Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40644 | |
Entity Registrant Name | Kaltura, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 860 Broadway | |
Entity Address, Address Line Two | 3rd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
City Area Code | 646 | |
Local Phone Number | 290-5445 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 131,225,371 | |
Entity Central Index Key | 0001432133 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Address, Postal Zip Code | 10003 | |
Entity Tax Identification Number | 20-8128326 | |
Preferred Stock | ||
Cover [Abstract] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Class of Stock [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Common stock | ||
Cover [Abstract] | ||
Title of 12(b) Security | Common stock | |
Trading Symbol | KLTR | |
Security Exchange Name | NASDAQ | |
Class of Stock [Line Items] | ||
Title of 12(b) Security | Common stock | |
Trading Symbol | KLTR | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 55,660 | $ 143,949 |
Marketable Securities, Current | 34,890 | 0 |
Trade receivables | 32,209 | 17,509 |
Prepaid expenses and other current assets | 7,488 | 5,110 |
Deferred contract acquisition and fulfillment costs, current | 10,496 | 9,079 |
Total current assets | 140,743 | 175,647 |
Marketable Securities, Noncurrent | 3,424 | 0 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 12,221 | 9,503 |
Other assets, noncurrent | 3,563 | 2,543 |
Deferred contract acquisition and fulfillment costs, noncurrent | 22,696 | 22,621 |
Operating lease right-of-use assets | 23,897 | 0 |
Intangible assets, net | 1,526 | 1,909 |
Goodwill | 11,070 | 11,070 |
Total noncurrent assets | 78,397 | 47,646 |
TOTAL ASSETS | 219,140 | 223,293 |
CURRENT LIABILITIES: | ||
Current portion of long-term loans | 4,297 | 2,794 |
Trade payables | 8,024 | 6,480 |
Employees and payroll accruals | 17,413 | 18,627 |
Accrued expenses and other current liabilities | 14,546 | 18,496 |
Operating lease liabilities, current | 1,346 | 0 |
Deferred revenue, current | 51,904 | 51,689 |
Total current liabilities | 97,530 | 98,086 |
LONG-TERM LIABILITIES: | ||
Deferred revenue, noncurrent | 1,475 | 1,953 |
Long-term loans, net of current portion | 32,900 | 35,795 |
Operating lease liabilities, noncurrent | 22,066 | 0 |
Other liabilities, noncurrent | 2,101 | 2,185 |
Total long-term liabilities | 58,542 | 39,933 |
TOTAL LIABILITIES | 156,072 | 138,019 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.0001 par value per share, 20,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 0 shares issued and outstanding as of June 30, 2022, and December 31, 2021 | 0 | 0 |
Common stock $0.0001 par value per share, 1,000,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 138,271,944 and 134,610,294 shares issued as of June 30, 2022 and December 31, 2021, respectively; 130,586,754 and 126,925,104 outstanding as of June 30, 2022 and December 31, 2021, respectively | 13 | 13 |
Treasury stock – 7,685,190 shares of common stock, $0.0001 par value per share, as of June 30, 2022 and December 31, 2021 | (4,881) | (4,881) |
Additional paid-in capital | 426,037 | 412,776 |
Accumulated other comprehensive loss | (1,194) | 0 |
Accumulated deficit | (356,907) | (322,634) |
Total stockholders' equity | 63,068 | 85,274 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 219,140 | $ 223,293 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 20,000,000 | |
Preferred stock, shares issued (in shares) | 0 | |
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | |
Common stock, shares issued (in shares) | 138,271,944 | 134,610,294 |
Common stock, shares outstanding (in shares) | 130,586,754 | 126,925,104 |
Treasury stock, shares (in shares) | 7,685,190 | |
Treasury stock, par value per share (in dollars per share) | $ 0.0001 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 41,978,000 | $ 41,603,000 | $ 83,694,000 | $ 79,316,000 |
Cost of revenue: | ||||
Total cost of revenue | 15,289,000 | 15,622,000 | 30,734,000 | 31,203,000 |
Gross profit | 26,689,000 | 25,981,000 | 52,960,000 | 48,113,000 |
Operating expenses: | ||||
Research and development | 14,441,000 | 11,787,000 | 29,314,000 | 22,687,000 |
Sales and marketing | 16,416,000 | 10,524,000 | 31,032,000 | 20,685,000 |
General and administrative | 11,338,000 | 9,440,000 | 22,775,000 | 17,387,000 |
Other operating expenses | 0 | 0 | 0 | 1,724,000 |
Total operating expenses | 42,195,000 | 31,751,000 | 83,121,000 | 62,483,000 |
Operating loss | 15,506,000 | 5,770,000 | 30,161,000 | 14,370,000 |
Financial expenses (income), net | (241,000) | (4,497,000) | (56,000) | 653,000 |
Loss before provision for income taxes | 15,265,000 | 1,273,000 | 30,105,000 | 15,023,000 |
Provision for income taxes | 2,082,000 | 1,446,000 | 4,168,000 | 3,252,000 |
Net loss | 17,347,000 | 2,719,000 | 34,273,000 | 18,275,000 |
Preferred stock accretion and cumulative undeclared dividends | 0 | 3,412,000 | 0 | 6,672,000 |
Net loss attributable to common stockholders | $ 17,347,000 | $ 6,131,000 | $ 34,273,000 | $ 24,947,000 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ 0.13 | $ 0.24 | $ 0.27 | $ 0.98 |
Earnings Per Share, Diluted | $ 0.13 | $ 0.37 | $ 0.27 | $ 0.98 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 129,745,162 | 25,768,411 | 128,794,256 | 25,538,010 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 129,745,162 | 32,836,110 | 128,794,256 | 25,538,010 |
Subscription | ||||
Revenue: | ||||
Total revenue | $ 37,972,000 | $ 36,467,000 | $ 74,989,000 | $ 68,808,000 |
Cost of revenue: | ||||
Total cost of revenue | 9,770,000 | 10,018,000 | 19,419,000 | 19,894,000 |
Professional services | ||||
Revenue: | ||||
Total revenue | 4,006,000 | 5,136,000 | 8,705,000 | 10,508,000 |
Cost of revenue: | ||||
Total cost of revenue | $ 5,519,000 | $ 5,604,000 | $ 11,315,000 | $ 11,309,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ 17,347 | $ 2,719 | $ 34,273 | $ 18,275 |
Other comprehensive income: | ||||
Net unrealized losses on cash flow hedges | 1,572 | 0 | 1,049 | 0 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax | 145 | 0 | 145 | 0 |
Other comprehensive loss | 1,717 | 0 | 1,194 | 0 |
Comprehensive loss | $ 19,064 | $ 2,719 | $ 35,467 | $ 18,275 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN CONVERTIBLE AND REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Common stock | Treasury stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total stockholders' deficit | Convertible preferred stock | Redeemable convertible preferred stock | |
Beginning balance (in shares) at Dec. 31, 2020 | 25,467,922 | |||||||||
Beginning balance at Dec. 31, 2020 | $ (260,656) | $ 2 | $ (4,881) | $ 882 | $ 8,388 | $ (263,283) | ||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2020 | 7,685,190 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation expenses | 9,173 | 9,173 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 326,340 | |||||||||
Issuance of common stock upon exercise of stock options | 277 | $ 0 | 277 | |||||||
Reclassification of warrant to common stocks to mezzanine equity | 1,149 | $ 1,149 | ||||||||
Issuance of preferred stock upon exercise of warrants (in Shares) | 27,011 | |||||||||
Other comprehensive loss | 0 | |||||||||
Net loss | (18,275) | (18,275) | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 25,794,262 | |||||||||
Ending balance at Jun. 30, 2021 | (268,599) | $ 2 | $ (4,881) | 0 | 17,838 | (281,558) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Loan Forgiveness | 882 | 882 | ||||||||
Treasury stock, ending balance (in shares) at Jun. 30, 2021 | 7,685,190 | |||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 1,043,778 | 15,779,322 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,921 | $ 158,191 | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 1,043,778 | 15,806,333 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,921 | $ 159,340 | ||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 25,755,951 | |||||||||
Beginning balance at Mar. 31, 2021 | $ 2 | $ 4,881 | 13,560 | (278,839) | (270,158) | |||||
Treasury stock, beginning balance (in shares) at Mar. 31, 2021 | 7,685,190 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation expenses | 4,213 | 4,213 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 38,311 | |||||||||
Issuance of common stock upon exercise of stock options | 65 | $ 0 | [1] | 65 | ||||||
Other comprehensive loss | 0 | |||||||||
Net loss | (2,719) | (2,719) | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 25,794,262 | |||||||||
Ending balance at Jun. 30, 2021 | $ (268,599) | $ 2 | $ (4,881) | $ 0 | 17,838 | (281,558) | ||||
Treasury stock, ending balance (in shares) at Jun. 30, 2021 | 7,685,190 | |||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 1,043,778 | 15,806,333 | ||||||||
Beginning balance at Mar. 31, 2021 | $ 1,921 | $ 159,340 | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 1,043,778 | 15,806,333 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,921 | $ 159,340 | ||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 126,925,104 | 126,925,104 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 85,274 | $ 13 | $ 4,881 | 412,776 | $ 0 | (322,634) | ||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2021 | 7,685,190 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation expenses | 11,897 | 11,897 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 3,661,650 | |||||||||
Issuance of common stock upon exercise of stock options | 1,364 | $ 0 | 1,364 | |||||||
Other comprehensive loss | (1,194) | (1,194) | ||||||||
Net loss | $ (34,273) | (34,273) | ||||||||
Ending balance (in shares) at Jun. 30, 2022 | 130,586,754 | 130,586,754 | ||||||||
Ending balance at Jun. 30, 2022 | $ 63,068 | $ 13 | $ 4,881 | 426,037 | (1,194) | (356,907) | ||||
Treasury stock, ending balance (in shares) at Jun. 30, 2022 | 7,685,190 | 7,685,190 | ||||||||
Beginning balance (in shares) at Mar. 31, 2022 | 127,648,228 | |||||||||
Beginning balance at Mar. 31, 2022 | $ 74,921 | $ 13 | $ 4,881 | 418,826 | 523 | (339,560) | ||||
Treasury stock, beginning balance (in shares) at Mar. 31, 2022 | 7,685,190 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation expenses | 6,145 | 6,145 | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,938,526 | |||||||||
Issuance of common stock upon exercise of stock options | 1,066 | $ 0 | [1] | 1,066 | ||||||
Other comprehensive loss | (1,717) | (1,717) | ||||||||
Net loss | $ (17,347) | (17,347) | ||||||||
Ending balance (in shares) at Jun. 30, 2022 | 130,586,754 | 130,586,754 | ||||||||
Ending balance at Jun. 30, 2022 | $ 63,068 | $ 13 | $ 4,881 | $ 426,037 | $ (1,194) | $ (356,907) | ||||
Treasury stock, ending balance (in shares) at Jun. 30, 2022 | 7,685,190 | 7,685,190 | ||||||||
[1]Represents an amount that is lower than $1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ (34,273) | $ (18,275) |
Gain (Loss) on Disposition of Property Plant Equipment | 179 | 0 |
Depreciation and amortization | 1,353 | 1,200 |
Share-based Payment Arrangement, Noncash Expense | 11,727 | 9,173 |
Capitalized Contract Cost, Amortization | 5,066 | 3,165 |
Change in valuation of warrants to purchase preferred and common stock | 0 | (1,776) |
Non Cash Interest Expenses | 20 | 222 |
Non Cash Expenses With Respect To Stockholders Loans | 0 | 882 |
Increase (Decrease) in Accounts Receivable | (14,700) | (6,612) |
Increase (Decrease) in Prepaid Expense and Other Assets | 115 | (1,945) |
Increase In Deferred Contract Acquisition And Fulfillment Costs | (6,517) | (9,719) |
Increase (Decrease) in Accounts Payable | 1,643 | (177) |
Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | (4,721) | 3,112 |
Increase (Decrease) in Employee Related Liabilities | (1,214) | 4,085 |
Decrease in other liabilities, noncurrent | (56) | (309) |
Increase (decrease) in deferred revenue | (263) | 11,279 |
Operating lease right-of-use assets and lease liabilities, net | (486) | 0 |
Net cash used in operating activities | (42,127) | (5,695) |
Payments to Acquire Debt Securities, Available-for-sale | 38,393 | 0 |
Cash flows from investing activities: | ||
Investment in available-for-sale marketable securities | (1,850) | 0 |
Payments to Acquire Intangible Assets | 0 | (79) |
