0001391127-23-000016 | 10-K | XBRL Viewer

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Summary of Accounts Receivable and Allowances for Doubtful Accounts

Accounts receivable include:


	December 31,
	2022		2021
			As Restated
Accounts receivable	$	90,046	$	35,198
Less: credit allowance	(1,514)		(170)
Less: allowance for doubtful accounts	(3,905)		(1,500)
Total accounts receivable, net	$	84,627	$	33,528

The following is a roll-forward of the allowance for doubtful accounts related to trade accounts receivable for the years ended December 31, 2022 and 2021.


	December 31,
	2022		2021

Beginning of period	$	1,500	$	1,012
Provision for credit losses	2,413		1,082
Write-offs	(8)		(594)
End of period	$	3,905	$	1,500

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Related Party TransactionsCollege Parent and its related affiliates is considered to be a related party following the close of the Edgecast Acquisition due to its ownership interest. As of December 31, 2022, College Parent had approximately 36% ownership interest in Edgio. As of December 31, 2022, we had recorded receivables from College Parent and its affiliates related to reimbursement for certain compensation and severance plans. Additionally, as of December 31, 2022, we had recorded payables related to transition service agreements, which had been entered into between Edgio and College Parent and its related affiliates. For the year ended December 31, 2022, expenses related to these agreements were $33,312 of which $21,319 was recorded in cost of services, $5,796 was recorded in general and administrative, $198 was recorded in sales and marketing, and $5,999 was recorded in research and development within our consolidated statements of operations.

The following table summarizes the amounts due to and due from College Parent and its related affiliates as of December 31, 2022:


Prepaid assets and other current assets (1)	$	7,962
Other assets	2,318
Total amount due from related party	$	10,280

Accounts payable	$	18,224
Other current liabilities	9,931
Total amount due to related party (2)	$	28,155

(1) Includes $2,271 of receivables related to reimbursement from College Parent and its related affiliates for certain employee compensation expenses in excess of company requirements. As a result, these receivables were recorded as capital contributions in the consolidated statements of stockholders’ equity for the year ended December 31, 2022.

(2) Inclusive of $5,484 of transition service agreement credits from College Parent and its related affiliates. Costs associated with these services were recorded as incurred. For the year ended December 31, 2022, $859 was recorded in cost of services, $4,351 was recorded in general and administrative, and $274 was recorded in research and development within our consolidated statements of operations. Reductions to payables were recorded as capital contributions in the consolidated statements of stockholders’ equity for the year ended December 31, 2022.

Revenue from College Parent and its affiliates was $2,190 for the year ended December 31, 2022. Trade accounts receivable were $1,695 as of December 31, 2022.

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment include:


	December 31,
	2022		2021
			As Restated
Network equipment	$	176,899	$	138,030
Computer equipment and software	3,680		7,107
Furniture and fixtures	1,322		1,406
Leasehold improvements	6,017		6,454
Other equipment	17		17
Total property and equipment	187,935		153,014
Less: accumulated depreciation	(114,468)		(112,503)
Total property and equipment, net	$	73,467	$	40,511

Cost of revenue depreciation expense related to property and equipment was $28,171, $24,106, and $21,787, respectively, for the years ended December 31, 2022, 2021, and 2020, respectively.

Operating expense depreciation and amortization expense related to property and equipment was $1,789, $1,746, and $1,591, respectively, for the years ended December 31, 2022, 2021, and 2020, respectively. Restructuring expense depreciation expense related to property and equipment was $3,522 for the year ended December 31, 2022.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets include:


	December 31,
	2022		2021
			As Restated
Prepaid bandwidth and backbone	$	7,431	$	1,939
VAT receivable	5,805		4,781
Prepaid expenses and insurance	5,352		1,975
Financing receivables	3,218		3,962

Related party receivable	7,962		—
Vendor deposits and other	6,606		5,153
Total prepaid expenses and other current assets	$	36,374	$	17,810

Share-Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) participant $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of incentive stock options granted under the Plan may not be granted	100.00%
Weighted average period of unvested stock compensation	2 years 6 months
Unrecognized compensation expense	$ 27,605
Plan modification, number of individuals impacted \| participant	4
Plan modification, incremental expense	$ 314
Share-based compensation expense	$ 30,593	$ 20,480	$ 15,717
Percentage of compensation for dollar-for-dollar match on eligible employee's deferral	3.00%
Percentage of match on next 2% of employee deferrals	50.00%
Percentage of employee compensation for 50% match on employees deferral	2.00%
Matching contributions	$ 2,600	1,215	1,535
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, incremental expense	149
Share-based compensation expense	8,659	12,514	7,611
Sales and marketing expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, incremental expense	8
Share-based compensation expense	3,836	2,513	3,519
Restructuring charge
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, incremental expense	157
Share-based compensation expense	$ 0	$ 1,633	$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of options granted (in dollars per share) \| $ / shares	$ 1.30	$ 2.26	$ 2.26
Total intrinsic value of the options exercised	$ 6,358	$ 2,566	$ 9,963
Aggregate intrinsic value of options outstanding	$ 373
Weighted average remaining contractual options period exercisable	1 year 9 months 18 days
Unrecognized share-based compensation expense related to stock options	$ 4,018
Weighted average period of unvested stock compensation	3 years
Share-based compensation expense	$ 2,179	7,790	4,289
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of the units vested	12,989	$ 5,436	$ 14,371
Aggregate intrinsic value of restricted stock units outstanding	6,768
Unrecognized share-based compensation expense related to restricted stock awards	$ 14,418
Weighted average period of unvested stock compensation	2 years 3 months 18 days
Vested (in shares) \| shares	4,735	1,758	2,817
Share-based compensation expense	$ 27,603	$ 12,185	$ 10,494
RSUs with performance-based vesting conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of restricted stock units outstanding	8,166
Unrecognized share-based compensation expense related to restricted stock awards	$ 9,169
Weighted average period of unvested stock compensation	2 years 6 months
Vested (in shares) \| shares	0
Share-based compensation expense	$ 8,938	0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, exercise extension	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, exercise extension	2 years
Annual Corporate Bonus Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9,411	$ 1,422

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

The following is a summary of marketable securities (designated as available-for-sale) as of December 31, 2022:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Agency bonds	$	486	$	—	$	—	$	486
Certificate of deposit	40		—		—		40
Commercial paper	5,884		—		—		5,884
Corporate notes and bonds	11,395		—		15		11,380
Treasury bills	985		—		1		984

Total marketable securities	$	18,790	$	—	$	16	$	18,774

The following is a summary of marketable securities (designated as available-for-sale) as of December 31, 2021:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Certificate of deposit	$	40	$	—	$	—	$	40
Corporate notes and bonds	18,297		—		38		18,259
Municipal securities	19,117		—		9		19,108
Total marketable securities	$	37,454	$	—	$	47	$	37,407

Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity

The amortized cost and estimated fair value of the marketable securities as of December 31, 2022, by maturity, are shown below:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
Due in one year or less	$	18,750	$	—	$	16	$	18,734
Due after one year and through five years (1)	40		—		—		40
	$	18,790	$	—	$	16	$	18,774

____________

(1)Classified in other assets

The amortized cost and estimated fair value of the marketable securities as of December 31, 2021, by maturity, are shown below:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
Due in one year or less	$	37,209	$	—	$	47	$	37,162
Due after one year and through five years (1)	245		—		—		245
	$	37,454	$	—	$	47	$	37,407

____________

(1)Classified in other assets

Concentrations (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Concentration Risk [Line Items]

Revenue

$ 110,832

$ 63,586

$ 55,339

$ 57,178

$ 47,994

$ 46,285

$ 49,658

$ 118,925

$ 95,943

$ 229,757

$ 143,937

$ 338,598

^[1]

$ 201,115

^[1]

$ 223,990

^[1]

Sales Revenue | Geographic Concentration

Concentration Risk [Line Items]

Concentration risk percentage

100.00%

Sales Revenue | Geographic Concentration | United States / Americas

Concentration Risk [Line Items]

Revenue

$ 239,273

$ 124,747

$ 133,267

Sales Revenue | Geographic Concentration | United States and Japan

Concentration Risk [Line Items]

Concentration risk percentage

10.00%

Sales Revenue | Geographic Concentration | Japan, United Kingdom and United States

Concentration Risk [Line Items]

Concentration risk percentage

10.00%

Amazon | Sales Revenue | Customer Concentration

Concentration Risk [Line Items]

Concentration risk percentage

17.00%

32.00%

37.00%

Amazon | Accounts Receivable | Customer Concentration

Concentration Risk [Line Items]

Concentration risk percentage

20.00%

33.00%

Verizon | Sales Revenue | Customer Concentration

Concentration Risk [Line Items]

Concentration risk percentage

12.00%

Verizon | Accounts Receivable | Customer Concentration

Concentration Risk [Line Items]

Concentration risk percentage

13.00%

Sony | Sales Revenue | Customer Concentration

Concentration Risk [Line Items]

Concentration risk percentage

12.00%

11.00%

Microsoft | Accounts Receivable | Customer Concentration

Concentration Risk [Line Items]

Concentration risk percentage

10.00%

[1]	The year ended December 31, 2022, includes revenue and costs from related parties. See Note 18 for further details.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Summarizes of Amounts Due To and Due From

The following table summarizes the amounts due to and due from College Parent and its related affiliates as of December 31, 2022:


Prepaid assets and other current assets (1)	$	7,962
Other assets	2,318
Total amount due from related party	$	10,280

Accounts payable	$	18,224
Other current liabilities	9,931
Total amount due to related party (2)	$	28,155

Concentrations	12 Months Ended
Concentrations	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations	Concentrations During the year ended December 31, 2022, we had two clients, Amazon and Verizon, who represented approximately 17% and 12%, respectively, of our total revenue. During the year ended December 31, 2021 and 2020, we had two clients, Amazon and Sony which represented approximately 32% and 12%, respectively, and 37% and 11%, respectively, of our total revenue. As of December 31, 2022, Amazon, Verizon and Microsoft represented 20%, 13% and 10%, respectively, of our total accounts receivable. As of December 31, 2021, Amazon represented 33% of our total accounts receivable. Revenue from clients located within the United States, our country of domicile, was approximately $239,273, $124,747, and $133,267, respectively, for the years ended December 31, 2022, 2021, and 2020. During the years ended December 31, 2022, and 2021, respectively, based on client location, we had two countries: Japan and the United States, which individually accounted for 10% or more of our total revenue. During the year ended December 31, 2020, based on client location, we had three countries: Japan, the United Kingdom, and the United States, which accounted for 10% or more of our total revenue.

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 105,661	$ 15,661
Accumulated Amortization	(14,000)	(1,048)
Net Carrying Amount	91,661	14,613
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	91	91
Accumulated Amortization	(40)	(10)
Net Carrying Amount	51	81
Client relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48,090	7,090
Accumulated Amortization	(4,960)	(473)
Net Carrying Amount	43,130	6,617
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,480	8,480
Accumulated Amortization	(9,000)	(565)
Net Carrying Amount	$ 48,480	$ 7,915

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Share-based compensation	$ 7,462	$ 5,674
Net operating loss and tax credit carry-forwards	76,923	67,998
Interest expense	2,378	1,191
Deferred revenue	3,752	1,888
Accounts receivable reserves	1,279	371
Fixed assets	1,786	3,074
Compensation	480	247
Lease liability	3,261	2,567
Capitalized Research and Development	18,102	0
Inducement Income	9,418	4,062
Other	979	408
Total deferred tax assets	125,820	87,480
Deferred tax liabilities:
Fixed Assets	(2,514)	0
Intangible assets	(23,678)	(3,740)
Right-of-use asset	(1,188)	(1,396)
Prepaid expenses	(2,880)	(582)
Accrued Revenue	(3,598)	0
Other	(594)	(310)
Total deferred tax liabilities	(34,452)	(6,028)
Valuation allowance	(89,626)	(79,867)
Net deferred tax assets	$ 1,742	$ 1,585

Related Party Transactions - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Edgio, Inc. \| College Parent
Related Party Transaction [Line Items]
Ownership interest	36.00%
College Parent \| Affiliated Entity
Related Party Transaction [Line Items]
Expenses	$ 33,312
Revenue	2,190
Trade accounts receivable	1,695
College Parent \| Affiliated Entity \| Cost of Sales
Related Party Transaction [Line Items]
Expenses	21,319
College Parent \| Affiliated Entity \| General and administrative expense
Related Party Transaction [Line Items]
Expenses	5,796
College Parent \| Affiliated Entity \| Sales and Marketing Expense
Related Party Transaction [Line Items]
Expenses	198
College Parent \| Affiliated Entity \| Research and Development Expense
Related Party Transaction [Line Items]
Expenses	$ 5,999

Related Party Transactions - Summary of Amounts Due To and Due From (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

Capital contributions

$ 7,755

^[1]

Additional Paid-in Capital

Capital contributions

7,755

^[1]

College Parent

Capital contributions

5,484

College Parent | Cost of Sales

Capital contributions

859

College Parent | General and administrative expense

Capital contributions

4,351

College Parent | Research and Development Expense

Capital contributions

274

College Parent | Additional Paid-in Capital

Capital contributions

2,271

College Parent | Affiliated Entity

Total amount due from related party

10,280

Total amount due to related party

28,155

College Parent | Affiliated Entity | Prepaid assets and other current assets

Total amount due from related party

7,962

College Parent | Affiliated Entity | Other assets

Total amount due from related party

2,318

College Parent | Affiliated Entity | Accounts payable

Total amount due to related party

18,224

College Parent | Affiliated Entity | Other current liabilities

Total amount due to related party

$ 9,931

[1]	ncludes costs reimbursed by related parties. See Note 18 for further details.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment


Network equipment			3 years
Computer equipment and software			3 years
Furniture and fixtures			3-5 years
Other equipment			3-5 years

