed software	39,944		32,261
Furniture and fixtures	5,140		6,513
Leasehold improvements	24,524		29,354
Total	90,659		89,973
Less: accumulated depreciation and amortization	(51,394)		(44,537)
Property and equipment, net	$	39,265	$	45,436

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In December 2023, we entered into a contract with Microsoft for cloud services from February 2024 through January 2027. Under the terms of the contract we committed to spend €28.5 million. If we do not meet our commitment by the end of the term, we will be required to pay the difference. As of December 31, 2024, we have spent €6.9 million of our commitment. In July 2024, we entered into a new contract with AWS for cloud services, in which we committed to spend $59.7 million, $77.6 million and $93.0 million in contract years one, two and three, respectively, for a total commitment of $230.3 million from August 2024 to July 2027. As of December 31, 2024, we have spent $28.1 million of our first year commitment. Letters of Credit At December 31, 2024, we had $5.7 million of standby letters of credit related to our grant agreements with the State of Maryland and our operating leases. Collateral for $5.5 million of our letters of credit was classified as restricted cash in cash and cash equivalents.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of revenue	$	12,677	$	11,247	$	8,369
Sales and marketing	62,727		61,322		49,383
Research and development	47,656		37,225		31,499
General and administrative	40,455		35,533		31,382
Total stock-based compensation expense	$	163,515	$	145,327	$	120,633

A summary of the unrecognized stock-based compensation expense related to unvested awards at December 31, 2024 is presented below:


	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted stock units ("RSUs")	$	273,367	2.6
Performance stock units ("PSUs")	5,522		2.8
Restricted stock	7,136		1.3
2018 Employee Stock Purchase Plan ("2018 ESPP")	10,744		0.9

Restricted Stock, RSUs and PSUs

A summary of our restricted stock, RSU and PSU activity is presented below:


	Restricted Stock			RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021	—	$	—	5,781	$	37.74	—	$	—
Granted	—	—		4,653	45.83		209	44.97
Vested	—	—		(2,510)	36.47		—	—
Forfeited	—	—		(1,030)	40.45		(13)	44.97
Unvested balance at December 31, 2022	—	—		6,894	43.26		196	44.97
Granted	311	45.67		4,728	43.47		188	43.24
Performance adjustment(1)	—	—		—	—		12	44.97
Vested	—	—		(3,153)	41.61		(91)	44.97
Forfeited	—	—		(1,126)	45.14		(47)	43.92
Unvested balance at December 31, 2023	311	45.67		7,343	43.80		258	43.90
Granted	—	—		4,099	45.89		170	47.20
Performance adjustment(1)	—	—		—	—		(10)	43.24
Vested	(124)	45.67		(3,217)	43.34		(107)	43.93
Forfeited	—	—		(1,016)	45.00		(11)	43.95
Unvested balance at December 31, 2024	187	45.67		7,209	45.01		300	45.78

_______________

(1) Represents adjustments due to the achievement of predefined financial performance targets.

In January 2024, under the evergreen provision in our 2018 Equity Incentive Plan we reserved an additional 5.9 million shares of our common stock. At December 31, 2024, there were 26.1 million shares available for grant under the plan.

In 2023, as part of the acquisition of Ermetic, we issued replacement equity awards, of which $0.5 million was attributable to services performed prior to the acquisition date and allocated to purchase consideration. The remaining fair value was allocated to future services and is being expensed over the remaining service periods as stock-based compensation.

Stock Options

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	6,731	$	9.21	5.5	$	308,677

Exercised	(1,174)	9.98			47,880
Forfeited/canceled	(72)	16.15
Outstanding at December 31, 2022	5,485	8.96		4.5	160,135

Exercised	(387)	9.05			13,364
Forfeited/canceled	(3)	10.97
Outstanding at December 31, 2023	5,095	8.95		3.5	189,108

Exercised	(1,044)	7.72			38,831
Forfeited/canceled	—	—
Outstanding and exercisable at December 31, 2024	4,051	9.26		2.6	122,024

Stock options were last granted in 2018. Stock options granted under our stock incentive plans have a maximum term of ten years, generally vest over a period of three to four years, and the exercise price cannot be less than the fair market value on the date of grant.

Estimating the fair value of ESPP purchase rights using the Black-Scholes option-pricing model requires assumptions as to the fair value of common stock, expected term, expected volatility, the risk-free interest rate and the expected dividend yield.

Fair Value of Common Stock. We use the market price of our common stock at the date of grant.

Expected Term. We use the actual purchase periods as the expected term in the 2018 ESPP.

Expected Volatility. Volatility is a measure of the amount by which a financial variable, such as a share price, has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. In 2021, we began using the volatility of our common stock to calculate expected volatility. Prior to 2021, we identified several public entities of similar size, complexity, and stage of development and estimated our volatility based on the volatility of the common stock of these companies.

Risk-Free Interest Rate. This is the U.S. Treasury rate, having a term that most closely resembles the expected life of the stock option.

Expected Dividend Yield. We have never declared or paid dividends and have no plans to do so in the foreseeable future.

2018 Employee Stock Purchase Plan

Under our 2018 ESPP, employees may set aside up to 15% of their gross earnings, on an after-tax basis, to purchase our common stock at a discounted price, which is calculated at 85% of the lower of the fair market value of our common stock on the first day of an offering or on the date of purchase. The 2018 ESPP permits offerings up to 27 months in duration, with one or more purchase periods in each offering. Additionally, in cases where the fair market value of a share of our common stock on the first day of a new purchase period within an offering is less than or equal to the fair market value of a share of our common stock at the beginning of the offering, that offering will be terminated and participants will be automatically enrolled in a new offering with a new 24-month duration and purchase periods every six months.

A summary of our ESPP activity is presented below:


	Year Ended December 31,
	2024	2023	2022
Shares of common stock purchased	498,890	506,390	442,629
Weighted average price	$32.60	$32.04	$33.42
Cash proceeds (in thousands)	$16,262	$16,224	$14,791

At December 31, 2024 and 2023 there were $6.9 million and $7.9 million, respectively, of employee contributions to the 2018 ESPP included in accrued compensation.

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Expected term (in years)	0.5 — 2.0	0.5 — 2.0	0.5 — 2.0
Expected volatility	31.9% — 51.4%	46.9% — 58.1%	42.8% — 61.0%
Risk-free interest rate	3.8% — 5.1%	4.8% — 5.4%	0.1% — 3.4%
Expected dividend yield	—	—	—

Under the evergreen provision in our 2018 ESPP, in January 2024 we reserved an additional 1.8 million shares of our common stock. At December 31, 2024, there were 10.0 million shares reserved for issuance under the 2018 ESPP.