Purchases of property and equipment | (761) | (956) |
Capitalized internal-use software | (3,076) | (1,255) |
Net cash used in investing activities | (44,080) | (2,290) |
Cash flows from financing activities: | ||
Proceeds from long-term loans, net of debt issuance cost | 0 | 41,915 |
Repayment of long-term loans | (1,500) | (28,833) |
Principal payments on finance leases | (133) | (956) |
Proceeds from exercise of stock options | 754 | 277 |
Payment of debt issuance costs | (125) | 0 |
Payment of deferred offering costs | 0 | (2,594) |
Net cash provided by (used in) financing activities | (1,004) | 9,809 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,824 | |
Cash, cash equivalents and restricted cash at the beginning of the period | 144,371 | 28,355 |
Cash, cash equivalents and restricted cash at the end of the period | 57,160 | 30,179 |
Supplemental disclosure of non-cash activity: | ||
Purchase of property, equipment, internal-use software, and intangible asset in credit | 415 | 1,534 |
Lease liabilities arising from right-of-use assets | 23,712 | 0 |
Capitalized stock-based compensation cost | 170 | 0 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net | 6,463 | 543 |
Cash paid for interest | 880 | 1,939 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheet | ||
Cash and cash equivalents | 55,660 | 29,772 |
Restricted cash included in other assets, noncurrent | 1,500 | 407 |
Total cash, cash equivalents, and restricted cash | $ 57,160 | $ 30,179 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1: GENERAL Description of Business |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by U.S. GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022. In management’s opinion, other than the changes to accounting for leases as described in Note 6, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements with normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2022, and the Company’s consolidated results of operations, convertible and redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the three and six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022, or any other future interim or annual period. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, income tax uncertainties, incremental borrowing rate for operating leases, fair value of financial assets and liabilities, including fair value of derivatives, fair value and useful life of intangible assets, as well as in estimates used in applying the revenue recognition policy. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Concentration of Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and trade receivables. The majority of the Company’s cash, and cash equivalents and restricted cash are invested with major banks in the United States, Israel, and the United Kingdom. Such investments in the United States may be in excess of insured limits and they are not insured in other jurisdictions. In general, these investments may be redeemed upon demand and therefore bear minimal risk. The Company’s trade receivables are geographically dispersed and derived from sales to customers mainly in the United States, Europe, and Asia. Concentration of credit risk with respect to trade receivables is limited by credit limits, ongoing credit evaluation, and account monitoring procedures. Major customer data as a percentage of total revenues: The following table sets forth customers that represented 10% or more of the Company’s total revenue in each of the periods set forth below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Customer A (EE&T) *) — *) — *) — 10.01 % *) Represents an amount that is lower than 10% of the Company's total revenue. Significant Accounting Policies and Estimates The Company’s significant accounting policies are discussed in Note 2 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 25, 2022. There have been no significant changes to these policies during the six months ended June 30, 2022 except as noted below. Derivatives and Hedging Derivatives are recognized at fair value as either assets or liabilities in the consolidated balance sheets in accordance with ASC Topic 815, “Derivatives and Hedging.” The gain or loss of derivatives which are designated and qualify as hedging instruments in a cash flow hedge, is recorded under accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Derivatives are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments. Marketable Securities The Company invests its excess cash primarily in short-term fixed income securities, including government and investment-grade debt securities and money market funds. Marketable securities with original maturities greater than three months from the date of purchase and remaining maturities less than one year are classified as short-term marketable securities. Marketable securities with remaining maturities greater than one year, as of the balance sheet date and that the Company intends to hold for greater than one year, are classified as long-term marketable securities. Marketable securities are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported in accumulated other comprehensive loss. Cost of securities sold is based on specific identification. The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale. After considering its capital preservation objectives, as well as its liquidity requirements, the Company may sell securities prior to their stated maturities. The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method and record such gains and losses as a component of financial expense (income), net. The Company evaluates the investments periodically for possible other-than-temporary impairment. A decline in fair value below the amortized costs of debt securities is considered an other-than-temporary impairment if it has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in financial expenses (income), net. Regardless of its intent or requirement to sell a debt security, impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis. Recently Adopted Accounting Pronouncements As an “emerging growth company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to the existing practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The Company adopted the guidance on January 1, 2022 using a modified retrospective transition approach. It applied Topic 842 to all leases as of January 1, 2022 without adjusting the comparative periods presented. The Company elected certain practical expedients permitted under the transition guidance within the new guidance and carried forward the historical accounting relating to lease identification and classification, remaining lease terms, and initial direct costs. Upon adoption, the Company recognized operating lease right-of-use assets and corresponding lease liabilities of $823. The adoption of Topic 842 did not have a material impact to the Company’s results of operations or cash flows. See Note 7, Leases, for further information. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company adopted this guidance on January 1, 2022, and the adoption did not have a material impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2023 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its consolidated financial statements. |
REVENUES FROM CONTRACTS WITH CU
REVENUES FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES FROM CONTRACTS WITH CUSTOMERS | NOTE 3: REVENUES FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following tables present disaggregated revenue by category: Three Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 28,280 93.0 % $ 9,692 83.7 % Professional services 2,123 7.0 % 1,883 16.3 % $ 30,403 100 % $ 11,575 100 % Three Months Ended June 30, 2021 Enterprise, Education and Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 27,197 89.9 % $ 9,270 81.6 % Professional services 3,040 10.1 % 2,096 18.4 % $ 30,237 100 % $ 11,366 100 % Six Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 55,882 92.9 % $ 19,107 81.1 % Professional services 4,248 7.1 % 4,457 18.9 % $ 60,130 100 % $ 23,564 100 % Six Months Ended June 30, 2021 Enterprise, Education & Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 51,167 88.9 % $ 17,641 81.1 % Professional services 6,388 11.1 % 4,120 18.9 % $ 57,555 100 % $ 21,761 100 % The following tables summarizes revenue by region based on the billing address of customers: Three Months Ended June 30, 2022 2021 Amount Percentage of revenue Amount Percentage of revenue United States (“US”) $ 23,572 56.2 % $ 24,728 59.4 % Europe, the Middle East and Africa ("EMEA") 13,816 32.9 % 12,436 29.9 % Other 4,590 10.9 % 4,439 10.7 % $ 41,978 100 % $ 41,603 100 % Six Months Ended June 30, 2022 2021 Amount Percentage of revenue Amount Percentage of revenue US $ 46,886 56.0 % $ 47,026 59.3 % EMEA 27,640 33.0 % 24,824 31.3 % Other 9,166 11.0 % 7,466 9.4 % $ 83,692 100 % $ 79,316 100 % Remaining Performance Obligations Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and contracted amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $172,732, which consists of both billed consideration in the amount of $53,379 and unbilled consideration in the amount of $119,353 that the Company expects to recognize as revenue but that was not yet recognized on the balance sheet. The Company expects to recognize 62% of its remaining performance obligations as revenue over the next 12 months and the remainder thereafter. Costs to Obtain a Contract The following table represents a roll forward of costs to obtain a contract: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning balance $ 25,292 $ 20,177 $ 26,274 $ 17,683 Additions to deferred contract acquisition costs during the period 4,369 4,764 5,473 8,502 Amortization of deferred contract acquisition costs (2,275) (1,434) (4,361) (2,678) Ending balance $ 27,386 $ 23,507 $ 27,386 $ 23,507 Deferred contract acquisition costs, current $ 8,902 $ 6,359 $ 8,902 $ 6,359 Deferred contract acquisition costs, noncurrent 18,484 17,148 18,484 17,148 Total deferred costs to obtain a contract $ 27,386 $ 23,507 $ 27,386 $ 23,507 Costs to Fulfill a Contract The following table represents a roll forward of costs to fulfill a contract: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning balance $ 5,641 $ 4,169 $ 5,427 $ 4,041 Additions to deferred costs to fulfill a contract during the period 512 849 1,084 1,217 Amortization of deferred costs to fulfill a contract (347) (247) (705) (487) Ending balance $ 5,806 $ 4,771 $ 5,806 $ 4,771 Deferred fulfillment costs, current 1,594 1,190 1,594 1,190 Deferred fulfillment costs, noncurrent 4,212 3,581 4,212 3,581 Total deferred costs to fulfill a contract $ 5,806 $ 4,771 $ 5,806 $ 4,771 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | NOTE 4: MARKETABLE SECURITIES The following is a summary of available-for-sale marketable securities as of June 30, 2022: Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Available-for-sale – matures within one year: Corporate bonds $ 9,718 $ — $ (45) $ 9,673 Municipal securities 910 — (1) 909 U.S. Treasury 14,425 — (74) 14,351 Commercial paper 9,957 — — 9,957 35,010 — (120) 34,890 Available-for-sale – matures after one year: Corporate bonds 1,983 — (15) 1,968 U.S. Treasury 1,466 — (10) 1,456 3,449 — (25) 3,424 Total $ 38,459 $ — $ (145) $ 38,314 Based on the available evidence, the Company concluded that the gross unrealized losses on the marketable securities as of June 30, 2022 are temporary in nature. There were no gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income during the periods presented. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 5: FAIR VALUE MEASUREMENTS In accordance with ASC 820, the Company measures its cash equivalents and marketable securities at fair value using the market approach valuation technique. Cash equivalents and marketable securities are classified within Level 1 or Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. Fair Value Measurements As Of Description Fair Value Hierarchy June 30, 2022 December 31, 2021 Measured at fair value on a recurring basis: Assets: Cash equivalents: Money market funds Level 1 $ 22,709 $ — Corporate bonds Level 2 $ 354 $ — Municipal securities Level 2 $ 1,377 $ — Short-term marketable securities: Corporate bonds Level 2 $ 9,675 $ — Municipal securities Level 2 $ 908 $ — U.S. Treasury Level 2 $ 14,350 $ — Commercial paper Level 2 $ 9,957 $ — Long-term marketable securities: Corporate bonds Level 2 $ 1,968 $ — U.S. Treasury Level 2 $ 1,456 $ — Derivative instruments asset included in prepaid expenses and other current assets: Options and forward contracts designated as hedging instruments Level 2 $ 3 $ — Liabilities: Derivative instruments liability included in accrued expenses and other current liabilities: Options and forward contracts designated as hedging instruments Level 2 $ 1,052 $ — Prior to the Company's initial public offering (the "IPO"), the warrants to purchase preferred and common stock were measured at fair value using Level 3 inputs upon issuance and at each reporting date. Inputs used to determine the estimated fair value of the warrants to purchase preferred and common stock as of the valuation date included expected term, the risk-free interest rate, volatility, and the fair value of underlying shares. T he following table sets forth a summary of the changes in the fair value of the warrants to purchase preferred and common stock: Six Months Ended June 30, 2021 Balance at January 1 $ 56,780 Reclassification of warrant to preferred stocks to mezzanine equity (1,149) Change in fair value of warrants (1,776) Balance at June 30, 2021 $ 53,855 On February 3, 2021, SVB Financial Group (“SVB”) converted a Warrant to Purchase Stock issued on February 3, 2011 (the “Series C Warrant”) into shares of the Company’s Series C Convertible Preferred Stock pursuant to the cashless conversion mechanism described in the Series C Warrant. The conversion was exercised for all 31,414 shares covered by the Series C Warrant and resulted in the net issuance of 27,011 shares of the Company’s Series C Convertible Preferred Stock. Pursuant to the terms of the Series C Warrant, the number of net shares issued was determined by dividing (a) the aggregate fair market value of the shares otherwise issuable upon exercise of the Series C Warrant minus the aggregate exercise price of such shares by (b) the fair market value of one share of the Company’s Series C Convertible Preferred Stock. Upon the closing of the Company’s IPO, the warrants to purchase preferred and common stock were converted into 7,067,699 shares of common stock. The final re-measurement of the warrants was based upon the publicly available stock price on the conversion date. |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING | NOTE 6: DERIVATIVES AND HEDGING The Company entered into forward, put and call option contracts to hedge certain forecasted payroll costs denominated in NIS against exchange rate fluctuations of the U.S. dollar for a period of up to twelve months. The Company recorded the cash flows associated with these derivatives under operating activities. The Company does not use derivative instruments for trading or speculative purposes. Notional Amount of Foreign Currency Contracts The Company had outstanding contracts designated as hedging instruments in the aggregate notional amount of $31,021 as of June 30, 2022. The fair value of the Company’s outstanding contracts amounted to an asset of $3 and a liability of $1,052 as of June 30, 2022. These assets and liabilities were recorded under prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively. Losses of $735 and $602 were reclassified from accumulated other comprehensive loss during the three and six months ended June 30, 2022, respectively. Such losses were reclassified from accumulated other comprehensive loss when the related expenses were incurred. The Company had no outstanding contracts designated as hedging instruments as of December 31, 2021. Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations The effect of foreign currency contracts on the condensed consolidated statements of operations during the three and six months ended June 30, 2022 were as follows: Condensed Statement of Operations Location: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Cost of revenue $ 124 $ 100 Research and development 373 308 Sales and marketing 107 88 General and administrative 131 106 Total $ 735 $ 602 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases | NOTE 7: LEASES The Company leases its office facilities under non-cancelable agreements that expire at various dates through July 2027. The Company determines if an arrangement is a lease at inception. As discussed in Note 2, operating lease right-of-use assets and liabilities are included on the Condensed Consolidated Balance Sheet beginning January 1, 2022. The Company currently has finance leases in an immaterial amount that will expire during the fourth quarter of 2022. Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives. Certain lease agreements include rental payments adjusted periodically for the consumer price index ("CPI"). The right-of-use and lease liability were calculated using the initial CPI and will not be subsequently adjusted. Payments for variable lease costs are expensed as incurred and not included in the operating lease right-of-use assets and liabilities. For short-term leases with a term of 12 months or less, operating lease right-of-use assets and liabilities are not recognized and the Company records lease payments in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term. The Company combines its lease payments and fixed payments for non-lease components and account for them together as a single lease component. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Many of the Company’s lease agreements provide one or more options to renew. When determining lease terms, the Company uses the non-cancellable period of the leases and does not assume renewals unless it is reasonably certain that the Company will exercise the renewal option. Operating lease expenses are recognized on a straight-line basis over the lease term. On April 6, 2022, the Company entered into a new lease agreement as tenant related to a property in Israel (the "Lease"). The Lease provides that the Company will lease a new building containing approximately 5,926 square meters. The initial lease term is approximately 5.5 years with two options to extend of five years each. The Company believes that it is reasonably certain that it will exercise the option for the first extension period, and accordingly includes this extension period as part of the lease term. For accounting purposes under ASC 842, the Lease commenced on June 22, 2022, resulting in the recording of a $19,586 right-of-use operating lease asset and operating lease liability. Components of operating lease expense were as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease cost $ 658 $ 1,283 Short-term lease cost 81 81 Variable lease cost 6 18 Total $ 745 $ 1,382 Rent expense under the previous lease accounting standard were $599 and $1,202 during the three and six months ended June 30, 2021, respectively. Supplementary cash flow information related to operating leases was as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Cash paid for operating leases $ 876 $ 1,343 As of June 30, 2022, the weighted-average discount rate is 4.8% and the weighted-average remaining term is 9.50 years. Maturities of the Company’s operating lease liabilities as of June 30, 2022 were as follows: Year Ending December 31, 2022 (Remainder) $ 637 2023 3,446 2024 3,144 2025 3,203 2026 3,276 2027 and thereafter 14,680 Total operating lease payments 28,386 Less: imputed interest 4,974 Total operating lease liabilities $ 23,412 As of December 31, 2021, the minimum lease payments under operating leases, including payments for leases which had not commenced, were as follows: |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8: COMMITMENTS AND CONTINGENCIES Purchase Commitments The Company has entered into various non-cancelable agreements with third-party providers for use of mainly cloud and other services, under which it committed to minimum and fixed purchases through the year ending December 31, 2026. The following table presents details of the aggregate future non-cancelable purchase commitments under such agreements as of June 30, 2022: Year Ending December 31, 2022 (Remainder) $ 2,322 2023 12,084 2024 20,339 2025 13,000 2026 14,250 Total purchase commitment $ 61,995 Litigation The Company is occasionally a party to claims or litigation in the normal course of the business. The Company does not believe that it is a party to any pending legal proceeding that is likely to have a material adverse effect on its business, financial condition, or results of operations. |
CONDENSED CONSOLIDATED BALANC_3
CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS | 6 Months Ended |
Jun. 30, 2022 | |
Table Text Block [Abstract] | |
Supplemental Balance Sheet Disclosures | NOTE 9: CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following: June 30, 2022 December 31, 2021 Prepaid expenses $ 3,580 $ 3,858 Government institutions 540 576 Derivative instrument 3 — Restricted bank deposit 1,850 — Other current assets 1,515 676 $ 7,488 $ 5,110 Property and Equipment, net Composition of property and equipment is as follows: June 30, 2022 December 31, 2021 Cost: Computers and peripheral equipment $ 4,139 $ 3,668 Office furniture and equipment 379 745 Leasehold improvements 256 513 Finance leases of computers and peripheral equipment 253 253 Internal use software 10,174 6,980 15,201 12,159 Accumulated depreciation (2,980) (2,656) Depreciated cost $ 12,221 $ 9,503 Depreciation expenses for the three months ended June 30, 2022 and 2021, and for the six months ended June 30, 2022 and 2021 were $568, $332, $970 and $633, respectively. Other assets, noncurrent June 30, 2022 December 31, 2021 Restricted cash $ 1,500 $ 422 Severance pay fund 1,940 1,968 Other 123 153 $ 3,563 $ 2,543 Accrued expenses and other current liabilities June 30, 2022 December 31, 2021 Accrued expenses $ 5,661 $ 7,240 Accrued taxes 6,394 9,525 Derivative instruments 1,052 — Other current liabilities 1,439 1,731 $ 14,546 $ 18,496 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS, NET | NOTE 10: GOODWILL AND INTANGIBLE ASSETS There was no goodwill activity during the periods presented. The carrying amounts and accumulated amortization expenses of the intangible assets, as of June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 December 31, 2021 Weighted average remaining useful life (in years) Balance Balance Gross carrying amount: Technology 2.75 $ 4,700 $ 4,700 Customer relationship 4.75 2,419 2,419 Tradename 0.92 980 980 8,099 8,099 Accumulated amortization and impairments: Technology (3,534) (3,323) Customer relationship (2,178) (2,049) Tradename (861) (818) (6,573) (6,190) Intangible assets, net $ 1,526 $ 1,909 During the three months ended June 30, 2022 and 2021, and the six months ended June 30, 2022 and 2021, the Company recorded amortization expenses in the amount of $168, $271, $383 and $567, respectively, included in cost of revenue and sales and marketing expenses in the statements of operations. The estimated future amortization expense of intangible assets as of June 30, 2022, is as follows: December 31, 2022 (Remainder) $ 285 2023 552 2024 478 2025 148 2026 50 2027 13 $ 1,526 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11: INCOME TAXES The Company recognized an income tax expense of $2,082, $1,446, $4,168 and $3,252 for the three and six months ended June 30, 2022, and 2021, respectively. The tax expense for these periods was primarily attributable to pre-tax foreign earnings. The Company’s effective tax rates of (14)%, (114)%, (14)% and (22)% for the three and six months ended June 30, 2022 and 2021, respectively, differ from the U.S. statutory tax rate primarily due to U.S. losses for which there is no benefit and the tax rate differences between the U.S. and foreign countries. The Company has a full valuation allowance on its deferred tax assets. As a result, consistent with the prior year, the Company does not record a tax benefit on its losses because it is more likely than not that the benefit will not be realized. |
NET LOSS PER SHARE ATTRIBUTABLE