Property and equipment include:


	December 31,
	2022		2021
			As Restated
Network equipment	$	176,899	$	138,030
Computer equipment and software	3,680		7,107
Furniture and fixtures	1,322		1,406
Leasehold improvements	6,017		6,454
Other equipment	17		17
Total property and equipment	187,935		153,014
Less: accumulated depreciation	(114,468)		(112,503)
Total property and equipment, net	$	73,467	$	40,511

Investments in Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 18,790	$ 37,454
Gross Unrealized Gains	0	0
Gross Unrealized Losses	16	47
Estimated Fair Value	18,774	37,407
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	486
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value	486
Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40	40
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	40	40
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,884
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value	5,884
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,395	18,297
Gross Unrealized Gains	0	0
Gross Unrealized Losses	15	38
Estimated Fair Value	11,380	18,259
Treasury bills
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	985
Gross Unrealized Gains	0
Gross Unrealized Losses	1
Estimated Fair Value	$ 984
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		19,117
Gross Unrealized Gains		0
Gross Unrealized Losses		9
Estimated Fair Value		$ 19,108

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The net carrying amounts of the liability and equity components of the Notes consisted of the following:


	December 31,		December 31,
	2022		2021
Liability component:
Principal	$	125,000	$	125,000

Unamortized transaction costs	(2,369)		(3,218)
Net carrying amount	$	122,631	$	121,782

Interest expense recognized related to the Notes was as follows:


	Years Ended December 31,
	2022		2021
Contractual interest expense	$	4,375	$	4,353

Amortization of transaction costs	849		811
Total	$	5,224	$	5,164

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Network equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	5 years
Other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years
Other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	5 years

Share-Based Compensation - RSUs Outstanding (Details) shares in Thousands	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting	1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)	14,212	14,004	3,340	4,503
RSUs with service-based vesting conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)	5,989	6,699	3,340
RSUs with performance-based vesting conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)	8,223	7,305	0

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Changes in the components of accumulated other comprehensive loss, net of tax, for the year ended December 31, 2022, were as follows:




	Foreign		Available for
	Currency		Sale Securities		Total
Balance, December 31, 2021	$	(8,296)	$	(49)	$	(8,345)
Other comprehensive (loss) gain before reclassifications	(3,344)		24		(3,320)
Amounts reclassified from accumulated other comprehensive loss	—		—		—
Net current period other comprehensive (loss) gain	(3,344)		24		(3,320)
Balance, December 31, 2022	$	(11,640)	$	(25)	$	(11,665)

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On March 14, 2017, our board of directors authorized a $25,000 share repurchase program. Any shares repurchased under this program will be canceled and returned to authorized but unissued status. We did not purchase any shares during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there remained $21,200 under this share repurchase program. Amended and Restated Equity Incentive Plan We established the 2007 Equity Incentive Plan (the “2007 Plan”), which allows for the grant of equity, including stock options and restricted stock unit awards. In June 2016, our stockholders approved the Amended and Restated Equity Incentive Plan (the “Restated 2007 Plan”), which amended and restated the 2007 Plan. Approval of the Restated 2007 Plan replaced the terms and conditions of the 2007 Plan with the terms and conditions of the Restated 2007 Plan and extended the term of the Restated 2007 Plan to April 2026. There was no increase in the aggregate amount of shares available for issuance. The total number of shares available to be issued under the Restated 2007 Plan as of December 31, 2022 was 11,437. 2017 Moov Corporation Equity Incentive Plan In connection with our acquisition of Moov, we assumed each outstanding and unvested option to purchase Moov common stock granted pursuant to the Moov Corporation 2017 Equity Incentive Plan and such options became exercisable to purchase shares of our common stock, subject to appropriate adjustments to the number of shares and the exercise price of each such option. 2021 Inducement Plan In November 2021, we adopted the Inducement Plan pursuant to which we reserved 11,000 shares of common stock, to be used exclusively for grants of equity-based awards to highly qualified prospective officers and employees, as an inducement material to the individual's entry into employment with us within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan provides for the grant of equity-based awards in the form of non-statutory stock options, stock appreciation rights, restricted stock awards, and restricted stock unit awards. The Inducement Plan was adopted by our board of directors without stockholder approval pursuant to Rule 5634(c)(4) of the Nasdaq Listing Rules. We have issued 10,497 shares under the Inducement Plan as of December 31, 2022. Employee Stock Purchase Plan In June 2013, our stockholders approved our 2013 Employee Stock Purchase Plan (“ESPP”), authorizing the issuance of 4,000 shares. In May 2019, our stockholders approved the adoption of Amendment 1 to the ESPP. Amendment 1 increased the number of shares authorized to 9,000 shares (an increase of 5,000 shares) and amended the maximum number of shares of common stock that an eligible employee may be permitted to purchase during each offering period to be 5 shares. The ESPP allows participants to purchase our common stock at a 15% discount of the lower of the beginning or end of the offering period using the closing price on that day. During the years ended December 31, 2022, 2021, and 2020, we issued 829, 636, and 555 shares, respectively, under the ESPP. Total cash proceeds from the purchase of shares under the ESPP were $1,355, $1,638, and $1,936, respectively for the years ended December 31, 2022, 2021, and 2020. As of December 31, 2022, shares reserved for issuance to employees under this plan totaled 2,220 and we held employee contributions of $495 (included in other current liabilities) for future purchases under the ESPP. Preferred Stock Our board of directors have authorized the issuance of up to 7,500 shares of preferred stock as of December 31, 2022. The preferred stock may be issued in one or more series pursuant to a resolution or resolutions providing for such issuance duly adopted by the board of directors. As of December 31, 2022, the Board had not adopted any resolutions for the issuance of preferred stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Fair Value Investments

The following is a summary of fair value measurements as of December 31, 2022:


			Fair Value Measurements at Reporting Date Using
Description	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	49,422	$	49,422	$	—	$	—
Cash equivalents:
Money market funds	2,036		2,036		—		—
Commercial paper	1,195		—		1,195		—
Corporate notes and bonds	1,622		—		1,622		—
Yankee bond	1,000		—		1,000		—
Total cash equivalents	5,853		2,036		3,817		—
Total cash and cash equivalents	55,275		51,458		3,817		—
Marketable securities:
Agency bonds	486		—		486		—
Certificate of deposit (1)	40		—		40		—
Commercial paper	5,884		—		5,884		—
Corporate notes and bonds	11,380		—		11,380		—
Treasury bills	984		—		984		—
Total marketable securities	18,774		—		18,774		—
Total assets measured at fair value	$	74,049	$	51,458	$	22,591	$	—

____________

(1)Classified in other assets

The following is a summary of fair value measurements as of December 31, 2021:


			Fair Value Measurements at Reporting Date Using
Description	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	34,608	$	34,608	$	—	$	—
Cash and cash equivalents:
Money market funds	7,310		7,310		—		—
Total cash equivalents	7,310		7,310		—		—
Total cash and cash equivalents	41,918		41,918		—		—
Marketable securities:
Certificate of deposit (1)	40		—		40		—
Corporate notes and bonds	18,259		—		18,259		—
Municipal securities	19,108		—		19,108		—
Total marketable securities	37,407		—		37,407		—
Total assets measured at fair value	$	79,325	$	41,918	$	37,407	$	—

____________

(1)Classified in other assets

Business Acquisitions - Schedule of Pro Forma Information (Details) - Edgecast, Inc. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenue	$ 485,129	$ 524,537
Net loss	$ (146,643)	$ (168,067)

Debt - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jul. 27, 2020
Interest Expense
Amortization of transaction costs	$ 166
Convertible Senior Notes due 2025 \| Convertible debt
Liability component:
Principal	125,000	$ 125,000
Unamortized transaction costs	(2,369)	(3,218)
Net carrying amount	122,631	121,782	$ 102,500
Interest Expense
Contractual interest expense	4,375	4,353
Amortization of transaction costs	849	811
Total	$ 5,224	$ 5,164

Restructuring Charges - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
Restructuring Charges - Narrative (Details) $ in Thousands	Jun. 06, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) employee	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent event
Restructuring Cost and Reserve [Line Items]
Effect on future earnings, amount	$ 23,700
Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred				$ 3,200
Restructuring costs expected to be incurred			$ 500
Restructuring and related cost, expected number of positions eliminated \| employee			134,000
Restructuring and related cost, expected number of positions eliminated percentage			12.00%
Improved growth and profitability plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred					$ 8,438	$ 9,028
Termination costs					5,623
Impairment charges					2,815
Aligning workforce and facility requirements
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred					698	$ 4,397
Long term growth and reduction in workforce
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred		$ 10,894
Termination costs		2,605
Impairment charges					8,289
Restructuring costs expected to be incurred		$ 766			$ 766

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

come Taxes

Our loss before income taxes consists of the following:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Loss before income taxes:
United States	$	(162,729)	$	(63,683)	$	(23,732)
Foreign	5,130		3,671		2,250
	$	(157,599)	$	(60,012)	$	(21,482)

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


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Current:
Federal	$	—	$	—	$	—
State	81		121		85
Foreign	976		1,447		654
Total current	1,057		1,568		739
Deferred:
Federal	(17,492)		7		8
State	(5,700)		3		2
Foreign	1,055		(424)		(104)
Total deferred	(22,137)		(414)		(94)
Total (benefit) provision	$	(21,080)	$	1,154	$	645

A reconciliation of the U.S. federal statutory rate to our effective income tax rate is shown in the table below:


	Years Ended December 31,
	2022				2021				2020
					As Restated				As Restated
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	(33,096)	21.0	%	$	(12,602)	21.0	%	$	(4,511)	21.0	%
Valuation allowance	9,493		(6.3)	%	12,284		(20.4)	%	6,978		(32.5)	%
Foreign income taxes	220		(0.1)	%	251		(0.4)	%	88		(0.4)	%
State income taxes	(5,619)		3.5	%	(1,728)		2.9	%	(933)		4.3	%
Non-deductible expenses	896		(0.6)	%	455		(0.8)	%	58		(0.3)	%
Non-deductible acquisition costs	3,699		(2.3)	%	344		(0.6)	%	—		—	%
Uncertain tax positions	57		—	%	—		—	%	(11)		0.1	%
Non-deductible officer compensation	583		(0.4)	%	38		(0.1)	%	418		(1.9)	%
Share-based compensation	2,287		(1.4)	%	2,059		(3.4)	%	(1,478)		6.9	%

Other	400		(0.2)	%	53		(0.1)	%	36		(0.2)	%
Provision for income taxes	$	(21,080)	13.2	%	$	1,154	(1.9)	%	$	645	(3.0)	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purpose. Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2022		2021
			As Restated
Deferred tax assets:
Share-based compensation	$	7,462	$	5,674
Net operating loss and tax credit carry-forwards	76,923		67,998
Interest expense	2,378		1,191
Deferred revenue	3,752		1,888
Accounts receivable reserves	1,279		371
Fixed assets	1,786		3,074
Compensation	480		247
Lease liability	3,261		2,567
Capitalized Research and Development	18,102		—
Inducement Income	9,418		4,062
Other	979		408
Total deferred tax assets	125,820		87,480
Deferred tax liabilities:

Fixed Assets	(2,514)		—
Intangible assets	(23,678)		(3,740)
Right-of-use asset	(1,188)		(1,396)
Prepaid expenses	(2,880)		(582)
Accrued Revenue	(3,598)		—
Other	(594)		(310)
Total deferred tax liabilities	(34,452)		(6,028)
Valuation allowance	(89,626)		(79,867)
Net deferred tax assets	$	1,742	$	1,585

The federal and state net operating loss (“NOL”) carryforwards relate to prior years’ NOLs, which may be used to reduce tax liabilities in future years. As of December 31, 2022, we had $308,768 federal and $214,485 state NOL carryforwards. Our federal NOL will begin to expire in 2028 and the state NOL carryforwards began expiring in 2023. Pursuant

to Sections 382 and 383 of the Internal Revenue Code, the utilization of NOLs and other tax attributes may be subject to substantial limitations if certain ownership changes occur during a three-year testing period (as defined by the Internal Revenue Code). We did not have any state tax credit carryforwards as of December 31, 2022.

We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the evidence available, it is more-likely-than-not that such assets will not be realized. In making the assessment under the more-likely-than-not standard, appropriate consideration must be given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods by jurisdiction, unitary versus stand-alone state tax filings, our experience with loss carryforwards not expiring unutilized, and all tax planning alternatives that may be available.

A valuation allowance has been recorded against our deferred tax assets, with the exception of deferred tax assets at certain foreign subsidiaries, as management cannot conclude that it is more-likely-than-not that these assets will be realized. During the year ended December 31, 2022 we released $23,370 of our valuation allowance as the result of deferred tax liabilities acquired in the Edgecast Acquisition.

Estimated liabilities for unrecognized tax benefits are included in “other liabilities” on the consolidated balance sheet. These contingent liabilities relate to various tax matters that result from uncertainties in the application of complex income tax regulations in the numerous jurisdictions in which we operate. As of December 31, 2022, unrecognized tax benefits were $6,159, of which approximately $240, if recognized, would favorably impact the effective tax rate and the remaining balance would be substantially offset by valuation allowances.

