Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33508 | |
Entity Registrant Name | Edgio, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1677033 | |
Entity Address, Address Line One | 11811 North Tatum Blvd. | |
Entity Address, Address Line Two | Suite 3031 | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85028 | |
City Area Code | 602 | |
Local Phone Number | 850-5000 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | EGIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 224,956,212 | |
Entity Central Index Key | 0001391127 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash and cash equivalents | $ 36,188 | $ 55,275 | |
Marketable securities | 0 | 18,734 | |
Accounts receivable, net | [1] | 63,563 | 84,627 |
Income taxes receivable | 155 | 105 | |
Prepaid expenses and other current assets | [1] | 36,778 | 36,374 |
Total current assets | 136,684 | 195,115 | |
Property and equipment, net | 73,667 | 73,467 | |
Operating lease right of use assets | 4,816 | 5,290 | |
Deferred income taxes | 2,925 | 2,338 | |
Goodwill | 168,775 | 169,156 | |
Intangible assets, net | 80,948 | 91,661 | |
Other assets | [1] | 2,582 | 5,353 |
Total assets | 470,397 | 542,380 | |
Current liabilities: | |||
Accounts payable | [1] | 63,799 | 52,776 |
Deferred revenue | 10,132 | 9,286 | |
Operating lease liability obligations | 3,621 | 4,557 | |
Income taxes payable | 3,155 | 3,133 | |
Financing obligations | 8,944 | 6,346 | |
Other current liabilities | [1] | 55,271 | 76,160 |
Total current liabilities | 144,922 | 152,258 | |
Convertible senior notes, net | 123,070 | 122,631 | |
Operating lease liability obligations, less current portion | 7,730 | 9,181 | |
Deferred income taxes | 1,431 | 596 | |
Deferred revenue, less current portion | 2,247 | 2,949 | |
Financing obligations, less current portion | 14,208 | 13,784 | |
Other long-term liabilities | 858 | 1,658 | |
Total liabilities | 294,466 | 303,057 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; no shares issued and outstanding | 0 | 0 | |
Common stock, $0.001 par value; 300,000 shares authorized; 223,380 and 222,232 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 223 | 222 | |
Common stock contingent consideration | 16,300 | 16,300 | |
Additional paid-in capital | 814,405 | 807,507 | |
Accumulated other comprehensive loss | (11,321) | (11,665) | |
Accumulated deficit | (643,676) | (573,041) | |
Total stockholders’ equity | 175,931 | 239,323 | |
Total liabilities and stockholders’ equity | $ 470,397 | $ 542,380 | |
[1]Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 7,500,000 | 7,500,000 |
Convertible preferred stock, shares issued (in shares) | 0 | 0 |
Convertible preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 223,380,000 | 222,232,000 |
Common stock, shares outstanding (in shares) | 223,380,000 | 222,232,000 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Income Statement [Abstract] | |||||
Revenue | [1] | $ 95,765 | $ 63,586 | $ 197,713 | $ 118,925 |
Cost of revenue: | |||||
Cost of services | [1],[2] | 66,742 | 38,718 | 134,095 | 71,391 |
Depreciation — network | 3,788 | 6,791 | 7,398 | 12,639 | |
Total cost of revenue | 70,530 | 45,509 | 141,493 | 84,030 | |
Gross profit | 25,235 | 18,077 | 56,220 | 34,895 | |
Operating expenses: | |||||
General and administrative | [1] | 14,480 | 26,812 | 31,316 | 42,645 |
Sales and marketing | [1] | 16,167 | 10,834 | 35,789 | 18,461 |
Research and development | [1] | 18,739 | 12,171 | 39,755 | 21,749 |
Depreciation and amortization | 5,692 | 1,508 | 11,299 | 2,540 | |
Restructuring charges | 3,336 | 4,368 | 3,836 | 5,066 | |
Total operating expenses | 58,414 | 55,693 | 121,995 | 90,461 | |
Operating loss | (33,179) | (37,616) | (65,775) | (55,566) | |
Other income (expense): | |||||
Interest expense | (1,701) | (1,458) | (3,278) | (2,888) | |
Interest income | 152 | 33 | 549 | 60 | |
Other, net | (545) | (1,146) | (1,354) | (1,859) | |
Total other expense | (2,094) | (2,571) | (4,083) | (4,687) | |
Loss before income taxes | (35,273) | (40,187) | (69,858) | (60,253) | |
Income tax expense (benefit) | 379 | (19,589) | 777 | (19,383) | |
Net loss | $ (35,652) | $ (20,598) | $ (70,635) | $ (40,870) | |
Net loss per share: | |||||
Basic (in dollars per share) | $ (0.16) | $ (0.14) | $ (0.32) | $ (0.28) | |
Diluted (in dollars per share) | $ (0.16) | $ (0.14) | $ (0.32) | $ (0.28) | |
Weighted-average shares used in per share calculation: | |||||
Basic (shares) | 222,914 | 151,776 | 222,688 | 143,652 | |
Diluted (shares) | 222,914 | 151,776 | 222,688 | 143,652 | |
[1]ncludes revenue and costs from related parties. See Note 20 for further details.[2]Cost of services excludes amortization related to intangible assets, including technology, customer relationships, and trade names, which are included in depreciation and amortization in operating expenses. |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (35,652) | $ (20,598) | $ (70,635) | $ (40,870) |
Other comprehensive gain (loss), net of tax: | ||||
Unrealized (loss) gain on investments | (8) | 55 | (6) | (33) |
Foreign currency translation gain (loss) | 117 | (2,464) | 350 | (3,035) |
Other comprehensive gain (loss) | 109 | (2,409) | 344 | (3,068) |
Comprehensive loss | $ (35,543) | $ (23,007) | $ (70,291) | $ (43,938) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Common Stock Contingent Consideration | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 134,337 | |||||
Beginning balance at Dec. 31, 2021 | $ 132,074 | $ 134 | $ 0 | $ 576,807 | $ (8,345) | $ (436,522) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (40,870) | (40,870) | ||||
Change in unrealized gain on available-for-sale investments, net of taxes | (33) | (33) | ||||
Foreign currency translation adjustment, net of taxes | (3,035) | (3,035) | ||||
Exercise of common stock options (in shares) | 3,195 | |||||
Exercise of common stock options | 8,043 | $ 3 | 8,040 | |||
Vesting of restricted stock units (in shares) | 1,522 | |||||
Vesting of restricted stock units | 0 | $ 2 | (2) | |||
Restricted stock units surrendered in lieu of withholding taxes (in shares) | (488) | |||||
Restricted stock units surrendered in lieu of withholding taxes | (1,809) | (1,809) | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 280 | |||||
Issuance of common stock under employee stock purchase plan | 728 | 728 | ||||
Share-based compensation | 12,340 | 12,340 | ||||
Capital Contributions | 1,884 | 1,884 | ||||
Issuance of common stock for business acquisition (in shares) | 76,968 | |||||
Issuance of common stock for business acquisition | 186,643 | $ 77 | 186,566 | |||
Common stock contingent consideration related to business acquisition | 16,900 | 16,900 | ||||
Issuance of common stock for employee compensation arrangements (in shares) | 3,892 | |||||
Issuance of common stock for employee compensation arrangements | 9,419 | $ 4 | 9,415 | |||
Ending balance (in shares) at Jun. 30, 2022 | 219,706 | |||||
Ending balance at Jun. 30, 2022 | 322,284 | $ 220 | 16,900 | 793,969 | (11,413) | (477,392) |
Beginning balance (in shares) at Dec. 31, 2021 | 134,337 | |||||
Beginning balance at Dec. 31, 2021 | 132,074 | $ 134 | 0 | 576,807 | (8,345) | (436,522) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Capital Contributions | $ 5,484 | 2,271 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 222,232 | 222,232 | ||||
Ending balance at Dec. 31, 2022 | $ 239,323 | $ 222 | 16,300 | 807,507 | (11,665) | (573,041) |
Beginning balance (in shares) at Mar. 31, 2022 | 138,178 | |||||
Beginning balance at Mar. 31, 2022 | 124,589 | $ 138 | 0 | 590,249 | (9,004) | (456,794) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (20,598) | (20,598) | ||||
Change in unrealized gain on available-for-sale investments, net of taxes | 55 | 55 | ||||
Foreign currency translation adjustment, net of taxes | (2,464) | (2,464) | ||||
Exercise of common stock options (in shares) | 57 | |||||
Exercise of common stock options | 57 | 57 | ||||
Vesting of restricted stock units (in shares) | 544 | |||||
Vesting of restricted stock units | 0 | $ 1 | (1) | |||
Restricted stock units surrendered in lieu of withholding taxes (in shares) | (170) | |||||
Restricted stock units surrendered in lieu of withholding taxes | (524) | (524) | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 280 | |||||
Issuance of common stock under employee stock purchase plan | 728 | 728 | ||||
Share-based compensation | 5,595 | 5,595 | ||||
Capital Contributions | 1,884 | 1,884 | ||||
Issuance of common stock for business acquisition (in shares) | 76,925 | |||||
Issuance of common stock for business acquisition | 186,643 | $ 77 | 186,566 | |||
Common stock contingent consideration related to business acquisition | 16,900 | 16,900 | ||||
Issuance of common stock for employee compensation arrangements (in shares) | 3,892 | |||||
Issuance of common stock for employee compensation arrangements | 9,419 | $ 4 | 9,415 | |||
Ending balance (in shares) at Jun. 30, 2022 | 219,706 | |||||
Ending balance at Jun. 30, 2022 | $ 322,284 | $ 220 | 16,900 | 793,969 | (11,413) | (477,392) |
Beginning balance (in shares) at Dec. 31, 2022 | 222,232 | 222,232 | ||||
Beginning balance at Dec. 31, 2022 | $ 239,323 | $ 222 | 16,300 | 807,507 | (11,665) | (573,041) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (70,635) | (70,635) | ||||
Change in unrealized gain on available-for-sale investments, net of taxes | (6) | (6) | ||||
Foreign currency translation adjustment, net of taxes | 350 | 350 | ||||
Exercise of common stock options (in shares) | 6 | |||||
Exercise of common stock options | 3 | 3 | ||||
Vesting of restricted stock units (in shares) | 1,181 | |||||
Vesting of restricted stock units | 0 | $ 1 | (1) | |||
Restricted stock units surrendered in lieu of withholding taxes (in shares) | (39) | |||||
Restricted stock units surrendered in lieu of withholding taxes | (194) | (194) | ||||
Share-based compensation | $ 7,090 | 7,090 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 223,380 | 223,380 | ||||
Ending balance at Jun. 30, 2023 | $ 175,931 | $ 223 | 16,300 | 814,405 | (11,321) | (643,676) |
Beginning balance (in shares) at Mar. 31, 2023 | 222,702 | |||||
Beginning balance at Mar. 31, 2023 | 208,640 | $ 223 | 16,300 | 811,571 | (11,430) | (608,024) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (35,652) | (35,652) | ||||
Change in unrealized gain on available-for-sale investments, net of taxes | (8) | (8) | ||||
Foreign currency translation adjustment, net of taxes | 117 | 117 | ||||
Vesting of restricted stock units (in shares) | 678 | |||||
Share-based compensation | $ 2,834 | 2,834 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 223,380 | 223,380 | ||||
Ending balance at Jun. 30, 2023 | $ 175,931 | $ 223 | $ 16,300 | $ 814,405 | $ (11,321) | $ (643,676) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Operating activities | |||||
Net loss | $ (35,652) | $ (20,598) | $ (70,635) | $ (40,870) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization | 18,697 | 15,179 | |||
Share-based compensation | 8,559 | 14,303 | |||
Foreign currency remeasurement loss | 1,354 | 683 | |||
Deferred income taxes | 0 | (19,280) | |||
(Gain) on sale of property and equipment | 0 | (10) | |||
Accounts receivable charges | 632 | 278 | $ 2,413 | ||
(Accretion) amortization of (discount) premium on marketable securities | (258) | 484 | |||
Noncash interest expense | 439 | 420 | |||
Noncash capital contribution from parent | 0 | 447 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 20,432 | (10,284) | |||
Prepaid expenses and other current assets | (1,088) | (5,183) | |||
Income taxes receivable | (50) | (555) | |||
Other assets | 857 | 1,006 | |||
Accounts payable and other current liabilities | (14,983) | 26,713 | |||
Deferred revenue | 2,497 | 1,905 | |||
Income taxes payable | (2,083) | (603) | |||
Other long term liabilities | (799) | (57) | |||
Net cash used in operating activities | (36,429) | (15,424) | |||
Investing activities | |||||
Purchases of marketable securities | (9,579) | (8,179) | |||
Sale and maturities of marketable securities | 28,565 | 22,871 | |||
Purchases of property and equipment | (4,284) | (23,856) | |||
Proceeds from sale of property and equipment | 0 | 10 | |||
Cash acquired from acquisition of business | 0 | 29,829 | |||
Net cash provided by investing activities | 14,702 | 20,675 | |||
Financing activities | |||||
Proceeds from capital contributions | 2,135 | 0 | |||
Proceeds from financing obligations | 1,733 | 5,502 | |||
Repayment of financing obligations | (1,902) | (2,832) | |||
Payments of employee tax withholdings related to restricted stock vesting | (194) | (1,809) | |||
Proceeds from employee stock plans | 3 | 8,771 | |||
Net cash provided by financing activities | 1,775 | 9,632 | |||
Effect of exchange rate changes on cash and cash equivalents | 865 | (1,626) | |||
Net (decrease) increase in cash and cash equivalents | (19,087) | 13,257 | |||
Cash and cash equivalents, beginning of period | 55,275 | 41,918 | 41,918 | ||
Cash and cash equivalents, end of period | $ 36,188 | $ 55,175 | 36,188 | 55,175 | $ 55,275 |
Supplemental disclosure of cash flow information | |||||
Cash paid during the period for interest | 1,463 | 2,446 | |||
Cash paid during the period for income taxes, net of refunds | 224 | 1,002 | |||
Common stock issued in connection with acquisition of business | 0 | 186,146 | |||
Common stock contingent consideration related to business combination | 0 | 16,900 | |||
Common stock issued for employee compensation arrangements | 0 | 9,419 | |||
Noncash additions to financing receivables | 4,438 | 10,489 | |||
Noncash additions to short-term financing liabilities | 1,918 | 2,627 | |||
Noncash additions to long-term financing liabilities | 2,520 | 7,862 | |||