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | 3 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | NOTE 12: NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ 17,347 $ 2,719 $ 34,273 $ 18,275 Preferred stock accretion and cumulative dividends — 3,412 — 6,672 Total loss attributable to common stockholders $ 17,347 $ 6,131 $ 34,273 $ 24,947 Change in fair value of warrant liabilities — 5,928 — — Total loss attributable to common stockholders, for diluted net loss per share $ 17,347 $ 12,059 $ 34,273 $ 24,947 Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 129,745,162 25,768,411 128,794,256 25,538,010 Weighted average effect of warrants to purchase preferred and common stock — 7,067,699 — — Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted 129,745,162 32,836,110 128,794,256 25,538,010 Net loss per share attributable to common stockholders, basic $ 0.13 $ 0.24 $ 0.27 $ 0.98 Net loss per share attributable to common stockholders, diluted $ 0.13 $ 0.37 $ 0.27 $ 0.98 Instruments potentially exercisable for common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows: As of June 30, 2022 2021 Convertible and redeemable and convertible preferred stock — 16,850,111 Warrants to purchase preferred and common stock — 7,680,954 Outstanding stock options and RSUs 37,827,145 31,488,683 Total 37,827,145 56,019,748 |
REPORTABLE SEGMENTS AND GEOGRAP
REPORTABLE SEGMENTS AND GEOGRAPHICAL INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS AND GEOGRAPHICAL INFORMATION | NOTE 13: REPORTABLE SEGMENTS AND GEOGRAPHICAL INFORMATION Reportable segments ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The Company's CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment. The Company organizes its operations in two segments: Enterprise, Education and Technology and Media and Telecom. The Enterprise, Education and Technology segment represents products related to industry solutions for education customers, and media services (except for Media and Telecom customers). The Media and Telecom segment primarily represents TV solutions that are sold to media and telecom operators. The measurement of the reportable operating segments is based on the same accounting principles applied in these financial statements, which includes certain corporate overhead allocations. Three Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Total Revenue $ 30,403 $ 11,575 $ 41,978 Gross profit $ 20,701 $ 5,988 $ 26,689 Operating expenses 42,195 Financial income, net (241) Provision for income taxes 2,082 Net loss $ 17,347 Three Months Ended June 30, 2021 Enterprise, Education and Technology Media and Telecom Total Revenue $ 30,237 $ 11,366 $ 41,603 Gross profit $ 21,151 $ 4,830 $ 25,981 Operating expenses 31,751 Financial income, net (4,497) Provision for income taxes 1,446 Net loss $ 2,719 Six Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Total Revenue $ 60,130 $ 23,564 $ 83,694 Gross profit $ 41,467 $ 11,493 $ 52,960 Operating expenses 83,121 Financial income, net (56) Provision for income taxes 4,168 Net loss $ 34,273 Six Months Ended June 30, 2021 Enterprise, Education and Technology Media and Telecom Total Revenue $ 57,555 $ 21,761 $ 79,316 Gross profit $ 39,900 $ 8,213 $ 48,113 Operating expenses 62,483 Financial expenses, net 653 Provision for income taxes 3,252 Net loss $ 18,275 Geographical information See Note 3 for disaggregated revenue by geographic region. |
LONG-TERM LOAN
LONG-TERM LOAN | 3 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM LOAN | NOTE 14: LONG-TERM LOAN In January 2021, the Company refinanced all amounts outstanding under the existing loan agreements, terminated all outstanding commitments, and entered into a new credit agreement (the “Credit Agreement”) with an existing lender, which provides for a new senior secured term loan facility in the aggregate principal amount of $40,000 (the “Term Loan Facility”) and a new senior secured revolving credit facility in the aggregate principal amount of $10,000 (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Credit Facilities”). In June 2021, the Company entered into an amendment to the Credit Agreement (the “First Amendment”). Pursuant to the First Amendment, the Company borrowed an additional aggregate principal amount of $12,500 and increased commitments under the Revolving Credit Facility to $35,000. In December 2021, the Company repaid in full its outstanding principal amount under the Revolving Credit Facility. As of June 30, 2022 and December 31, 2021, the total commitments under the Revolving Credit Facility are available for future borrowings. Borrowings under the Credit Facilities are subject to interest, determined as follows: (a) Eurodollar loans accrue interest at a rate per annum equal to the Eurodollar rate plus a margin of 3.50% (the Eurodollar rate is calculated based on the Credit Agreement, subject to a 1.67% floor, divided by 1.00 minus the maximum effective reserve percentage for Eurocurrency funding), and (b) Alternate Base Rate (“ABR”) loans accrue interest at a rate per annum equal to the ABR plus a margin of 2.50% (ABR is equal to the highest of (i) the prime rate and (ii) the Federal Funds Effective Rate plus 0.50%, subject to a 2.00% floor). As of June 30, 2022, the current rate of interest under the Credit Facilities was equal to a rate per annum of 5.17%, consisting of 1.67% (the 1-month LIBOR dollar rate as of June 30, 2022) and the margin of 3.50%. The Term Loan Facility is payable in consecutive quarterly installments on the last day of each fiscal quarter in an amount equal to (i) $250 for installments payable on April 1, 2021, through December 31, 2021 (ii) $750 for installments payable on March 31, 2022 through December 31, 2022, and (iii) $1,500 for installments payable on and after March 31, 2023. The remaining unpaid balance on the Term Loan Facility is due and payable on January 14, 2024, together with accrued and unpaid interest on the principal amount to be paid to, but excluding, the payment date. Amounts outstanding under the Credit Facilities may be voluntarily prepaid at any time and from time to time, in whole or in part, without premium or penalty. Under the terms of the Credit Facilities, the Company is obligated to maintain certain covenants as defined therein. As of June 30, 2022, the Company met these covenants. The aggregate principal annual maturities according to the Credit Facilities agreements are as follows: Year Ending December 31, 2022 (Remainder) $ 1,500 2023 6,000 2024 30,000 $ 37,500 The carrying amounts of the loans approximate their fair value. |
STOCKHOLDERS' EQUITY AND EQUITY
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS | NOTE 15: STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS Equity Incentive Plans On January 1, 2022, the number of shares of common stock authorized for issuance under the 2021 Incentive Award Plan (the “2021 Plan”) automatically increased by 6,346,255 shares pursuant to the terms of the 2021 Plan. Stock Options A summary of the Company's stock option activity with respect to options granted under the 2021 Plan is as follows: Number of Options Weighted Average exercise price Weighted remaining contractual term (years) Aggregate Outstanding as of January 1, 2022 32,702,963 $ 3.98 8.34 $ 38,894 Granted — $ — Exercised (2,708,716) $ 0.50 $ 3,141 Forfeited (1,168,779) $ 3.65 Outstanding as of June 30, 2022 28,825,468 $ 4.32 8.23 $ 11,109 Exercisable options at end of the period 16,859,320 $ 1.97 8.00 $ 10,789 RSUs The following table summarizes the RSU activity with respect to the 2021 Plan for the six months ended June 30, 2022: RSUs Weighted Average Outstanding as of December 31, 2021 4,924,417 $4.38 RSUs granted 5,997,192 $1.88 RSUs vested (952,934) $3.43 RSUs forfeited (966,998) $3.54 Unvested and Outstanding as of June 30, 2022 9,001,677 $3.00 Stock-Based Compensation Expense The stock-based compensation expense by line item in the accompanying consolidated statement of operations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 359 $ 185 $ 771 $ 466 Research and development 1,111 791 2,139 1,724 Sales and marketing 985 464 1,911 1,204 General and administrative 3,604 2,773 6,906 5,779 Total expenses $ 6,059 $ 4,213 $ 11,727 $ 9,173 As of June 30, 2022, there were $56,135 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Company's equity incentive plans. These costs are expected to be recognized over a weighted-average period of approximately two and a half years. Shares Reserved for Future Issuance The Company has the following common stock reserved for future issuance under the 2021 Plan: June 30, 2022 Outstanding options 28,825,468 Outstanding RSUs 9,001,677 Outstanding warrants to common stock 613,255 Shares reserved under 2021 Plan 4,487,002 Total 42,927,402 |
SELECTED STATEMENT OF OPERATION
SELECTED STATEMENT OF OPERATIONS DATA | 6 Months Ended |
Jun. 30, 2022 | |
Selected Statement Of Operations Data [Abstract] | |
SELECTED STATEMENT OF OPERATIONS DATA | NOTE 16: SELECTED STATEMENTS OF OPERATIONS DATA Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Financial income: Interest income $ 166 $ — $ 172 $ — Remeasurement of warrants to fair value — 5,928 — 1,776 Foreign currency translation adjustments, net 773 — 1,304 — 939 5,928 1,476 1,776 Financial expenses: Bank fees 50 172 76 481 Interest expense 489 611 987 1,462 Foreign currency translation adjustments, net — 499 — 274 Other 159 149 357 212 698 1,431 1,420 2,429 Financial expenses (income), net $ (241) $ (4,497) $ (56) $ 653 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 17: ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in accumulated other comprehensive loss by component, net of tax, during the periods presented: Net Unrealized Losses on Available-for-Sale Securities Instruments Net Unrealized Losses on Derivatives Designated as Hedging Instruments Total Balance as of December 31, 2021; $ — $ — $ — Other comprehensive loss before reclassifications (145) (1,680) (1,825) Net realized losses reclassified from accumulated other comprehensive income — 631 631 Other comprehensive loss (145) (1,049) (1,194) Balance as of June 30, 2022 $ (145) $ (1,049) $ (1,194) There was no accumulated other comprehensive loss activity during the three and six months ended June 30, 2021. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 18: SUBSEQUENT EVENTS Restructuring Plan On August 7, 2022, the Board of Directors of the Company approved a cost-reduction and re-organization plan that includes, among other things, downsizing around 10% of the Company's current employees (the "Plan"). The total cost reduction on an annualized basis from this headcount downsizing is expected to be approximately $18,000. The Plan is focused on realigning the Company's operations to further increase efficiency and productivity and better realize synergies by merging the Company's segments together. In connection with the Plan, the Company expects to incur net pre-tax charges of approximately $1,000, primarily for severance and related costs, all of which will be expensed in the second half of 2022. Rights Agreement On August 7, 2022, the Board of Directors of the Company approved and declared a dividend distribution of one preferred stock purchase right (each, a "Right") for each share of common stock, of the Company outstanding at the close of business on August 22, 2022. Each Right will entitle the registered holder thereof, after the Rights become exercisable and until August 6, 2023 (or the earlier redemption, exchange, or termination of the Rights), to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.0001 per share (the "Series A Preferred"), of the Company at a price of $13.00 per one one-thousandth of a share of the Series A Preferred. The complete terms of the Rights are set out in a Rights Agreement, dated August 7, 2022, between the Company and American Stock Transfer & Trust Company, LLC as rights agent (the “Rights Agreement”). |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by U.S. GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022. In management’s opinion, other than the changes to accounting for leases as described in Note 6, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements with normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2022, and the Company’s consolidated results of operations, convertible and redeemable convertible preferred stock and stockholders’ equity (deficit), and cash flows for the three and six months ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year ending December 31, 2022, or any other future interim or annual period. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, income tax uncertainties, incremental borrowing rate for operating leases, fair value of financial assets and liabilities, including fair value of derivatives, fair value and useful life of intangible assets, as well as in estimates used in applying the revenue recognition policy. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Concentration of Risks | Concentration of Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash and trade receivables. The majority of the Company’s cash, and cash equivalents and restricted cash are invested with major banks in the United States, Israel, and the United Kingdom. Such investments in the United States may be in excess of insured limits and they are not insured in other jurisdictions. In general, these investments may be redeemed upon demand and therefore bear minimal risk. The Company’s trade receivables are geographically dispersed and derived from sales to customers mainly in the United States, Europe, and Asia. Concentration of credit risk with respect to trade receivables is limited by credit limits, ongoing credit evaluation, and account monitoring procedures. Major customer data as a percentage of total revenues: The following table sets forth customers that represented 10% or more of the Company’s total revenue in each of the periods set forth below: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Customer A (EE&T) *) — *) — *) — 10.01 % *) Represents an amount that is lower than 10% of the Company's total revenue. |