A summary of the activities associated with our reserve for unrecognized tax benefits, interest and penalties follow:


	Unrecognized Tax Benefits
Balance as of January 1, 2021	$	2,468
Additions for tax positions related to current year	1,283
Additions for tax positions related to prior years	(194)
Settlements	—
Adjustment related to foreign currency translation	1
Reductions related to the lapse of applicable statute of limitations	—
Reduction for tax positions of prior years	—
Balance as of December 31, 2021	3,558
Additions for tax positions related to current year	3,183
Additions for tax positions related to prior years	(581)
Settlements	—
Adjustment related to foreign currency translation	(1)
Reductions related to the lapse of applicable statute of limitations	—
Reduction for tax positions of prior years	—
Balance as of December 31, 2022	$	6,159

We recognize interest and penalties related to unrecognized tax benefits in our tax provision. As of December 31, 2022, our interest and penalties accrual related to unrecognized tax benefits was de minimis. We anticipate our unrecognized tax benefits may increase or decrease within twelve months of the reporting date, as audits or reviews are initiated or settled and as a result of settled potential tax liabilities in certain foreign jurisdictions. We anticipate that $4,308 of our uncertain tax benefits could reverse within twelve months as a result of changing our tax methods of accounting related to the Open Edge arrangements.

We file income tax returns in jurisdictions with varying statues of limitations. Tax years 2019 through 2021 remain subject to examination by federal tax authorities. Tax years 2018 through 2021 generally remain subject to examination by state tax authorities. As of December 31, 2022, we are not under any federal or state income tax examinations.

Management asserts that its foreign earnings are permanently reinvested, and therefore, have not provided deferred taxes on foreign cash. Additionally, no additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis differences inherent in our foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. We will continue to monitor our foreign cash position as we maintain our assertion under the Accounting Principles Board (APB) 23.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022, which is effective January 1, 2023 and contains provisions implementing a 15% minimum corporate income tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. While the company is continuing to evaluate the impact of these provisions, at this time, they are not expected to have a material impact on the company’s consolidated financial statements.

- Definition

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

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+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Recognized Amount [Abstract]

Share-Based Compensation

Incentive Compensation Plans

We maintain incentive compensation plans (the “Plans”) to attract, motivate, retain, and reward high quality executives and other employees, officers, directors, and consultants by enabling such persons to acquire or increase a proprietary interest in the company. The Plans are intended to be qualified plans under the Internal Revenue Code.

The Plans allow us to award stock option grants, RSUs, and PSUs to employees, directors and consultants of the company. During 2022, we granted awards to employees, directors, and contractors. The exercise price of incentive stock options granted under the Plan may not be granted at less than 100% of the fair market value of our common stock on the date of the grant.

Data pertaining to stock option activity under the Plans are as follows:


	Number of Options Outstanding	Weighted Average Exercise Price
	(In thousands)
Balance as of December 31, 2019	17,634	$	3.12
Granted	1,509	4.18
Exercised	(2,870)	2.83
Cancelled/Forfeitures	(678)	3.98
Balance as of December 31, 2020	15,595	3.23
Granted	3,022	2.17
Exercised	(1,936)	2.35
Cancelled/Forfeitures	(3,252)	3.76
Balance as of December 31, 2021	13,429	3.00
Granted	2,405	2.30
Exercised	(3,535)	2.44
Cancelled/Forfeitures	(1,291)	4.32
Balance as of December 31, 2022	11,008	2.87

The following table summarizes the information about stock options outstanding and exercisable as of December 31, 2022:


Options Outstanding					Options Exercisable
Exercise Price	Number of Options Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Options Exercisable	Weighted Average Exercise Price
	(In thousands)				(In thousands)
$ 0.00 — $ 1.50	1,853	9.2	$	1.04	247	$	0.50
$ 1.51 — $ 3.00	4,456	1.4	2.37		4,167	2.35
$ 3.01 — $ 4.50	3,352	5.2	3.66		2,031	3.68
$ 4.51 — $ 6.00	1,344	1.8	5.05		1,319	5.05
$ 6.01 — $ 7.50	3	7.6	6.22		2	6.22
	11,008				7,766

The weighted-average grant-date fair value of options granted during the years ended December 31, 2022, 2021, and 2020 on a per-share basis was $1.30, $2.26, and $2.26, respectively. The total intrinsic value of the options exercised during the years ended December 31, 2022, 2021, and 2020 was $6,358, $2,566, and $9,963, respectively. The aggregate intrinsic value of options outstanding as of December 31, 2022 was $373. The weighted average remaining contractual term of options currently exercisable as of December 31, 2022 was 1.8 years.

The fair value of options awarded were estimated on the grant date using the following weighted average assumptions:


	Years Ended December 31,
	2022		2021		2020
Expected volatility	64.26	%	62.62	%	59.70	%
Expected term, years	5.14		4.65		5.99
Risk-free interest	3.48	%	0.66	%	0.62	%
Expected dividends	—	%	—	%	—	%

Unrecognized share-based compensation related to stock options totaled $4,018 as of December 31, 2022. We expect to amortize unvested stock compensation related to stock options over a weighted average period of approximately 3.0 years as of December 31, 2022.

The following table summarizes the RSUs outstanding (in thousands):


	Years Ended December 31,
	2022	2021	2020
RSUs with service-based vesting conditions	5,989	6,699	3,340
RSUs with performance-based vesting conditions	8,223	7,305	—
	14,212	14,004	3,340

Each RSU represents the right to receive one share of our common stock upon vesting. The fair value of these RSUs was calculated based upon our closing stock price on the date of grant.

Data pertaining to RSUs activity under the Plans is as follows:


	Number of Units	Weighted Average Fair Value
	(In thousands)
Balance as of December 31, 2019	4,503	$	3.45
Granted: RSUs	2,225	4.86
Vested	(2,817)	3.80
Forfeitures	(571)	3.51
Balance as of December 31, 2020	3,340	4.09
Granted: RSUs	6,506	2.94
Granted: Financial-based Performance RSUs	7,305	2.93
Vested	(1,758)	4.00
Forfeitures	(1,389)	3.74
Balance as of December 31, 2021	14,004	3.00
Granted: RSUs	4,757	2.83
Granted: Financial-based Performance RSUs	37	—
Granted: Financial-based Performance RSUs (1)	997	n/a
Vested	(4,735)	2.93
Forfeitures	(848)	3.51
Balance as of December 31, 2022	14,212	2.80

(1) Represents Performance RSUs for which performance targets have not yet been established, and which are not yet considered granted for accounting purposes.

The total intrinsic value of the RSUs vested during the years ended December 31, 2022, 2021, and 2020 was $12,989, $5,436, and $14,371, respectively. The aggregate intrinsic value of RSUs outstanding as of December 31, 2022 was $6,768. As of December 31, 2022, there was $14,418 of total unrecognized compensation costs related to RSUs. That cost related to RSUs is expected to be recognized over a weighted-average period of 2.3 years as of December 31, 2022.

As of December 31, 2022, no Performance RSUs were vested. The aggregate intrinsic value of Performance RSUs outstanding as of December 31, 2022 was $8,166. As of December 31, 2022 there was $9,169 of total unrecognized compensation costs related to Performance RSUs. That cost related to Performance RSUs is expected to be recognized over a weighted-average period of approximately 2.50 years as of December 31, 2022. We currently believe the performance targets related to the vesting of performance-based equity awards will be achieved. If such targets are not achieved or are subsequently determined to not be probable of being achieved, we will not recognize any compensation expense for the performance-based awards and will reverse any previously recognized expense on such performance-based awards.

Total unrecognized aggregate share-based compensation expense totaled $27,605 as of December 31, 2022, which is expected to be recognized over a weighted average period of approximately 2.5 years.

The following table summarizes the components of share-based compensation expense included in our consolidated statements of operations:


	Years Ended December 31,
	2022		2021		2020
Share-based compensation expense by type:
Stock options	$	2,179	$	7,790	$	4,289
Restricted stock units (1)	27,603		12,185		10,494
ESPP	811		505		934
Total share-based compensation expense	$	30,593	$	20,480	$	15,717
Share-based compensation expense included in the consolidated statements of operations:
Cost of services	$	2,443	$	1,385	$	1,998
General and administrative expense	8,659		12,514		7,611
Sales and marketing expense	3,836		2,513		3,519
Research and development expense	15,655		2,435		2,589
Restructuring charge	—		1,633		—
Total share-based compensation expense	$	30,593	$	20,480	$	15,717

(1) Includes expenses related to Performance RSUs for the year ended December 31, 2022 of $8,938. Expenses related to Performance RSUs for the year ended December 31,2021 were immaterial.

During the year ended December 31, 2022, we entered into transition agreements with four executives, which resulted in the modification of previously issued equity grants. The modifications were the result of us extending the period of time the employee receives to exercise their outstanding non-qualified stock options. The extension of time to exercise their outstanding non-qualified stock options for the four individuals ranged from six months to two years. The incremental expense recorded as a result of the modifications was $314, of which $149 was included in general and administrative expense, $8 was included in selling and marketing expense, and $157 was included in restructuring charges.

For the year ended December 31, 2022, we have recorded $9,411 of share-based compensation expense related to restricted stock units that are expected to be issued in 2023 to employees whom earned them as part of our 2022 annual corporate bonus plan and restricted stock units that were issued in 2022 to employees whom earned them as part of our 2022 retention bonus plan. For the year ended December 31, 2021, we recorded $1,422 of share-based compensation expense related to restricted stock units issued as part of our 2021 annual corporate bonus plan.

401(k) Plan

We manage the Edgio 401(k) Plan covering effectively all of our employees. The plan is a 401(k) profit sharing plan in which participating employees are fully vested in any contributions they make.

We will match employee deferrals as follows: a dollar-for-dollar match on eligible employee’s deferral that does not exceed 3% of compensation for the year and a 50% match on the next 2% of the employee deferrals. Our employees may elect to reduce their current compensation up to the statutory limit. We made matching contributions of $2,600, $1,215, and $1,535 during the years ended December 31, 2022, 2021, and 2020, respectively.

Investments in Marketable Securities - Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 18,750	$ 37,209
Amortized Cost, Due after one year and through five years	40	245
Amortized Cost	18,790	37,454
Gross Unrealized Gains, Due in one year or less	0	0
Gross Unrealized Gains, Due after one year and through five years	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses, Due in one year or less	16	47
Gross Unrealized Losses, Due after one year and through five years	0	0
Gross Unrealized Losses	16	47
Estimated Fair Value, Due in one year or less	18,734	37,162
Estimated Fair Value, Due after one year and through five years	40	245
Estimated Fair Value	$ 18,774	$ 37,407

Business Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Jun. 15, 2022 USD ($) tradingDay $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Sep. 30, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Share-based compensation expense						$ 30,593	$ 20,480	$ 15,717
Unrecognized compensation expense			$ 27,605	$ 27,605		$ 27,605
Acquired intangible assets, weighted average useful life		5 years				4 years 8 months 12 days	4 years 8 months 12 days
Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life						6 years 1 month 6 days	4 years 8 months 12 days
Cost of Sales
Business Acquisition [Line Items]
Share-based compensation expense						$ 2,443	$ 1,385	1,998
General and administrative expense
Business Acquisition [Line Items]
Share-based compensation expense						8,659	12,514	7,611
Sales and Marketing Expense
Business Acquisition [Line Items]
Share-based compensation expense						3,836	2,513	3,519
Research and Development Expense
Business Acquisition [Line Items]
Share-based compensation expense						15,655	2,435	$ 2,589
Edgecast, Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of interests acquired	100.00%
Consideration transferred	$ 199,837
Purchase consideration (in shares) \| shares	75,842,000
Business acquisition, expected purchase price	$ 270
Business acquisition, expected share price (in dollars per share) \| $ / shares	$ 4.1168
Business acquisition, share price, trading days \| tradingDay	30
Business combination, share price (in dollars per share) \| $ / shares	$ 2.42
Consideration , equity interest (in shares) \| shares			80,812,000
Consideration transferred, equity	$ 192,956
Business combination, shares cancellation (in shares) \| shares			1,078,000
Business acquisition, expected equity interest (in shares) \| shares	79,734,000
Issuance of common stock for employee compensation arrangements (in shares) \| shares	3,892,000
Common stock - contingent consideration	$ 16,900					16,300
Consideration allocated to employee compensation arrangements	9,419
Prepaid expense and other current assets recognized	6,573
Other assets recognized	$ 2,846
Share-based compensation expense						6,723
Unrecognized compensation expense			$ 2,696	2,696		2,696
Unrecognized compensation expense, to be recognized year one			$ 2,320	2,320		2,320
Property and equipment useful life	3 years
Deferred income taxes	$ 22,237
Business combination, pro forma information, revenue of acquiree since acquisition date, actual				$ 134,306
Transaction costs						25,332
Edgecast, Inc. \| Acquisition-Related Costs
Business Acquisition [Line Items]
Transaction costs						4,804
Edgecast, Inc. \| Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	7 years
Edgecast, Inc. \| Technology
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life	4 years
Edgecast, Inc. \| Cost of Sales
Business Acquisition [Line Items]
Share-based compensation expense						1,230
Edgecast, Inc. \| General and administrative expense
Business Acquisition [Line Items]
Share-based compensation expense						514
Edgecast, Inc. \| Sales and Marketing Expense
Business Acquisition [Line Items]
Share-based compensation expense						426
Edgecast, Inc. \| Research and Development Expense
Business Acquisition [Line Items]
Share-based compensation expense						$ 4,553
Edgecast, Inc. \| College Parent
Business Acquisition [Line Items]
Consideration , equity interest (in shares) \| shares	7,287,000
Consideration transferred, equity	$ 30,000
Contingent consideration, equity (in shares) \| shares	12,685,000
Earnout period, threshold trading days \| tradingDay	10
Earnout period, consecutive threshold trading days \| tradingDay	30
Edgecast, Inc. \| College Parent \| Stock price trigger, one
Business Acquisition [Line Items]
Contingent consideration, equity (in shares) \| shares	5,398,000
Earnout period, stock trigger price (in dollars per share) \| $ / shares	$ 6.1752
Edgecast, Inc. \| College Parent \| Stock price trigger, two
Business Acquisition [Line Items]
Contingent consideration, equity (in shares) \| shares	4,048,000
Earnout period, stock trigger price (in dollars per share) \| $ / shares	$ 8.2336
Edgecast, Inc. \| College Parent \| Stock price trigger, three
Business Acquisition [Line Items]
Contingent consideration, equity (in shares) \| shares	3,239,000
Earnout period, stock trigger price (in dollars per share) \| $ / shares	$ 10.2920
Moov Corporation
Business Acquisition [Line Items]
Business acquisition, percentage of interests acquired		100.00%			100.00%
Consideration transferred		$ 52,747
Business combination, share price (in dollars per share) \| $ / shares		$ 2.68			$ 2.68
Consideration , equity interest (in shares) \| shares		6,926,000
Consideration transferred, equity		$ 18,481
Business combination, pro forma information, revenue of acquiree since acquisition date, actual							4,500
Transaction costs							$ 1,640
Consideration transferred, cash		34,266
Contingent consideration, liability		$ 4,300			$ 4,300
Cash consideration, earnout period		3 years
Revenue of acquiree prior to acquisition date					8,969
Loss of acquiree prior to acquisition date					$ 628

Restatement of Previously Issued Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement and Recasting of Previously Reported Financial Results

In the following tables, we have presented a reconciliation of our consolidated balance sheets from our prior periods as previously reported to the restated amounts as of December 31, 2021 and 2020, as well as our consolidated statements of operations and consolidated statements of cash flows from our prior periods as previously reported to the restated amounts for the years ended December 31, 2021 and 2020. The consolidated statements of comprehensive loss and consolidated statements of stockholders' equity for the years ended December 31, 2021 and 2020 have been restated for the correction to net loss. As of December 31, 2019, accumulated deficit and accumulated stockholders' equity in the consolidated statements of stockholders' equity were restated to reflect immaterial errors in Open Edge arrangements arising in periods commencing prior to 2020.