Acquisitions, Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
2025	$ 20,056
2026	19,870
2027	17,840
2028	14,797
2029	11,178
Thereafter	10,720
Net Carrying Amount	$ 94,461	$ 107,017

Acquisitions, Goodwill and Intangible Assets - Schedule of Acquired Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2024	Oct. 31, 2023	Dec. 31, 2024
Business Acquisition [Line Items]
Estimated Useful Life			5 years 3 months 18 days
Eureka
Business Acquisition [Line Items]
Cost	$ 6,900
Ermetic
Business Acquisition [Line Items]
Cost		$ 45,500
Acquired technology \| Eureka
Business Acquisition [Line Items]
Cost	$ 6,900
Estimated Useful Life	5 years
Acquired technology \| Ermetic
Business Acquisition [Line Items]
Cost		$ 45,500
Estimated Useful Life		7 years

Acquisitions, Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 149,927	$ 143,027
Accumulated Amortization	(55,466)	(36,010)
Net Carrying Amount	94,461	107,017
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	149,437	142,537
Accumulated Amortization	(54,976)	(35,520)
Net Carrying Amount	94,461	107,017
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	490	490
Accumulated Amortization	(490)	(490)
Net Carrying Amount	$ 0	$ 0

- Definition

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

+ References + Details

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

Segment Information

We operate as one operating segment. Our Co-Chief Executive Officers, our CODMs, review financial information on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. Our CODMs review cost of sales expense, sales and marketing expense, research and development expense and general and administrative expense to assess our significant segment expenses, and review income (loss) from operations and net income (loss) to assess our operating performance. Our CODMs also review total assets, as reported on our consolidated balance sheets. See our consolidated statement of operations for our significant segment expenses, loss from operations and net loss in the periods presented.

Geographic Information

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
The Americas	$	558,068	$	500,512	$	432,734
Europe, Middle East and Africa	239,741		205,851		175,767
Asia Pacific	102,212		92,347		74,690
Revenue	$	900,021	$	798,710	$	683,191

Customers located in the United States accounted for 54%, 55% and 56% of revenue in 2024, 2023 and 2022, respectively. No other country accounted for 10% or more of revenue in the periods presented.

Our property and equipment, net by geographic area is summarized as follows:


	December 31,
(in thousands)	2024		2023
United States	$	33,101	$	39,497
International	6,164		5,939
Property and equipment, net	$	39,265	$	45,436

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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+ Details

Acquisitions, Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions, Goodwill and Intangible Assets

Business Combinations

In June 2024, we acquired Eureka Security, Inc. ("Eureka"), a provider of data security posture management ("DSPM") for cloud environments. Adding Eureka's DSPM capabilities to our solutions provides customers a view into their organization's cloud data security footprint, fight policy drift and misconfigurations that put data at risk, and enables customers to continuously improve their security posture over time. We acquired 100% of Eureka's equity through a share purchase agreement for total cash consideration of $29.2 million, net of $0.4 million cash acquired.

In October 2023, we acquired Ermetic, an innovative cloud-native application protection platform company and a leading provider of cloud infrastructure entitlement management. The addition of Ermetic enhances Tenable One and Tenable Cloud Security to deliver contextual risk visibility, prioritization and remediation across infrastructure and identities both on-premises and in the cloud. We acquired 100% of Ermetic's equity through a share purchase agreement for total consideration of $243.8 million, including $243.3 million in cash, net of $6.1 million cash acquired, and $0.5 million fair value of replacement equity.

Cash consideration, net of cash acquired, was allocated as follows:


(in thousands)	Eureka		Ermetic
Intangible assets	$	6,900	$	45,500
Goodwill	22,753		202,019
Other liabilities, net	(449)		(3,692)

Total purchase price allocation	$	29,204	$	243,827

We are still finalizing the allocation of the purchase price for Eureka, which may change as additional information becomes available around income taxes.

Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows:


	Eureka			Ermetic
(dollars in thousands)	Cost		Estimated Useful Life	Cost		Estimated Useful Life
Acquired technology	$	6,900	5 years	$	45,500	7 years

Acquired intangible assets	$	6,900		$	45,500

The results of operations of Eureka and Ermetic are included in our consolidated statements of operations from the applicable acquisition dates and were not material. Pro forma results of operations are not presented as they are not material to the consolidated statements of operations.

We recognized acquisition-related expenses, primarily in general and administrative expense, of $1.9 million, $9.5 million and $2.6 million in 2024, 2023 and 2022, respectively.

Goodwill and Acquired Intangible Assets

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2023	$	518,539
Acquired goodwill	22,753
Balance at December 31, 2024	$	541,292

The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. The acquired goodwill reflects the synergies we expect from marketing and selling these new capabilities from Eureka and Ermetic to our customers. Acquired goodwill is generally not tax deductible.

Acquired intangible assets subject to amortization are as follows:


	December 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	149,437	$	(54,976)	$	94,461	$	142,537	$	(35,520)	$	107,017
Trade name	490		(490)		—		490		(490)		—
	$	149,927	$	(55,466)	$	94,461	$	143,027	$	(36,010)	$	107,017

Amortization of acquired intangible assets was $19.5 million, $13.9 million and $11.4 million in 2024, 2023 and 2022, respectively. At December 31, 2024, our acquired intangible assets are expected to be amortized over an estimated weighted average period of 5.3 years.

At December 31, 2024, estimated future amortization of intangible assets is as follows:


(in thousands)
Year ending December 31,
2025	$	20,056
2026	19,870
2027	17,840
2028	14,797
2029	11,178
Thereafter	10,720
Total	$	94,461

Stock-Based Compensation - Schedule of Unrecognized Stock-Based Compensation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 273,367
Estimated Weighted Average Period (in years)	2 years 7 months 6 days
Performance stock units ("PSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 5,522
Estimated Weighted Average Period (in years)	2 years 9 months 18 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 7,136
Estimated Weighted Average Period (in years)	1 year 3 months 18 days
2018 Employee Stock Purchase Plan ("2018 ESPP")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 10,744
Estimated Weighted Average Period (in years)	10 months 24 days

- Definition

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

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+ Details

Business and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2024
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, stock incentive plan, vesting period (in years)	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite period	4 years

- Definition

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

+ References

+ Details

Debt - Schedule of Carrying Value of Senior Notes (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total	$ 363,750
Secured Debt
Debt Instrument [Line Items]
Total	363,750
Less: Unamortized debt discount and issuance costs	(4,465)
Term loan, net of issuance costs	359,285
Less: Term loan, net, current	(2,580)
Term loan, net of issuance costs (net of current portion)	$ 356,705

- Definition

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

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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Business and Summary of Significant Accounting Policies - Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 6,070	$ 4,499	$ 0
Severance and Employee Related Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 1,500

- Definition

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

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2024		2023
Computer software and equipment	$	21,051	$	21,845
Internally developed software	39,944		32,261
Furniture and fixtures	5,140		6,513
Leasehold improvements	24,524		29,354
Total	90,659		89,973
Less: accumulated depreciation and amortization	(51,394)		(44,537)
Property and equipment, net	$	39,265	$	45,436

Depreciation and amortization related to property and equipment was $13.7 million, $13.2 million and $10.8 million in 2024, 2023 and 2022, respectively.