Significant Accounting Policies and Estimates | Significant Accounting Policies and Estimates The Company’s significant accounting policies are discussed in Note 2 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 25, 2022. There have been no significant changes to these policies during the six months ended June 30, 2022 except as noted below. |
Derivatives and Hedging | Derivatives and Hedging Derivatives are recognized at fair value as either assets or liabilities in the consolidated balance sheets in accordance with ASC Topic 815, “Derivatives and Hedging.” The gain or loss of derivatives which are designated and qualify as hedging instruments in a cash flow hedge, is recorded under accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Derivatives are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements As an “emerging growth company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842), which would require lessees to put all leases on their balance sheets, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to the existing practice. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The Company adopted the guidance on January 1, 2022 using a modified retrospective transition approach. It applied Topic 842 to all leases as of January 1, 2022 without adjusting the comparative periods presented. The Company elected certain practical expedients permitted under the transition guidance within the new guidance and carried forward the historical accounting relating to lease identification and classification, remaining lease terms, and initial direct costs. Upon adoption, the Company recognized operating lease right-of-use assets and corresponding lease liabilities of $823. The adoption of Topic 842 did not have a material impact to the Company’s results of operations or cash flows. See Note 7, Leases, for further information. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company adopted this guidance on January 1, 2022, and the adoption did not have a material impact on its consolidated financial statements. |
New Accounting Pronouncements Issued | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2023 and early adoption is permitted. While the Company is continuing to assess the timing of adoption and the potential impacts of ASU 2021-08, it does not expect ASU 2021-08 to have a material effect, if any, on its consolidated financial statements. |
Marketable Securities, Policy | Marketable Securities The Company invests its excess cash primarily in short-term fixed income securities, including government and investment-grade debt securities and money market funds. Marketable securities with original maturities greater than three months from the date of purchase and remaining maturities less than one year are classified as short-term marketable securities. Marketable securities with remaining maturities greater than one year, as of the balance sheet date and that the Company intends to hold for greater than one year, are classified as long-term marketable securities. Marketable securities are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported in accumulated other comprehensive loss. Cost of securities sold is based on specific identification. The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale. After considering its capital preservation objectives, as well as its liquidity requirements, the Company may sell securities prior to their stated maturities. The Company determines any realized gains or losses on the sale of marketable securities on a specific identification method and record such gains and losses as a component of financial expense (income), net. The Company evaluates the investments periodically for possible other-than-temporary impairment. A decline in fair value below the amortized costs of debt securities is considered an other-than-temporary impairment if it has the intent to sell the security or it is more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in financial expenses (income), net. Regardless of its intent or requirement to sell a debt security, impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of revenue by major customers by reporting segments | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Customer A (EE&T) *) — *) — *) — 10.01 % |
REVENUES FROM CONTRACTS WITH _2
REVENUES FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue by category | Three Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 28,280 93.0 % $ 9,692 83.7 % Professional services 2,123 7.0 % 1,883 16.3 % $ 30,403 100 % $ 11,575 100 % Three Months Ended June 30, 2021 Enterprise, Education and Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 27,197 89.9 % $ 9,270 81.6 % Professional services 3,040 10.1 % 2,096 18.4 % $ 30,237 100 % $ 11,366 100 % Six Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 55,882 92.9 % $ 19,107 81.1 % Professional services 4,248 7.1 % 4,457 18.9 % $ 60,130 100 % $ 23,564 100 % Six Months Ended June 30, 2021 Enterprise, Education & Technology Media and Telecom Amount Percentage of revenue Amount Percentage of revenue Subscription $ 51,167 88.9 % $ 17,641 81.1 % Professional services 6,388 11.1 % 4,120 18.9 % $ 57,555 100 % $ 21,761 100 % |
Schedule of disaggregated revenue by region | Three Months Ended June 30, 2022 2021 Amount Percentage of revenue Amount Percentage of revenue United States (“US”) $ 23,572 56.2 % $ 24,728 59.4 % Europe, the Middle East and Africa ("EMEA") 13,816 32.9 % 12,436 29.9 % Other 4,590 10.9 % 4,439 10.7 % $ 41,978 100 % $ 41,603 100 % Six Months Ended June 30, 2022 2021 Amount Percentage of revenue Amount Percentage of revenue US $ 46,886 56.0 % $ 47,026 59.3 % EMEA 27,640 33.0 % 24,824 31.3 % Other 9,166 11.0 % 7,466 9.4 % $ 83,692 100 % $ 79,316 100 % |
Schedule of costs to obtain a contract and costs to fulfill a contract | The following table represents a roll forward of costs to obtain a contract: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning balance $ 25,292 $ 20,177 $ 26,274 $ 17,683 Additions to deferred contract acquisition costs during the period 4,369 4,764 5,473 8,502 Amortization of deferred contract acquisition costs (2,275) (1,434) (4,361) (2,678) Ending balance $ 27,386 $ 23,507 $ 27,386 $ 23,507 Deferred contract acquisition costs, current $ 8,902 $ 6,359 $ 8,902 $ 6,359 Deferred contract acquisition costs, noncurrent 18,484 17,148 18,484 17,148 Total deferred costs to obtain a contract $ 27,386 $ 23,507 $ 27,386 $ 23,507 The following table represents a roll forward of costs to fulfill a contract: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Beginning balance $ 5,641 $ 4,169 $ 5,427 $ 4,041 Additions to deferred costs to fulfill a contract during the period 512 849 1,084 1,217 Amortization of deferred costs to fulfill a contract (347) (247) (705) (487) Ending balance $ 5,806 $ 4,771 $ 5,806 $ 4,771 Deferred fulfillment costs, current 1,594 1,190 1,594 1,190 Deferred fulfillment costs, noncurrent 4,212 3,581 4,212 3,581 Total deferred costs to fulfill a contract $ 5,806 $ 4,771 $ 5,806 $ 4,771 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following is a summary of available-for-sale marketable securities as of June 30, 2022: Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Available-for-sale – matures within one year: Corporate bonds $ 9,718 $ — $ (45) $ 9,673 Municipal securities 910 — (1) 909 U.S. Treasury 14,425 — (74) 14,351 Commercial paper 9,957 — — 9,957 35,010 — (120) 34,890 Available-for-sale – matures after one year: Corporate bonds 1,983 — (15) 1,968 U.S. Treasury 1,466 — (10) 1,456 3,449 — (25) 3,424 Total $ 38,459 $ — $ (145) $ 38,314 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value | Foreign currency derivative contracts are classified within the Level 2 value hierarchy, as the valuation inputs are based on quoted prices and market observable data of similar instruments. Fair Value Measurements As Of Description Fair Value Hierarchy June 30, 2022 December 31, 2021 Measured at fair value on a recurring basis: Assets: Cash equivalents: Money market funds Level 1 $ 22,709 $ — Corporate bonds Level 2 $ 354 $ — Municipal securities Level 2 $ 1,377 $ — Short-term marketable securities: Corporate bonds Level 2 $ 9,675 $ — Municipal securities Level 2 $ 908 $ — U.S. Treasury Level 2 $ 14,350 $ — Commercial paper Level 2 $ 9,957 $ — Long-term marketable securities: Corporate bonds Level 2 $ 1,968 $ — U.S. Treasury Level 2 $ 1,456 $ — Derivative instruments asset included in prepaid expenses and other current assets: Options and forward contracts designated as hedging instruments Level 2 $ 3 $ — Liabilities: Derivative instruments liability included in accrued expenses and other current liabilities: Options and forward contracts designated as hedging instruments Level 2 $ 1,052 $ — |
Schedule of fair value measurement using significant unobservable inputs | T he following table sets forth a summary of the changes in the fair value of the warrants to purchase preferred and common stock: Six Months Ended June 30, 2021 Balance at January 1 $ 56,780 Reclassification of warrant to preferred stocks to mezzanine equity (1,149) Change in fair value of warrants (1,776) Balance at June 30, 2021 $ 53,855 |
DERIVATIVES AND HEDGING (Tables
DERIVATIVES AND HEDGING (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The effect of foreign currency contracts on the condensed consolidated statements of operations during the three and six months ended June 30, 2022 were as follows: Condensed Statement of Operations Location: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Cost of revenue $ 124 $ 100 Research and development 373 308 Sales and marketing 107 88 General and administrative 131 106 Total $ 735 $ 602 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Leases Cost | Components of operating lease expense were as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease cost $ 658 $ 1,283 Short-term lease cost 81 81 Variable lease cost 6 18 Total $ 745 $ 1,382 |
Schedue of Supplementary Cash Flow Information Related to Operating Leases | Supplementary cash flow information related to operating leases was as follows: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Cash paid for operating leases $ 876 $ 1,343 |
Schedule of Maturities of Operating Leases | Year Ending December 31, 2022 (Remainder) $ 637 2023 3,446 2024 3,144 2025 3,203 2026 3,276 2027 and thereafter 14,680 Total operating lease payments 28,386 Less: imputed interest 4,974 Total operating lease liabilities $ 23,412 |