Edgio, Inc.

Consolidated Balance Sheet

(In thousands, except per share data)


	December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	41,918	$	—		$	41,918
Marketable securities	37,367		—			37,367
Accounts receivable, net	42,217		(8,689)		1	33,528
Income taxes receivable	61		—			61
Prepaid expenses and other current assets	13,036		4,774		1	17,810
Total current assets	134,599		(3,915)			130,684
Property and equipment, net	33,622		6,889		2	40,511
Operating lease right of use assets	6,338		—			6,338
Deferred income taxes	1,893		—			1,893
Goodwill	114,511		—			114,511
Intangible assets, net	14,613		—			14,613
Other assets	5,525		—			5,525
Total assets	$	311,101	$	2,974		$	314,075
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	11,631	$	(1,007)	3	$	10,624
Deferred revenue	3,266		768		4	4,034
Operating lease liability obligations	1,861		—			1,861
Income taxes payable	873		—			873
Financing obligations	—		4,648		5	4,648
Other current liabilities	19,292		219		3	19,511
Total current liabilities	36,923		4,628			41,551
Convertible senior notes, net	121,782		—			121,782
Operating lease liability obligations, less current portion	9,616		—			9,616
Deferred income taxes	308		—			308
Deferred revenue, less current portion	116		—			116
Financing obligations, less current portion	—		7,851		5	7,851
Other long-term liabilities	777		—			777
Total liabilities	169,522		12,479			182,001
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 134,337 shares issued and outstanding as of December 31, 2021	134		—			134
Common stock contingent consideration	—		—			—
Additional paid-in capital	576,807		—			576,807
Accumulated other comprehensive loss	(8,345)		—			(8,345)
Accumulated deficit	(427,017)		(9,505)		6	(436,522)
Total stockholders’ equity	141,579		(9,505)			132,074
Total liabilities and stockholders’ equity	$	311,101	$	2,974		$	314,075

1 Results from errors related to Open Edge arrangements, whereby trade receivables from equipment sales are now classified as financing receivables and recognized within prepaid expenses and other current assets. In addition to the reclassification, the recognition of the financing receivables typically falls in later periods than the previously recognized trade receivables.

2 Results from errors related to Open Edge arrangements, whereby previously reported cost of services are now included within property and equipment, net as control of the equipment has not transferred to the partner.

3 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized as accrued cost of services within accounts payable, are now allocated to the financing obligation and interest payable on financing obligations within other current liabilities.

4 The correction of other immaterial errors affecting deferred revenue and revenue in the consolidated statement of operations.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections of errors to the consolidated statement of operations.

Edgio, Inc.

Consolidated Balance Sheet

(In thousands, except per share data


	December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	46,795	$	—		$	46,795
Marketable securities	76,928		—			76,928
Accounts receivable, net	31,675		(2,601)		1	29,074
Income taxes receivable	68		—			68
Prepaid expenses and other current assets	15,588		401		1	15,989
Total current assets	171,054		(2,200)			168,854
Property and equipment, net	46,418		2,670		2	49,088
Operating lease right of use assets	10,150		—			10,150
Deferred income taxes	1,530		—			1,530
Goodwill	77,753		—			77,753

Other assets	7,273		—			7,273
Total assets	$	314,178	$	470		$	314,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,587	$	(217)	3	$	4,370
Deferred revenue	933		385		4	1,318
Operating lease liability obligations	2,465		—			2,465
Income taxes payable	253		—			253
Financing obligations	—		3,381		5	3,381
Other current liabilities	17,560		21		3	17,581
Total current liabilities	25,798		3,570			29,368
Convertible senior notes, net	100,945		—			100,945
Operating lease liability obligations, less current portion	11,265		—			11,265
Deferred income taxes	279		—			279
Deferred revenue, less current portion	220		—			220

Other long-term liabilities	479		—			479
Total liabilities	138,986		3,570			142,556
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 123,653 shares issued and outstanding as of December 31, 2021	124		—			124
Common stock contingent consideration	—		—			—
Additional paid-in capital	556,512		—			556,512
Accumulated other comprehensive loss	(7,511)		—			(7,511)
Accumulated deficit	(373,933)		(3,100)		6	(377,033)
Total stockholders’ equity	175,192		(3,100)			172,092
Total liabilities and stockholders’ equity	$	314,178	$	470		$	314,648

4 The correction of other immaterial errors affecting deferred revenue and revenue in the consolidated statement of operations.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections of errors to the consolidated statement of operations.

Edgio, Inc.

Consolidated Statement of Operations

(In thousands, except per share data)


	For the year ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	217,630	$	(16,515)	1	$	201,115
Cost of revenue:
Cost of services	134,773		(12,086)		2	122,687
Depreciation — network	22,508		1,598		3	24,106
Total cost of revenue	157,281		(10,488)			146,793
Gross profit	60,349		(6,027)			54,322
Operating expenses:
General and administrative	40,091		—			40,091
Sales and marketing	29,760		200		4	29,960
Research and development	21,669		—			21,669
Depreciation and amortization	2,794		—			2,794
Restructuring charges	13,425		—			13,425
Total operating expenses	107,739		200			107,939
Operating loss	(47,390)		(6,227)			(53,617)
Other income (expense):
Interest expense	(5,245)		(178)		5	(5,423)
Interest income	134		—			134
Other, net	(1,106)		—			(1,106)
Total other expense	(6,217)		(178)			(6,395)
Loss before income taxes	(53,607)		(6,405)			(60,012)
Income tax expense	1,154		—			1,154
Net loss	$	(54,761)	$	(6,405)		$	(61,166)
Net loss per share:
Basic	$	(0.43)	$	(0.05)		$	(0.48)
Diluted	$	(0.43)	$	(0.05)		$	(0.48)
Weighted-average shares used in per share calculation:
Basic	127,789		127,789			127,789
Diluted	127,789		127,789			127,789

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

2 Results from errors related to Open Edge arrangements, whereby certain previously recorded cost of services are now included within property and equipment, net and a portion of the revenue share minimum fee commitment, previously recognized as cost of services, are now allocated to the financing obligation and interest expense.

3 Results from errors related to Open Edge arrangements, whereby equipment sold previously recognized within cost of services are now included in property and equipment, net, and depreciated over their remaining useful lives within depreciation – network.

4 Results from other immaterial errors impacting sales and marketing expense.

5 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized as cost of services, are now recognized as interest expense on financing obligations.

Edgio, Inc.

Consolidated Statement of Operations

(In thousands, except per share data)


	For the year ended December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	230,194	$	(6,204)	1	$	223,990
Cost of revenue:
Cost of services	125,509		(3,583)		2	121,926
Depreciation — network	21,579		208		3	21,787
Total cost of revenue	147,088		(3,375)			143,713
Gross profit	83,106		(2,829)			80,277
Operating expenses:
General and administrative	31,284		—			31,284
Sales and marketing	42,945		—			42,945
Research and development	21,680		—			21,680
Depreciation and amortization	1,591		—			1,591
Restructuring charges	—		—			—
Total operating expenses	97,500		—			97,500
Operating loss	(14,394)		(2,829)			(17,223)
Other income (expense):
Interest expense	(3,939)		(21)		4	(3,960)
Interest income	69		—			69
Other, net	(368)		—			(368)
Total other expense	(4,238)		(21)			(4,259)
Loss before income taxes	(18,632)		(2,850)			(21,482)
Income tax expense	645		—			645
Net loss	$	(19,277)	$	(2,850)		$	(22,127)
Net loss per share:
Basic	$	(0.16)	$	(0.02)		$	(0.18)
Diluted	$	(0.16)	$	(0.02)		$	(0.18)
Weighted-average shares used in per share calculation:
Basic	121,196		121,196			121,196
Diluted	121,196		121,196			121,196

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

2 Results from errors related to Open Edge arrangements, whereby previously recorded cost of services are now included within property and equipment, net and a portion of the revenue share minimum fee commitment, previously recognized as cost of services, are now allocated to the financing obligation and interest expense.

4 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized as cost of services, are now recognized as interest expense on financing obligations.

Edgio, Inc.

Consolidated Statement of Cash Flows

(In thousands)


	Year Ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(54,761)	$	(6,405)		$	(61,166)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	25,302		1,598		1	26,900
Share-based compensation	20,480		—			20,480
Foreign currency remeasurement loss	142		—			142
Deferred income taxes	(414)		—			(414)
(Gain) on sale of property and equipment	(247)		—			(247)
Accounts receivable charges	1,082		—			1,082
Amortization of premium on marketable securities	1,879		—			1,879
Realized loss on marketable securities	—		—			—
Noncash interest expense	811		—			811
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	(9,109)		6,088		2	(3,021)
Prepaid expenses and other current assets	1,966		(431)		2	1,535
Income taxes receivable	(47)		—			(47)
Other assets	3,961		—			3,961
Accounts payable and other current liabilities	8,903		(161)		3	8,742
Deferred revenue	(879)		383		4	(496)

Income taxes payable	645		—			645

Other long term liabilities	300		—			300
Net cash provided by operating activities	14		1,072			1,086
Investing activities
Purchases of marketable securities	(62,076)		—			(62,076)
Sale and maturities of marketable securities	99,760		—			99,760
Purchases of property and equipment	(15,810)		(6,250)		5	(22,060)
Proceeds from sale of property and equipment	247		—			247
Cash (used for) acquisition of business	(30,968)		—			(30,968)
Net cash (used in) investing activities	(8,847)		(6,250)			(15,097)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		9,385		6	9,385
Repayment of financing obligations	—		(4,207)		6	(4,207)
Payment of employee tax withholdings related to restricted stock vesting	(1,626)		—			(1,626)
Proceeds from employee stock plans	6,185		—			6,185
Net cash provided by financing activities	4,529		5,178			9,707
Effect of exchange rate changes on cash and cash equivalents	(573)		—			(573)
Net (decrease) in cash and cash equivalents	(4,877)		—			(4,877)
Cash and cash equivalents, beginning of year	46,795		—			46,795
Cash and cash equivalents, end of year	$	41,918	$	—		$	41,918
Supplement disclosure of cash flow information
Cash paid during the year for interest	$	4,505	$	133	7	$	4,638
Cash paid during the year for income taxes, net of refunds	$	928	$	—		$	928
Common stock issued in connection with acquisition of business	$	18,433	$	—		$	18,433


Property and equipment included in accounts payable and other current liabilities	$	977	$	43	5	$	1,020
Noncash additions to financing receivables	$	—	$	13,325	2	$	13,325


Noncash additions to short-term financing liabilities	$	—	$	4,687	3	$	4,687
Noncash additions to long-term financing liabilities	$	—	$	8,638	3	$	8,638

1 Results from errors related to Open Edge arrangements, whereby equipment sold previously recognized within cost of services are now included in property and equipment, net, and depreciated over their remaining useful life.

2 Results from errors related to Open Edge arrangements, whereby trade receivables from equipment sales are now classified as financing receivables and recognized within prepaid expenses and other current assets. In addition to its reclassification, the timing in recognition of the financing receivables is later than the original recognition of trade receivables.

3 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized as cost of services within accounts payable, are now allocated to the financing obligation and interest expense.

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 The correction of these errors resulted from errors in accounting for Open Edge arrangements, whereby the carrying value of the Open Edge equipment was previously reflected as a cash inflow in purchases for property and equipment upon sale to the Open Edge partner.

6 Results from errors related to Open Edge arrangements, whereby proceeds from previously recorded revenue are now classified as proceeds from financing obligations and payments related to the revenue share minimum fee commitment, previously recognized as cost of services, are now classified as repayment of the financing obligation and interest paid.

7 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized cost of services, are now recognized as interest expense on financing obligations.

Edgio, Inc.