Property and equipment remaining in accounts payable and other current liabilities | $ 7,056 | $ 1,139 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Edgio, Inc. (“Edgio”) is a globally-scaled, edge-enabled solutions provider for fast, secure, and frictionless digital experiences. Our solutions include customer-focused edge platforms running on top of our Global Network, Media and Applications Platforms. The media platform enables companies to stream large files (video, software downloads, live events) across the globe in a fast and secure way. The Edgio applications platform enables our clients to build, secure, and accelerate their web-based applications. We were incorporated in Delaware in 2003, and have operated in the Phoenix metropolitan area since 2001 and elsewhere throughout the United States since 2003. We began international operations in 2004. On June 15, 2022, we changed our corporate name from Limelight Networks, Inc. to Edgio, Inc. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities Exchange Commission (the “SEC”). They do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. Such interim financial information is unaudited but reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim periods presented and of a normal recurring nature. This quarterly report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022. All information is presented in thousands, except per share amounts and where specifically noted. The consolidated financial statements include accounts of Edgio and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Use of Estimates The preparation of the consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results and outcomes may differ from those estimates. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any future periods. In accordance with its accounting policies, the company reviews the estimated useful lives of its property and equipment on an ongoing basis. In January 2023, we completed an assessment of the useful lives of our network equipment and concluded to adjust our estimate of the useful life of our network equipment from three Restatement of Previously Issued Consolidated Financial Statements The company restated the consolidated financial statements for the years ended December 31, 2021 and 2020 presented in its Annual Report on Form 10-K for the year ended December 31, 2022, necessary to correct for the following errors: (i) accounting for certain financing arrangements (as failed sale leasebacks), (ii) accounting treatment for certain transitional services, and (iii) other immaterial adjustments. In addition, the company restated its unaudited quarterly financial data for the periods ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021. Such restated and unaudited quarterly financial data and related impacted amounts were presented in the company's Annual Report on Form 10-K for the year ended December 31, 2022. All amounts in this quarterly report on Form 10-Q affected by the restatement, including but not limited to the three and six months ended June 30, 2022, reflect such restated amounts. For the three and six months ended June 30, 2023, we incurred restatement related expenses of $2,588 and $4,763, respectively, included in general and administrative within our unaudited consolidated statement of operations. Adopted Accounting Standards None. Recently Issued Accounting Standards applicable to Edgio, Inc. None. Significant Accounting Policies There have been no changes in the significant accounting policies from those that were disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our contractual arrangements with customers generally specify monthly billing terms, and we apply the variable consideration allocation exception and record revenue based on actual usage during the month. Certain contracts contain minimum commitments over the contractual term; however, we generally have concluded that these commitments are not substantive. Accordingly, the consideration for these contracts is substantially considered variable and is recognized based on actual usage as we apply the variable consideration allocation exception to these contracts. These customers have entered into contracts with contract terms generally from one to ten years. As of June 30, 2023, we have approximately $61,214 of remaining unsatisfied performance obligations for contracts with terms over one year. Of the remaining unsatisfied performance obligations, we expect to recognize 25% in 2023, 34% in 2024, 17% in 2025, 7% in 2026, and the remainder in 2027 and thereafter. |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions | Business Acquisitions Edgecast Acquisition On June 15, 2022, Edgio completed the acquisition (the “ Edgecast Acquisition ” ) of 100% of the equity interests of Edgecast Inc., a California corporation (“Edgecast”), and certain Edgecast-related businesses and assets from College Parent for total purchase consideration of $199,837. The total purchase consideration included 75,842 shares of our common stock allocated to the Edgecast Acquisition. Edgecast is a leading provider of edge security, content delivery, and video services. Edgio accounted for the acquisition in accordance with ASC 805, Business Combinations , which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. We retained an independent third-party valuation firm to assist in our valuation of the acquired assets and liabilities. The following table presents the allocation of the purchase price consideration for Edgecast: Consideration: Common stock $ 192,956 Common stock - contingent consideration 16,300 Less: Consideration allocated to employee compensation arrangements (9,419) Total consideration allocated to Edgecast Acquisition $ 199,837 The fair value of our common stock consideration was based on the 79,734 shares issued to College Parent and the opening price of our common stock of $2.42 per share on the acquisition closing date. Inclusive within the common stock consideration, and pursuant to the purchase agreement, Edgio issued 7,287 shares of common stock in exchange for cash from College Parent of $30,000. As the economic substance of this issuance was to provide additional cash to Edgecast for liabilities that existed prior to the business combination and the transaction occurred on June 15, 2022, Edgio concluded that this was part of the business combination, and therefore, should be considered as part of the consideration transferred in exchange for the acquisition of Edgecast. The initial common stock purchase consideration of 79,734 shares was adjusted downward for 3,892 sh ares issued for employee compensation arrangements accounted for as separate transactions as further discussed below. The purchase agreement contains an “earn-out” or contingent consideration provision in the event that the price of our common stock exceeds certain thresholds during the period ending on the third anniversary of the acquisition date of the transaction (the “Earnout Period”), Edgio will be required to issue approximately up to an additional 12,685 shares of our common stock to College Parent (the “common stock contingent consideration”). If during the Earnout Period, the closing share price of our common stock exceeds the following share prices for 10 trading days in any 30 consecutive trading day period the following number of shares of our common stock will be issued: (a) approximately 5,398 shares of our common stock if the closing share price of our common stock exceeds $6.1752 per share, (b) approximately 4,048 shares of our common stock if the closing share price of our common stock exceeds $8.2336 per share, and (c) approximately 3,239 shares of our common stock if the closing share price of our common stock exceeds $10.2920 per share. Edgio estimated that the fair value of the common stock contingent consideration, with the assistance of a third-party valuation specialist using a Monte Carlo simulation, and concluded it was $16,300 as of the acquisition date. As a result of the Edgecast Acquisition, certain cash awards that existed for Edgecast’s employees require the transferred employee to provide services to Edgio in the post-combination period in order for the cash award to be earned. When the awards are earned, Edgio will either a) pay the employees the amount earned and will subsequently be reimbursed by College Parent or b) College Parent will directly pay the employee the amount earned. Edgio considered whether the employee awards were part of the Edgecast Acquisition's purchase consideration, or separate transactions, and not part of purchase accounting. Under ASC 805, a transaction entered into by or on behalf of the acquirer or primarily for the benefit of the acquirer or the combined entity, rather than primarily for the benefit of the acquiree (or its former owners) before the combination, is likely to be a separate transaction. The employee awards represent compensation for post-combination services rendered to Edgio and the reimbursement right was initiated by Edgio for the future economic benefit of the combined entity. Accordingly, Edgio concluded the employee awards represent transactions separate from the Edgecast Acquisition. Edgio allocated $9,419 of the total consideration transferred to College Parent to the employee compensation arrangements based on the post-combination fair value of the employee awards. As service is required to be rendered for the award to be earned, Edgio will recognize expense as the employee performs service. The employee compensation arrangements related to post-combination services and the related reimbursement right resulted in the recognition of $6,573 in prepaid expenses and other current assets and $2,846 in other assets on June 15, 2022. During the three and six months ended June 30, 2023, Edgio recorded $844 and $1,510, in compensation expense within our unaudited consolidated statements of operations as a result of the employee compensation arrangements. Of the $844 of compensation expense, $182, $64, $49, and $549 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. Of the $1,510 of compensation expense, $293, $167, $91, and $959 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. During the three and six months ended June 30, 2022, Edgio recorded $997 in compensation expense within our unaudited consolidated statements of operations as a result of the employee compensation arrangements. Of the $997 of compensation expense, $206, $178, $41, and $572 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. The employee compensation arrangements are time-based vesting only and the unrecognized compensation expense was $1,186 as of June 30, 2023, of which $898 is expected to be recognized during the remainder of 2023 and the remainder in 2024. The Edgecast Acquisition was accounted for under the acquisition method of accounting and the operating results of Edgecast have been included in our unaudited consolidated financial statements as of the acquisition date. Under the acquisition method of accounting, the aggregate amount of consideration paid by us was allocated to Edgecast’s net tangible assets and intangible assets based on their estimated fair values as of the acquisition date. The excess of the purchase price over the value of the net tangible assets and intangible assets was recorded to goodwill. The factors contributing to the recognition of goodwill were based upon our conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill, which is non-deductible for tax purposes, represents expected synergies and the assembled workforce at the time of the acquisition. The following table summarizes the final allocation of the purchase consideration to the acquisition date fair value of the assets, including intangible assets, liabilities assumed and related goodwill acquired: Cash (inclusive of $30,000 as described above) $ 30,037 Accounts receivable 48,669 Income taxes receivable 119 Prepaid expenses and other current assets 5,676 Property and equipment 32,185 Operating lease right of use assets 1,365 Goodwill 56,546 Intangible assets Customer relationships 41,000 Technology 49,000 Other assets 1,220 Total assets acquired 265,817 Accounts payable and accrued liabilities 6,917 Deferred revenue 1,259 Operating lease liability obligations 3,071 Income taxes payable 2,465 Other current liabilities 27,500 Operating lease liability obligations, less current portion 2,531 Deferred income taxes 22,237 Total liabilities 65,980 Total purchase consideration $ 199,837 The fair value of acquired property and equipment was valued using the market approach and indirect cost approach and primarily consists of computer and networking equipment. The weighted-average depreciation period for the acquired property and equipment was 3.0 years at the acquisition date. The fair value of the acquired intangible assets was determined as follows, customer relationships, utilizing the excess earnings method, and technology, utilizing the relief from royalty method. The amortization period of the acquired intangible assets was 7.0 years for customer relationships and 4.0 for technology at the acquisition date. The deferred income tax liability was $22,237, primarily as a result of the fair value attributable to the identifiable intangible assets. Transaction costs incurred by us in connection with the Edgecast Acquisition were $14,139 and $19,382 for the three and six months ended June 30, 2022, respectively, and were recorded within general and administrative expenses within our unaudited consolidated statements of operations. There were no transaction costs incurred related to the Edgecast Acquisition for the three and six months ended June 30, 2023. Unaudited Pro Forma Financial Information The following unaudited pro forma combined financial information presents combined results of Edgio and Edgecast as if the acquisition of Edgecast has occurred on January 1, 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 Revenue $ 131,851 $ 265,457 Net loss $ (28,243) $ (62,966) These unaudited pro forma combined financial statements include adjustments to reflect fair value adjustments related to property and equipment depreciation, customer relationships and technology amortization, compensation expense related to the employee compensation arrangements, exclusion of interest income related to loan receivables settled at the acquisition date, and the effects of the adjustments on income taxes and net loss. Additionally, the pro forma adjustments include adjustments to reflect non-recurring transaction costs of $14,139 and $19,382, incurred in the three and six months ended June 30, 2022, respectively, and non-recurring restructuring charges related to the Edgecast Acquisition of $3,715 incurred in the three and six months ended June 30, 2022, as of the beginning of the comparable prior reporting period. The pro forma financial information is not intended to represent or be indicative of the actual results of operations of the combined business that would have been reported had the acquisition of Edgecast been completed at the beginning of the fiscal year 2021, nor is it representative of future operating results of Edgio. |
Investments in Marketable Secur
Investments in Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | Investments in Marketable Securities The following is a summary of marketable securities (designated as available-for-sale) as of December 31, 2022: Amortized Gross Gross Estimated Certificate of deposit $ 40 $ — $ — $ 40 Commercial paper 5,884 — — 5,884 Corporate notes and bonds 11,395 — 16 11,379 Treasury bills 985 — — 985 Agency bonds 486 — — 486 Total marketable securities $ 18,790 $ — $ 16 $ 18,774 The amortized cost and estimated fair value of marketable securities as of December 31, 2022, by maturity are shown below: Amortized Gross Gross Estimated Available-for-sale securities: Due in one year or less $ 18,750 $ — $ 16 $ 18,734 Due after one year and through five years (1) 40 — — 40 Total marketable securities $ 18,790 $ — $ 16 $ 18,774 (1) Classified in other assets. |
Accounts Receivable, net