In 2024 we recorded a $4.5 million impairment for furniture and fixtures and leasehold improvements. See Note 7 for additional information.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 90,659	$ 89,973
Less: accumulated depreciation and amortization	(51,394)	(44,537)
Property and equipment, net	39,265	45,436
Computer software and equipment
Property, Plant and Equipment [Line Items]
Total	21,051	21,845
Internally developed software
Property, Plant and Equipment [Line Items]
Total	39,944	32,261
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	5,140	6,513
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 24,524	$ 29,354

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (36,301)	$ (78,284)	$ (92,222)

- Definition

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

+ References

+ Details

Debt - Schedule of Maturities of Senior Notes (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 3,750
2026	3,750
2027	3,750
2028	352,500
Total	$ 363,750

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 153,781	$ 156,695
Deferred revenue	21,949	22,194
Stock-based compensation	21,802	17,767
Tax credits	28,420	24,174
Leases	14,936	12,296
Accrued compensation	3,364	3,245
Interest expense	2,171	1,860
Capitalized research and development	32,441	22,078
Other	3,219	3,587
Total deferred tax assets	282,083	263,896
Valuation allowance	(219,773)	(203,773)
Net deferred tax assets	62,310	60,123
Deferred tax liabilities:
Deferred commissions	(23,623)	(24,289)
Property and equipment	(12,821)	(11,923)
Intangible assets	(27,302)	(24,915)
Other	(773)	(600)
Total deferred tax liabilities	(64,519)	(61,727)
Net deferred tax liabilities	$ (2,209)	$ (1,604)

Acquisitions, Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2024	Oct. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Payments to acquire businesses, net cash acquired			$ 29,162,000	$ 243,301,000	$ 66,767,000
Acquisition-related transaction costs			1,900,000	9,500,000	2,600,000
Business acquisition, goodwill, expected tax deductible amount			0
Amortization of intangible assets			$ 19,500,000	13,900,000	$ 11,400,000
Weighted average period			5 years 3 months 18 days
Eureka
Business Acquisition [Line Items]
Percentage acquired	100.00%
Business combination, consideration transferred	$ 29,200,000
Cash acquired	$ 400,000
Eureka \| Acquired technology
Business Acquisition [Line Items]
Weighted average period	5 years
Ermetic
Business Acquisition [Line Items]
Percentage acquired		100.00%
Business combination, consideration transferred		$ 243,800,000
Cash acquired		6,100,000
Payments to acquire businesses, net cash acquired		243,300,000
Fair value of replacement equity		$ 500,000		$ 500,000
Ermetic \| Acquired technology
Business Acquisition [Line Items]
Weighted average period		7 years

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Amit Yoran [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Amit Yoran entered into a prearranged stock trading plan on November 20, 2024. Mr. Yoran's plan included the potential sale of 1,186,860 shares held by Mr. Yoran, 89,004 shares held by the Amit Yoran 2020 Family Trust, 109,704 shares held by the Amit Yoran Grantor Retained Annuity Trust B and 203,172 shares held by the Amit Yoran Grantor Retained Annuity Trust C between February 19, 2025 and February 19, 2026. This plan automatically terminated upon Mr. Yoran's death on January 3, 2025.
Name	Amit Yoran
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2024
Expiration Date	February 19, 2026
Arrangement Duration	456 days
November 2024 Trading Plan, Shares Held By Amit Yoran [Member] \| Amit Yoran [Member]
Trading Arrangements, by Individual
Aggregate Available	1,186,860	1,186,860
November 2024 Trading Plan, Shares Held By Amit Yoran 2020 Family Trust [Member] \| Amit Yoran [Member]
Trading Arrangements, by Individual
Aggregate Available	89,004	89,004
November 2024 Trading Plan, Shares Held By Amit Yoran Grantor Retained Annuity Trust B [Member] \| Amit Yoran [Member]
Trading Arrangements, by Individual
Aggregate Available	109,704	109,704
November 2024 Trading Plan, Shares Held By Amit Yoran Grantor Retained Annuity Trust C [Member] \| Amit Yoran [Member]
Trading Arrangements, by Individual
Aggregate Available	203,172	203,172

Business and Summary of Significant Accounting Policies - Perpetual License and Maintenance Revenue (Details) - Perpetual license and maintenance revenue	12 Months Ended
	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Minimum years of maintenance included in contract	1 year
Economic life of perpetual license contracts	5 years

- Definition

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

+ References + Details

Business and Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign currency transaction loss	$ 5.0	$ 3.1	$ 4.8

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Baltimore, Maryland
Auditor Firm ID	42

Revenue - Schedule of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 900,021	$ 798,710	$ 683,191
Subscription revenue
Disaggregation of Revenue [Line Items]
Revenue	824,659	725,013	612,510
Perpetual license and maintenance revenue
Disaggregation of Revenue [Line Items]
Revenue	47,774	48,729	50,699
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 27,588	$ 24,968	$ 19,982

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Income Taxes - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance, increase (decrease)	$ 16,000
Current tax expense	16,768	$ 10,643	$ 10,393
Income tax expense, BEAT	3,300
Tax credits carryforwards	32,100
Unrecognized tax benefits	8,538	8,297	7,820	$ 7,575
Effective tax rate impact	200	$ 200
Israel
Operating Loss Carryforwards [Line Items]
Current tax expense	1,200		2,700
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	353,900
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	239,300
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 468,600
Bit Discovery, Inc. \| Federal and State
Operating Loss Carryforwards [Line Items]
Valuation allowance, increase (decrease)			$ (2,500)

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) renewal_option	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2024 USD ($)
Operating Leased Assets [Line Items]
Number of renewal options \| renewal_option		1
Renewal term on lease		5 years
Option to terminate lease		5 years
Total lease payments		$ 77,537
Restructuring		6,070	$ 4,499	$ 0
Sublease Income		800
Lessor, sublease income to be received 2025		900
Lessor, sublease income to be received 2026		1,700
Lessor, sublease income to be received 2027		1,800
Lessor, sublease income to be received 2028		1,900
Lessor, sublease income to be received 2029		1,900
Lessor, sublease income to be received thereafter		4,500
Impairment Of Right-of-use Asset and Fixed Assets
Operating Leased Assets [Line Items]
Restructuring	$ 4,500	$ 4,500
Tel Aviv, Israel Lease
Operating Leased Assets [Line Items]
Remaining terms of leases					7 years
Total lease payments					$ 19,800
Minimum
Operating Leased Assets [Line Items]
Remaining terms of leases		1 year
Maximum
Operating Leased Assets [Line Items]
Remaining terms of leases		7 years

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

We have operating leases for office facilities. Our leases have remaining terms of one year to just over seven years, some of which include one or more options to renew, with renewal terms up to five years and one of which includes an option to terminate the lease within the next five years.

In October 2024, we entered into a new lease in Tel Aviv, Israel. The lease term is 7 years, with future lease payments of $19.8 million.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Operating lease cost	$	8,102	$	7,592	$	7,550

In June 2024, we executed a sublease of a portion of our corporate headquarters through February 2032 and recognized $4.5 million of restructuring expense related to the associated impairment of leasehold improvements and furniture and fixtures. Sublease income, which is recorded as a reduction of rent expense, was $0.8 million in 2024.

Rent expense for short-term leases was not material in 2024, 2023 and 2022.