Consolidated Statement of Cash Flows

(In thousands)


	Year Ended December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(19,277)	$	(2,850)		$	(22,127)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	23,170		208		1	23,378
Share-based compensation	15,717		—			15,717
Foreign currency remeasurement loss	214		—			214
Deferred income taxes	(94)		—			(94)
Loss on sale of property and equipment	6		—			6
Accounts receivable charges	801		—			801
Amortization of premium on marketable securities	606		—			606
Realized loss on marketable securities	(3)		—			(3)
Noncash interest expense	1,938		—			1,938
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	2,000		2,370		2	4,370
Prepaid expenses and other current assets	(5,717)		(170)		2	(5,887)
Income taxes receivable	19		—			19
Other assets	2,762		—			2,762
Accounts payable and other current liabilities	(1,069)		(668)		3	(1,737)
Deferred revenue	17		134		4	151

Income taxes payable	71		—			71

Other long term liabilities	167		—			167
Net cash provided by (used in) operating activities	21,328		(976)			20,352
Investing activities
Purchases of marketable securities	(88,754)		—			(88,754)
Sale and maturities of marketable securities	11,172		—			11,172
Purchases of property and equipment	(25,085)		(2,405)		5	(27,490)
Proceeds from sale of property and equipment	2		—			2
Cash acquired in acquisition of business	—		—			—
Net cash (used in) investing activities	(102,665)		(2,405)			(105,070)
Financing activities
Proceeds from issuance of debt, net	121,600		—			121,600
Purchase of capped calls	(16,413)		—			(16,413)
Payment of debt issuance costs	(859)		—			(859)
Proceeds from financing obligations	—		3,381		6	3,381
Repayment of financing obligations	—		—			—
Payment of employee tax withholdings related to restricted stock vesting	(4,878)		—			(4,878)


Proceeds from employee stock plans	10,068		—			10,068
Net cash provided by financing activities	109,518		3,381			112,899
Effect of exchange rate changes on cash and cash equivalents	279		—			279
Net increase in cash and cash equivalents	28,460		—			28,460
Cash and cash equivalents, beginning of year	18,335		—			18,335
Cash and cash equivalents, end of year	$	46,795	$	—		$	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest	$	108	$	—		$	108
Cash paid during the year for income taxes, net of refunds	$	626	$	—		$	626



Property and equipment included in accounts payable and other current liabilities	$	1,260	$	472	5	$	1,732
Noncash additions to financing receivables	$	—	$	3,381	2	$	3,381
Noncash additions to short-term financing liabilities	$	—	$	2,696	3	$	2,696
Noncash additions to long-term financing liabilities	$	—	$	685	3	$	685

4 The correction of other immaterial errors affecting deferred revenue and revenue.

In the following tables, we have presented a reconciliation of our consolidated balance sheet from our prior periods as previously reported to the restated as of the quarters ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021.


	September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	59,306	$	—		$	59,306
Marketable securities	11,444		—			11,444
Accounts receivable, net	122,397		(19,434)		1	102,963
Income taxes receivable	59		—			59
Prepaid expenses and other current assets	28,775		7,024		1	35,799
Total current assets	221,981		(12,410)			209,571
Property and equipment, net	91,670		13,858		2	105,528
Operating lease right of use assets	6,680		—			6,680
Deferred income taxes	2,745		—			2,745
Goodwill	171,065		—			171,065
Intangible assets, net	67,738		—			67,738
Other assets	7,820		—			7,820
Total assets	$	569,699	$	1,448		$	571,147
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	39,755	$	(1,600)	3	$	38,155
Deferred revenue	6,357		691		4	7,048
Operating lease liability obligations	4,396		—			4,396
Income taxes payable	433		—			433
Financing obligations	—		6,314		5	6,314
Other current liabilities	86,754		(109)		3	86,645
Total current liabilities	137,695		5,296			142,991
Convertible senior notes, net	122,416		—			122,416
Operating lease liability obligations, less current portion	10,511		—			10,511
Deferred income taxes	95		—			95
Deferred revenue, less current portion	2,938		—			2,938
Financing obligations, less current portion	—		14,243		5	14,243
Other long-term liabilities	710		—			710
Total liabilities	274,365		19,539			293,904
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 221,583 shares issued and outstanding as of September 30, 2022	222		—			222
Common stock contingent consideration	16,300		—			16,300
Additional paid-in capital	797,508		3,189		6	800,697
Accumulated other comprehensive loss	(13,462)		—			(13,462)
Accumulated deficit	(505,234)		(21,280)		7	(526,514)
Total stockholders’ equity	295,334		(18,091)			277,243
Total liabilities and stockholders’ equity	$	569,699	$	1,448		$	571,147

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Results from errors related to the accounting for transitional services whereby services provided at no charge by College Parent, who has a significant ownership interest in Edgio, are now accounted for as capital contributions and expensed as incurred at the estimated fair value of the services provided.

7 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	55,175	$	—		$	55,175
Marketable securities	22,158		—			22,158
Accounts receivable, net	108,445		(16,361)		1	92,084
Income taxes receivable	58		—			58
Prepaid expenses and other current assets	32,107		11,476		1	43,583
Total current assets	217,943		(4,885)			213,058
Property and equipment, net	106,059		10,769		2	116,828
Operating lease right of use assets	7,124		—			7,124
Deferred income taxes	2,866		—			2,866
Goodwill	163,489		—			163,489
Intangible assets, net	72,655		—			72,655
Other assets	7,374		—			7,374
Total assets	$	577,510	$	5,884		$	583,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	19,800	$	(345)	3	$	19,455
Deferred revenue	4,790		806		4	5,596
Operating lease liability obligations	4,755		—			4,755
Income taxes payable	262		—			262
Financing obligations	—		5,865		5	5,865
Other current liabilities	75,391		(407)		3	74,984
Total current liabilities	104,998		5,919			110,917
Convertible senior notes, net	122,202		—			122,202
Operating lease liability obligations, less current portion	11,352		—			11,352
Deferred income taxes	100		—			100
Deferred revenue, less current portion	1,530		—			1,530
Financing obligations, less current portion	—		14,292		5	14,292
Other long-term liabilities	716		—			716
Total liabilities	240,898		20,211			261,109
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—


Common stock, $0.001 par value; 300,000 shares authorized; 219,706 shares issued and outstanding as of June 30, 2022	220		—			220
Common stock contingent consideration	16,900		—			16,900
Additional paid-in capital	793,522		447		6	793,969
Accumulated other comprehensive loss	(11,413)		—			(11,413)
Accumulated deficit	(462,617)		(14,774)		7	(477,391)
Total stockholders’ equity	336,612		(14,327)			322,285
Total liabilities and stockholders’ equity	$	577,510	$	5,884		$	583,394

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

7 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	27,175	$	—		$	27,175
Marketable securities	34,751		—			34,751
Accounts receivable, net	55,040		(9,623)		1	45,417
Income taxes receivable	63		—			63
Prepaid expenses and other current assets	16,044		6,526		1	22,570
Total current assets	133,073		(3,097)			129,976
Property and equipment, net	34,792		6,606		2	41,398
Operating lease right of use assets	6,064		—			6,064
Deferred income taxes	1,822		—			1,822
Goodwill	113,463		—			113,463
Intangible assets, net	13,827		—			13,827
Other assets	4,819		—			4,819
Total assets	$	307,860	$	3,509		$	311,369
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	15,599	$	(887)	3	$	14,712
Deferred revenue	2,189		811		4	3,000
Operating lease liability obligations	1,754		—			1,754
Income taxes payable	215		—			215
Financing obligations	—		4,740		5	4,740
Other current liabilities	20,403		247		3	20,650
Total current liabilities	40,160		4,911			45,071
Convertible senior notes, net	121,991		—			121,991
Operating lease liability obligations, less current portion	9,209		—			9,209
Deferred income taxes	303		—			303


Deferred revenue, less current portion	282		—			282
Financing obligations, less current portion	—		9,202		5	9,202
Other long-term liabilities	721		—			721
Total liabilities	172,666		14,113			186,779
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 138,178 shares issued and outstanding as of March 31, 2022	138		—			138
Additional paid-in capital	590,249		—			590,249
Accumulated other comprehensive loss	(9,004)		—			(9,004)
Accumulated deficit	(446,189)		(10,604)		6	(456,793)
Total stockholders’ equity	135,194		(10,604)			124,590
Total liabilities and stockholders’ equity	$	307,860	$	3,509		$	311,369

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	39,585	$	—		$	39,585
Marketable securities	36,201		—			36,201
Accounts receivable, net	46,179		(9,692)		1	36,487
Income taxes receivable	62		—			62
Prepaid expenses and other current assets	13,396		6,409		1	19,805
Total current assets	135,423		(3,283)			132,140
Property and equipment, net	36,392		5,699		2	42,091
Operating lease right of use assets	7,683		—			7,683
Deferred income taxes	1,693		—			1,693
Goodwill	105,221		—			105,221
Intangible assets, net	23,680		—			23,680
Other assets	6,012		—			6,012
Total assets	$	316,104	$	2,416		$	318,520
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,768	$	(1,007)	3	$	12,761
Deferred revenue	7,965		99		4	8,064
Operating lease liability obligations	1,966		—			1,966
Income taxes payable	443		—			443


Financing obligations	—		4,854		5	4,854
Other current liabilities	17,950		85		3	18,035
Total current liabilities	42,092		4,031			46,123
Convertible senior notes, net	121,576		—			121,576
Operating lease liability obligations, less current portion	10,045		—			10,045
Deferred income taxes	308		—			308
Deferred revenue, less current portion	307		—			307
Financing obligations, less current portion	—		5,425		5	5,425
Other long-term liabilities	453		—			453
Total liabilities	174,781		9,456			184,237
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 133,812 shares issued and outstanding as of September 30, 2021	134		—			134
Additional paid-in capital	571,268		—			571,268
Accumulated other comprehensive loss	(8,491)		—			(8,491)
Accumulated deficit	(421,588)		(7,040)		6	(428,628)
Total stockholders’ equity	141,323		(7,040)			134,283
Total liabilities and stockholders’ equity	$	316,104	$	2,416		$	318,520

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	44,065	$	—		$	44,065
Marketable securities	75,471		—			75,471
Accounts receivable, net	24,867		(3,550)		1	21,317
Income taxes receivable	57		—			57
Prepaid expenses and other current assets	14,557		1,388		1	15,945
Total current assets	159,017		(2,162)			156,855
Property and equipment, net	42,406		3,847		2	46,253
Operating lease right of use assets	8,929		—			8,929
Deferred income taxes	1,604		—			1,604
Goodwill	77,642		—			77,642
Other assets	6,187		—			6,187
Total assets	$	295,785	$	1,685		$	297,470
LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities:
Accounts payable	$	12,459	$	(590)	3	$	11,869
Deferred revenue	524		157		4	681
Operating lease liability obligations	1,977		—			1,977
Income taxes payable	388		—			388
Financing obligations	—		3,756		5	3,756
Other current liabilities	16,877		81		3	16,958
Total current liabilities	32,225		3,404			35,629
Convertible senior notes, net	121,371		—			121,371
Operating lease liability obligations, less current portion	10,358		—			10,358
Deferred income taxes	306		—			306
Deferred revenue, less current portion	272		—			272
Financing obligations, less current portion	—		1,440		5	1,440
Other long-term liabilities	369		—			369
Total liabilities	164,901		4,844			169,745
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 126,705 shares issued and outstanding as of June 30, 2021	127		—			127
Additional paid-in capital	550,205		—			550,205
Accumulated other comprehensive loss	(7,965)		—			(7,965)
Accumulated deficit	(411,483)		(3,159)		6	(414,642)
Total stockholders’ equity	130,884		(3,159)			127,725
Total liabilities and stockholders’ equity	$	295,785	$	1,685		$	297,470

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	35,620	$	—		$	35,620
Marketable securities	81,308		—			81,308
Accounts receivable, net	29,151		(3,815)		1	25,336
Income taxes receivable	102		—			102
Prepaid expenses and other current assets	14,784		2,109		1	16,893
Total current assets	160,965		(1,706)			159,259
Property and equipment, net	46,863		3,016		2	49,879
Operating lease right of use assets	9,521		—			9,521
Deferred income taxes	1,577		—			1,577
Goodwill	77,421		—			77,421
Other assets	6,782		—			6,782
Total assets	$	303,129	$	1,310		$	304,439
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,029	$	(525)	3	$	7,504
Deferred revenue	844		307		4	1,151
Operating lease liability obligations	2,233		—			2,233
Income taxes payable	322		—			322
Financing obligations			3,721		5	3,721
Other current liabilities	19,264		13		3	19,277
Total current liabilities	30,692		3,516			34,208
Convertible senior notes, net	121,200		—			121,200
Operating lease liability obligations, less current portion	10,781		—			10,781
Deferred income taxes	360		—			360
Deferred revenue, less current portion	226		—			226
Financing obligations, less current portion	—		854		5	854
Other long-term liabilities	476		—			476
Total liabilities	163,735		4,370			168,105
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock,$0.001 par value; 300,000 shares authorized; 125,248 shares issued and outstanding as of March 31, 2021	125		—			125
Additional paid-in capital	545,516		—			545,516
Accumulated other comprehensive loss	(8,462)		—			(8,462)
Accumulated deficit	(397,785)		(3,060)		6	(400,845)
Total stockholders’ equity	139,394		(3,060)			136,334
Total liabilities and stockholders’ equity	$	303,129	$	1,310		$	304,439

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.

In the following tables, we have presented a reconciliation of previously reported unaudited consolidated statements of operations for the three- and nine-month periods ended September 30, 2022 and 2021, the three- and six-month periods ended June 30, 2022 and 2021 and three-month periods ended March 31, 2022 and 2021 to the restated amounts. We have also presented the three- month period ended December 31, 2021.