Accounts Receivable, net | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable, net include: June 30, December 31, 2023 2022 Accounts receivable $ 68,753 $ 90,046 Less: credit allowance (889) (1,514) Less: allowance for doubtful accounts (4,301) (3,905) Total accounts receivable, net $ 63,563 $ 84,627 The following is a roll-forward of the allowance for doubtful accounts related to trade accounts receivable for the six months ended June 30, 2023 and the twelve months ended December 31, 2022: Six Months Ended Twelve Months Ended June 30, 2023 December 31, 2022 Beginning of period $ 3,905 $ 1,500 Provision for credit losses 632 2,413 Recoveries/write-offs (236) (8) End of period $ 4,301 $ 3,905 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include: June 30, December 31, 2023 2022 Prepaid bandwidth and backbone $ 5,266 $ 7,431 VAT receivable 6,842 5,805 Prepaid expenses and insurance 5,132 5,352 Financing receivables 5,855 3,218 Related party receivable 7,472 7,962 Vendor deposits and other 6,211 6,606 Total prepaid expenses and other current assets $ 36,778 $ 36,374 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net include: June 30, December 31, 2023 2022 Network equipment $ 180,812 $ 176,899 Computer equipment and software 3,408 3,680 Furniture and fixtures 1,315 1,322 Leasehold improvements 6,022 6,017 Other equipment 17 17 Total property and equipment 191,574 187,935 Less: accumulated depreciation (117,907) (114,468) Total property and equipment, net $ 73,667 $ 73,467 Cost of revenue depreciation expense related to property and equipment was $3,788 and $6,791, for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, cost of revenue depreciation expense related to property and equipment was approximately $7,398 and $12,639, respectively. Operating expense depreciation and amortization expense related to property and equipment was $292 and $336, for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, operating expense depreciation and amortization expense related to property and equipment was $586 and $582, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets We have recorded goodwill as a result of past business acquisitions. We concluded that we have one reporting unit and assigned the entire balance of goodwill to this reporting unit as of June 30, 2023. We review goodwill for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may exceed their fair value. During the six months ended June 30, 2023, management identified a goodwill impairment indicator related to a decline in the company's stock price. The estimated fair value of the reporting unit is determined using a market approach. Our market capitalization is adjusted for a control premium based on the estimated average and median control premiums of transactions involving companies comparable to us. We noted that the estimated fair value of our reporting unit, using an estimated control premium of 30%, on June 30, 2023 exceeded carrying value by approximately $18,635 or 11%. Adverse changes to certain key assumptions as described above could result in a future goodwill impairment charge to earnings. Management will continue to monitor the relevant goodwill impairment indicators to determine whether a goodwill impairment charge to earnings is appropriate, and such impairment charge, if any, could be material. The changes in the carrying amount of goodwill for the six months ended June 30, 2023, were as follows: Balance, December 31, 2022 $ 169,156 Foreign currency translation adjustment (381) Balance, June 30, 2023 $ 168,775 Intangible assets consisted of the following as of June 30, 2023: Gross Accumulated Net Trade name $ 91 $ (56) $ 35 Client relationships 48,090 (8,625) 39,465 Technology 57,480 (16,032) 41,448 Total other intangible assets $ 105,661 $ (24,713) $ 80,948 Aggregate expense related to amortization of other intangible assets for the three and six months ended June 30, 2023 was $5,400 and $10,713, respectively . There were no impairment charges incurred in the three and six months ended June 30, 2023. As of June 30, 2023, the weighted-average remaining useful lives of our acquired intangible assets were 1.2 years for trade name, 5.6 years for client relationships, and 3.0 years for technology, and 4.2 years in total, for all acquired intangible assets. Intangible assets consisted of the following as of December 31, 2022: Gross Accumulated Net Trade name $ 91 $ (40) $ 51 Client relationships 48,090 (4,960) 43,130 Technology 57,480 (9,000) 48,480 Total other intangible assets $ 105,661 $ (14,000) $ 91,661 Aggregate expense related to amortization of other intangible assets for the three and six months ended June 30, 2022 was $1,172 and $1,958, respectively. There were no impairment charges incurred in the three and six months ended June 30, 2022. As of December 31, 2022, the weighted-average remaining useful lives of our acquired intangible assets were 1.7 years for trade name, 6.1 years for client relationships, and 3.4 years for technology, and 4.7 years in total, for all acquired intangible assets. As of June 30, 2023, future amortization expense related to our other intangible assets is expected to be recognized as follows: Remainder of 2023 $ 10,712 2024 21,415 2025 21,394 2026 13,141 2027 5,911 Thereafter 8,375 Total $ 80,948 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities include: June 30, December 31, 2023 2022 Accrued compensation and benefits $ 22,726 $ 19,982 Accrued cost of revenue 16,242 27,422 Accrued interest payable 1,912 1,823 Related party payable 2,248 9,931 Restructuring charges and accrued legal fees 5,726 6,184 Other accrued expenses 6,417 10,818 Total other current liabilities $ 55,271 $ 76,160 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Convertible Senior Notes - Due 2025 On July 27, 2020, we issued $125,000 aggregate principal amount of 3.50% Convertible Senior Notes due 2025 (the “Notes”), including the initial purchasers’ exercise in full of their option to purchase an additional $15,000 principal amount of the Notes, in a private placement to qualified institutional buyers in an offering exempt from registration under the Securities Act of 1933, as amended. The net proceeds from the issuance of the Notes was $120,741 after deducting transaction costs. The Notes are governed by an indenture (the “Indenture”) between us, as the issuer, and U.S. Bank, National Association, as trustee. The Notes are senior, unsecured obligations of ours and will be equal in right of payment with our senior, unsecured indebtedness; senior in right of payment to our indebtedness that is expressly subordinated to the notes; effectively subordinated to our senior, secured indebtedness, including future borrowings, if any, under our amended credit facility with First Citizens Bank (formerly Silicon Valley Bank) (“FCB”), to the extent of the value of the collateral securing that indebtedness; and structurally subordinated to all indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries. The Indenture includes customary covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving us after which the Notes become automatically due and payable. As a result of the restatement of our previously issued consolidated financial statements described in Note 2, we were unable to file our Annual Report on Form 10-K for the year ended December 31, 2022 on a timely basis. For the same reason, we were also unable to timely file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. Pursuant to the terms of the Indenture, on April 12, 2023, we notified the Trustee that due to our failure to timely file with the SEC our Annual Report on Form 10-K for the year ended December 31, 2022, a default (as defined in the Indenture) had occurred. On April 17, 2023, a holder of the Notes delivered a notice of default to U.S. Bank National Association (the “Trustee”) and the company notifying us that we were in breach of the Indenture for failing to provide the Trustee our Annual Report on Form 10-K for the year ended December 31, 2022. Under the terms of the Indenture, such default matured into an event of default (the “Reporting Event of Default”) on June 17, 2023. On July 21, 2023, the Trustee for the Notes delivered a notice of default to the company notifying us that we were in breach of the Indenture for failing to provide the Trustee our Quarterly Report on Form 10-Q for the three months ended March 31, 2023. Under the terms of the Indenture, such default was cured with the filing of this Quarterly Report. By notice to the holders of the Notes and the Trustee on June 12, 2023 and in accordance with the Indenture, we notified the Trustee that due to our failure to timely file with the SEC our Annual Report on Form 10-K, the company elected that the sole remedy for the Reporting Event of Default during the period beginning on June 17, 2023 (the “Reporting Event of Default Date”) and ending on the earlier of (x) 365 calendar days after the Reporting Event of Default Date and (y) the date on which we deliver the Annual Report for the year ended December 31, 2022 to the Trustee will consist of the accrual of additional interest (“Special Interest”) at a rate equal to one quarter of one percent (0.25%) of the principal amount of the outstanding Notes for the first 180 calendar days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount of the outstanding Notes. The Notes will be subject to acceleration pursuant to the Indenture on account of the Reporting Event of Default if we fail to pay Special Interest when due under the Indenture. We delivered our Annual Report for the year ended December 31, 2022 to the Trustee on June 29, 2023, and as a result we incurred an immaterial amount of Special Interest charges for the three and six months ended June 30, 2023. The Notes mature on August 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their term prior to the maturity date. Interest is payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2021. The holders of the Notes may convert all or any portion of their Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price per share of our common stock exceeds 130% of the conversion price of $8.53 for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any ten consecutive trading day period (such ten consecutive trading day period, the measurement period) in which the trading price per $1 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions of our common stock; (4) if we call such Notes for redemption; and (5) at any time from, and including, May 1, 2025, until the close of business on the second scheduled trading day immediately before the maturity date. On or after May 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, in minimum principal amount denominations of $1 or any integral multiple of $1 in excess thereof, at the option of the holder regardless of the foregoing circumstances. Upon conversion, we may satisfy our conversion obligation by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in the manner and subject to the terms and conditions provided in the Indenture. The Notes have an initial conversion rate of 117.2367 shares of our common stock per $1 principal amount of Notes, which is equal to an initial conversion price of approximately $8.53 per share of our common stock. The initial conversion price of the Notes represents a premium of approximately 27.5% over the last reported sale price of our common stock on The Nasdaq Global Select Market of $6.69 per share on July 22, 2020. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will increase the conversion rate in certain circumstances for a holder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption in connection with such notice of redemption, provided that the conversion rate will not exceed 149.4768 share of our common stock per $1 principal amount of Notes, subject to adjustment. We may not redeem the Notes prior to August 4, 2023. We may redeem for cash all, or any portion in an authorized denomination, of the Notes, at our option, on or after August 4, 2023, and on or prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, whether or not consecutive, including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that we are not required to redeem or retire the Notes periodically. If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of June 30, 2023, the conditions allowing holders of the Notes to convert had not been met and therefore the Notes are not yet convertible. The Notes are classified as long-term debt on our unaudited consolidated balance sheets as of June 30, 2023, and December 31, 2022. The net carrying amount of the liability and equity components of the Notes consisted of the following: June 30, December 31, 2023 2022 Liability component: Principal $ 125,000 $ 125,000 Unamortized transaction costs (1,930) (2,369) Net carrying amount $ 123,070 $ 122,631 Interest expense recognized related to the Notes was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 1,170 $ 1,094 $ 2,276 $ 2,188 Amortization of transaction costs 221 211 439 420 Total $ 1,391 $ 1,305 $ 2,715 $ 2,608 As of June 30, 2023, and December 31, 2022, the estimated fair value of the Notes was $109,094 and $107,031, respectively. We estimated the fair value based on the quoted market prices in an inactive market on the last trading day of the reporting period, which are considered Level 2 inputs. Capped Call Transactions In connection with the offering of the Notes, we entered into privately negotiated capped call transactions with certain counterparties (collectively, the Capped Calls). The Capped Calls have an initial strike price of approximately $8.53 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have an initial cap price of $13.38 per share, subject to certain adjustments. The Capped Calls are generally intended to reduce or offset the potential economic dilution of approximately 14.7 million shares to our common stock upon any conversion of the Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. As the Capped Calls are considered indexed to our own stock and are equity classified, they are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $16,400 incurred in connection with the Capped Calls was recorded as a reduction to additional paid-in capital. Line of Credit In November 2015, we entered into the original Loan and Security Agreement (the “Credit Agreement”) with FCB. Since the inception, there have been eleven amendments, with the most recent amendment being on September 7, 2023. Under the tenth amendment, entered into in June 2023, our borrowing capacity was reduced to the lesser of the commitment amount of $50,000 or 50% of eligible accounts receivable while the maturity date remains at April 2, 2025. All outstanding borrowings owed under the Credit Agreement, if any, become due and payable no later than the final maturity date of April 2, 2025. As of June 30, 2023 and December 31, 2022, we had no outstanding borrowings. As of June 30, 2023, borrowings under the Credit Agreement bear interest at the greater of the current prime rate minus 0.25% or 4%. In the event of default, obligations shall bear interest at a rate per annum that is 3% above the then applicable rate. Amendment fees and other commitment fees are included in interest expense. During the three months ended June 30, 2023 and 2022, there was no interest expense and fees expense and amortization was $63 and $10, respectively. During the six months ended June 30, 2023 and 2022, there was no interest expense and fees expense and amortization was $87 and $20, respectively. Any borrowings are secured by essentially all of our domestic personal property, with a negative pledge on intellectual property. FCB’s security interest in our foreign subsidiaries is limited to 65% of the voting stock of each such foreign subsidiary. We are required to maintain an Adjusted Quick Ratio of at least 1.0 to 1.0. We are also subject to certain customary limitations on our ability to, among other things, incur debt, grant liens, make acquisitions and other investments, make certain restricted payments such as dividends, dispose of assets or undergo a change in control. As of June 30, 2023 and December 31, |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In the second quarter of 2023, the company's board of directors approved a restructuring plan to reduce its operating costs to continue to optimize its business model and increase efficiencies. This plan entailed a reduction in force of approximately 134 employees, or approximately 12% of the company’s global workforce. For the three and six months ended June 30, 2023, we incurred $3,336 of restructuring charges primarily related to this plan. Remaining future estimated restructuring charges of approximately $500 are expected to be incurred in the third quarter of 2023. These charges, which will be cash expenditures, consist of one-time severance charges and continuation of health benefits. In the fourth quarter of 2022, management committed to a separate action to restructure strategic and financial objectives and to optimize resources for long term growth including a reduction in global workforce. For the three months ended June 30, 2023, no costs were incurred related to this plan. For the six months ended June 30, 2023, relating to this action, we incurred $500 of costs which primarily consisted of employee severance and related benefits costs. Future restructuring charges related to this plan, are expected to be immaterial. During the three and six months ended June 30, 2022, we incurred $4,368 and $5,066 of restructuring charges, respectively, of which the majority related to previously disclosed restructuring plans and were due to facility impairment charges and employee severance and related benefits costs. Actions related to this restructuring program are substantially complete. The following table summarizes the activity of our restructuring accrual (recorded in other current liabilities on our unaudited consolidated balance sheet) during the three and six months ended June 30, 2023: Employee Severance and Related Benefits Share-Based Compensation Facilities Related Charges Total Balance as of December 31, 2022 $ 2,772 $ 240 $ 3,172 $ 6,184 Costs incurred (recorded in restructuring charges) 500 — — 500 Cash disbursements (1,488) — (698) (2,186) Balance as of March 31, 2023 $ 1,784 $ 240 $ 2,474 $ 4,498 Costs incurred (recorded in restructuring charges) 3,336 — — 3,336 Cash disbursements (1,502) — (606) (2,108) Balance as of June 30, 2023 $ 3,618 $ 240 $ 1,868 $ 5,726 The following table summarizes the activity of our restructuring accrual during the three and six months ended June 30, 2022: Employee Severance and Related Benefits Share-Based Compensation Facilities Related Charges Total Balance as of January 1, 2022 $ 235 $ — $ 180 $ 415 Costs incurred (recorded in restructuring charges) (93) — 791 698 Cash disbursements (142) — (687) (829) Noncash charges — — 3 3 Balance as of March 31, 2022 $ — $ — $ 287 $ 287 Costs incurred (recorded in restructuring charges) 3,715 — 653 4,368 Cash disbursements — — (806) (806) Balance as of June 30, 2022 $ 3,715 $ — $ 134 $ 3,849 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Matters We are subject to various legal proceedings and claims, either asserted or unasserted, arising from time to time, in the ordinary course of business. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. We have not recorded any accruals related to any legal matters. No assurances can be given with respect to the extent or outcome of any such litigation in the future. Indirect Tax Matters We are subject to indirect taxation in various states and foreign jurisdictions. Laws and regulations that apply to communications and commerce conducted over the Internet are becoming more prevalent, both in the United States and internationally, and may impose additional burdens on us conducting business online or providing Internet-related services. Increased regulation could negatively affect our business directly, as well as the businesses of our clients, which could reduce their demand for our services. For example, tax authorities in various states and abroad may impose taxes on the Internet-related revenue we generate based on regulations currently being applied to similar but not directly comparable industries. There are many transactions and calculations where the ultimate tax determination is uncertain. In addition, domestic and international taxation laws are subject to change. In the future, we may come under audit, which could result in changes to our tax estimates. We believe we have maintained adequate tax reserves to offset potential liabilities that may arise upon audit. Our reserve for indirect tax matters was immaterial as of June 30, 2023 and December 31, 2022. Although we believe our tax estimates and associated reserves are reasonable, the final determination of tax audits and any related litigation could be materially different than the amounts established for tax contingencies. To the extent these estimates ultimately prove to be inaccurate, the associated reserves would be adjusted, resulting in the recording of a benefit or expense in the period in which a change in estimate or a final determination is made. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share We calculate basic and diluted net loss per weighted-average share. We use the weighted-average number of shares of common stock outstanding during the period for the computation of basic net loss per share. Diluted net loss per share includes the dilutive effect of all potentially dilutive common stock, including awards granted under our equity incentive compensation plans in the weighted-average number of shares of common stock outstanding. The following table sets forth the components used in the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ (35,652) $ (20,598) $ (70,635) $ (40,870) Basic weighted-average outstanding shares of common stock 222,914 151,776 222,688 143,652 Basic weighted-average outstanding shares of common stock 222,914 151,776 222,688 143,652 Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares — — — — Diluted weighted-average outstanding shares of common stock 222,914 151,776 222,688 143,652 Basic net loss per share $ (0.16) $ (0.14) $ (0.32) $ (0.28) Diluted net loss per share $ (0.16) $ (0.14) $ (0.32) $ (0.28) For the three and six months ended June 30, 2023 and 2022, respectively, the following potentially dilutive common stock, including awards granted under our equity incentive compensation plans were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Employee stock purchase plan 1,331 118 1,331 118 Stock options and warrants 12 1,859 49 2,524 Restricted stock units 159 5,097 170 5,531 Convertible senior notes 14,654 14,654 14,654 14,654 Contingently issuable shares (1) 12,685 12,685 12,685 12,685 28,841 34,413 28,889 35,512 (1) Represents common stock contingent consideration related to the Edgecast Acquisition. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock On March 14, 2017, our board of directors authorized a $25,000 share repurchase program. Any shares repurchased under this program will be canceled and returned to authorized but unissued status. We did not purchase any shares during the three and six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there remained $21,200 under this share repurchase program. Amended and Restated Equity Incentive Plan We established the 2007 Equity Incentive Plan (the “2007 Plan”), which allows for the grant of equity, including stock options and restricted stock unit awards. In June 2016, our stockholders approved the Amended and Restated Equity Incentive Plan (the “Restated 2007 Plan”), which amended and restated the 2007 Plan. Approval of the Restated 2007 Plan replaced the terms and conditions of the 2007 Plan with the terms and conditions of the Restated 2007 Plan and extended the term of the Restated 2007 Plan to April 2026. There was no increase in the aggregate amount of shares available for issuance. The total number of shares available to be issued under the Restated 2007 Plan as of June 30, 2023 was approximately 18,123. 2017 Moov Corporation Equity Incentive Plan In connection with our acquisition of Moov, we assumed each outstanding and unvested option to purchase Moov common stock granted pursuant to the Moov Corporation 2017 Equity Incentive Plan and such options became exercisable to purchase shares of our common stock, subject to appropriate adjustments to the number of shares and the exercise price of each such option. 2021 Inducement Plan In November 2021, we adopted the Inducement Plan pursuant to which we reserved 11,000 shares of common stock, to be used exclusively for grants of equity-based awards to highly qualified prospective officers and employees as an inducement material to the individual's entry into employment with us within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan provides for the grant of equity-based awards in the form of non-statutory stock options, stock appreciation rights, restricted stock awards, and restricted stock unit awards. The Inducement Plan was adopted by our board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. We have issued 10,462 shares under the Inducement Plan as of June 30, 2023. Employee Stock Purchase Plan In June 2013, our stockholders approved our 2013 Employee Stock Purchase Plan (ESPP), authorizing the issuance of 4,000 shares. In May 2019, our stockholders approved the adoption of Amendment 1 to the ESPP. Amendment 1 increased the number of shares authorized to 9,000 shares (an increase of 5,000 shares) and amended the maximum number of shares of common stock that an eligible employee may be permitted to purchase during each offering period to be 5 shares. The ESPP allows participants to purchase our common stock at a 15% discount of the lower of the beginning or end of the offering period using the closing price on that day. During the three and six months ended June 30, 2023, we did not issue any shares under the ESPP. As of June 30, 2023, shares reserved for issuance to employees under this plan totaled 2,220, and we held employee contributions of $758 (included in other current liabilities) for future purchases under the ESPP. Preferred Stock Our board of directors have authorized the issuance of up to 7,500 shares of preferred stock as of June 30, 2023. The preferred stock may be issued in one or more series pursuant to a resolution or resolutions providing for such issuance duly adopted by the board of directors. As of June 30, 2023, the board of directors had not adopted any resolutions for the issuance of preferred stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2023, were as follows: Foreign Available for Currency Sale Securities Total Balance, December 31, 2022 $ (11,640) $ (25) $ (11,665) Other comprehensive gain (loss) before reclassifications 350 (6) 344 Amounts reclassified from accumulated other comprehensive loss — — — Net current period other comprehensive gain (loss) 350 (6) 344 Balance, June 30, 2023 $ (11,290) $ (31) $ (11,321) |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The following table summarizes the components of share-based compensation expense included in our unaudited consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Share-based compensation expense by type: Stock options and warrants $ 422 $ 636 $ 899 $ 1,170 Restricted stock units 1,575 4,172 4,591 8,332 Financial-based performance restricted stock units 1,773 2,240 2,626 4,436 ESPP (411) 243 443 365 Total share-based compensation expense $ 3,359 $ 7,291 $ 8,559 $ 14,303 Share-based compensation expense: Cost of services $ 321 $ 326 $ 1,000 $ 734 General and administrative expense 1,151 2,166 2,567 4,269 Sales and marketing expense 375 1,376 992 2,557 Research and development expense 1,512 3,423 4,000 6,743 Total share-based compensation expense $ 3,359 $ 7,291 $ 8,559 $ 14,303 Unrecognized share-based compensation expense totaled $22,122 as of June 30, 2023, of which $3,088 related to stock options, $8,566 related to financial-based performance restricted stock units, $10,468 related to restricted stock units. Unrecognized share-based compensation includes both time-based and performance-based equity. We currently expect to recognize share-based compensation expense of $6,350 during the remainder of 2023, $10,052 in 2024, $4,528 in 2025, and the remainder thereafter based on scheduled vesting of the stock options, performance-based restricted stock units, and restricted stock units outstanding as of June 30, 2023. |
Leases and Commitments
Leases and Commitments | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases and Commitments | Leases and Commitments Operating Leases - Right of Use Assets and Liabilities We have various operating leases for office space that expire through 2030. Below is a summary of our right of use assets and liabilities as of June 30, 2023. Right-of-use assets $ 4,816 Lease liability obligations, current $ 3,621 Lease liability obligations, less current portion 7,730 Total lease liability obligations $ 11,351 Weighted-average remaining lease term 5.6 years Weighted-average discount rate 5.05 % During the three months ended June 30, 2023 and 2022, operating lease costs were $772 and $461, respectively, included primarily in operating expenses within our unaudited consolidated statement of operations. During the three months ended June 30, 2023 and 2022, cash paid for operating leases was $1,350 and $602, respectively. During the six months ended June 30, 2023 and 2022, operating lease costs were $1,390 and $821 included primarily in operating expenses within our unaudited consolidated statement of operations. During the six months ended June 30, 2023 and 2023, cash paid for operating leases was $2,709 and $1,253, respectively. Approximate future minimum lease payments for our right of use assets over the remaining lease periods as of June 30, 2023, are as follows: Remainder of 2023 $ 2,460 2024 2,360 2025 1,440 2026 1,468 2027 1,497 Thereafter 3,864 Total minimum payments 13,089 Less: amount representing interest 1,738 Total $ 11,351 Financing Obligations We enter into equipment purchase arrangements (“Open Edge arrangements”) with our partners, typically Internet service providers, where we deliver point-of-presence equipment to our partner in exchange for cash consideration. The equipment is subsequently leased back for substantially all of the equipment’s economic life, resulting in the classification of these arrangements as failed-sale leasebacks that are accounted for as financing arrangements. Open Edge arrangements' financing obligations are recognized as short-term or long-term liabilities based on the estimated payment dates. Minimum commitment payments required to pay down the financing liability by the end of the minimum commitment term, are based on our estimated incremental borrowing rate and are recorded as a reduction of the financing liability in the period they are paid. Interest expense related to Open Edge arrangements was $247 and $143 for the three months ended June 30, 2023 and 2022, respectively. Interest expense related to Open Edge arrangements was $476 and $260 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, future minimum payments under the Open Edge arrangements were as follows: Remainder of 2023 $ 6,980 2024 6,247 2025 5,618 2026 4,580 2027 1,863 Thereafter 260 Total minimum payments 25,548 Less: imputed interest 2,396 Total financing obligations 23,152 Less: financing obligations, current 8,944 Financing obligations, less current portion $ 14,208 Purchase Commitments We have long-term commitments for bandwidth usage and co-location with various networks and Internet service providers. The following summarizes our minimum non-cancellable commitments for future periods as of June 30, 2023: Remainder of 2023 $ 38,798 2024 40,334 2025 27,450 2026 19,981 2027 6,391 Thereafter 1,429 Total minimum payments (1) $ 134,383 (1) Includes Open Edge partner commitments which typically have a minimum fee commitment that is paid to the partners over the course of the arrangement. The aggregate minimum fee commitment is allocated between cost of services and financing obligations. The above table reflects the minimum fee commitment allocated to cost of services. |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations During the three and six months ended June 30, 2023, we had two clients, Amazon and Verizon, who each represented 10% or more of our total revenue. During the three and six months ended June 30, 2022, we had two clients, Amazon and Sony, who each represented 10% or more of our total revenue. As of June 30, 2023, we had four clients, Microsoft, Verizon, Amazon, and Disney, who each represented 10% or more of our total accounts receivable. As of December 31, 2022, we had three clients, Amazon, Verizon, and Microsoft, who each represented 10% or more of our total accounts receivable. Revenue from clients located within the United States, our country of domicile, was $71,783 for the three months ended June 30, 2023, compared to $40,478 for the three months ended June 30, 2022. For the six months ended June 30, 2023, revenue from clients located within the United States was $149,969, compared to $72,445 for the six months ended June 30, 2022. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIncome taxes for the interim periods presented have been included in the accompanying unaudited consolidated financial statements on the basis of an estimated annual effective tax rate. Based on an estimated annual effective tax rate and discrete items, income tax expense (benefit) for the three months ended June 30, 2023 and 2022 was $379 and $(19,589), respectively. For the six months ended June 30, 2023 and 2022, income tax expense (benefit) was $777 and $(19,383), respectively. Income tax expense was different than the statutory income tax rate primarily due to changes in our valuation allowance on deferred tax assets in the U.S., and the recording of state and foreign tax expense for the three month periods. We file income tax returns in jurisdictions with varying statutes of limitations. Tax years 2019 through 2022 remain subject to examination by federal tax authorities. Tax years 2018 through 2022 generally remain subject to examination by state tax authorities. As of June 30, 2023, we are not under any federal or state income tax examinations.For the three and six months ended June 30, 2023 and 2022, respectively, there was no impact to income tax expense related to the Global Intangible Low-Taxed Income inclusion (“GILTI”) as a result of our net operating loss carryforwards (“NOL”) and valuation allowance position. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions College Parent and its related affiliates is considered to be a related party following the close of the Edgecast Acquisition due to its ownership interest. As of June 30, 2023, College Parent had approximately 36% ownership interest in Edgio. As of June 30, 2023, we had recorded receivables from College Parent and its affiliates related to reimbursement for certain compensation and severance plans. Additionally, as of June 30, 2023, we had recorded payables related to transition service agreements, which had been entered into between Edgio and College Parent and its related affiliates. For the three and six months ended June 30, 2023, expenses related to these agreements were $6,772 and $15,077 of which $4,783 and $9,949 were recorded in cost of services, $889 and $2,991 were recorded in general and administrative, and $1,100 and $2,137 were recorded in research and development, respectively, within our unaudited consolidated statement of operations. For the three and six months ended June 30, 2022, expenses related to these agreements were immaterial. The following table summarizes the amounts due to and due from College Parent and its related affiliates: June 30, December 31, 2023 2022 Prepaid assets and other current assets (1) $ 7,472 $ 7,962 Other assets — 2,318 Total amount due from related party $ 7,472 $ 10,280 Accounts payable $ 8,422 $ 18,224 Other current liabilities 2,248 9,931 Total amount due to related party (2) $ 10,670 $ 28,155 (1) December 31, 2022 balance included $2,271 of receivables related to reimbursement from College Parent and its related affiliates for certain employee compensation expenses in excess of company requirements as of December 31, 2022 which were recorded as a capital contributions. (2) Inclusive of $5,484 of transition service agreement credits from College Parent and its related affiliates issued in 2022 which recorded as a capital contributions. |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Information | Segment Reporting and Geographic Information Our chief operating decision maker (who is our Chief Executive Officer) reviews our financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. We operate in one industry segment — content delivery and related services and we operate in three geographic areas — Americas, Europe, Middle East, and Africa (“EMEA”), and Asia Pacific. Revenue by geography is based on the location of the client from where the revenue is earned based on bill to locations. The following table sets forth our revenue by geographic area: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Americas $ 73,640 77 % $ 41,730 66 % $ 153,580 78 % $ 74,521 63 % EMEA 6,493 7 % 4,783 8 % 12,994 7 % 10,085 8 % Asia Pacific 15,632 16 % 17,073 26 % 31,139 15 % 34,319 29 % Total revenue $ 95,765 100 % $ 63,586 100 % $ 197,713 100 % $ 118,925 100 % The following table sets forth the individual countries and their respective revenue for those countries whose revenue exceeded 10% of our total revenue: Three Months Ended June 30, Six Months Ended June 30, Country / Region 2023 2022 2023 2022 United States / Americas $ 71,783 $ 40,478 $ 149,969 $ 72,445 Japan / Asia Pacific $ 9,655 $ 10,985 $ 18,573 $ 21,716 The following table sets forth property and equipment, net by geographic area where they are located: June 30, December 31, 2023 2022 Americas $ 65,879 $ 65,190 International 7,788 8,277 Total long-lived assets $ 73,667 $ 73,467 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements As of December 31, 2022, we held certain assets that were required to be measured at fair value on a recurring basis. The following is a summary of fair value measurements as of December 31, 2022: Fair Value Measurements at Reporting Date Using Description Total Quoted Prices In Active Markets for Identical Assets Significant Significant Cash $ 49,422 $ 49,422 $ — $ — Cash equivalents: Money market funds 2,036 2,036 — — Commercial paper 1,195 — 1,195 — Corporate notes and bonds 1,622 — 1,622 — Yankee bond 1,000 — 1,000 — Total cash equivalents 5,853 2,036 3,817 — Total cash and cash equivalents 55,275 51,458 3,817 — Marketable securities: Agency bonds 486 — 486 — Certificate of deposit (1) 40 — 40 — Commercial paper 5,884 — 5,884 — Corporate notes and bonds 11,379 — 11,379 — Treasury bills 985 — 985 — Total marketable securities 18,774 — 18,774 — Total assets measured at fair value $ 74,049 $ 51,458 $ 22,591 $ — (1) Classified in other assets. The carrying amount of cash equivalents approximates fair value because their maturity is less than three months from the date of purchase. The carrying amount of short-term and long-term marketable securities approximates fair value as the securities are marked to market as of each balance sheet date with any unrealized gains and losses reported in stockholders’ equity. The carrying amount of accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the short-term maturity of the amounts. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss | $ (35,652) | $ (20,598) | $ (70,635) | $ (40,870) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities Exchange Commission (the “SEC”). They do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. Such interim financial information is unaudited but reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim periods presented and of a normal recurring nature. This quarterly report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022. All information is presented in thousands, except per share amounts and where specifically noted. The consolidated financial statements include accounts of Edgio and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results and outcomes may differ from those estimates. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any future periods. In accordance with its accounting policies, the company reviews the estimated useful lives of its property and equipment on an ongoing basis. In January 2023, we completed an assessment of the useful lives of our network equipment and concluded to adjust our estimate of the useful life of our network equipment from three |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial StatementsThe company restated the consolidated financial statements for the years ended December 31, 2021 and 2020 presented in its Annual Report on Form 10-K for the year ended December 31, 2022, necessary to correct for the following errors: (i) accounting for certain financing arrangements (as failed sale leasebacks), (ii) accounting treatment for certain transitional services, and (iii) other immaterial adjustments. In addition, the company restated its unaudited quarterly financial data for the periods ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021. Such restated and unaudited quarterly financial data and related impacted amounts were presented in the company's Annual Report on Form 10-K for the year ended December 31, 2022. All amounts in this quarterly report on Form 10-Q affected by the restatement, including but not limited to the three and six months ended June 30, 2022, reflect such restated amounts. |
Adopted Accounting Standards and Recently Issued Accounting Standards applicable to Edgio, Inc. | Adopted Accounting Standards None. Recently Issued Accounting Standards applicable to Edgio, Inc. None. |
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our contractual arrangements with customers generally specify monthly billing terms, and we apply the variable consideration allocation exception and record revenue based on actual usage during the month. Certain contracts contain minimum commitments over the contractual term; however, we generally have concluded that these commitments are not substantive. Accordingly, the consideration for these contracts is substantially considered variable and is recognized based on actual usage as we apply the variable consideration allocation exception to these contracts. These customers have entered into contracts with contract terms generally from one to ten years. As of June 30, 2023, we have approximately $61,214 of remaining unsatisfied performance obligations for contracts with terms over one year. Of the remaining unsatisfied performance obligations, we expect to recognize 25% in 2023, 34% in 2024, 17% in 2025, 7% in 2026, and the remainder in 2027 and thereafter. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisition Purchase Price | The following table presents the allocation of the purchase price consideration for Edgecast: Consideration: Common stock $ 192,956 Common stock - contingent consideration 16,300 Less: Consideration allocated to employee compensation arrangements (9,419) Total consideration allocated to Edgecast Acquisition $ 199,837 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the purchase consideration to the acquisition date fair value of the assets, including intangible assets, liabilities assumed and related goodwill acquired: Cash (inclusive of $30,000 as described above) $ 30,037 Accounts receivable 48,669 Income taxes receivable 119 Prepaid expenses and other current assets 5,676 Property and equipment 32,185 Operating lease right of use assets 1,365 Goodwill 56,546 Intangible assets Customer relationships 41,000 Technology 49,000 Other assets 1,220 Total assets acquired 265,817 Accounts payable and accrued liabilities 6,917 Deferred revenue 1,259 Operating lease liability obligations 3,071 Income taxes payable 2,465 Other current liabilities 27,500 Operating lease liability obligations, less current portion 2,531 Deferred income taxes 22,237 Total liabilities 65,980 Total purchase consideration $ 199,837 |
Schedule of Pro Forma Information | The following unaudited pro forma combined financial information presents combined results of Edgio and Edgecast as if the acquisition of Edgecast has occurred on January 1, 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2022 Revenue $ 131,851 $ 265,457 Net loss $ (28,243) $ (62,966) |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Marketable Securities | The following is a summary of marketable securities (designated as available-for-sale) as of December 31, 2022: Amortized Gross Gross Estimated Certificate of deposit $ 40 $ — $ — $ 40 Commercial paper 5,884 — — 5,884 Corporate notes and bonds 11,395 — 16 11,379 Treasury bills 985 — — 985 Agency bonds 486 — — 486 Total marketable securities $ 18,790 $ — $ 16 $ 18,774 |
Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity | The amortized cost and estimated fair value of marketable securities as of December 31, 2022, by maturity are shown below: Amortized Gross Gross Estimated Available-for-sale securities: Due in one year or less $ 18,750 $ — $ 16 $ 18,734 Due after one year and through five years (1) 40 — — 40 Total marketable securities $ 18,790 $ — $ 16 $ 18,774 (1) Classified in other assets. |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Summary of Accounts Receivable and Allowances for Doubtful Accounts | Accounts receivable, net include: June 30, December 31, 2023 2022 Accounts receivable $ 68,753 $ 90,046 Less: credit allowance (889) (1,514) Less: allowance for doubtful accounts (4,301) (3,905) Total accounts receivable, net $ 63,563 $ 84,627 The following is a roll-forward of the allowance for doubtful accounts related to trade accounts receivable for the six months ended June 30, 2023 and the twelve months ended December 31, 2022: Six Months Ended Twelve Months Ended June 30, 2023 December 31, 2022 Beginning of period $ 3,905 $ 1,500 Provision for credit losses 632 2,413 Recoveries/write-offs (236) (8) End of period $ 4,301 $ 3,905 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets include: June 30, December 31, 2023 2022 Prepaid bandwidth and backbone $ 5,266 $ 7,431 VAT receivable 6,842 5,805 Prepaid expenses and insurance 5,132 5,352 Financing receivables 5,855 3,218 Related party receivable 7,472 7,962 Vendor deposits and other 6,211 6,606 Total prepaid expenses and other current assets $ 36,778 $ 36,374 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net include: June 30, December 31, 2023 2022 Network equipment $ 180,812 $ 176,899 Computer equipment and software 3,408 3,680 Furniture and fixtures 1,315 1,322 Leasehold improvements 6,022 6,017 Other equipment 17 17 Total property and equipment 191,574 187,935 Less: accumulated depreciation (117,907) (114,468) Total property and equipment, net $ 73,667 $ 73,467 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2023, were as follows: Balance, December 31, 2022 $ 169,156 Foreign currency translation adjustment (381) Balance, June 30, 2023 $ 168,775 |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following as of June 30, 2023: Gross Accumulated Net Trade name $ 91 $ (56) $ 35 Client relationships 48,090 (8,625) 39,465 Technology 57,480 (16,032) 41,448 Total other intangible assets $ 105,661 $ (24,713) $ 80,948 Intangible assets consisted of the following as of December 31, 2022: Gross Accumulated Net Trade name $ 91 $ (40) $ 51 Client relationships 48,090 (4,960) 43,130 Technology 57,480 (9,000) 48,480 Total other intangible assets $ 105,661 $ (14,000) $ 91,661 |
Schedule of Intangible Assets Future Amortization Expense | As of June 30, 2023, future amortization expense related to our other intangible assets is expected to be recognized as follows: Remainder of 2023 $ 10,712 2024 21,415 2025 21,394 2026 13,141 2027 5,911 Thereafter 8,375 Total $ 80,948 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities include: June 30, December 31, 2023 2022 Accrued compensation and benefits $ 22,726 $ 19,982 Accrued cost of revenue 16,242 27,422 Accrued interest payable 1,912 1,823 Related party payable 2,248 9,931 Restructuring charges and accrued legal fees 5,726 6,184 Other accrued expenses 6,417 10,818 Total other current liabilities $ 55,271 $ 76,160 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | The net carrying amount of the liability and equity components of the Notes consisted of the following: June 30, December 31, 2023 2022 Liability component: Principal $ 125,000 $ 125,000 Unamortized transaction costs (1,930) (2,369) Net carrying amount $ 123,070 $ 122,631 Interest expense recognized related to the Notes was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 1,170 $ 1,094 $ 2,276 $ 2,188 Amortization of transaction costs 221 211 439 420 Total $ 1,391 $ 1,305 $ 2,715 $ 2,608 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve | The following table summarizes the activity of our restructuring accrual (recorded in other current liabilities on our unaudited consolidated balance sheet) during the three and six months ended June 30, 2023: Employee Severance and Related Benefits Share-Based Compensation Facilities Related Charges Total Balance as of December 31, 2022 $ 2,772 $ 240 $ 3,172 $ 6,184 Costs incurred (recorded in restructuring charges) 500 — — 500 Cash disbursements (1,488) — (698) (2,186) Balance as of March 31, 2023 $ 1,784 $ 240 $ 2,474 $ 4,498 Costs incurred (recorded in restructuring charges) 3,336 — — 3,336 Cash disbursements (1,502) — (606) (2,108) Balance as of June 30, 2023 $ 3,618 $ 240 $ 1,868 $ 5,726 The following table summarizes the activity of our restructuring accrual during the three and six months ended June 30, 2022: Employee Severance and Related Benefits Share-Based Compensation Facilities Related Charges Total Balance as of January 1, 2022 $ 235 $ — $ 180 $ 415 Costs incurred (recorded in restructuring charges) (93) — 791 698 Cash disbursements (142) — (687) (829) Noncash charges — — 3 3 Balance as of March 31, 2022 $ — $ — $ 287 $ 287 Costs incurred (recorded in restructuring charges) 3,715 — 653 4,368 Cash disbursements — — (806) (806) Balance as of June 30, 2022 $ 3,715 $ — $ 134 $ 3,849 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the components used in the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ (35,652) $ (20,598) $ (70,635) $ (40,870) Basic weighted-average outstanding shares of common stock 222,914 151,776 222,688 143,652 Basic weighted-average outstanding shares of common stock 222,914 151,776 222,688 143,652 Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares — — — — Diluted weighted-average outstanding shares of common stock 222,914 151,776 222,688 143,652 Basic net loss per share $ (0.16) $ (0.14) $ (0.32) $ (0.28) Diluted net loss per share $ (0.16) $ (0.14) $ (0.32) $ (0.28) |