Supplemental information related to leases was as follows:


	December 31,
	2024	2023
Operating leases
Weighted average remaining lease term	6.5 years	7.3 years
Weighted average discount rate	6.1%	5.6%


	Year Ended December 31,
(in thousands)	2024		2023		2022
ROU assets obtained in exchange for lease obligations
Operating leases	$	10,143	$	1,234	$	4,256

Maturities of operating lease liabilities at December 31, 2024 were as follows:


(in thousands)
Year ending December 31,
2025	$	9,585
2026	12,182
2027	11,767
2028	11,124
2029	10,800
Thereafter	22,079
Total lease payments	77,537
Less: Imputed interest	(14,512)
Total	$	63,025

Operating lease payments in the table above do not include $0.9 million, $1.7 million, $1.8 million, $1.9 million, $1.9 million and $4.5 million of sublease payments we expect to receive in 2025, 2026, 2027, 2028, 2029 and thereafter, respectively.

Leases

In October 2024, we entered into a new lease in Tel Aviv, Israel. The lease term is 7 years, with future lease payments of $19.8 million.

The components of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Operating lease cost	$	8,102	$	7,592	$	7,550

Rent expense for short-term leases was not material in 2024, 2023 and 2022.

Supplemental information related to leases was as follows:


	December 31,
	2024	2023
Operating leases
Weighted average remaining lease term	6.5 years	7.3 years
Weighted average discount rate	6.1%	5.6%


	Year Ended December 31,
(in thousands)	2024		2023		2022
ROU assets obtained in exchange for lease obligations
Operating leases	$	10,143	$	1,234	$	4,256

Maturities of operating lease liabilities at December 31, 2024 were as follows:


(in thousands)
Year ending December 31,
2025	$	9,585
2026	12,182
2027	11,767
2028	11,124
2029	10,800
Thereafter	22,079
Total lease payments	77,537
Less: Imputed interest	(14,512)
Total	$	63,025

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. income (loss)	$ 25,787	$ (26,249)	$ (23,768)
Foreign loss	(44,673)	(41,152)	(61,521)
Loss before income taxes	$ (18,886)	$ (67,401)	$ (85,289)

Stock-Based Compensation - Schedule of RSUs and PSUs (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock
Number of Shares
Number of shares unvested, beginning of period (in shares)	311	0	0
Number of shares, granted (in shares)	0	311	0
Number of shares, performance adjustment (in shares)	0	0
Number of shares, vested (in shares)	(124)	0	0
Number of shares, forfeited (in shares)	0	0	0
Number of shares unvested, end of period (in shares)	187	311	0
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share)	$ 45.67	$ 0	$ 0
Weighted average grant date fair value, granted (in usd per share)	0	45.67	0
Weighted average grant date fair value, performance adjustment (in usd per share)	0	0
Weighted average grant date fair value, vested (in usd per share)	45.67	0	0
Weighted average grant date fair value, forfeited (in usd per share)	0	0	0
Weighted average grant date fair value, end of period (in usd per share)	$ 45.67	$ 45.67	$ 0
RSUs
Number of Shares
Number of shares unvested, beginning of period (in shares)	7,343	6,894	5,781
Number of shares, granted (in shares)	4,099	4,728	4,653
Number of shares, performance adjustment (in shares)	0	0
Number of shares, vested (in shares)	(3,217)	(3,153)	(2,510)
Number of shares, forfeited (in shares)	(1,016)	(1,126)	(1,030)
Number of shares unvested, end of period (in shares)	7,209	7,343	6,894
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share)	$ 43.80	$ 43.26	$ 37.74
Weighted average grant date fair value, granted (in usd per share)	45.89	43.47	45.83
Weighted average grant date fair value, performance adjustment (in usd per share)	0	0
Weighted average grant date fair value, vested (in usd per share)	43.34	41.61	36.47
Weighted average grant date fair value, forfeited (in usd per share)	45.00	45.14	40.45
Weighted average grant date fair value, end of period (in usd per share)	$ 45.01	$ 43.80	$ 43.26
PSUs
Number of Shares
Number of shares unvested, beginning of period (in shares)	258	196	0
Number of shares, granted (in shares)	170	188	209
Number of shares, performance adjustment (in shares)	(10)	(12)
Number of shares, vested (in shares)	(107)	(91)	0
Number of shares, forfeited (in shares)	(11)	(47)	(13)
Number of shares unvested, end of period (in shares)	300	258	196
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share)	$ 43.90	$ 44.97	$ 0
Weighted average grant date fair value, granted (in usd per share)	47.20	43.24	44.97
Weighted average grant date fair value, performance adjustment (in usd per share)	43.24	44.97
Weighted average grant date fair value, vested (in usd per share)	43.93	44.97	0
Weighted average grant date fair value, forfeited (in usd per share)	43.95	43.92	44.97
Weighted average grant date fair value, end of period (in usd per share)	$ 45.78	$ 43.90	$ 44.97

Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	190,750	$	—	$	—	$	190,750

Total cash equivalents	$	190,750	$	—	$	—	$	190,750

Short-term investments
Commercial paper	$	41,610	$	—	$	(6)	$	41,604
Corporate bonds	95,267		208		(65)		95,410
Asset backed securities	30,740		63		(7)		30,796

Yankee bonds	13,998		16		(7)		14,007
U.S. Treasury and agency obligations	66,614		155		(39)		66,730
Total short-term investments	$	248,229	$	442	$	(124)	$	248,547


	December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375

Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	82,188	$	50	$	(22)	$	82,216
Corporate bonds	61,200		40		(91)		61,149
Asset backed securities	15,032		26		(15)		15,043


Yankee bonds	6,926		4		(17)		6,913
U.S. Treasury and agency obligations	71,456		97		(34)		71,519
Total short-term investments	$	236,802	$	217	$	(179)	$	236,840

We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. At December 31, 2024 and 2023, our unrealized losses were due to rising market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.

The contractual maturities of our short-term investments are as follows:


	December 31, 2024				December 31, 2023
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	204,156	$	204,532	$	219,437	$	219,414
Due between one and two years	44,073		44,015		17,365		17,426
Total short-term investments	$	248,229	$	248,547	$	236,802	$	236,840

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans We maintain a defined contribution 401(k) plan for our U.S. employees, where company-matched contributions are fully vested. Additional contributory plans are in effect internationally, including in the U.K. and Ireland. Contribution expense for such plans was $9.8 million, $10.3 million and $9.7 million in 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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-SubTopic 20
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Acquisitions, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Cash consideration, net of cash acquired, was allocated as follows:


(in thousands)	Eureka		Ermetic
Intangible assets	$	6,900	$	45,500
Goodwill	22,753		202,019
Other liabilities, net	(449)		(3,692)

Total purchase price allocation	$	29,204	$	243,827

Schedule of Acquired Finite-lived Intangible Assets by Major Class

Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows:


	Eureka			Ermetic
(dollars in thousands)	Cost		Estimated Useful Life	Cost		Estimated Useful Life
Acquired technology	$	6,900	5 years	$	45,500	7 years

Acquired intangible assets	$	6,900		$	45,500

Schedule of Goodwill

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2023	$	518,539
Acquired goodwill	22,753
Balance at December 31, 2024	$	541,292

Schedule of Acquired Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization are as follows:


	December 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	149,437	$	(54,976)	$	94,461	$	142,537	$	(35,520)	$	107,017
Trade name	490		(490)		—		490		(490)		—
	$	149,927	$	(55,466)	$	94,461	$	143,027	$	(36,010)	$	107,017