	Three Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	121,156	$	(10,324)	1, 6	$	110,832
Cost of revenue:
Cost of services	74,421		(7,281)		2. 4. 6	67,140
Depreciation — network	9,841		1,062		3	10,903
Total cost of revenue	84,262		(6,219)			78,043
Gross profit	36,894		(4,105)			32,789
Operating expenses:
General and administrative	22,198		(60)		4	22,138
Sales and marketing	14,428		20		4	14,448
Research and development	30,173		2,289		4	32,462
Depreciation and amortization	5,943		—			5,943
Restructuring charges	4,070		—			4,070
Total operating expenses	76,812		2,249			79,061
Operating loss	(39,918)		(6,354)			(46,272)
Other income (expense):
Interest expense	(1,317)		(229)		5	(1,546)
Interest income	140		—			140
Other, net	(1,082)		77		6	(1,005)
Total other expense	(2,259)		(152)			(2,411)
Loss before income taxes	(42,177)		(6,506)			(48,683)
Income tax expense	440		—			440
Net loss	$	(42,617)	$	(6,506)		$	(49,123)
Net loss per share:
Basic	$	(0.19)	$	(0.03)		$	(0.22)
Diluted	$	(0.19)	$	(0.03)		$	(0.22)
Weighted-average shares used in per share calculation:
Basic	220,194		220,194			220,194
Diluted	220,194		220,194			220,194

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from errors related to the accounting for transitional services whereby services provided at no charge by College Parent, who has a significant ownership interest in Edgio, are now accounted for as capital contributions and expensed as incurred at the estimated fair value of the services provided, net other errors related to transitional services.

5 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized cost of services, are now recognized as interest expense on financing obligations.

6 The correction of other immaterial errors affecting revenue, cost of services, and other, net.


	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	253,426	$	(23,669)	1, 6	$	229,757
Cost of revenue:
Cost of services	155,578		(17,047)		2, 4, 6	138,531
Depreciation — network	20,833		2,709		3	23,542
Total cost of revenue	176,411		(14,338)			162,073
Gross profit	77,015		(9,331)			67,684
Operating expenses:
General and administrative	64,958		(175)		4	64,783
Sales and marketing	33,001		(92)		4	32,909
Research and development	51,911		2,300		4	54,211
Depreciation and amortization	8,483		—			8,483
Restructuring charges	9,136		—			9,136
Total operating expenses	167,489		2,033			169,522
Operating loss	(90,474)		(11,364)			(101,838)
Other income (expense):
Interest expense	(3,945)		(489)		5	(4,434)
Interest income	200		—			200
Other, net	(2,941)		77		6	(2,864)
Total other expense	(6,686)		(412)			(7,098)
Loss before income taxes	(97,160)		(11,776)			(108,936)
Income tax (benefit)	(18,943)		—			(18,943)
Net loss	$	(78,217)	$	(11,776)		$	(89,993)
Net loss per share:
Basic	$	(0.46)	$	(0.07)		$	(0.53)
Diluted	$	(0.46)	$	(0.07)		$	(0.53)
Weighted-average shares used in per share calculation:
Basic	169,166		169,166			169,166
Diluted	169,166		169,166			169,166

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

2 /Results from errors related to Open Edge arrangements, whereby previously recorded cost of services are now included within property and equipment, net and a portion of the revenue share minimum fee commitment, previously recognized as cost of services, are now allocated to the financing obligation and interest.

6 The correction of other immaterial errors affecting revenue, cost of services, and other, net.


	Three Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	74,312	$	(10,726)	1	$	63,586
Cost of revenue:
Cost of services	46,088		(7,370)		2, 4	38,718
Depreciation — network	5,903		888		3	6,791
Total cost of revenue	51,991		(6,482)			45,509
Gross profit	22,321		(4,244)			18,077
Operating expenses:
General and administrative	26,927		(115)		4	26,812
Sales and marketing	10,946		(112)		4	10,834
Research and development	12,161		10		4	12,171
Depreciation and amortization	1,508		—			1,508
Restructuring charges	4,368		—			4,368
Total operating expenses	55,910		(217)			55,693
Operating loss	(33,589)		(4,027)			(37,616)
Other income (expense):
Interest expense	(1,315)		(143)		5	(1,458)
Interest income	33		—			33
Other, net	(1,146)		—			(1,146)
Total other expense	(2,428)		(143)			(2,571)
Loss before income taxes	(36,017)		(4,170)			(40,187)
Income tax (benefit)	(19,589)		—			(19,589)
Net loss	$	(16,428)	$	(4,170)		$	(20,598)
Net loss per share:
Basic	$	(0.11)	$	(0.03)		$	(0.14)
Diluted	$	(0.11)	$	(0.03)		$	(0.14)
Weighted-average shares used in per share calculation:
Basic	151,776		151,776			151,776
Diluted	151,776		151,776			151,776

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Six Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	132,270	$	(13,345)	1	$	118,925
Cost of revenue:
Cost of services	81,157		(9,766)		2, 4	71,391
Depreciation — network	10,992		1,647		3	12,639
Total cost of revenue	92,149		(8,119)			84,030
Gross profit	40,121		(5,226)			34,895
Operating expenses:
General and administrative	42,760		(115)		4	42,645
Sales and marketing	18,573		(112)		4	18,461
Research and development	21,738		11		4	21,749
Depreciation and amortization	2,540		—			2,540
Restructuring charges	5,066		—			5,066
Total operating expenses	90,677		(216)			90,461
Operating loss	(50,556)		(5,010)			(55,566)
Other income (expense):
Interest expense	(2,628)		(260)		5	(2,888)
Interest income	60		—			60
Other, net	(1,859)		—			(1,859)
Total other expense	(4,427)		(260)			(4,687)
Loss before income taxes	(54,983)		(5,270)			(60,253)
Income tax (benefit)	(19,383)		—			(19,383)
Net loss	$	(35,600)	$	(5,270)		$	(40,870)
Net loss per share:
Basic	$	(0.25)	$	(0.03)		$	(0.28)
Diluted	$	(0.25)	$	(0.03)		$	(0.28)
Weighted-average shares used in per share calculation:
Basic	143,652		143,652			143,652
Diluted	143,652		143,652			143,652

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	57,959	$	(2,620)	1	$	55,339
Cost of revenue:
Cost of services	35,070		(2,397)		2	32,673
Depreciation — network	5,089		759		3	5,848
Total cost of revenue	40,159		(1,638)			38,521
Gross profit	17,800		(982)			16,818
Operating expenses:
General and administrative	15,833		—			15,833
Sales and marketing	7,627		—			7,627
Research and development	9,577		—			9,577
Depreciation and amortization	1,032		—			1,032
Restructuring charges	698		—			698
Total operating expenses	34,767		—			34,767
Operating loss	(16,967)		(982)			(17,949)
Other income (expense):
Interest expense	(1,313)		(118)		4	(1,431)
Interest income	27		—			27
Other, net	(713)		—			(713)
Total other expense	(1,999)		(118)			(2,117)
Loss before income taxes	(18,966)		(1,100)			(20,066)
Income tax expense	206		—			206
Net loss	$	(19,172)	$	(1,100)		$	(20,272)
Net loss per share:
Basic	$	(0.14)	$	(0.01)		$	(0.15)
Diluted	$	(0.14)	$	(0.01)		$	(0.15)
Weighted-average shares used in per share calculation:
Basic	135,528		135,528			135,528
Diluted	135,528		135,528			135,528

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized cost of services, are now recognized as interest expense on financing obligations.


	Three Months Ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	62,885	$	(5,707)	1	$	57,178
Cost of revenue:
Cost of services	35,065		(4,189)		2	30,876
Depreciation — network	5,215		661		3	5,876
Total cost of revenue	40,280		(3,528)			36,752
Gross profit	22,605		(2,179)			20,426
Operating expenses:
General and administrative	9,147		—			9,147
Sales and marketing	8,141		200		4	8,341
Research and development	5,149		—			5,149
Depreciation and amortization	976		—			976
Restructuring charges	2,627		—			2,627
Total operating expenses	26,040		200			26,240
Operating loss	(3,435)		(2,379)			(5,814)
Other income (expense):
Interest expense	(1,346)		(86)		5	(1,432)
Interest income	30		—			30
Other, net	(242)		—			(242)
Total other expense	(1,558)		(86)			(1,644)
Loss before income taxes	(4,993)		(2,465)			(7,458)
Income tax expense	436		—			436
Net loss	$	(5,429)	$	(2,465)		$	(7,894)
Net loss per share:
Basic	$	(0.04)	$	(0.02)		$	(0.06)
Diluted	$	(0.04)	$	(0.02)		$	(0.06)
Weighted-average shares used in per share calculation:
Basic	134,023		134,023			134,023
Diluted	134,023		134,023			134,023

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from other immaterial errors impacting sales and marketing expense.


	Three Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	55,202	$	(7,208)	1	$	47,994
Cost of revenue:
Cost of services	33,687		(3,795)		2	29,892
Depreciation — network	5,685		431		3	6,116
Total cost of revenue	39,372		(3,364)			36,008
Gross profit	15,830		(3,844)			11,986
Operating expenses:
General and administrative	10,532		—			10,532
Sales and marketing	5,987		—			5,987
Research and development	5,205		—			5,205
Depreciation and amortization	730		—			730
Restructuring charges	1,770		—			1,770
Total operating expenses	24,224		—			24,224
Operating loss	(8,394)		(3,844)			(12,238)
Other income (expense):
Interest expense	(1,308)		(37)		4	(1,345)
Interest income	17		—			17
Other, net	(209)		—			(209)
Total other expense	(1,500)		(37)			(1,537)
Loss before income taxes	(9,894)		(3,881)			(13,775)
Income tax expense	211		—			211
Net loss	$	(10,105)	$	(3,881)		$	(13,986)
Net loss per share:
Basic	$	(0.08)	$	(0.03)		$	(0.11)
Diluted	$	(0.08)	$	(0.03)		$	(0.11)
Weighted-average shares used in per share calculation:
Basic	126,791		126,791			126,791
Diluted	126,791		126,791			126,791

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Nine Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	154,745	$	(10,808)	1	$	143,937
Cost of revenue:
Cost of services	99,708		(7,897)		2	91,811
Depreciation — network	17,293		937		3	18,230
Total cost of revenue	117,001		(6,960)			110,041
Gross profit	37,744		(3,848)			33,896
Operating expenses:
General and administrative	30,944		—			30,944
Sales and marketing	21,619		—			21,619
Research and development	16,520		—			16,520
Depreciation and amortization	1,818		—			1,818
Restructuring charges	10,798		—			10,798
Total operating expenses	81,699		—			81,699
Operating loss	(43,955)		(3,848)			(47,803)
Other income (expense):
Interest expense	(3,899)		(92)		4	(3,991)
Interest income	104		—			104
Other, net	(864)		—			(864)
Total other expense	(4,659)		(92)			(4,751)
Loss before income taxes	(48,614)		(3,940)			(52,554)
Income tax expense	718		—			718
Net loss	$	(49,332)	$	(3,940)		$	(53,272)
Net loss per share:
Basic	$	(0.39)	$	(0.03)		$	(0.42)
Diluted	$	(0.39)	$	(0.03)		$	(0.42)
Weighted-average shares used in per share calculation:
Basic	125,710		125,710			125,710
Diluted	125,710		125,710			125,710

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	48,348	$	(2,063)	1	$	46,285
Cost of revenue:
Cost of services	32,976		(2,307)		2	30,669
Depreciation — network	5,929		310		3	6,239
Total cost of revenue	38,905		(1,997)			36,908
Gross profit	9,443		(66)			9,377
Operating expenses:
General and administrative	7,515		—			7,515
Sales and marketing	5,784		—			5,784
Research and development	5,187		—			5,187
Depreciation and amortization	549		—			549
Restructuring charges	2,155		—			2,155
Total operating expenses	21,190		—			21,190
Operating loss	(11,747)		(66)			(11,813)
Other income (expense):
Interest expense	(1,305)		(33)		4	(1,338)
Interest income	42		—			42
Other, net	(440)		—			(440)
Total other expense	(1,703)		(33)			(1,736)
Loss before income taxes	(13,450)		(99)			(13,549)
Income tax expense	248		—			248
Net loss	$	(13,698)	$	(99)		$	(13,797)
Net loss per share:
Basic	$	(0.11)	$	—		$	(0.11)
Diluted	$	(0.11)	$	—		$	(0.11)
Weighted-average shares used in per share calculation:
Basic	126,050		126,050			126,050
Diluted	126,050		126,050			126,050

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Six Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	99,543	$	(3,600)	1	$	95,943
Cost of revenue:
Cost of services	66,021		(4,102)		2	61,919
Depreciation — network	11,608		506		3	12,114
Total cost of revenue	77,629		(3,596)			74,033
Gross profit	21,914		(4)			21,910
Operating expenses:
General and administrative	20,412		—			20,412
Sales and marketing	15,631		—			15,631
Research and development	11,315		—			11,315
Depreciation and amortization	1,089		—			1,089
Restructuring charges	9,028		—			9,028
Total operating expenses	57,475		—			57,475
Operating loss	(35,561)		(4)			(35,565)
Other income (expense):
Interest expense	(2,591)		(55)		4	(2,646)
Interest income	87		—			87
Other, net	(655)		—			(655)
Total other expense	(3,159)		(55)			(3,214)
Loss before income taxes	(38,720)		(59)			(38,779)
Income tax expense	507		—			507
Net loss	$	(39,227)	$	(59)		$	(39,286)
Net loss per share:
Basic	$	(0.31)	$	—		$	(0.31)
Diluted	$	(0.31)	$	—		$	(0.31)
Weighted-average shares used in per share calculation:
Basic	125,170		125,170			125,170
Diluted	125,170		125,170			125,170

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	51,195	$	(1,537)	1	$	49,658
Cost of revenue:
Cost of services	33,021		(1,771)		2, 4	31,250
Depreciation — network	5,679		195		3	5,874
Total cost of revenue	38,700		(1,576)			37,124
Gross profit	12,495		39			12,534
Operating expenses:
General and administrative	12,948		(51)		4	12,897
Sales and marketing	9,835		13		4	9,848
Research and development	6,113		15		4	6,128
Depreciation and amortization	540		—			540
Restructuring charges	6,873		—			6,873
Total operating expenses	36,309		(23)			36,286
Operating loss	(23,814)		62			(23,752)
Other income (expense):
Interest expense	(1,286)		(22)		5	(1,308)
Interest income	45		—			45
Other, net	(214)		—			(214)
Total other expense	(1,455)		(22)			(1,477)
Loss before income taxes	(25,269)		40			(25,229)
Income tax expense	260		—			260
Net loss	$	(25,529)	$	40		$	(25,489)
Net loss per share:
Basic	$	(0.21)	$	—		$	(0.21)
Diluted	$	(0.21)	$	—		$	(0.21)
Weighted-average shares used in per share calculation:
Basic	124,290		124,290			124,290
Diluted	124,290		124,290			124,290

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 The correction of other immaterial errors affecting cost of services, general and administrative, sales and marketing, and research and development.