Schedule of Antidilutive Securities Excluded from Computation | For the three and six months ended June 30, 2023 and 2022, respectively, the following potentially dilutive common stock, including awards granted under our equity incentive compensation plans were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Employee stock purchase plan 1,331 118 1,331 118 Stock options and warrants 12 1,859 49 2,524 Restricted stock units 159 5,097 170 5,531 Convertible senior notes 14,654 14,654 14,654 14,654 Contingently issuable shares (1) 12,685 12,685 12,685 12,685 28,841 34,413 28,889 35,512 (1) Represents common stock contingent consideration related to the Edgecast Acquisition. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes in the components of accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2023, were as follows: Foreign Available for Currency Sale Securities Total Balance, December 31, 2022 $ (11,640) $ (25) $ (11,665) Other comprehensive gain (loss) before reclassifications 350 (6) 344 Amounts reclassified from accumulated other comprehensive loss — — — Net current period other comprehensive gain (loss) 350 (6) 344 Balance, June 30, 2023 $ (11,290) $ (31) $ (11,321) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Components of Share-based Compensation Expense | The following table summarizes the components of share-based compensation expense included in our unaudited consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Share-based compensation expense by type: Stock options and warrants $ 422 $ 636 $ 899 $ 1,170 Restricted stock units 1,575 4,172 4,591 8,332 Financial-based performance restricted stock units 1,773 2,240 2,626 4,436 ESPP (411) 243 443 365 Total share-based compensation expense $ 3,359 $ 7,291 $ 8,559 $ 14,303 Share-based compensation expense: Cost of services $ 321 $ 326 $ 1,000 $ 734 General and administrative expense 1,151 2,166 2,567 4,269 Sales and marketing expense 375 1,376 992 2,557 Research and development expense 1,512 3,423 4,000 6,743 Total share-based compensation expense $ 3,359 $ 7,291 $ 8,559 $ 14,303 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Right-of-use Assets and Lease Liabilities | Below is a summary of our right of use assets and liabilities as of June 30, 2023. Right-of-use assets $ 4,816 Lease liability obligations, current $ 3,621 Lease liability obligations, less current portion 7,730 Total lease liability obligations $ 11,351 Weighted-average remaining lease term 5.6 years Weighted-average discount rate 5.05 % |
Future Minimum Lease Payments Over Remaining Lease Periods | Approximate future minimum lease payments for our right of use assets over the remaining lease periods as of June 30, 2023, are as follows: Remainder of 2023 $ 2,460 2024 2,360 2025 1,440 2026 1,468 2027 1,497 Thereafter 3,864 Total minimum payments 13,089 Less: amount representing interest 1,738 Total $ 11,351 |
Financing Leases, Future Minimum Lease Payments Over Remaining Lease Periods | As of June 30, 2023, future minimum payments under the Open Edge arrangements were as follows: Remainder of 2023 $ 6,980 2024 6,247 2025 5,618 2026 4,580 2027 1,863 Thereafter 260 Total minimum payments 25,548 Less: imputed interest 2,396 Total financing obligations 23,152 Less: financing obligations, current 8,944 Financing obligations, less current portion $ 14,208 |
Minimum Purchase Commitments | The following summarizes our minimum non-cancellable commitments for future periods as of June 30, 2023: Remainder of 2023 $ 38,798 2024 40,334 2025 27,450 2026 19,981 2027 6,391 Thereafter 1,429 Total minimum payments (1) $ 134,383 (1) Includes Open Edge partner commitments which typically have a minimum fee commitment that is paid to the partners over the course of the arrangement. The aggregate minimum fee commitment is allocated between cost of services and financing obligations. The above table reflects the minimum fee commitment allocated to cost of services. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Amounts Due To and Due From | The following table summarizes the amounts due to and due from College Parent and its related affiliates: June 30, December 31, 2023 2022 Prepaid assets and other current assets (1) $ 7,472 $ 7,962 Other assets — 2,318 Total amount due from related party $ 7,472 $ 10,280 Accounts payable $ 8,422 $ 18,224 Other current liabilities 2,248 9,931 Total amount due to related party (2) $ 10,670 $ 28,155 (1) December 31, 2022 balance included $2,271 of receivables related to reimbursement from College Parent and its related affiliates for certain employee compensation expenses in excess of company requirements as of December 31, 2022 which were recorded as a capital contributions. (2) Inclusive of $5,484 of transition service agreement credits from College Parent and its related affiliates issued in 2022 which recorded as a capital contributions. |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Revenue Earned by Geographic Area | The following table sets forth our revenue by geographic area: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Americas $ 73,640 77 % $ 41,730 66 % $ 153,580 78 % $ 74,521 63 % EMEA 6,493 7 % 4,783 8 % 12,994 7 % 10,085 8 % Asia Pacific 15,632 16 % 17,073 26 % 31,139 15 % 34,319 29 % Total revenue $ 95,765 100 % $ 63,586 100 % $ 197,713 100 % $ 118,925 100 % |
Schedule of Concentration of Revenue by Country | The following table sets forth the individual countries and their respective revenue for those countries whose revenue exceeded 10% of our total revenue: Three Months Ended June 30, Six Months Ended June 30, Country / Region 2023 2022 2023 2022 United States / Americas $ 71,783 $ 40,478 $ 149,969 $ 72,445 Japan / Asia Pacific $ 9,655 $ 10,985 $ 18,573 $ 21,716 |
Long-lived Assets by Geographical Area | The following table sets forth property and equipment, net by geographic area where they are located: June 30, December 31, 2023 2022 Americas $ 65,879 $ 65,190 International 7,788 8,277 Total long-lived assets $ 73,667 $ 73,467 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Investments | The following is a summary of fair value measurements as of December 31, 2022: Fair Value Measurements at Reporting Date Using Description Total Quoted Prices In Active Markets for Identical Assets Significant Significant Cash $ 49,422 $ 49,422 $ — $ — Cash equivalents: Money market funds 2,036 2,036 — — Commercial paper 1,195 — 1,195 — Corporate notes and bonds 1,622 — 1,622 — Yankee bond 1,000 — 1,000 — Total cash equivalents 5,853 2,036 3,817 — Total cash and cash equivalents 55,275 51,458 3,817 — Marketable securities: Agency bonds 486 — 486 — Certificate of deposit (1) 40 — 40 — Commercial paper 5,884 — 5,884 — Corporate notes and bonds 11,379 — 11,379 — Treasury bills 985 — 985 — Total marketable securities 18,774 — 18,774 — Total assets measured at fair value $ 74,049 $ 51,458 $ 22,591 $ — (1) Classified in other assets. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 31, 2023 | |
Accounting Policies [Line Items] | |||||
Reduction of depreciation | $ (292) | $ (336) | $ (586) | $ (582) | |
Decrease in net loss | $ (35,652) | $ (20,598) | $ (70,635) | $ (40,870) | |
Basic (in dollars per share) | $ (0.16) | $ (0.14) | $ (0.32) | $ (0.28) | |
Diluted (in dollars per share) | $ (0.16) | $ (0.14) | $ (0.32) | $ (0.28) | |
Restatement related expenses | $ 2,588 | $ 4,763 | |||
Committed revenue from minimum commitment contracts | 61,214 | 61,214 | |||
Revenue recognized in period | $ 1,566 | $ 742 | $ 4,236 | $ 2,841 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |||||
Accounting Policies [Line Items] | |||||
Remaining unsatisfied performance obligations to be recognized period | 6 months | 6 months | |||
Percent of remaining unsatisfied performance obligations to be recognized | 25% | 25% | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||||
Accounting Policies [Line Items] | |||||
Remaining unsatisfied performance obligations to be recognized period | 1 year | 1 year | |||
Percent of remaining unsatisfied performance obligations to be recognized | 34% | 34% | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||||
Accounting Policies [Line Items] | |||||
Remaining unsatisfied performance obligations to be recognized period | 1 year | 1 year | |||
Percent of remaining unsatisfied performance obligations to be recognized | 17% | 17% | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||||
Accounting Policies [Line Items] | |||||
Remaining unsatisfied performance obligations to be recognized period | 1 year | 1 year | |||
Percent of remaining unsatisfied performance obligations to be recognized | 7% | 7% | |||
Service Life | |||||
Accounting Policies [Line Items] | |||||
Reduction of depreciation | $ 3,364 | $ 7,134 | |||
Decrease in net loss | $ 3,249 | $ 6,850 | |||
Basic (in dollars per share) | $ 0.01 | $ 0.03 | |||
Diluted (in dollars per share) | $ 0.01 | $ 0.03 | |||
Network Equipment | |||||
Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 3 years | ||||
Network Equipment | Service Life | |||||
Accounting Policies [Line Items] | |||||
Estimated useful lives of assets | 5 years |
Business Acquisitions - Narrati
Business Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 15, 2022 USD ($) tradingDay $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | $ 3,359 | $ 7,291 | $ 8,559 | $ 14,303 | ||
Unrecognized compensation expense | 22,122 | $ 22,122 | ||||
Acquired intangible assets, weighted average useful life | 4 years 2 months 12 days | 4 years 8 months 12 days | ||||
Client relationships | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets, weighted average useful life | 5 years 7 months 6 days | 6 years 1 month 6 days | ||||
Technology | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets, weighted average useful life | 3 years | 3 years 4 months 24 days | ||||
Cost of services | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 321 | 326 | $ 1,000 | 734 | ||
General and administrative expense | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 1,151 | 2,166 | 2,567 | 4,269 | ||
Sales and marketing expense | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 375 | 1,376 | 992 | 2,557 | ||
Research and development expense | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 1,512 | 3,423 | 4,000 | 6,743 | ||
Edgecast, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, percentage of interests acquired | 100% | |||||
Consideration transferred | $ 199,837 | |||||
Shares of our common stock allocated in consideration (in shares) | shares | 75,842,000 | |||||
Business acquisition, expected equity interest (in shares) | shares | 79,734,000 | |||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 2.42 | |||||
Consideration transferred, equity | $ 192,956 | |||||
Issuance of common stock for employee compensation arrangements (in shares) | shares | 3,892,000 | |||||
Common stock - contingent consideration | $ 16,300 | |||||
Consideration allocated to employee compensation arrangements | 9,419 | |||||
Prepaid expense and other current assets recognized | 6,573 | |||||
Other assets recognized | $ 2,846 | |||||
Share-based compensation expense | 844 | 997 | 1,510 | 997 | ||
Unrecognized compensation expense | 1,186 | 1,186 | ||||
Unrecognized compensation expense, to be recognized remainder of the year | 898 | 898 | ||||
Unrecognized compensation expense, to be recognized in year one | 898 | 898 | ||||
Estimated useful lives of assets | 3 years | |||||
Deferred income taxes | $ 22,237 | |||||
Business acquisition, transaction costs | 0 | 14,139 | 0 | 19,382 | ||
Edgecast, Inc. | Acquisition-related Costs | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, transaction costs | 3,715 | 3,715 | ||||
Edgecast, Inc. | Client relationships | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets, weighted average useful life | 7 years | |||||
Edgecast, Inc. | Technology | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets, weighted average useful life | 4 years | |||||
Edgecast, Inc. | Cost of services | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 182 | 206 | 293 | 206 | ||
Edgecast, Inc. | General and administrative expense | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 64 | 178 | 167 | 178 | ||
Edgecast, Inc. | Sales and marketing expense | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 49 | 41 | 91 | 41 | ||
Edgecast, Inc. | Research and development expense | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | $ 549 | $ 572 | $ 959 | $ 572 | ||
Edgecast, Inc. | College Parent L P | ||||||
Business Acquisition [Line Items] | ||||||
Consideration , equity interest (in shares) | shares | 7,287,000 | |||||
Consideration transferred, equity | $ 30,000 | |||||
Contingent consideration, equity (in shares) | shares | 12,685,000 | |||||
Earnout period, threshold trading days | tradingDay | 10 | |||||
Earnout period, consecutive threshold trading days | tradingDay | 30 | |||||
Edgecast, Inc. | College Parent L P | Contingent Consideration Stock Price Trigger One | ||||||
Business Acquisition [Line Items] | ||||||
Contingent consideration, equity (in shares) | shares | 5,398,000 | |||||
Earnout period, stock trigger price (in dollars per share) | $ / shares | $ 6.1752 | |||||
Edgecast, Inc. | College Parent L P | Contingent Consideration Stock Price Trigger Two | ||||||
Business Acquisition [Line Items] | ||||||
Contingent consideration, equity (in shares) | shares | 4,048,000 | |||||
Earnout period, stock trigger price (in dollars per share) | $ / shares | $ 8.2336 | |||||
Edgecast, Inc. | College Parent L P | Contingent Consideration Stock Price Trigger Three | ||||||
Business Acquisition [Line Items] | ||||||
Contingent consideration, equity (in shares) | shares | 3,239,000 | |||||
Earnout period, stock trigger price (in dollars per share) | $ / shares | $ 10.2920 |
Business Acquisitions - Schedul
Business Acquisitions - Schedule of Business Acquisition Purchase Price (Details) - Edgecast, Inc. $ in Thousands | Jun. 15, 2022 USD ($) |
Consideration: | |
Common stock | $ 192,956 |
Common stock - contingent consideration | 16,300 |
Less: Consideration allocated to employee compensation arrangements | (9,419) |
Total consideration allocated to Edgecast Acquisition | $ 199,837 |
Business Acquisitions - Sched_2
Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 15, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 168,775 | $ 169,156 | |
Edgecast, Inc. | |||
Business Acquisition [Line Items] | |||
Cash | $ 30,037 | ||
Accounts receivable | 48,669 | ||
Income taxes receivable | 119 | ||
Prepaid expenses and other current assets | 5,676 | ||
Property and equipment | 32,185 | ||
Operating lease right of use assets | 1,365 | ||
Goodwill | 56,546 | ||
Other assets | 1,220 | ||
Total assets acquired | 265,817 | ||
Accounts payable and accrued liabilities | 6,917 | ||
Deferred revenue | 1,259 | ||
Operating lease liability obligations | 3,071 | ||
Income taxes payable | 2,465 | ||
Other current liabilities | 27,500 | ||
Operating lease liability obligations, less current portion | 2,531 | ||
Deferred income taxes | 22,237 | ||
Total liabilities | 65,980 | ||
Total purchase consideration | 199,837 | ||
Consideration transferred, equity | 192,956 | ||
Edgecast, Inc. | College Parent L P | |||