Schedule of Future Amortization of Intangible Assets

At December 31, 2024, estimated future amortization of intangible assets is as follows:


(in thousands)
Year ending December 31,
2025	$	20,056
2026	19,870
2027	17,840
2028	14,797
2029	11,178
Thereafter	10,720
Total	$	94,461

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Segment and Geographic Information - Schedule of Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 39,265	$ 45,436
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	33,101	39,497
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 6,164	$ 5,939

Cash Equivalents and Short-Term Investments - Schedule of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 190,750	$ 130,375
Amortized Cost	248,229	236,802
Unrealized Gain	442	217
Unrealized Loss	(124)	(179)
Estimated Fair Value	248,547	236,840
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	41,610	82,188
Unrealized Gain	0	50
Unrealized Loss	(6)	(22)
Estimated Fair Value	41,604	82,216
Corporate bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	95,267	61,200
Unrealized Gain	208	40
Unrealized Loss	(65)	(91)
Estimated Fair Value	95,410	61,149
Asset backed securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	30,740	15,032
Unrealized Gain	63	26
Unrealized Loss	(7)	(15)
Estimated Fair Value	30,796	15,043
Yankee bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	13,998	6,926
Unrealized Gain	16	4
Unrealized Loss	(7)	(17)
Estimated Fair Value	14,007	6,913
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Amortized Cost	66,614	71,456
Unrealized Gain	155	97
Unrealized Loss	(39)	(34)
Estimated Fair Value	66,730	71,519
Total cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents	190,750	130,375
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 190,750	$ 130,375

Business and Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs incurred	$ 13.8	$ 16.2	$ 13.6

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured At Fair Value on Recurring Basis

The following tables summarize assets that are measured at fair value on a recurring basis:


	December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	190,750	$	—	$	—	$	190,750

Total cash equivalents	$	190,750	$	—	$	—	$	190,750

Short-term investments
Commercial paper	$	—	$	41,604	$	—	$	41,604
Corporate bonds	—		95,410		—		95,410
Asset backed securities	—		30,796		—		30,796


Yankee bonds	—		14,007		—		14,007
U.S. Treasury and agency obligations	—		66,730		—		66,730
Total short-term investments	$	—	$	248,547	$	—	$	248,547


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	—	$	82,216	$	—	$	82,216
Corporate bonds	—		61,149		—		61,149
Asset backed securities	—		15,043		—		15,043


Yankee bonds	—		6,913		—		6,913
U.S. Treasury and agency obligations	—		71,519		—		71,519
Total short-term investments	$	—	$	236,840	$	—	$	236,840

Our investments in privately held securities were as follows:


	December 31,
(in thousands)	2024		2023
Equity securities	$	6,701	$	—
Debt and other securities	1,871		9,383
Total other investments	$	8,572	$	9,383

Debt - Additional Information (Details)	1 Months Ended
Debt - Additional Information (Details)	Jul. 31, 2021 USD ($)	Dec. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Debt Instrument, covenant, leverage ratio, maximum	5.50
Debt Instrument, covenant, leverage ratio, minimum	35.00%
Secured Debt
Line of Credit Facility [Line Items]
Credit Facility, maximum borrowing capacity	$ 375,000,000
Basis spread on variable rate	2.75%
Debt instrument, basis spread on variable rate, variable rate floor	0.50%
Annual amortization amount, percent	1.00%
Debt instrument, periodic payment terms, balloon payment to be paid	$ 350,600,000
Long-term debt, fair value		$ 364,700,000
Secured Debt \| Credit Agreement
Line of Credit Facility [Line Items]
Debt Instrument, covenant, leverage ratio, maximum		3.5
Debt instrument, covenant, leverage ratio		0.86
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit Facility, maximum borrowing capacity	$ 50,000,000
Standby letters of credit		$ 200,000
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility \| Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.25%
Revolving Credit Facility \| Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.375%
Letter of Credit
Line of Credit Facility [Line Items]
Credit Facility, maximum borrowing capacity	$ 15,000,000

Segment and Geographic Information - Additional Information (Details) - segment	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Number of operating segments	1
United States \| Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	54.00%	55.00%	56.00%