In the following tables, we have presented a reconciliation of previously reported unaudited consolidated statements of cash flows for the nine-month periods ended September 30, 2022 and 2021, the six-month periods ended June 30, 2022 and 2021, and the three-month periods ended March 31, 2022 and 2021 to the restated amounts.


	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(78,217)	$	(11,776)		$	(89,993)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	29,316		2,709		1	32,025
Share-based compensation	22,656		—			22,656
Foreign currency remeasurement loss	614		—			614
Deferred income taxes	(19,117)		—			(19,117)
(Gain) on sale of property and equipment	(47)		—			(47)
Accounts receivable charges	671		—			671
Amortization of premium on marketable securities	526		—			526
Noncash interest expense	634		—			634
Noncash capital contributions from parent	—		3,189		2	3,189
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(33,136)		10,745		3	(22,391)
Prepaid expenses and other current assets	(1,521)		(1,954)		3, 4	(3,475)
Income taxes receivable	(721)		—			(721)
Other assets	(200)		—			(200)
Accounts payable and other current liabilities	52,437		(900)		5	51,537
Deferred revenue	4,831		(77)		4	4,754
Income taxes payable	(424)		—			(424)
Other long-term liabilities	(57)		—			(57)
Net cash (used in) provided by operating activities	(21,755)		1,936			(19,819)
Investing activities
Purchases of marketable securities	(19,781)		—			(19,781)
Sale and maturities of marketable securities	45,191		—			45,191
Purchases of property and equipment	(20,516)		(9,696)		6	(30,212)
Proceeds from sale of property and equipment	47		—			47
Cash acquired in acquisition of business	30,866		(1,037)		4	29,829
Net cash provided by (used in) investing activities	35,807		(10,733)			25,074
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		12,604		7	12,604
Repayment of financing obligations	—		(3,807)		7	(3,807)
Payments of employee tax withholdings related to restricted stock vesting	(3,371)		—			(3,371)
Proceeds from employee stock plans	9,361		—			9,361
Net cash provided by financing activities	5,990		8,797			14,787
Effect of exchange rate changes on cash and cash equivalents	(2,654)		—			(2,654)
Net increase in cash and cash equivalents	17,388		—			17,388
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	59,306	$	—		$	59,306
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	4,405	$	343	8	$	4,748
Cash paid during the period for income taxes, net of refunds	$	1,202	$	—		$	1,202
Common stock issued in connection with acquisition of business	$	186,196	$	—		$	186,196
Common stock contingent consideration related to business combination	$	16,300	$	—		$	16,300
Common stock issued for employee compensation arrangements	$	9,419	$	—		$	9,419
Property and equipment remaining in accounts payable and other current liabilities	$	1,298	$	25	6	$	1,323
Noncash additions to financing receivables	$	—	$	11,865	3	$	11,865


Noncash additions to short-term financing liabilities	$	—	$	2,919	5	$	2,919
Noncash additions to long-term financing liabilities	$	—	$	8,946	5	$	8,946

2 Results from errors related to the accounting for transitional services whereby services provided at no charge by College Parent, who has a significant ownership interest in Edgio, are now accounted for as capital contributions and expensed as incurred at the estimated fair value of the services provided.

3 Results from errors related to Open Edge arrangements, whereby trade receivables from equipment sales are now classified as financing receivables and recognized within prepaid expenses and other current assets. In addition to its reclassification, the timing in recognition of the financing receivables is later than the original recognition of trade receivables.

4 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash outflows in operating and financing activities.

5 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized as cost of services within accounts payable, are now allocated to the financing obligation and interest.

6 The correction of these errors resulted from errors in accounting for Open Edge arrangements, whereby the carrying value of the Open Edge equipment was previously reflected as a cash inflow in purchases for property and equipment upon sale to the Open Edge partner.

7 Results from errors related to Open Edge arrangements, whereby proceeds from previously recorded revenue are now classified as proceeds from financing obligations and payments related to the revenue share minimum fee commitment, previously recognized as cost of services, are now classified as repayment of

the financing obligation and interest paid.

8 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized cost of services, are now recognized as interest expense on financing obligations.


	Six Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(35,600)	$	(5,270)		$	(40,870)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	13,532		1,647		1	15,179
Share-based compensation	14,303		—			14,303
Foreign currency remeasurement loss	683		—			683
Deferred income taxes	(19,280)		—			(19,280)
(Gain) on sale of property and equipment	(10)		—			(10)
Accounts receivable charges	278		—			278
Amortization of premium on marketable securities	484		—			484
Noncash interest expense	420		—			420
Noncash capital contributions from parent	—		447		2	447
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(17,956)		7,672		3	(10,284)
Prepaid expenses and other current assets	(4,625)		(558)		3, 4	(5,183)
Income taxes receivable	(555)		—			(555)
Other assets	1,126		(120)			1,006
Accounts payable and other current liabilities	26,671		42		5	26,713
Deferred revenue	1,867		38		4	1,905
Income taxes payable	(603)		—			(603)
Other long-term liabilities	(57)		—			(57)
Net cash (used in) provided by operating activities	(19,322)		3,898			(15,424)
Investing activities
Purchases of marketable securities	(8,179)		—			(8,179)
Sale and maturities of marketable securities	22,871		—			22,871
Purchases of property and equipment	(18,325)		(5,531)		6	(23,856)
Proceeds from sale of property and equipment	10		—			10
Cash acquired in acquisition of business	30,866		(1,037)		4	29,829
Net cash provided by (used in) investing activities	27,243		(6,568)			20,675
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		5,502		7	5,502
Repayment of financing obligations	—		(2,832)		7	(2,832)
Payments of employee tax withholdings related to restricted stock vesting	(1,809)		—			(1,809)


Proceeds from employee stock plans	8,771		—			8,771
Net cash provided by financing activities	6,962		2,670			9,632
Effect of exchange rate changes on cash and cash equivalents	(1,626)		—			(1,626)
Net increase in cash and cash equivalents	13,257		—			13,257
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	55,175	$	—		$	55,175
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,208	$	238	8	$	2,446
Cash paid during the period for income taxes, net of refunds	$	1,002	$	—		$	1,002
Common stock issued in connection with acquisition of business	$	186,146	$	—		$	186,146
Common stock contingent consideration related to business combination	$	16,900	$	—		$	16,900
Common stock issued for employee compensation arrangements	$	9,419	$	—		$	9,419
Property and equipment remaining in accounts payable and other current liabilities	$	1,100	$	39	6	$	1,139
Noncash additions to financing receivables	$	—	$	10,489	3	$	10,489
Noncash additions to short-term financing liabilities	$	—	$	2,627	5	$	2,627
Noncash additions to long-term financing liabilities	$	—	$	7,862	5	$	7,862

4 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash flows in operating and financing activities.

6 The correction of these errors resulted from the errors in accounting for Open Edge arrangements, whereby the carrying value of the Open Edge equipment was previously reflected as a cash inflow in purchases for property and equipment upon sale to the Open Edge partner.


	Three Months Ended March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(19,172)	$	(1,100)		$	(20,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,121		759		1	6,880
Share-based compensation	7,012		—			7,012
Foreign currency remeasurement loss	242		—			242
Deferred income taxes	(2)		—			(2)
Gain on sale of property and equipment	—		—			—
Accounts receivable charges	272		—			272
Amortization of premium on marketable securities	280		—			280
Noncash interest expense	209		—			209
Changes in operating assets and liabilities:
Accounts receivable	(13,095)		934		2	(12,161)
Prepaid expenses and other current assets	(3,174)		446		2, 3	(2,728)
Income taxes receivable	(2)		—			(2)
Other assets	834		(368)			466
Accounts payable and other current liabilities	3,625		188		4	3,813
Deferred revenue	(911)		43		3	(868)
Income taxes payable	(655)		—			(655)
Other long term liabilities	(55)		—			(55)
Net cash (used in) provided by operating activities	(18,471)		902			(17,569)
Investing activities


Purchases of marketable securities	(6,839)		—			(6,839)
Sale and maturities of marketable securities	9,087		—			9,087
Purchases of property and equipment	(5,350)		(513)		5	(5,863)
Proceeds from sale of property and equipment	—		—			—
Cash used for acquisition of business	492		(655)		3	(163)
Net cash (used in) investing activities	(2,610)		(1,168)			(3,778)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		1,602		6	1,602
Repayment of financing obligations	—		(1,336)		6	(1,336)
Payments of employee tax withholdings related to restricted stock vesting	(1,285)		—			(1,285)
Proceeds from employee stock plans	7,986		—			7,986
Net cash provided by financing activities	6,701		266			6,967
Effect of exchange rate changes on cash and cash equivalents	(363)		—			(363)
Net (decrease) in cash and cash equivalents	(14,743)		—			(14,743)
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	27,175	$	—		$	27,175
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,198	$	84	7	$	2,282
Cash paid during the period for income taxes, net of refunds	$	868	$	—		$	868

Property and equipment remaining in accounts payable and other current liabilities	$	2,022	$	4	5	$	2,026
Noncash additions to financing receivables	$	—	$	2,779	2	$	2,779
Noncash additions to short-term financing liabilities	$	—	$	774	4	$	774
Noncash additions to long-term financing liabilities	$	—	$	2,005	4	$	2,005

3 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash flows in operating and financing activities.

4 Results from errors related to Open Edge arrangements, whereby a portion of the revenue share minimum fee commitment, which were previously recognized as cost of services within accounts payable, are now allocated to the financing obligation and interest.


	Nine Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(49,332)	$	(3,940)		$	(53,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	19,111		937		1	20,048
Share-based compensation	16,477		—			16,477
Foreign currency remeasurement (gain)	(66)		—			(66)
Deferred income taxes	(198)		—			(198)
(Gain) on sale of property and equipment	(219)		—			(219)
Accounts receivable charges	1,047		—			1,047
Amortization of premium on marketable securities	1,597		—			1,597
Noncash interest expense	604		—			604
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(13,037)		7,090		2	(5,947)


Prepaid expenses and other current assets	1,678		(53)		2	1,625
Income taxes receivable	4		—			4
Other assets	2,017		—			2,017
Accounts payable and other current liabilities	8,163		(402)		3	7,761
Deferred revenue	4,640		(287)		4	4,353
Income taxes payable	210		—			210
Other long-term liabilities	(26)		—			(26)
Net cash used in operating activities	(7,330)		3,345			(3,985)
Investing activities
Purchases of marketable securities	(44,838)		—			(44,838)
Sale and maturities of marketable securities	84,000		—			84,000
Purchases of property and equipment	(11,909)		(4,288)		5	(16,197)
Proceeds from sale of property and equipment	219		—			219
Cash (used for) acquisition of business	(30,968)		—			(30,968)
Net cash (used in) investing activities	(3,496)		(4,288)			(7,784)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		3,540		6	3,540
Repayment of financing obligations	—		(2,597)		6	(2,597)
Payments of employee tax withholdings related to restricted stock vesting	(1,315)		—			(1,315)
Proceeds from employee stock plans	5,460		—			5,460
Net cash provided by financing activities	4,115		943			5,058
Effect of exchange rate changes on cash and cash equivalents	(499)		—			(499)
Net (decrease) in cash and cash equivalents	(7,210)		—			(7,210)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	39,585	$	—		$	39,585
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	4,460	$	87	7	$	4,547
Cash paid during the period for income taxes, net of refunds	$	714	$	—		$	714
Common stock issued in connection with acquisition of business	$	18,433	$	—		$	18,433


Property and equipment remaining in accounts payable and other current liabilities	$	1,166	$	150	5	$	1,316
Noncash additions to financing receivables	$	—	$	9,495	2	$	9,495
Noncash additions to short-term financing liabilities	$	—	$	3,731	3	$	3,731
Noncash additions to long-term financing liabilities	$	—	$	5,764	3	$	5,764

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	Six Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(39,227)	$	(59)		$	(39,286)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	12,697		506		1	13,203
Share-based compensation	12,820		—			12,820
Foreign currency remeasurement loss	186		—			186
Deferred income taxes	(81)		—			(81)
(Gain) on sale of property and equipment	(107)		—			(107)
Accounts receivable charges	847		—			847
Amortization of premium on marketable securities	1,182		—			1,182
Noncash interest expense	400		—			400
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	5,962		949		2	6,911
Prepaid expenses and other current assets	439		213		2	652
Income taxes receivable	10		—			10
Other assets	912		—			912
Accounts payable and other current liabilities	6,732		(78)		3	6,654
Deferred revenue	(357)		(228)		4	(585)
Income taxes payable	141		—			141
Other long-term liabilities	(111)		—			(111)
Net cash (used in) provided by operating activities	2,445		1,303			3,748
Investing activities
Purchases of marketable securities	(31,411)		—			(31,411)
Sale and maturities of marketable securities	31,715		—			31,715
Purchases of property and equipment	(9,614)		(1,918)		5	(11,532)
Proceeds from sale of property and equipment	107		—			107
Cash acquired in acquisition of business	—		—			—
Net cash (used in) investing activities	(9,203)		(1,918)			(11,121)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		2,415		6	2,415
Repayment of financing obligations	—		(1,800)		6	(1,800)
Payments of employee tax withholdings related to restricted stock vesting	(1,098)		—			(1,098)
Proceeds from employee stock plans	5,460		—			5,460
Net cash provided by financing activities	4,332		615			4,947
Effect of exchange rate changes on cash and cash equivalents	(304)		—			(304)
Net (decrease) in cash and cash equivalents	(2,730)		—			(2,730)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	44,065	$	—		$	44,065
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,262	$	58	7	$	2,320
Cash paid during the period for income taxes, net of refunds	$	440	$	—		$	440
Property and equipment remaining in accounts payable and other current liabilities	$	1,552	$	236	5	$	1,788
Noncash additions to financing receivables	$	—	$	3,615	2	$	3,615
Noncash additions to short-term financing liabilities	$	—	$	1,954	3	$	1,954
Noncash additions to long-term financing liabilities	$	—	$	1,661	3	$	1,661