Business Acquisition [Line Items] | |||
Consideration transferred, equity | 30,000 | ||
Edgecast, Inc. | Client relationships | |||
Business Acquisition [Line Items] | |||
Intangible assets | 41,000 | ||
Edgecast, Inc. | Technology | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 49,000 |
Business Acquisitions - Sched_3
Business Acquisitions - Schedule of Pro Forma Information (Details) - Edgecast, Inc. - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||
Revenue | $ 131,851 | $ 265,457 |
Net loss | $ (28,243) | $ (62,966) |
Investments in Marketable Sec_3
Investments in Marketable Securities - Summary of Marketable Securities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | $ 18,790 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 16 |
Estimated Fair Value | 18,774 |
Certificate of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 40 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 40 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 5,884 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 5,884 |
Corporate notes and bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 11,395 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 16 |
Estimated Fair Value | 11,379 |
Treasury bills | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 985 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 985 |
Agency bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 486 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | $ 486 |
Investments in Marketable Sec_4
Investments in Marketable Securities - Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 18,750 |
Amortized Cost, Due after one year and through five years | 40 |
Amortized Cost | 18,790 |
Gross Unrealized Gains, Due in one year or less | 0 |
Gross Unrealized Gains, Due after one year and through five years | 0 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses, Due in one year or less | 16 |
Gross Unrealized Losses, Due after one year and through five years | 0 |
Gross Unrealized Losses | 16 |
Estimated Fair Value, Due in one year or less | 18,734 |
Estimated Fair Value, Due after one year and through five years | 40 |
Estimated Fair Value | $ 18,774 |
Accounts Receivable, net (Detai
Accounts Receivable, net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Summary of Accounts Receivable, net | ||||
Accounts receivable | $ 68,753 | $ 90,046 | ||
Less: credit allowance | (889) | (1,514) | ||
Less: allowance for doubtful accounts | (4,301) | (3,905) | ||
Total accounts receivable, net | [1] | 63,563 | 84,627 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning of period | 3,905 | $ 1,500 | 1,500 | |
Provision for credit losses | 632 | $ 278 | 2,413 | |
Recoveries/write-offs | (236) | (8) | ||
End of period | $ 4,301 | $ 3,905 | ||
[1]Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details. |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid bandwidth and backbone | $ 5,266 | $ 7,431 | |
VAT receivable | 6,842 | 5,805 | |
Prepaid expenses and insurance | 5,132 | 5,352 | |
Financing receivables | 5,855 | 3,218 | |
Related party receivable | 7,472 | 7,962 | |
Vendor deposits and other | 6,211 | 6,606 | |
Total prepaid expenses and other current assets | [1] | $ 36,778 | $ 36,374 |
[1]Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details. |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property and equipment, net | ||
Total property and equipment | $ 191,574 | $ 187,935 |
Less: accumulated depreciation | (117,907) | (114,468) |
Total property and equipment, net | 73,667 | 73,467 |
Network equipment | ||
Property and equipment, net | ||
Total property and equipment | 180,812 | 176,899 |
Computer equipment and software | ||
Property and equipment, net | ||
Total property and equipment | 3,408 | 3,680 |
Furniture and fixtures | ||
Property and equipment, net | ||
Total property and equipment | 1,315 | 1,322 |
Leasehold improvements | ||
Property and equipment, net | ||
Total property and equipment | 6,022 | 6,017 |
Other equipment | ||
Property and equipment, net | ||
Total property and equipment | $ 17 | $ 17 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Cost of revenue depreciation expense | $ 3,788 | $ 6,791 | $ 7,398 | $ 12,639 |
Operating expense depreciation | $ 292 | $ 336 | $ 586 | $ 582 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) reportingUnit | Jun. 30, 2022 USD ($) | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Number of reporting units | reportingUnit | 1 | ||||
Percentage of estimated control premium | 30% | 30% | |||
Estimated fair value exceeded carrying value | $ 18,635,000 | $ 18,635,000 | |||
Estimated fair value in excess of carrying value of goodwill, percentage | 11% | 11% | |||
Amortization expense, intangible assets | $ 5,400,000 | $ 1,172,000 | $ 10,713,000 | $ 1,958,000 | |
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | $ 0 | |
Acquired intangible assets, weighted average useful life | 4 years 2 months 12 days | 4 years 8 months 12 days | |||
Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, weighted average useful life | 1 year 2 months 12 days | 1 year 8 months 12 days | |||
Client relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, weighted average useful life | 5 years 7 months 6 days | 6 years 1 month 6 days | |||
Technology | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, weighted average useful life | 3 years | 3 years 4 months 24 days |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 169,156 |
Foreign currency translation adjustment | (381) |
Ending balance | $ 168,775 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 105,661 | $ 105,661 |
Accumulated Amortization | (24,713) | (14,000) |
Net Carrying Amount | 80,948 | 91,661 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 91 | 91 |
Accumulated Amortization | (56) | (40) |
Net Carrying Amount | 35 | 51 |
Client relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 48,090 | 48,090 |
Accumulated Amortization | (8,625) | (4,960) |
Net Carrying Amount | 39,465 | 43,130 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 57,480 | 57,480 |
Accumulated Amortization | (16,032) | (9,000) |
Net Carrying Amount | $ 41,448 | $ 48,480 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 10,712 | |
2024 | 21,415 | |
2025 | 21,394 | |
2026 | 13,141 | |
2027 | 5,911 | |
Thereafter | 8,375 | |
Net Carrying Amount | $ 80,948 | $ 91,661 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |||
Accrued compensation and benefits | $ 22,726 | $ 19,982 | |
Accrued cost of revenue | 16,242 | 27,422 | |
Accrued interest payable | 1,912 | 1,823 | |
Related party payable | 2,248 | 9,931 | |
Restructuring charges and accrued legal fees | 5,726 | 6,184 | |
Other accrued expenses | 6,417 | 10,818 | |
Total other current liabilities | [1] | $ 55,271 | $ 76,160 |
[1]Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details. |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 12, 2023 | Jul. 27, 2020 USD ($) tradingDay $ / shares shares | Jun. 30, 2023 USD ($) amendment | Jun. 30, 2023 USD ($) amendment | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) amendment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jul. 22, 2020 $ / shares | |
Line of Credit Facility [Line Items] | |||||||||
Share price (in dollars per share) | $ / shares | $ 6.69 | ||||||||
Convertible debt, fair value | $ 109,094,000 | $ 109,094,000 | $ 109,094,000 | $ 107,031,000 | |||||
Capped call | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Initial strike price (in dollars per share) | $ / shares | $ 8.53 | ||||||||
Initial cap price (in dollars per share) | $ / shares | $ 13.38 | ||||||||
Number of shares covered by capped calls (in shares) | shares | 14.7 | ||||||||
Costs incurred for capped calls | $ 16,400,000 | ||||||||
Convertible Senior Notes due 2025 | Convertible debt | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Aggregate principal amount | $ 125,000,000 | ||||||||
Stated interest rate (as a percent) | 3.50% | ||||||||
Additional principal amount, option | $ 15,000,000 | ||||||||
Net proceeds from debt issuance | $ 120,741,000 | ||||||||
Additional interest rate, first threshold period | 0.25% | ||||||||
Additional interest rate, second threshold period | 0.50% | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 8.53 | ||||||||
Conversion ratio | 0.1172367 | ||||||||
Share price premium (as a percent) | 27.50% | ||||||||
Carrying amount | $ 123,070,000 | 123,070,000 | 123,070,000 | 122,631,000 | |||||
Contractual interest expense | 1,170,000 | $ 1,094,000 | 2,276,000 | $ 2,188,000 | |||||
Amortization of transaction costs | $ 221,000 | 211,000 | $ 439,000 | 420,000 | |||||
Convertible Senior Notes due 2025 | Convertible debt | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Conversion ratio | 0.1494768 | ||||||||
Convertible Senior Notes due 2025 | Convertible debt | Conversion covenant one | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Threshold percentage of stock price trigger (as a percent) | 130% | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 8.53 | ||||||||
Threshold trading days | tradingDay | 20 | ||||||||
Threshold consecutive trading days | tradingDay | 30 | ||||||||
Convertible Senior Notes due 2025 | Convertible debt | Conversion covenant two | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Threshold percentage of stock price trigger (as a percent) | 98% | ||||||||
Threshold consecutive trading days | tradingDay | 10 | ||||||||
Consecutive trading days immediately after measurement period | tradingDay | 5 | ||||||||
Convertible Senior Notes due 2025 | Convertible debt | Redemption option | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Threshold percentage of stock price trigger (as a percent) | 130% | ||||||||
Threshold trading days | tradingDay | 20 | ||||||||
Threshold consecutive trading days | tradingDay | 30 | ||||||||
Redemption price percentage (as a percent) | 100% | ||||||||
Convertible Senior Notes due 2025 | Convertible debt | Redemption option | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Threshold trading days | tradingDay | 41 | ||||||||
Convertible Senior Notes due 2025 | Convertible debt | Upon fundamental change | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Redemption price percentage (as a percent) | 100% | ||||||||
First Citizens Bank Credit Agreement | Revolving credit facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Stated interest rate (as a percent) | 4% | 4% | 4% | ||||||
Maximum borrowing amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Borrowing capacity limit, percent of accounts receivable (as a percent) | 50% | ||||||||
Proceeds from line of credit | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Number of amendments | amendment | 11 | 11 | 11 | ||||||
Increase in interest rate in event of default (as a percent) | 3% | 3% | 3% | ||||||
Contractual interest expense | $ 0 | 0 | $ 0 | 0 | |||||
Amortization of transaction costs | $ 63,000 | $ 10,000 | $ 87,000 | $ 20,000 | |||||
Voting stock percentage in foreign subsidiaries (as a percent) | 65% | ||||||||
Line of credit facility, covenant compliance, adjusted quick ratio | 1 | 1 | 1 | ||||||
First Citizens Bank Credit Agreement | Revolving credit facility | Alternative base rate | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Variable rate minimum (as a percent) | 0.25% |
Debt - Schedule of Convertible
Debt - Schedule of Convertible Debt (Details) - Convertible debt - Convertible Senior Notes due 2025 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Liability component: | |||||
Principal | $ 125,000 | $ 125,000 | $ 125,000 | ||
Unamortized transaction costs | (1,930) | (1,930) | (2,369) | ||
Net carrying amount | 123,070 | 123,070 | $ 122,631 | ||
Interest Expense | |||||
Contractual interest expense | 1,170 | $ 1,094 | 2,276 | $ 2,188 | |
Amortization of transaction costs | 221 | 211 | 439 | 420 | |
Total | $ 1,391 | $ 1,305 | $ 2,715 | $ 2,608 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) employee | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 3,336 | $ 500 | $ 4,368 | $ 698 | $ 3,836 | $ 5,066 |
2023 Restructuring Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and related cost, expected number of positions eliminated | employee | 134,000 | |||||
Restructuring and related cost, expected number of positions eliminated percentage | 12% | |||||
Restructuring charges | $ 3,336 | 3,336 | ||||
Restructuring costs expected to be incurred | 500 | 500 | ||||
Restructuring plan long term growth and reduction in workforce | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs incurred | $ 0 | $ 500 |
Restructuring Charges - Activit
Restructuring Charges - Activity of Restructuring Accrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | $ 4,498 | $ 6,184 | $ 287 | $ 415 | $ 6,184 | $ 415 |
Restructuring charges | 3,336 | 500 | 4,368 | 698 | 3,836 | 5,066 |
Cash disbursements | (2,108) | (2,186) | (806) | (829) | ||
Noncash charges | 3 | |||||
Ending balance | 5,726 | 4,498 | 3,849 | 287 | 5,726 | 3,849 |
Employee Severance and Related Benefits | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 1,784 | 2,772 | 0 | 235 | 2,772 | 235 |
Restructuring charges | 3,336 | 500 | 3,715 | (93) | ||
Cash disbursements | (1,502) | (1,488) | 0 | (142) | ||
Noncash charges | 0 | |||||
Ending balance | 3,618 | 1,784 | 3,715 | 0 | 3,618 | 3,715 |
Share-Based Compensation | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 240 | 240 | 0 | 0 | 240 | 0 |
Restructuring charges | 0 | 0 | 0 | 0 | ||
Cash disbursements | 0 | 0 | 0 | 0 | ||
Noncash charges | 0 | |||||
Ending balance | 240 | 240 | 0 | 0 | 240 | 0 |
Facilities Related Charges | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Beginning balance | 2,474 | 3,172 | 287 | 180 | 3,172 | 180 |
Restructuring charges | 0 | 0 | 653 | 791 | ||
Cash disbursements | (606) | (698) | (806) | (687) | ||
Noncash charges | 3 | |||||
Ending balance | $ 1,868 | $ 2,474 | $ 134 | $ 287 | $ 1,868 | $ 134 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (35,652) | $ (20,598) | $ (70,635) | $ (40,870) |
Basic weighted-average outstanding shares of common stock (in shares) | 222,914 | 151,776 | 222,688 | 143,652 |
Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted-average outstanding shares of common stock (in shares) | 222,914 | 151,776 | 222,688 | 143,652 |
Decrease in basic net loss per share (in dollars per share) | $ (0.16) | $ (0.14) | $ (0.32) | $ (0.28) |
Decrease in diluted net loss per share (in dollars per share) | $ (0.16) | $ (0.14) | $ (0.32) | $ (0.28) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings (in shares) | 28,841 | 34,413 | 28,889 | 35,512 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings (in shares) | 1,331 | 118 | 1,331 | 118 |
Stock options and warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings (in shares) | 12 | 1,859 | 49 | 2,524 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings (in shares) | 159 | 5,097 | 170 | 5,531 |
Convertible senior notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings (in shares) | 14,654 | 14,654 | 14,654 | 14,654 |
Contingently issuable shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings (in shares) | 12,685 | 12,685 | 12,685 | 12,685 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
May 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Mar. 14, 2017 | Jun. 30, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Issuance of preferred stock authorized (in shares) | 7,500,000 | 7,500,000 | 7,500,000 | |||||
Employee Stock Purchase Plan | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Number of shares authorized for issuance (in shares) | 9,000,000 | 4,000,000 | ||||||
Increase in shares available for issuance (in shares) | 5,000,000 | |||||||
Maximum number of shares permitted to purchase per period (in shares) | 5,000 | |||||||
Discount from market price for employees (as a percent) | 15% | |||||||
Issuance of common stock under employee stock purchase plan (in shares) | 0 | 0 | ||||||
Common stock reserved for future options and restricted stock awards (in shares) | 2,220,000 | 2,220,000 | ||||||