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Business Description Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of exposure management solutions. Exposure management is the evolution of vulnerability management, advancing risk assessment and prioritization across the entire attack surface – from IT infrastructure to cloud environments to critical infrastructure. We unify security visibility, insight and action across this attack surface, equipping modern organizations to expose and close the cybersecurity gaps that erode business value, reputation and trust. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, the incremental borrowing rate for operating leases and the valuation of deferred tax assets and investments. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. Foreign Currency The functional currency for all of our foreign subsidiaries is the U.S. dollar. Assets and liabilities denominated in other currencies are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. We bill our customers in U.S. dollars. Expenses incurred in non U.S. dollar currencies are remeasured into U.S. dollars when incurred. Remeasurement losses in currencies other than the functional currency were $5.0 million, $3.1 million and $4.8 million in 2024, 2023 and 2022, respectively, and are included as a component of other expense, net in the consolidated statements of operations. Revenue Recognition We recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. To achieve this, we apply the following steps: •Identify the contract with a customer •Identify the performance obligations in the contract •Determine the transaction price •Allocate the transaction price to the performance obligations in the contract •Recognize revenue when or as performance obligations are satisfied In situations where we enter into a contractual arrangement that includes non-standard terms and conditions, such as acceptance provisions or options to purchase additional products and services, as well as contract modifications, we apply judgment in identifying and assessing the impact on revenue recognition. We generate revenue from subscription arrangements for software and cloud-based solutions, perpetual licenses, maintenance associated with perpetual licenses, and professional services and other revenue. We begin to recognize revenue when control of our software or services is transferred to the customer, which for sales made through distributors is concurrent with the transfer to the end user. Subscription Revenue Subscription arrangements generally have annual or multi-year contractual terms and allow customers to use our software or cloud solutions. For our software subscriptions that are dependent on ongoing software updates and the ability to identify the latest cybersecurity vulnerabilities, revenue is recognized ratably over the subscription term given the critical utility provided by the ongoing updates that are released throughout the contract period. When the critical utility of our software does not depend on ongoing updates, we recognize revenue attributable to the license at the time of delivery and the revenue attributable to the maintenance and support ratably over the contract period. Perpetual License and Maintenance Revenue Our perpetual licenses are generally sold with one or more years of maintenance that include ongoing software updates to identify the latest cybersecurity vulnerabilities, which provide critical utility to the software. We recognize perpetual license revenue over a five-year estimated economic life of the expected customer contract. Professional Services and Other Revenue Professional services and other revenue is primarily comprised of advisory services and training related to the deployment and optimization of our products. These services do not result in significant customization of our products. Professional services and other revenue is recognized as the services are performed. Contracts with Multiple Performance Obligations In cases where our contracts with customers contain multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price basis. We typically determine standalone selling price based on observable selling prices of our products and services. Variable Consideration We record revenue from sales at the net sales price, which is the transaction price, including estimates of variable consideration when applicable. Certain of our customers may be entitled to receive credits and in limited circumstances, refunds, if service level commitments are not met. We have not historically experienced significant incidents affecting the ability to meet these service level commitments and any estimated refunds related to these agreements have not been material. Sales through our channel network of distributors and resellers are generally discounted as compared to the price that we would sell to an end user. Revenue for sales through our channel network is recorded net of any distributor or reseller margin. Cash and Cash Equivalents We consider all highly liquid financial instruments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2024 and 2023, cash and cash equivalents included $8.2 million and $5.8 million, respectively, of restricted cash related to collateral for outstanding letters of credit and an operating lease. Fair Value of Financial Instruments Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We apply fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We measure cash and cash equivalents and short-term investments at fair value using a fair value hierarchy of inputs. We approximate fair value by using the carrying amounts for accounts receivable, accounts payable and accrued expenses due to their short-term nature. Investments Short-term Investments Our short-term investments include asset backed securities, certificates of deposit, commercial paper, corporate and Yankee bonds, and U.S. treasury and agency obligations. Our investments are classified as available-for-sale and recorded at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss) within stockholders’ equity. We classify investments with original maturities of less than 90 days as cash and cash equivalents. Investments with original maturities greater than 90 days, including those we do not currently intend on selling within the next twelve months, are classified as short-term investments as they are available for use in our operations. We evaluate potential impairments of available-for-sale debt securities due to credit-related and non-credit-related factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Identified credit-related impairments would be recognized as a charge in the statement of operations. Other Investments Our investments in privately held companies consist of preferred stock, convertible notes and non-marketable simple agreements for future equity ("SAFE") investments. We have elected to apply the measurement alternative and record these other investments at cost, less any impairment, plus or minus observable price changes for similar investments of the same issuer. Gains or losses on other investments are recognized in other expense, net on our consolidated statements of operations. Other investments are included in other assets on our consolidated balance sheets. Accounts Receivable Accounts receivable are recorded at the invoiced amount, less an allowance for doubtful accounts, and do not bear interest. We maintain an allowance for doubtful accounts at an amount estimated to be sufficient to cover the risk of collecting less than full payment of the receivables. At each balance sheet date, we evaluate our receivables and assess the allowance for doubtful accounts based on specific customer collection issues and historical write-off trends. Our allowance for doubtful accounts reflects our best estimate of expected future credit losses. We consider various factors that may impact our ability to collect on accounts receivable, including our historical collection experience, age of accounts receivable balances, current conditions, reasonable and supportable forecasts of future economic conditions, as well as other factors, however, these estimates may change and future credit losses may differ from our estimates. Expected credit losses from accounts receivable are recognized as expense in our statement of operations. Deferred Commissions Sales commissions, including related fringe benefit costs, are considered to be incremental costs of obtaining a contract. Sales commissions on initial sales are not commensurate with sales commissions on contract renewals and therefore are recognized over an estimated period of benefit, which ranges between three and four years for subscription arrangements and five years for perpetual license arrangements. We estimate the period of benefit based on the expected contract term including renewal periods, the lifecycle of our technology and other factors. Sales commissions on contract renewals are capitalized and amortized ratably over the contract term as part of sales and marketing expense, with the exception of contracts with renewal periods that are one year or less, in which case the incremental costs are expensed as incurred. Property and Equipment, net Property and equipment, net is stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: three years for computer software and equipment and five years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases. Repairs and maintenance costs are expensed as incurred. Leases We determine if an arrangement contains a lease and the classification of that lease, if applicable, at inception. We have elected to not recognize a lease liability or right-of-use ("ROU") asset for short-term leases (leases with a term of twelve months or less). For contracts with lease and non-lease components, we have elected to not allocate the contract consideration, and account for the lease and non-lease components as a single lease component. Additionally, we enter into arrangements to use shared office spaces and other facilities, and have determined that these arrangements do not contain leases as we do not have the right to use an identified asset. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within our operating leases is generally not determinable and we use our incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment. We determine our incremental borrowing rate for each lease using our current borrowing rate, adjusted for various factors including level of collateralization, term and currency to align with the terms of the lease. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not exercise the option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. Any sublease income is recorded as a reduction of lease expense. Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstance indicate that the carrying amount may not be fully recoverable. Recoverability of the long-lived assets is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured as the excess of the carrying amount over the fair value. In 2024 we executed a sublease of our headquarters and recorded a $4.5 million impairment for furniture and fixtures and leasehold improvements. There was no impairment of long-lived assets in 2023 or 2022. Business Combinations We account for business combinations by recognizing the fair value of acquired assets and liabilities. The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, a non-recurring Level 3 fair value measurement, we make estimates and assumptions, especially with respect to intangible assets such as identified acquired technology and trade names. We generally determine the fair value of acquired technology using the multi-period excess earnings method, a form of the income approach. However in certain situations we may use the cost approach. Estimates in valuing identifiable intangible assets include, but are not limited to, projected revenue growth rates, obsolescence projections and an appropriate discount rate. Our estimate of fair value is based upon assumptions we believe to be reasonable, but which are inherently uncertain and, as a result, actual results may differ from estimates. During the measurement period, we may make adjustments to the fair value of assets acquired and liabilities assumed, with offsetting adjustments to goodwill. Any adjustments made after the measurement period will be reflected in the consolidated statements of operations. Acquisition-related costs are expensed as incurred. Goodwill The excess of the purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. We perform our annual impairment assessment on October 1, or more frequently, when events or circumstances indicate impairment may have occurred. We operate as one reporting unit and have elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company as a whole is less than its carrying amount, including goodwill. The qualitative assessment includes an evaluation of relevant events and circumstances, including macroeconomic, industry and market conditions, our overall financial performance, and trends in the value of our common stock. During the periods presented, there were no indications of impairment and it was not more likely than not that goodwill was impaired. Common Stock Our Amended and Restated Certificate of Incorporation authorized 500,000,000 shares of common stock and 10,000,000 shares of preferred stock. There were no shares of preferred stock issued or outstanding at December 31, 2024 or 2023. The voting, dividend, and liquidation rights of common stockholders are subject to, and qualified by, the rights of preferred stockholders. The common stockholders are entitled to receive dividends when, as and if, declared by the Board of Directors, subject to preferential dividend rights of preferred stockholders. Upon dissolution or liquidation, our common stockholders will be entitled to receive all assets available for distribution to stockholders, subject to any preferential rights of preferred stockholders. Treasury Stock In November 2023, our Board of Directors authorized the repurchase of up to $100 million of our common stock. In October 2024, our Board of Directors increased the repurchase authorization by $200 million. We account for purchases of treasury stock under the cost method. Shares are held for future issuance and not retired. In 2024, we purchased 2.3 million shares for $100.0 million and in 2023 we purchased 0.4 million shares for $14.9 million. The remaining amount available under the stock repurchase program was $185.1 million at December 31, 2024. Stock-Based Compensation Stock-based compensation expense related to restricted stock units ("RSUs"), purchase rights issued under our 2018 Employee Stock Purchase Plan ("2018 ESPP"), stock options and restricted stock is calculated based on the fair value of the awards granted and is recognized on a straight-line basis over the requisite service period, which is generally two to four years. Our performance stock units ("PSUs") vest over a period of 4 years and are subject to defined performance and service conditions. Our PSUs are expensed using the accelerated attribution method. We account for forfeitures as they occur. The fair value of RSUs, PSUs and restricted stock is based on the market price of our common stock on the date of grant. The fair value of 2018 ESPP purchase rights is estimated on the grant date using the Black-Scholes option pricing model, which requires us to make assumptions and judgments, including the expected term, expected volatility, and risk-free interest rates. We use the market price of our common stock at the date of grant. Advertising Advertising costs are expensed as they are incurred. We incurred advertising costs of $13.8 million, $16.2 million and $13.6 million in 2024, 2023 and 2022, respectively, which are included in sales and marketing expense in the consolidated statements of operations. Software Development Costs Research and development costs to develop software to be sold, leased or marketed are expensed as incurred up to the point of technological feasibility for the related software product. We have not capitalized development costs for software to be sold, leased or marketed to date, as the software development process is essentially completed concurrent with the establishment of technological feasibility. As such, these costs are expensed as incurred and recognized in research and development costs in the consolidated statements of operations. Software developed for internal use, with no substantive plans to market such software at the time of development, are capitalized and included in property and equipment, net in the consolidated balance sheets. Costs incurred during the preliminary planning and evaluation and post implementation stages of the project are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. In 2024, 2023 and 2022, we capitalized $8.2 million, $8.8 million and $11.5 million of development costs related to internal use software, including capitalized stock-based compensation of $1.7 million, $1.7 million, and $1.7 million, respectively. Restructuring Restructuring expenses consist of non-ordinary course severance, employee related benefits and other charges to reorganize business operations. The $6.1 million of restructuring expense in 2024 consisted of $4.5 million non-cash impairment of leasehold improvements and furniture and fixtures that was recorded in connection with the sublease of a portion of our headquarters in 2024 and $1.5 million in non-ordinary course severance and employee related benefits. The $4.5 million of restructuring expense in 2023 related to the optimization of our go-to-market efforts, including reducing our reliance on sales specialists and streamlining layers of management. We completed our restructuring in the second quarter of 2024. Net Loss per Share We calculate basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by giving effect to all potentially dilutive common stock equivalents in the period, including unvested RSUs, PSUs, stock options, unvested restricted shares and shares to be issued under our 2018 ESPP. As we have reported losses for all periods presented, all potentially dilutive securities have been excluded from the calculation of diluted net loss per share as their effect would be antidilutive. Segment Information We operate as one operating segment as our interim co-chief executive officers, who are our chief operating decision makers ("CODMs"), review financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Income Taxes Income taxes are accounted for under the asset and liability method. This method requires recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities, net operating loss carryforwards, and tax credit carryforwards. We have elected to treat taxes related to GILTI as a period cost. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize tax benefits from an uncertain tax position if it is more likely than not to be sustained upon audit by the relevant taxing authority. Interest and penalties associated with such uncertain tax positions are classified as a component of income tax expense. Recently Adopted Accounting Pronouncements In 2024, we adopted ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This requires public entities with a single reportable segment to disclose significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the reported measure(s) of a segment's profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment's profit or loss to assess performance and decide how to allocate resources. The adoption of ASU 2023-07 did not have a material impact on our consolidated financial statements as we operate as one operating segment and significant segment expenses are disclosed in our consolidated statements of operations. See Note 13 for our segment disclosures. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to provide greater disaggregation within their annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclose both percentages and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meet a quantitative threshold. The guidance also requires disaggregating the annual disclosure of income taxes paid, net of refunds received, by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that meet a quantitative threshold. The guidance is effective for our annual periods beginning January 1, 2025 on a prospective basis, with a retrospective option, and early adoption is permitted. Adopting this guidance will result in additional annual tax disclosures but will not impact our provision for income taxes, deferred tax assets or deferred tax liabilities. In November 2024, the FASB issued ASU 2024-03 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. The ASU also requires disclosure of the total amount of selling expenses recognized in continuing operations on an annual and interim basis and disclosure of a public business entity’s definition of selling expenses on an annual basis (or in interim reporting periods if the definition is changed). The guidance is effective for our annual periods beginning January 1, 2026 on a prospective basis, with a retrospective option, and early adoption is permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.