Schedule of Future Minimum Rental Payments | As of December 31, 2021, the minimum lease payments under operating leases, including payments for leases which had not commenced, were as follows: Year Ending December 31, Rental of premises 2022 $ 1,317 2023 788 2024 806 2025 862 2026 919 2027 548 Total $ 5,240 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of non-cancelable purchase commitments | The following table presents details of the aggregate future non-cancelable purchase commitments under such agreements as of June 30, 2022: Year Ending December 31, 2022 (Remainder) $ 2,322 2023 12,084 2024 20,339 2025 13,000 2026 14,250 Total purchase commitment $ 61,995 |
CONDENSED CONSOLIDATED BALANC_4
CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Table Text Block [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: June 30, 2022 December 31, 2021 Prepaid expenses $ 3,580 $ 3,858 Government institutions 540 576 Derivative instrument 3 — Restricted bank deposit 1,850 — Other current assets 1,515 676 $ 7,488 $ 5,110 |
Schedule of Composition of Property and Equipment | Composition of property and equipment is as follows: June 30, 2022 December 31, 2021 Cost: Computers and peripheral equipment $ 4,139 $ 3,668 Office furniture and equipment 379 745 Leasehold improvements 256 513 Finance leases of computers and peripheral equipment 253 253 Internal use software 10,174 6,980 15,201 12,159 Accumulated depreciation (2,980) (2,656) Depreciated cost $ 12,221 $ 9,503 |
Schedule of Other Assets, Noncurrent | June 30, 2022 December 31, 2021 Restricted cash $ 1,500 $ 422 Severance pay fund 1,940 1,968 Other 123 153 $ 3,563 $ 2,543 |
Schedule of Accrued Liabilities | June 30, 2022 December 31, 2021 Accrued expenses $ 5,661 $ 7,240 Accrued taxes 6,394 9,525 Derivative instruments 1,052 — Other current liabilities 1,439 1,731 $ 14,546 $ 18,496 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amounts and accumulated amortization expenses of intangible assets | The carrying amounts and accumulated amortization expenses of the intangible assets, as of June 30, 2022, and December 31, 2021, were as follows: June 30, 2022 December 31, 2021 Weighted average remaining useful life (in years) Balance Balance Gross carrying amount: Technology 2.75 $ 4,700 $ 4,700 Customer relationship 4.75 2,419 2,419 Tradename 0.92 980 980 8,099 8,099 Accumulated amortization and impairments: Technology (3,534) (3,323) Customer relationship (2,178) (2,049) Tradename (861) (818) (6,573) (6,190) Intangible assets, net $ 1,526 $ 1,909 |
Schedule of future amortization related to intangible assets other than goodwill | The estimated future amortization expense of intangible assets as of June 30, 2022, is as follows: December 31, 2022 (Remainder) $ 285 2023 552 2024 478 2025 148 2026 50 2027 13 $ 1,526 |
NET LOSS PER SHARE ATTRIBUTAB_2
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of the computation of basic and diluted net earnings (loss) per share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net loss $ 17,347 $ 2,719 $ 34,273 $ 18,275 Preferred stock accretion and cumulative dividends — 3,412 — 6,672 Total loss attributable to common stockholders $ 17,347 $ 6,131 $ 34,273 $ 24,947 Change in fair value of warrant liabilities — 5,928 — — Total loss attributable to common stockholders, for diluted net loss per share $ 17,347 $ 12,059 $ 34,273 $ 24,947 Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 129,745,162 25,768,411 128,794,256 25,538,010 Weighted average effect of warrants to purchase preferred and common stock — 7,067,699 — — Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted 129,745,162 32,836,110 128,794,256 25,538,010 Net loss per share attributable to common stockholders, basic $ 0.13 $ 0.24 $ 0.27 $ 0.98 Net loss per share attributable to common stockholders, diluted $ 0.13 $ 0.37 $ 0.27 $ 0.98 |
Schedule of antidilutive securities excluded from computation of earnings per share | Instruments potentially exercisable for common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows: As of June 30, 2022 2021 Convertible and redeemable and convertible preferred stock — 16,850,111 Warrants to purchase preferred and common stock — 7,680,954 Outstanding stock options and RSUs 37,827,145 31,488,683 Total 37,827,145 56,019,748 |
REPORTABLE SEGMENTS AND GEOGR_2
REPORTABLE SEGMENTS AND GEOGRAPHICAL INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of reportable operating segments | Three Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Total Revenue $ 30,403 $ 11,575 $ 41,978 Gross profit $ 20,701 $ 5,988 $ 26,689 Operating expenses 42,195 Financial income, net (241) Provision for income taxes 2,082 Net loss $ 17,347 Three Months Ended June 30, 2021 Enterprise, Education and Technology Media and Telecom Total Revenue $ 30,237 $ 11,366 $ 41,603 Gross profit $ 21,151 $ 4,830 $ 25,981 Operating expenses 31,751 Financial income, net (4,497) Provision for income taxes 1,446 Net loss $ 2,719 Six Months Ended June 30, 2022 Enterprise, Education and Technology Media and Telecom Total Revenue $ 60,130 $ 23,564 $ 83,694 Gross profit $ 41,467 $ 11,493 $ 52,960 Operating expenses 83,121 Financial income, net (56) Provision for income taxes 4,168 Net loss $ 34,273 Six Months Ended June 30, 2021 Enterprise, Education and Technology Media and Telecom Total Revenue $ 57,555 $ 21,761 $ 79,316 Gross profit $ 39,900 $ 8,213 $ 48,113 Operating expenses 62,483 Financial expenses, net 653 Provision for income taxes 3,252 Net loss $ 18,275 |
LONG-TERM LOAN (Tables)
LONG-TERM LOAN (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of aggregate principal annual maturities of long-term loans | The aggregate principal annual maturities according to the Credit Facilities agreements are as follows: Year Ending December 31, 2022 (Remainder) $ 1,500 2023 6,000 2024 30,000 $ 37,500 |
STOCKHOLDERS' EQUITY AND EQUI_2
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Activity | A summary of the Company's stock option activity with respect to options granted under the 2021 Plan is as follows: Number of Options Weighted Average exercise price Weighted remaining contractual term (years) Aggregate Outstanding as of January 1, 2022 32,702,963 $ 3.98 8.34 $ 38,894 Granted — $ — Exercised (2,708,716) $ 0.50 $ 3,141 Forfeited (1,168,779) $ 3.65 Outstanding as of June 30, 2022 28,825,468 $ 4.32 8.23 $ 11,109 Exercisable options at end of the period 16,859,320 $ 1.97 8.00 $ 10,789 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes the RSU activity with respect to the 2021 Plan for the six months ended June 30, 2022: RSUs Weighted Average Outstanding as of December 31, 2021 4,924,417 $4.38 RSUs granted 5,997,192 $1.88 RSUs vested (952,934) $3.43 RSUs forfeited (966,998) $3.54 Unvested and Outstanding as of June 30, 2022 9,001,677 $3.00 |
Schedule of share-based compensation expense by line item | The stock-based compensation expense by line item in the accompanying consolidated statement of operations is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of revenue $ 359 $ 185 $ 771 $ 466 Research and development 1,111 791 2,139 1,724 Sales and marketing 985 464 1,911 1,204 General and administrative 3,604 2,773 6,906 5,779 Total expenses $ 6,059 $ 4,213 $ 11,727 $ 9,173 |
Schedule Of Shares Of Common Stock Reserved For Future Issuance | The Company has the following common stock reserved for future issuance under the 2021 Plan: June 30, 2022 Outstanding options 28,825,468 Outstanding RSUs 9,001,677 Outstanding warrants to common stock 613,255 Shares reserved under 2021 Plan 4,487,002 Total 42,927,402 |
SELECTED STATEMENT OF OPERATI_2
SELECTED STATEMENT OF OPERATIONS DATA (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Selected Statement Of Operations Data [Abstract] | |
Schedule of financial income expenses | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Financial income: Interest income $ 166 $ — $ 172 $ — Remeasurement of warrants to fair value — 5,928 — 1,776 Foreign currency translation adjustments, net 773 — 1,304 — 939 5,928 1,476 1,776 Financial expenses: Bank fees 50 172 76 481 Interest expense 489 611 987 1,462 Foreign currency translation adjustments, net — 499 — 274 Other 159 149 357 212 698 1,431 1,420 2,429 Financial expenses (income), net $ (241) $ (4,497) $ (56) $ 653 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive loss by component, net of tax, during the periods presented: Net Unrealized Losses on Available-for-Sale Securities Instruments Net Unrealized Losses on Derivatives Designated as Hedging Instruments Total Balance as of December 31, 2021; $ — $ — $ — Other comprehensive loss before reclassifications (145) (1,680) (1,825) Net realized losses reclassified from accumulated other comprehensive income — 631 631 Other comprehensive loss (145) (1,049) (1,194) Balance as of June 30, 2022 $ (145) $ (1,049) $ (1,194) |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of revenue by major customers by reporting segments (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Customer A (EE&T) | Customer concentration risk | Revenue benchmark | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenue | 0% | 0% | 0% | 10.01% |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | Jan. 01, 2022 USD ($) |
Accounting Policies [Abstract] | |
Increase in total assets and liabilities result of recognition of operating lease right of use assets and operating lease liabilities | $ 823,000 |
REVENUES FROM CONTRACTS WITH _3
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of disaggregated revenue by category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 41,978 | $ 41,603 | $ 83,694 | $ 79,316 |
Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 41,978 | 41,603 | $ 83,692 | 79,316 |
Percentage of revenue | 100% | 100% | ||
Enterprise, Education and Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 30,403 | 30,237 | $ 60,130 | 57,555 |
Enterprise, Education and Technology | Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 30,403 | $ 30,237 | $ 60,130 | $ 57,555 |
Percentage of revenue | 100% | 100% | 100% | 100% |
Media and Telecom | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 11,575 | $ 11,366 | $ 23,564 | $ 21,761 |
Media and Telecom | Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 11,575 | $ 11,366 | $ 23,564 | $ 21,761 |
Percentage of revenue | 100% | 100% | 100% | 100% |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 37,972 | $ 36,467 | $ 74,989 | $ 68,808 |
Subscription | Enterprise, Education and Technology | Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 28,280 | $ 27,197 | $ 55,882 | $ 51,167 |
Percentage of revenue | 93% | 89.90% | 92.90% | 88.90% |
Subscription | Media and Telecom | Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 9,692 | $ 9,270 | $ 19,107 | $ 17,641 |
Percentage of revenue | 83.70% | 81.60% | 81.10% | 81.10% |
Professional services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,006 | $ 5,136 | $ 8,705 | $ 10,508 |
Professional services | Enterprise, Education and Technology | Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,123 | $ 3,040 | $ 4,248 | $ 6,388 |
Percentage of revenue | 7% | 10.10% | 7.10% | 11.10% |
Professional services | Media and Telecom | Revenue concentration risk | Revenue benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,883 | $ 2,096 | $ 4,457 | $ 4,120 |
Percentage of revenue | 16.30% | 18.40% | 18.90% | 18.90% |
REVENUES FROM CONTRACTS WITH _4
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of disaggregated revenue by region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 41,978 | $ 41,603 | $ 83,694 | $ 79,316 |
Revenue concentration risk | Revenue benchmark | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 41,978 | 41,603 | $ 83,692 | 79,316 |
Percentage of revenue | 100% | 100% | ||
United States (“US”) | Revenue concentration risk | Revenue benchmark | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 23,572 | $ 24,728 | $ 46,886 | $ 47,026 |
Percentage of revenue | 56.20% | 59.40% | 56% | 59.30% |
Europe, the Middle East and Africa ("EMEA") | Revenue concentration risk | Revenue benchmark | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 13,816 | $ 12,436 | $ 27,640 | $ 24,824 |
Percentage of revenue | 32.90% | 29.90% | 33% | 31.30% |