Employee funds held by company for future purchase of shares | $ 758 | $ 758 | ||||||
2007 Equity Incentive Plan | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Common stock reserved for future issuance (in shares) | 18,123,000 | 18,123,000 | ||||||
2021 Inducement Plan | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Common stock reserved for future issuance (in shares) | 11,000,000 | |||||||
Shares issued during period | 10,462,000 | |||||||
2017 Share Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase amount authorized | $ 25,000 | |||||||
Shares repurchased and retired during period (in shares) | 0 | 0 | ||||||
Remaining authorized repurchase amount | $ 21,200 | $ 21,200 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 208,640 | $ 124,589 | $ 239,323 | $ 132,074 |
Other comprehensive gain (loss) before reclassifications | 344 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive gain (loss) | 109 | (2,409) | 344 | (3,068) |
Ending balance | 175,931 | 322,284 | 175,931 | 322,284 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (11,430) | (9,004) | (11,665) | (8,345) |
Ending balance | (11,321) | $ (11,413) | (11,321) | $ (11,413) |
Foreign Currency | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (11,640) | |||
Other comprehensive gain (loss) before reclassifications | 350 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive gain (loss) | 350 | |||
Ending balance | (11,290) | (11,290) | ||
Available for Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (25) | |||
Other comprehensive gain (loss) before reclassifications | (6) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive gain (loss) | (6) | |||
Ending balance | $ (31) | $ (31) |
Share-Based Compensation - Comp
Share-Based Compensation - Components of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Components of share-based compensation expense | ||||
Total share-based compensation expense | $ 3,359 | $ 7,291 | $ 8,559 | $ 14,303 |
Cost of services | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 321 | 326 | 1,000 | 734 |
General and administrative expense | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 1,151 | 2,166 | 2,567 | 4,269 |
Sales and marketing expense | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 375 | 1,376 | 992 | 2,557 |
Research and development expense | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 1,512 | 3,423 | 4,000 | 6,743 |
Stock options and warrants | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 422 | 636 | 899 | 1,170 |
Restricted stock units | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 1,575 | 4,172 | 4,591 | 8,332 |
Financial-based performance restricted stock units | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | 1,773 | 2,240 | 2,626 | 4,436 |
ESPP | ||||
Components of share-based compensation expense | ||||
Total share-based compensation expense | $ (411) | $ 243 | $ 443 | $ 365 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense total | $ 22,122 |
Share-based compensation expense, remainder of year | 6,350 |
Share-based compensation expense, next fiscal year | 10,052 |
Share-based compensation expense, year two | 4,528 |
Stock options and warrants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense total | 3,088 |
Financial-based performance restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense total | 8,566 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense total | $ 10,468 |
Leases and Commitments - Right
Leases and Commitments - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-use assets | $ 4,816 | $ 5,290 |
Lease liability obligations, current | 3,621 | 4,557 |
Lease liability obligations, less current portion | 7,730 | $ 9,181 |
Total lease liability obligations | $ 11,351 | |
Weighted-average remaining lease term | 5 years 7 months 6 days | |
Weighted-average discount rate (as a percent) | 5.05% |
Leases and Commitments - Narrat
Leases and Commitments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease costs | $ 772 | $ 461 | $ 1,390 | $ 821 |
Operating cash flows from operating leases | 1,350 | 602 | 2,709 | 1,253 |
Lease expense | $ 247 | $ 143 | $ 476 | $ 260 |
Leases and Commitments - Future
Leases and Commitments - Future Minimum Lease Payments Over Remaining Lease Periods (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Obligations | ||
Remainder of 2023 | $ 2,460 | |
2024 | 2,360 | |
2025 | 1,440 | |
2026 | 1,468 | |
2027 | 1,497 | |
Thereafter | 3,864 | |
Total minimum payments | 13,089 | |
Less: amount representing interest | 1,738 | |
Total | 11,351 | |
Financing Obligations | ||
Remainder of 2023 | 6,980 | |
2024 | 6,247 | |
2025 | 5,618 | |
2026 | 4,580 | |
2027 | 1,863 | |
Thereafter | 260 | |
Total minimum payments | 25,548 | |
Less: imputed interest | 2,396 | |
Total financing obligations | 23,152 | |
Financing obligations | 8,944 | $ 6,346 |
Financing obligations, less current portion | $ 14,208 | $ 13,784 |
Leases and Commitments - Minimu
Leases and Commitments - Minimum Purchase Commitments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Minimum purchase commitments | |
Remainder of 2023 | $ 38,798 |
2024 | 40,334 |
2025 | 27,450 |
2026 | 19,981 |
2027 | 6,391 |
Thereafter | 1,429 |
Total minimum payments | $ 134,383 |
Concentrations (Details)
Concentrations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Concentration Risk [Line Items] | ||||||
Revenue | [1] | $ 95,765 | $ 63,586 | $ 197,713 | $ 118,925 | |
Geographic concentration | Sales revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 100% | 100% | 100% | 100% | ||
United States / Americas | Geographic concentration | Sales revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 10% | |||||
Revenue | $ 71,783 | $ 40,478 | $ 149,969 | $ 72,445 | ||
United States and Japan | Geographic concentration | Sales revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 10% | 10% | 10% | |||
Amazon and Verizon | Customer concentration | Sales revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 10% | 10% | ||||
Amazon and Sony | Customer concentration | Sales revenue | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 10% | 10% | ||||
Microsoft, Verizon, Amazon and Disney | Customer concentration | Accounts Receivable | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 10% | |||||
Amazon, Verizon, and Microsoft | Customer concentration | Accounts Receivable | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk percentage, or more | 10% | |||||
[1]ncludes revenue and costs from related parties. See Note 20 for further details. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 379 | $ (19,589) | $ 777 | $ (19,383) |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | ||||||
Cost of service | [1],[2] | $ 66,742 | $ 38,718 | $ 134,095 | $ 71,391 | |
General and administrative | [2] | 14,480 | 26,812 | 31,316 | 42,645 | |
Research and development | [2] | 18,739 | 12,171 | 39,755 | 21,749 | |
Revenue | [2] | 95,765 | 63,586 | 197,713 | 118,925 | |
Accounts receivable, net | [3] | 63,563 | 63,563 | $ 84,627 | ||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expenses | 6,772 | 0 | 15,077 | 0 | ||
Cost of service | 4,783 | 9,949 | ||||
General and administrative | 889 | 2,991 | ||||
Research and development | 1,100 | 2,137 | ||||
Revenue | 712 | $ 0 | 1,430 | $ 0 | ||
Accounts receivable, net | $ 1,214 | $ 1,214 | $ 1,695 | |||
Edgio Inc | College Parent L P | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership interest | 36% | 36% | ||||
[1]Cost of services excludes amortization related to intangible assets, including technology, customer relationships, and trade names, which are included in depreciation and amortization in operating expenses.[2]ncludes revenue and costs from related parties. See Note 20 for further details.[3]Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details. |
Related Party Transactions - Su
Related Party Transactions - Summary of Amounts Due To and Due From (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | ||
Related Party Transaction [Line Items] | |||||
Prepaid assets and other current assets | [1] | $ 36,374 | $ 36,778 | ||
Other assets | [1] | 5,353 | 2,582 | ||
Accounts payable | [1] | 52,776 | 63,799 | ||
Other current liabilities | [1] | 76,160 | 55,271 | ||
Capital Contributions | $ 1,884 | $ 1,884 | 5,484 | ||
Additional Paid-In Capital | |||||
Related Party Transaction [Line Items] | |||||
Capital Contributions | $ 1,884 | $ 1,884 | 2,271 | ||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Prepaid assets and other current assets | 7,962 | 7,472 | |||
Other assets | 2,318 | 0 | |||
Total amount due from related party | 10,280 | 7,472 | |||
Accounts payable | 18,224 | 8,422 | |||
Other current liabilities | 9,931 | 2,248 | |||
Total amount due to related party | $ 28,155 | $ 10,670 | |||
[1]Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details. |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 location segment | |
Segment Reporting [Abstract] | |
Number of industry segment | segment | 1 |
Number of geographic areas | location | 3 |
Segment Reporting and Geograp_4
Segment Reporting and Geographic Information - Revenue Earned by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | [1] | $ 95,765 | $ 63,586 | $ 197,713 | $ 118,925 |
Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 73,640 | 41,730 | 153,580 | 74,521 | |
EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 6,493 | 4,783 | 12,994 | 10,085 | |
Asia Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | $ 15,632 | $ 17,073 | $ 31,139 | $ 34,319 | |
Sales revenue | Geographic concentration | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Percent of revenue | 100% | 100% | 100% | 100% | |
Sales revenue | Geographic concentration | Americas | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Percent of revenue | 77% | 66% | 78% | 63% | |
Sales revenue | Geographic concentration | EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Percent of revenue | 7% | 8% | 7% | 8% | |
Sales revenue | Geographic concentration | Asia Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Percent of revenue | 16% | 26% | 15% | 29% | |
[1]ncludes revenue and costs from related parties. See Note 20 for further details. |
Segment Reporting and Geograp_5
Segment Reporting and Geographic Information - Schedule of Concentration of Revenue by Country (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Concentration Risk [Line Items] | |||||
Revenue | [1] | $ 95,765 | $ 63,586 | $ 197,713 | $ 118,925 |
Geographic concentration | Sales revenue | United States / Americas | |||||
Concentration Risk [Line Items] | |||||
Revenue | 71,783 | 40,478 | 149,969 | 72,445 | |
Geographic concentration | Sales revenue | Japan / Asia Pacific | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 9,655 | $ 10,985 | $ 18,573 | $ 21,716 | |
[1]ncludes revenue and costs from related parties. See Note 20 for further details. |
Segment Reporting and Geograp_6
Segment Reporting and Geographic Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Long-lived assets by geographical area | ||
Total long-lived assets | $ 73,667 | $ 73,467 |
Americas | ||
Long-lived assets by geographical area | ||
Total long-lived assets | 65,879 | 65,190 |
International | ||
Long-lived assets by geographical area | ||
Total long-lived assets | $ 7,788 | $ 8,277 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | $ 74,049 |
Cash and Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 55,275 |
Cash | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 49,422 |
Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 5,853 |
Money market funds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 2,036 |
Commercial paper | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 5,884 |
Commercial paper | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 1,195 |
Yankee bond | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 1,000 |
Agency bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 486 |
Certificate of deposit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 40 |
Corporate notes and bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 11,379 |
Corporate notes and bonds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 1,622 |
Treasury bills | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 985 |
Total marketable securities | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 18,774 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 51,458 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash and Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 51,458 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 49,422 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 2,036 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Money market funds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 2,036 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Commercial paper | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Commercial paper | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Yankee bond | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Agency bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Certificate of deposit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate notes and bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate notes and bonds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Treasury bills | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Total marketable securities | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Other Observable Inputs (Level 2) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 22,591 |
Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 3,817 |
Significant Other Observable Inputs (Level 2) | Cash | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Other Observable Inputs (Level 2) | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 3,817 |
Significant Other Observable Inputs (Level 2) | Money market funds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Other Observable Inputs (Level 2) | Commercial paper | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 5,884 |
Significant Other Observable Inputs (Level 2) | Commercial paper | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 1,195 |
Significant Other Observable Inputs (Level 2) | Yankee bond | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 1,000 |
Significant Other Observable Inputs (Level 2) | Agency bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 486 |
Significant Other Observable Inputs (Level 2) | Certificate of deposit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 40 |
Significant Other Observable Inputs (Level 2) | Corporate notes and bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 11,379 |
Significant Other Observable Inputs (Level 2) | Corporate notes and bonds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 1,622 |
Significant Other Observable Inputs (Level 2) | Treasury bills | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 985 |
Significant Other Observable Inputs (Level 2) | Total marketable securities | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 18,774 |
Significant Unobservable Inputs (Level 3) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Cash | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Commercial paper | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Commercial paper | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Yankee bond | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Agency bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Certificate of deposit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Corporate notes and bonds | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Corporate notes and bonds | Cash Equivalents | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Treasury bills | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | 0 |
Significant Unobservable Inputs (Level 3) | Total marketable securities | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total assets measured at fair value | $ 0 |