Stock-Based Compensation - ESPP Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash proceeds (in thousands)	$ 16,262	$ 16,224	$ 14,791
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock purchased (in shares)	498,890	506,390	442,629
Weighted-average price (in usd per share)	$ 32.60	$ 32.04	$ 33.42

- Definition

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

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 525	$ 470
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	122,371,000	117,504,000
Treasury Stock (in shares)	2,673,000	356,000

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Region

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
The Americas	$	558,068	$	500,512	$	432,734
Europe, Middle East and Africa	239,741		205,851		175,767
Asia Pacific	102,212		92,347		74,690
Revenue	$	900,021	$	798,710	$	683,191

Schedule of Property and Equipment, Net by Geographic Area

Our property and equipment, net by geographic area is summarized as follows:


	December 31,
(in thousands)	2024		2023
United States	$	33,101	$	39,497
International	6,164		5,939
Property and equipment, net	$	39,265	$	45,436

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

U.S. and foreign components of the loss before income taxes were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S. income (loss)	$	25,787	$	(26,249)	$	(23,768)
Foreign loss	(44,673)		(41,152)		(61,521)
Total loss before income taxes	$	(18,886)	$	(67,401)	$	(85,289)

Schedule of Components of the Provision for Income Taxes

The components of the provision for income taxes were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
Federal	$	3,278	$	5	$	3
State	454		708		248
Foreign	13,036		9,930		10,142
Total current tax expense	16,768		10,643		10,393
Deferred
Federal	580		293		(2,011)
State	227		239		(330)
Foreign	(160)		(292)		(1,119)
Total deferred tax expense (benefit)	647		240		(3,460)
Total provision for income taxes	$	17,415	$	10,883	$	6,933

Schedule of Differences Between Federal and Effective Tax Rate

The items accounting for the difference between income taxes computed at the federal statutory rate and our effective tax rate were as follows:


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local taxes	(0.9)		1.9		3.1
Research and development tax credit	25.5		8.4		4.3
Stock-based compensation	(13.6)		(11.3)		7.0

Foreign tax rate differential	35.4		(1.7)		(4.0)
Change in valuation allowance	(81.7)		(34.0)		(28.3)
Gain on intercompany sale, net of losses	(2.1)		(1.4)		(2.9)


Foreign withholding tax	(24.8)		(5.4)		(3.3)
Foreign deferred FX remeasurement	(20.5)		9.0		(4.4)
GILTI	(1.7)		—		—
BEAT	(17.6)		—		—
Transaction costs	(3.6)		(1.0)		(0.6)
Non-deductible expenses	(5.3)		(1.5)		(0.4)
Other	(2.3)		(0.3)		0.4
Effective tax rate	(92.2)	%	(16.3)	%	(8.1)	%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Net operating losses	$	153,781	$	156,695
Deferred revenue	21,949		22,194
Stock-based compensation	21,802		17,767
Tax credits	28,420		24,174
Leases	14,936		12,296
Accrued compensation	3,364		3,245
Interest expense	2,171		1,860
Capitalized research and development	32,441		22,078
Other	3,219		3,587
Total deferred tax assets	282,083		263,896
Valuation allowance	(219,773)		(203,773)
Net deferred tax assets	62,310		60,123
Deferred tax liabilities:
Deferred commissions	(23,623)		(24,289)
Property and equipment	(12,821)		(11,923)
Intangible assets	(27,302)		(24,915)
Other	(773)		(600)
Total deferred tax liabilities	(64,519)		(61,727)
Net deferred tax liabilities	$	(2,209)	$	(1,604)