Other | Revenue concentration risk | Revenue benchmark | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 4,590 | $ 4,439 | $ 9,166 | $ 7,466 |
Percentage of revenue | 10.90% | 10.70% | 11% | 9.40% |
REVENUES FROM CONTRACTS WITH _5
REVENUES FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Aggregate amount of transaction price allocated to remaining performance obligations | $ 172,732 |
Percentage of remaining performance obligations | 62% |
Billed Revenues | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Aggregate amount of transaction price allocated to remaining performance obligations | $ 53,379 |
Unbilled Revenues | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Aggregate amount of transaction price allocated to remaining performance obligations | $ 119,353 |
REVENUES FROM CONTRACTS WITH _6
REVENUES FROM CONTRACTS WITH CUSTOMERS - Schedule of costs to obtain a contract and costs to fulfill a contract (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Capitalized Contract Cost [Line Items] | |||||
Amortization of deferred contract acquisition costs/deferred costs to fulfill a contract | $ (5,066) | $ (3,165) | |||
Deferred contract acquisition and fulfillment costs, current | $ 10,496 | 10,496 | $ 9,079 | ||
Deferred contract acquisition and fulfillment costs, noncurrent | 22,696 | 22,696 | 22,621 | ||
Costs to obtain a contract | |||||
Capitalized Contract Cost [Line Items] | |||||
Deferred costs to obtain or fulfill contract, beginning balance | 25,292 | $ 20,177 | 26,274 | 17,683 | |
Additions to deferred contract acquisition costs during the period | 4,369 | 4,764 | 5,473 | 8,502 | |
Amortization of deferred contract acquisition costs/deferred costs to fulfill a contract | 2,275 | 1,434 | 4,361 | 2,678 | |
Deferred costs to obtain or fulfill contract, ending balance | 27,386 | 23,507 | 27,386 | 23,507 | |
Deferred contract acquisition and fulfillment costs, current | 8,902 | 6,359 | 8,902 | 6,359 | |
Deferred contract acquisition and fulfillment costs, noncurrent | 18,484 | 17,148 | 18,484 | 17,148 | |
Total deferred costs to obtain or fulfill contract | 27,386 | 23,507 | 27,386 | 23,507 | 26,274 |
Costs to fulfill a contract | |||||
Capitalized Contract Cost [Line Items] | |||||
Deferred costs to obtain or fulfill contract, beginning balance | 5,641 | 4,169 | 5,427 | 4,041 | |
Additions to deferred costs to fulfill a contract during the period | 512 | 849 | 1,084 | 1,217 | |
Amortization of deferred contract acquisition costs/deferred costs to fulfill a contract | 347 | 247 | 705 | 487 | |
Deferred costs to obtain or fulfill contract, ending balance | 5,806 | 4,771 | 5,806 | 4,771 | |
Deferred contract acquisition and fulfillment costs, current | 1,594 | 1,190 | 1,594 | 1,190 | |
Deferred contract acquisition and fulfillment costs, noncurrent | 4,212 | 3,581 | 4,212 | 3,581 | |
Total deferred costs to obtain or fulfill contract | $ 5,806 | $ 4,771 | $ 5,806 | $ 4,771 | $ 5,427 |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $ 35,010 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 34,890 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 3,449 |
Available-for-sale - matures within one year, Gross unrealized gains | 0 |
Available-for-sale - matures within one yearr, Gross unrealized losses | (120) |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 3,424 |
Available-for-sale - matures after one year, Gross unrealized losses | (25) |
Available-for-sale - matures after one year, Gross unrealized gains | 0 |
Debt Securities, Available-for-sale | 38,314 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (145) |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 38,459 |
Corporate Bond Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 9,718 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 9,673 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 1,983 |
Available-for-sale - matures within one year, Gross unrealized gains | 0 |
Available-for-sale - matures within one yearr, Gross unrealized losses | (45) |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 1,968 |
Available-for-sale - matures after one year, Gross unrealized losses | (15) |
Available-for-sale - matures after one year, Gross unrealized gains | 0 |
Municipal Notes | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 910 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 909 |
Available-for-sale - matures within one year, Gross unrealized gains | 0 |
Available-for-sale - matures within one yearr, Gross unrealized losses | (1) |
US Government Agencies Debt Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 14,425 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 14,351 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 1,466 |
Available-for-sale - matures within one year, Gross unrealized gains | 0 |
Available-for-sale - matures within one yearr, Gross unrealized losses | (74) |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 1,456 |
Available-for-sale - matures after one year, Gross unrealized losses | (10) |
Available-for-sale - matures after one year, Gross unrealized gains | 0 |
Commercial Paper | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 9,957 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 9,957 |
Available-for-sale - matures within one year, Gross unrealized gains | 0 |
Available-for-sale - matures within one yearr, Gross unrealized losses | $ 0 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 38,314 | |
Level 1 | Fair value, recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 22,709 | |
Level 1 | Fair value, recurring | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 0 | |
Level 1 | Fair value, recurring | Municipal Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 0 | |
Cash and Cash Equivalents, Fair Value Disclosure | 1,377 | |
Level 2 | Fair value, recurring | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 9,675 | |
Available-for-sale Securities, Current | 0 | |
Other Assets, Fair Value Disclosure | 1,968 | |
Available-for-sale Securities, Noncurrent | 0 | |
Level 2 | Fair value, recurring | Municipal Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 908 | |
Available-for-sale Securities, Current | 0 | |
Level 2 | Fair value, recurring | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 14,350 | |
Available-for-sale Securities, Current | 0 | |
Other Assets, Fair Value Disclosure | 1,456 | |
Available-for-sale Securities, Noncurrent | 0 | |
Level 2 | Fair value, recurring | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 9,957 | |
Available-for-sale Securities, Current | 0 | |
Level 2 | Fair value, recurring | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 354 | |
Options and forward contracts designated as hedging instruments | Level 2 | Fair value, recurring | Designated as hedging instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 3 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 1,052 | $ 0 |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of fair value measurement using significant unobservable inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | ||||
Balance at January 1 | $ 56,780 | |||
Reclassification of warrant to preferred stocks to mezzanine equity | (1,149) | |||
Remeasurement of warrants to fair value | $ 0 | $ 5,928 | $ 0 | 1,776 |
Balance at June 30, 2021 | $ 53,855 | $ 53,855 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - shares | 1 Months Ended | |
Feb. 03, 2021 | Jul. 23, 2021 | |
Fair Value Disclosures [Abstract] | ||
Number of warrants converted (in shares) | 31,414 | |
Issuance of preferred stock upon exercise of warrants (in shares) | 27,011 | |
Stock issued during period, shares, conversion of warrants to common stock (in shares) | 7,067,699 |
DERIVATIVES AND HEDGING - Narra
DERIVATIVES AND HEDGING - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, notional amount | $ 31,021,000 | $ 31,021,000 |
Derivative asset, fair value | 3,000 | 3,000 |
Other comprehensive income (loss), cash flow hedge, gain (loss) reclassification | 735,000 | 602,000 |
Derivative Asset, Fair Value, Gross Liability | $ 1,052,000 | $ 1,052,000 |
DERIVATIVES AND HEDGING - Sched
DERIVATIVES AND HEDGING - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Derivative [Line Items] | ||
Total | $ 735 | $ 602 |
Cost of revenue | ||
Derivative [Line Items] | ||
Total | 124 | 100 |
Research and development | ||
Derivative [Line Items] | ||
Total | 373 | 308 |
Sales and marketing | ||
Derivative [Line Items] | ||
Total | 107 | 88 |
General and administrative | ||
Derivative [Line Items] | ||
Total | $ 131 | $ 106 |
LEASES - Schedule of Leases Cos
LEASES - Schedule of Leases Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 658 | $ 1,283 |
Short-term lease cost | 81 | 81 |
Variable lease cost | 6 | 18 |
Total | $ 745 | $ 1,382 |
LEASES - Schedue of Supplementa
LEASES - Schedue of Supplementary Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ (876) | $ (1,343) |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Operating Leases (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (Remainder) | $ 637 |
2023 | 3,446 |
2024 | 3,144 |
2025 | 3,203 |
2026 | 3,276 |
2027 and thereafter | 14,680 |
Total operating lease payments | 28,386 |
Less: imputed interest | 4,974 |
Total operating lease liabilities | $ 23,412 |
LEASES - Schedule of Future Min
LEASES - Schedule of Future Minimum Rental Payments (Details) | Dec. 31, 2021 USD ($) |
Leases [Abstract] | |
2022 | $ 1,317,000 |
2023 | 788,000 |
2024 | 806,000 |
2025 | 862,000 |
2026 | 919,000 |
2027 | 548,000 |
Total | $ 5,240,000 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 22, 2022 USD ($) | Apr. 06, 2022 m² | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||||
Operating leases, rent expense | $ 599 | $ 1,202 | ||||
Operating lease, weighted average discount rate, percent | 4.80% | |||||
Operating lease, weighted average remaining lease term | 9 years 6 months | |||||
Area of Real Estate Property | m² | 5,926 | |||||
Operating lease right-of-use assets | $ 23,897 | $ 0 | ||||
Lease Commenced On June 22, 2022 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease right-of-use assets | $ 19,586 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (Remainder) | $ 2,322 |
2023 | 12,084 |
2024 | 20,339 |
2025 | 13,000 |
2026 | 14,250 |
Total purchase commitment | $ 61,995 |
CONDENSED CONSOLIDATED BALANC_5
CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Table Text Block [Abstract] | ||
Prepaid expenses | $ 3,580 | $ 3,858 |
Government institutions | 540 | 576 |
Derivative instrument | 3 | 0 |
Restricted bank deposit | 1,850 | 0 |
Other current assets | 1,515 | 676 |
Prepaid expenses and other current assets | $ 7,488 | $ 5,110 |
CONDENSED CONSOLIDATED BALANC_6
CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Composition of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Cost | $ 15,201 | $ 15,201 | $ 12,159 | ||
Accumulated depreciation | (2,980) | (2,980) | (2,656) | ||
Depreciated cost | 12,221 | 12,221 | 9,503 | ||
Depreciation expenses | 568 | $ 332 | 970 | $ 633 | |
Computers and peripheral equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 4,139 | 4,139 | 3,668 | ||
Office furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 379 | 379 | 745 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 256 | 256 | 513 | ||
Finance leases of computers and peripheral equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 253 | 253 | 253 | ||
Internal use software | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | $ 10,174 | $ 10,174 | $ 6,980 |
CONDENSED CONSOLIDATED BALANC_7
CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Other Assets, Noncurrent (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Table Text Block [Abstract] | |||
Restricted cash | $ 1,500 | $ 422 | $ 407 |
Severance pay fund | 1,940 | 1,968 | |
Other | 123 | 153 | |
Other assets, noncurrent | $ 3,563 | $ 2,543 |
CONDENSED CONSOLIDATED BALANC_8
CONDENSED CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Table Text Block [Abstract] | ||
Accrued expenses | $ 5,661 | $ 7,240 |
Accrued taxes | 6,394 | 9,525 |
Derivative Liability, Current | 1,052 | 0 |
Other current liabilities | 1,439 | 1,731 |
Accrued expenses and other current liabilities | $ 14,546 | $ 18,496 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Schedule of carrying amounts and accumulated amortization expenses of intangible assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount: | $ 8,099 | $ 8,099 |