Schedule Change of Gross Unrealized Tax Benefits

The change in gross unrecognized tax benefits, excluding accrued interest, were as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Unrecognized tax benefits at the beginning of the period	$	8,297	$	7,820	$	7,575
Additions for tax positions in the current year	329		417		245
Increase in prior year positions	—		60		—
Decrease in prior year positions	(88)		—		—
Acquisitions	—		—		—
Unrecognized tax benefits at the end of the period	$	8,538	$	8,297	$	7,820

Subsequent Events (Details) - Vulcan Cyber - Subsequent Event $ in Millions	1 Months Ended
	Feb. 28, 2025 USD ($)
Subsequent Event [Line Items]
Payments to acquire business	$ 148
RSUs
Subsequent Event [Line Items]
Consideration transferred in RSU	$ 2

Business and Summary of Significant Accounting Policies - Common Stock (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, authorized (in shares)	500,000,000	500,000,000
Preferred stock, authorized (in shares)	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Income Taxes - Schedule of Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 3,278	$ 5	$ 3
State	454	708	248
Foreign	13,036	9,930	10,142
Total current tax expense	16,768	10,643	10,393
Deferred
Federal	580	293	(2,011)
State	227	239	(330)
Foreign	(160)	(292)	(1,119)
Total deferred tax expense (benefit)	647	240	(3,460)
Total provision for income taxes	$ 17,415	$ 10,883	$ 6,933

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Value of Term Loan

The table below summarizes the carrying value of the Term Loan:


(in thousands)	December 31, 2024
Term loan	$	363,750
Less: Unamortized debt discount and issuance costs	(4,465)
Term loan, net of issuance costs	359,285
Less: Term loan, net, current (1)	(2,580)
Term loan, net of issuance costs (net of current portion)	$	356,705

_______________

(1) Term loan, net, current is included in other current liabilities on our consolidated balance sheets.

Schedule of Maturities of Term Loan

The maturities of our Term Loan at December 31, 2024 were as follows:


(in thousands)
Year ending December 31,
2025	$	3,750
2026	3,750
2027	3,750
2028	352,500
Total	$	363,750

Leases - Schedule of Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Weighted average remaining lease term	6 years 6 months	7 years 3 months 18 days
Weighted average discount rate	6.10%	5.60%
ROU assets obtained in exchange for lease obligations
Operating leases	$ 10,143	$ 1,234	$ 4,256

Income Taxes - Schedule of Differences Between Federal and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local taxes	(0.90%)	1.90%	3.10%
Research and development tax credit	25.50%	8.40%	4.30%
Stock-based compensation	(13.60%)	(11.30%)	7.00%
Foreign tax rate differential	35.40%	(1.70%)	(4.00%)
Change in valuation allowance	(81.70%)	(34.00%)	(28.30%)
Gain on intercompany sale, net of losses	(2.10%)	(1.40%)	(2.90%)
Foreign withholding tax	(24.80%)	(5.40%)	(3.30%)
Foreign deferred FX remeasurement	(20.50%)	9.00%	(4.40%)
GILTI	(1.70%)	0.00%	0.00%
BEAT	(17.60%)	0.00%	0.00%
Transaction costs	(3.60%)	(1.00%)	(0.60%)
Non-deductible expenses	(5.30%)	(1.50%)	(0.40%)
Other	(2.30%)	(0.30%)	0.40%
Effective tax rate	(92.20%)	(16.30%)	(8.10%)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense and Unrecognized Stock-Based Compensation

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cost of revenue	$	12,677	$	11,247	$	8,369
Sales and marketing	62,727		61,322		49,383
Research and development	47,656		37,225		31,499
General and administrative	40,455		35,533		31,382
Total stock-based compensation expense	$	163,515	$	145,327	$	120,633

Schedule of Unrecognized Stock-Based Compensation

A summary of the unrecognized stock-based compensation expense related to unvested awards at December 31, 2024 is presented below:


	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted stock units ("RSUs")	$	273,367	2.6
Performance stock units ("PSUs")	5,522		2.8
Restricted stock	7,136		1.3
2018 Employee Stock Purchase Plan ("2018 ESPP")	10,744		0.9

Schedule of RSUs and PSUs

A summary of our restricted stock, RSU and PSU activity is presented below:


	Restricted Stock			RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021	—	$	—	5,781	$	37.74	—	$	—
Granted	—	—		4,653	45.83		209	44.97
Vested	—	—		(2,510)	36.47		—	—
Forfeited	—	—		(1,030)	40.45		(13)	44.97
Unvested balance at December 31, 2022	—	—		6,894	43.26		196	44.97
Granted	311	45.67		4,728	43.47		188	43.24
Performance adjustment(1)	—	—		—	—		12	44.97
Vested	—	—		(3,153)	41.61		(91)	44.97
Forfeited	—	—		(1,126)	45.14		(47)	43.92
Unvested balance at December 31, 2023	311	45.67		7,343	43.80		258	43.90
Granted	—	—		4,099	45.89		170	47.20
Performance adjustment(1)	—	—		—	—		(10)	43.24
Vested	(124)	45.67		(3,217)	43.34		(107)	43.93
Forfeited	—	—		(1,016)	45.00		(11)	43.95
Unvested balance at December 31, 2024	187	45.67		7,209	45.01		300	45.78

_______________

(1) Represents adjustments due to the achievement of predefined financial performance targets.

Schedule of Stock Option Activity

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	6,731	$	9.21	5.5	$	308,677

Exercised	(1,174)	9.98			47,880
Forfeited/canceled	(72)	16.15
Outstanding at December 31, 2022	5,485	8.96		4.5	160,135

Exercised	(387)	9.05			13,364
Forfeited/canceled	(3)	10.97
Outstanding at December 31, 2023	5,095	8.95		3.5	189,108

Exercised	(1,044)	7.72			38,831
Forfeited/canceled	—	—
Outstanding and exercisable at December 31, 2024	4,051	9.26		2.6	122,024

Schedule of Employee Stock Purchase Plan Activity

A summary of our ESPP activity is presented below:


	Year Ended December 31,
	2024	2023	2022
Shares of common stock purchased	498,890	506,390	442,629
Weighted average price	$32.60	$32.04	$33.42
Cash proceeds (in thousands)	$16,262	$16,224	$14,791

Schedule of ESPP Valuation Assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Expected term (in years)	0.5 — 2.0	0.5 — 2.0	0.5 — 2.0
Expected volatility	31.9% — 51.4%	46.9% — 58.1%	42.8% — 61.0%
Risk-free interest rate	3.8% — 5.1%	4.8% — 5.4%	0.1% — 3.4%
Expected dividend yield	—	—	—

Business and Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized development costs of internal use software	$ 8.2	$ 8.8	$ 11.5
Capitalized stock-based compensation	$ 1.7	$ 1.7	$ 1.7