Accumulated amortization and impairments: | (6,573) | (6,190) |
Intangible assets, net | $ 1,526 | 1,909 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful life (in years) | 2 years 9 months | |
Gross carrying amount: | $ 4,700 | 4,700 |
Accumulated amortization and impairments: | $ (3,534) | (3,323) |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful life (in years) | 4 years 9 months | |
Gross carrying amount: | $ 2,419 | 2,419 |
Accumulated amortization and impairments: | $ (2,178) | (2,049) |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average remaining useful life (in years) | 11 months 1 day | |
Gross carrying amount: | $ 980 | 980 |
Accumulated amortization and impairments: | $ (861) | $ (818) |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expenses | $ 168 | $ 271 | $ 383 | $ 567 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization related to intangible assets other than goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 (Remainder) | $ 285 | |
2023 | 552 | |
2024 | 478 | |
2025 | 148 | |
2026 | 50 | |
2027 | 13 | |
Intangible assets, net | $ 1,526 | $ 1,909 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 2,082,000 | $ 1,446,000 | $ 4,168,000 | $ 3,252,000 |
Statutory tax rate | (14.00%) | (114.00%) | (14.00%) | (22.00%) |
NET LOSS PER SHARE ATTRIBUTAB_3
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS - Schedule of the computation of basic and diluted net earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net loss | $ 17,347 | $ 2,719 | $ 34,273 | $ 18,275 |
Preferred stock accretion and cumulative dividends | 0 | 3,412 | 0 | 6,672 |
Net loss attributable to common stockholders | 17,347 | 6,131 | 34,273 | 24,947 |
Change In Fair Value Of Warrant Liabilities | 0 | 5,928 | 0 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 17,347 | $ 12,059 | $ 34,273 | $ 24,947 |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 129,745,162 | 25,768,411 | 128,794,256 | 25,538,010 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 0 | 7,067,699 | 0 | 0 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ 0.13 | $ 0.24 | $ 0.27 | $ 0.98 |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ 0.13 | $ 0.37 | $ 0.27 | $ 0.98 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 129,745,162 | 32,836,110 | 128,794,256 | 25,538,010 |
NET LOSS PER SHARE ATTRIBUTAB_4
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS - Schedule of antidilutive securities excluded from computation of earnings per share (Details) - shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 37,827,145 | 56,019,748 |
Convertible and redeemable and convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 16,850,111 |
Warrants to purchase preferred and common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 7,680,954 |
Outstanding stock options and RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 37,827,145 | 31,488,683 |
REPORTABLE SEGMENTS AND GEOGR_3
REPORTABLE SEGMENTS AND GEOGRAPHICAL INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 41,978,000 | $ 41,603,000 | $ 83,694,000 | $ 79,316,000 |
Gross profit | 26,689,000 | 25,981,000 | 52,960,000 | 48,113,000 |
Operating expenses | 42,195,000 | 31,751,000 | 83,121,000 | 62,483,000 |
Financial income, net | (241,000) | (4,497,000) | (56,000) | 653,000 |
Provision for income taxes | (2,082,000) | (1,446,000) | (4,168,000) | (3,252,000) |
Net loss | 17,347,000 | 2,719,000 | 34,273,000 | 18,275,000 |
Enterprise, Education and Technology | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 30,403,000 | 30,237,000 | 60,130,000 | 57,555,000 |
Gross profit | 20,701,000 | 21,151,000 | 41,467,000 | 39,900,000 |
Media and Telecom | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 11,575,000 | 11,366,000 | 23,564,000 | 21,761,000 |
Gross profit | $ 5,988,000 | $ 4,830,000 | $ 11,493,000 | $ 8,213,000 |
LONG-TERM LOAN - Schedule of ag
LONG-TERM LOAN - Schedule of aggregate principal annual maturities of long-term loans (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 (Remainder) | $ 1,500 |
2023 | 6,000 |
2024 | 30,000 |
Long-term loans, total | $ 37,500 |
LONG-TERM LOAN - Narrative (Det
LONG-TERM LOAN - Narrative (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Line of Credit Facility [Line Items] | |
Current borrowing capacity | $ 12,500 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 |
Interest rate per annum | 5.17% |
Installments payable frequency of payments | quarterly |
Eurodollar | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Debt Instrument, Floor Rate | 1.67% |
Alternate Base Rate | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Federal Funds Effective Rate | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Debt Instrument, Floor Rate | 2% |
New Senior Secured Term Loan Facility | |
Line of Credit Facility [Line Items] | |
Aggregate principal amount of credit facility | $ 40,000 |
New Senior Secured Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Aggregate principal amount of credit facility | 10,000 |
On April 01, 2021, through December 31, 2021 | |
Line of Credit Facility [Line Items] | |
Amount of installments payable | 250 |
On March 31, 2022 through December 31, 2022 | |
Line of Credit Facility [Line Items] | |
Amount of installments payable | 750 |
On and after March 31, 2023 | |
Line of Credit Facility [Line Items] | |
Amount of installments payable | $ 1,500 |
STOCKHOLDERS' EQUITY AND EQUI_3
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jun. 30, 2022 |
Equity [Abstract] | ||
Number of additional shares authorized (in shares) | 6,346,255 | |
Cost not yet recognized, amount | $ 56,135 |
STOCKHOLDERS' EQUITY AND EQUI_4
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS - 1 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Number of Options | |||
Outstanding at beginning of period (in shares) | 32,702,963 | 32,702,963 | |
Granted (in shares) | 0 | ||
Exercised (in shares) | (2,708,716) | ||
Forfeited (in shares) | (1,168,779) | ||
Outstanding at end of period (in shares) | 28,825,468 | 28,825,468 | |
Exercisable options at end of period (in shares) | 16,859,320 | 16,859,320 | |
Weighted Average exercise price | |||
Outstanding at beginning of period (in dollars per share) | $ 3.98 | $ 3.98 | |
Granted (in dollars per share) | $ 0 | ||
Exercised (in dollars per share) | 0.50 | ||
Forfeited (in dollars per share) | 3.65 | ||
Outstanding at end of period (in dollars per share) | 4.32 | 4.32 | |
Exercisable options at end of period (in dollars per share) | $ 1.97 | $ 1.97 | |
Additional Disclosures | |||
Oustanding, weighted average remaining contractual term | 8 years 4 months 2 days | 8 years 2 months 23 days | |
Exercisable options at end of period, weighted average remaining contractual term | 8 years | ||
Oustanding at beginning of period, aggregate intrinsic value | $ 38,894 | $ 38,894 | |
Exercised, aggregate intrinsic value | 3,141 | ||
Oustanding at end of period, aggregate intrinsic value | $ 11,109 | 11,109 | |
Exercisable options at end of period, aggregate intrinsic value | $ 10,789 | $ 10,789 |
STOCKHOLDERS' EQUITY AND EQUI_5
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS - Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
RSUs Outstanding | ||
Unvested and outstanding, beginning balance (in shares) | 4,924,417 | |
RSUs granted (in shares) | 5,997,192 | |
RSUs vested (in shares) | (952,934) | |
RSUs forfeited (in shares) | (966,998) | |
Unvested and outstanding, ending balance (in shares) | 9,001,677 | 9,001,677 |
Weighted Average Grant Date Fair Value per Share | ||
Unvested and outstanding, beginning balance (in dollars per share) | $ 4.38 | |
RSU granted (in dollars per share) | $ 1.88 | |
RSU vested (in dollars per share) | 3.43 | |
RSU forfeited (in dollars per share) | 3.54 | |
Unvested and outstanding, ending balance (in dollars per share) | $ 3 | $ 3 |
STOCKHOLDERS' EQUITY AND EQUI_6
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS - Schedule of share-based compensation expense by line item (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses | $ 6,059 | $ 4,213 | $ 11,727 | $ 9,173 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses | 359 | 185 | 771 | 466 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses | 1,111 | 791 | 2,139 | 1,724 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses | 985 | 464 | 1,911 | 1,204 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses | $ 3,604 | $ 2,773 | $ 6,906 | $ 5,779 |
STOCKHOLDERS' EQUITY AND EQUI_7
STOCKHOLDERS' EQUITY AND EQUITY INCENTIVE PLANS - Schedule Of Shares Of Common Stock Reserved For Future Issuance (Details) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Oustanding options (in shares) | 28,825,468 | 32,702,963 |
Oustanding RSUs (in shares) | 9,001,677 | 4,924,417 |
Outstanding warrants to common stock (in shares) | 613,255 | |
Share reserved under 2021 Plan (in shares) | 42,927,402 | |
2021 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share reserved under 2021 Plan (in shares) | 4,487,002 |
SELECTED STATEMENT OF OPERATI_3
SELECTED STATEMENT OF OPERATIONS DATA (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial income: | ||||
Interest income | $ 166 | $ 0 | $ 172 | $ 0 |
Foreign currency translation adjustments, net | 773 | 0 | 1,304 | 0 |
Financial income | 939 | 5,928 | 1,476 | 1,776 |
Financial expenses: | ||||
Bank fees | 50 | 172 | 76 | 481 |
Remeasurement of warrants to fair value | 0 | 5,928 | 0 | 1,776 |
Interest expense | 489 | 611 | 987 | 1,462 |
Foreign currency translation adjustment, net | 0 | 499 | 0 | 274 |
Other | 159 | 149 | 357 | 212 |
Financial expenses | 698 | 1,431 | 1,420 | 2,429 |
Financial expenses (income), net | $ (241) | $ (4,497) | $ (56) | $ 653 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Text Block [Abstract] | ||||
Balance as of December 31, 2021; | $ 0 | |||
Other comprehensive loss before reclassifications | (1,825) | |||
Net realized losses reclassified from accumulated other comprehensive income | (631) | |||
Other comprehensive loss | $ (1,717) | $ 0 | (1,194) | $ 0 |
Balance as of June 30, 2022 | (1,194) | (1,194) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss before reclassifications | (1,825) | |||
Net realized losses reclassified from accumulated other comprehensive income | (631) | |||
Other comprehensive loss | (1,717) | $ 0 | (1,194) | $ 0 |
Accumulated other comprehensive loss | (1,194) | (1,194) | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||
Text Block [Abstract] | ||||
Balance as of December 31, 2021; | 0 | |||
Other comprehensive loss before reclassifications | (145) | |||
Net realized losses reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive loss | (145) | |||
Balance as of June 30, 2022 | (145) | (145) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss before reclassifications | (145) | |||
Net realized losses reclassified from accumulated other comprehensive income | 0 | |||
Other comprehensive loss | (145) | |||
Accumulated other comprehensive loss | (145) | (145) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Text Block [Abstract] | ||||
Balance as of December 31, 2021; | 0 | |||
Other comprehensive loss before reclassifications | (1,680) | |||
Net realized losses reclassified from accumulated other comprehensive income | (631) | |||
Other comprehensive loss | (1,049) | |||
Balance as of June 30, 2022 | (1,049) | (1,049) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss before reclassifications | (1,680) | |||
Net realized losses reclassified from accumulated other comprehensive income | (631) | |||
Other comprehensive loss | (1,049) | |||
Accumulated other comprehensive loss | $ (1,049) | $ (1,049) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2022 | Jun. 30, 2022 |
Subsequent Event [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Restructuring Charges | $ 1,000 | |
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 10% | |
Restructuring and Related Cost, Expected Cost | $ 18,000 | |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 13 |
Uncategorized Items - kltr-2022
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect | $ (87,211,000) |