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	Three Months Ended March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(25,529)	$	40		$	(25,489)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,219		195		1	6,414
Share-based compensation	8,562		—			8,562
Foreign currency remeasurement (gain)	(71)		—			(71)
Deferred income taxes	(10)		—			(10)
Accounts receivable charges	466		—			466
Amortization of premium on marketable securities	609		—			609
Noncash interest expense	199		—			199
Changes in operating assets and liabilities:
Accounts receivable	2,059		1,214		2	3,273
Prepaid expenses and other current assets	446		394		2	840
Income taxes receivable	(36)		—			(36)
Other assets	399		—			399
Accounts payable and other current liabilities	5,209		95		3	5,304
Deferred revenue	(84)		(78)		4	(162)
Income taxes payable	73		—			73
Other long term liabilities	(3)		—			(3)
Net cash (used in) provided by operating activities	(1,492)		1,860			368

Purchases of marketable securities	(10,874)		—			(10,874)
Sale and maturities of marketable securities	5,897		—			5,897
Purchases of property and equipment	(6,628)		(954)		5	(7,582)
Net cash (used in) investing activities	(11,605)		(954)			(12,559)
Financing activities
Proceeds from financing obligations	—		—			—
Repayment of financing obligations	—		(906)		6	(906)
Payments of employee tax withholdings related to restricted stock vesting	(671)		—			(671)
Proceeds from employee stock plans	2,847		—			2,847
Net cash provided by (used in) financing activities	2,176		(906)			1,270
Effect of exchange rate changes on cash and cash equivalents	(254)		—			(254)
Net (decrease) in cash and cash equivalents	(11,175)		—			(11,175)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	35,620	$	—		$	35,620
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,252	$	28	7	$	2,280
Cash paid during the period for income taxes, net of refunds	$	229	$	—		$	229
Property and equipment remaining in accounts payable	$	3,354	$	60	5	$	3,414
Noncash additions to financing receivables	$	—	$	2,100	2	$	2,100
Noncash additions to short-term financing liabilities	$	—	$	1,246	3	$	1,246
Noncash additions to long-term financing liabilities	$	—	$	854	3	$	854

4 The correction of other immaterial errors affecting deferred revenue and revenue.

Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisition Purchase Price

The following table presents the allocation of the estimated purchase price consideration for Edgecast:


Consideration:
Common stock	$	192,956
Common stock - contingent consideration	16,300
Less: Consideration allocated to employee compensation arrangements	(9,419)
Total consideration allocated to Edgecast Acquisition	$	199,837

The following table presents the allocation of the purchase price for Moov:


Consideration:
Cash	$	34,266
Common stock	18,481
Total consideration	$	52,747

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final allocation of the purchase consideration to the acquisition date fair value of the assets, including intangible assets, liabilities assumed and related goodwill acquired:


Cash (inclusive of $30,000 as described above)	$	30,037
Accounts receivable (a)	48,669
Income taxes receivable (a)	119
Prepaid expenses and other current assets (a)	5,676
Property and equipment (a)	32,185
Operating lease right of use assets	1,365
Goodwill (a)	56,546
Intangible assets
Customer relationships (a)	41,000
Technology	49,000
Other assets (a)	1,220
Total assets acquired	265,817
Accounts payable	6,917
Deferred revenue (a)	1,259
Operating lease liability obligations	3,071
Income taxes payable (a)	2,465
Other current liabilities (a)	27,500
Operating lease liability obligations, less current portion	2,531
Deferred income taxes (a)	22,237

Total liabilities	65,980
Total purchase consideration	$	199,837

(a) During the year ended December 31, 2022, we identified measurement period adjustments related to preliminary fair value estimates. The total adjustments included an increase to accounts receivable of $116, an increase to income taxes receivable of $119, a decrease to prepaid expenses and other current assets of $993, a decrease to property and equipment of $35,881, an increase to customer relationships intangible assets of $30,000, an increase to other assets of $827, an increase to deferred revenue, including the long-term portion, of $191, an increase to income taxes payable of $2,465, a decrease to other current liabilities of $3,455, and an increase to deferred income taxes of $3,804. Measurement period adjustments are recognized in the reporting period in which the adjustments are determined and calculated as if the accounting had been completed at the acquisition date.


Cash	$	3,130
Accounts receivable	2,514

Prepaid expenses and other current assets (a)	1,312



Goodwill (a)	35,669
Intangible assets

Trade name	91
Client relationships	7,090
Developed technology	8,480

Total assets acquired	58,286
Accounts payable and accrued liabilities	2,432
Deferred revenue	3,107







Total liabilities	5,539
Total purchase consideration	$	52,747

(a) The valuation process to determine the fair values is complete. During the respective measurement period (up to one year from the acquisition date), Edgio made certain measurement period adjustments to reflect facts and circumstances in existence at the acquisition date. During the year ended December 31, 2022, measurement period adjustments resulted in an increase to prepaid expenses and other current assets of $1,039 and a decrease in goodwill of $779.

Schedule of Pro Forma Information

The following unaudited pro forma combined financial information presents combined results of Edgio and Edgecast as if the acquisition of Edgecast has occurred on January 1, 2021:


	Years Ended December 31,
	2022		2021
Revenue	$	485,129	$	524,537
Net loss	$	(146,643)	$	(168,067)

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022 USD ($) reportingUnit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2022 USD ($)	Jul. 27, 2020 USD ($)
Accounting Policies [Line Items]
Foreign currency translation (loss) gain		$ (3,344,000)	$ (836,000)	$ 1,750,000
Foreign currency re-measurement (loss)		$ (3,003,000)	(953,000)	(368,000)
Number of reporting units \| reportingUnit		1
Percentage of estimated control premium		30.00%			30.00%
Estimated fair value in excess of carrying value of goodwill		$ 86,401,000			$ 508,485,000
Estimated fair value in excess of carrying value of goodwill, percentage		36.00%			192.00%
Impairment of investment		$ 1,275,000	$ 0	$ 0
Expected dividend rate		0.00%	0.00%	0.00%
Unsatisfied performance obligations		$ 78,329,000
Revenue recognized upon completion of performance obligation		3,392,000
Advertising expenses		$ 3,600,000	$ 1,555,000	$ 2,228,000
Minimum
Accounting Policies [Line Items]
Term of contract with third party		3 years
Maximum
Accounting Policies [Line Items]
Term of contract with third party		5 years
Network equipment
Accounting Policies [Line Items]
Property and equipment useful life		3 years
Network equipment \| Subsequent event
Accounting Policies [Line Items]
Property and equipment useful life	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Accounting Policies [Line Items]
Period of fulfillment of remaining performance obligations		1 year
Percent of remaining performance obligations		44.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Accounting Policies [Line Items]
Period of fulfillment of remaining performance obligations		1 year
Percent of remaining performance obligations		25.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Accounting Policies [Line Items]
Period of fulfillment of remaining performance obligations		1 year
Percent of remaining performance obligations		12.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Accounting Policies [Line Items]
Period of fulfillment of remaining performance obligations		1 year
Percent of remaining performance obligations		6.00%
Convertible Senior Notes due 2025 \| Convertible debt
Accounting Policies [Line Items]
Aggregate principal amount						$ 125,000,000
Stated interest rate						3.50%

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2022, and 2021, were as follows:


Balance, December 31, 2020	$	77,753
Acquisition of Moov	36,448
Foreign currency translation adjustment	310
Balance, December 31, 2021	114,511
Foreign currency translation adjustment	(1,122)
Measurement period adjustments – Moov acquisition	(779)
Acquisition of Edgecast	56,546
Balance, December 31, 2022	$	169,156

Schedule of Finite-Lived Intangible Assets

Finite-lived intangible assets are amortized over the following estimated useful lives:


Trade name			3 years
Client relationships			5-7 years
Technology			4-5 years

Intangible assets consisted of the following as of December 31, 2022:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(40)	$	51
Client relationships	48,090		(4,960)		43,130
Technology	57,480		(9,000)		48,480
Total other intangible assets	$	105,661	$	(14,000)	$	91,661

Intangible assets consisted of the following as of December 31, 2021:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(10)	$	81
Client relationships	7,090		(473)		6,617
Technology	8,480		(565)		7,915
Total other intangible assets	$	15,661	$	(1,048)	$	14,613

Schedule of Intangible Assets Future Amortization Expense

As of December 31, 2022, future amortization expense related to our other intangible assets is expected to be recognized as follows:


2023	$	21,425
2024	21,415
2025	21,394
2026	13,141
2027	5,911
Thereafter	8,375
Total	$	91,661

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share We calculate basic and diluted net loss per weighted average share. We use the weighted-average number of shares of common stock outstanding during the period for the computation of basic net loss per share. Diluted net loss per share includes

the dilutive effect of all potentially dilutive common stock, including awards granted under our equity incentive compensation plans in the weighted-average number of shares of common stock outstanding.

The following table sets forth the components used in the computation of basic and diluted net loss per share for the periods indicated:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Net loss	$	(136,519)	$	(61,166)	$	(22,127)
Basic weighted-average outstanding shares of common stock	182,381		127,789		121,196
Basic weighted-average outstanding shares of common stock	182,381		127,789		121,196
Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares	—		—		—
Diluted weighted-average outstanding shares of common stock	182,381		127,789		121,196
Basic net loss per share	$	(0.75)	$	(0.48)	$	(0.18)
Diluted net loss per share	$	(0.75)	$	(0.48)	$	(0.18)

For the years ended December 31, 2022, 2021 and 2020, the following potentially dilutive common stock, including awards granted under our equity incentive compensation plans were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive.


	Years Ended December 31,
	2022	2021	2020
Employee stock purchase plan	514	85	96
Stock options	1,601	2,138	5,973
Restricted stock units	4,846	1,123	1,891
Convertible senior notes	14,654	14,654	14,654
Contingently issuable shares (1)	12,685	—	—
	34,300	18,000	22,614

(1) Represents common stock contingent consideration related to the Edgecast Acquisition.

Leases and Commitments - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Operating Leased Assets [Line Items]
Right-of-use assets	$ 5,290	$ 6,338	$ 10,150	$ 6,680	$ 7,124	$ 6,064	$ 7,683	$ 8,929	$ 9,521
Lease liability obligations, current	4,557	1,861	2,465	4,396	4,755	1,754	1,966	1,977	2,233
Lease liability obligations, less current portion	9,181	9,616	11,265	$ 10,511	$ 11,352	$ 9,209	$ 10,045	$ 10,358	$ 10,781
Total lease liability obligations	$ 13,738
Weighted-average remaining lease term	4 years 9 months 18 days
Weighted-average discount rate	5.05%
Operating lease costs	$ 1,544	2,075	3,166
Operating cash flows from operating leases	$ 2,701	2,855	2,175
Cost of Sales
Operating Leased Assets [Line Items]
Operating lease costs		382	476
Operating Expenses
Operating Leased Assets [Line Items]
Operating lease costs		$ 1,693	$ 2,690

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	34,300	18,000	22,614
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	514	85	96
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	1,601	2,138	5,973
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	4,846	1,123	1,891
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	14,654	14,654	14,654
Contingently issuable shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	12,685	0	0

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reserves for accounts receivable
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 1,500	$ 1,012	$ 973
Charged to Costs and Expenses	2,413	1,082	801
Charged Against Revenue	0	0	0
Write-Offs Net of Recoveries	8	594	762
Balance at End of Period	3,905	1,500	1,012
Deferred tax asset valuation allowance
Valuation and Qualifying Accounts
Balance at Beginning of Period	79,867	61,268	59,579
Charged to Costs and Expenses	9,759	18,599	1,689
Charged Against Revenue	0	0	0
Write-Offs Net of Recoveries	0	0	0
Balance at End of Period	$ 89,626	$ 79,867	$ 61,268

Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Jun. 15, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 169,156	$ 171,065	$ 163,489		$ 113,463	$ 114,511	$ 105,221	$ 77,642	$ 77,421	$ 77,753
Edgecast, Inc.
Business Acquisition [Line Items]
Cash				$ 30,037
Accounts receivable				48,669
Income tax receivable				119
Prepaid expenses and other current assets				5,676
Property and equipment				32,185
Operating lease right of use assets				1,365
Goodwill				56,546
Other assets				1,220
Total assets acquired				265,817
Accounts payable				6,917
Deferred revenue				1,259
Operating lease liability obligations				3,071
Income tax payable				2,465
Other current liabilities				27,500
Operating lease liability obligations, less current portion				2,531
Deferred income taxes				22,237
Total liabilities				65,980
Total purchase consideration				199,837
Decrease to property and equipment	35,881
Edgecast, Inc. \| Additional Paid-in Capital
Business Acquisition [Line Items]
Increase to accounts receivable	116
Increase to income taxes receivable	119
(Decrease) increase to prepaid expenses and other current assets	(993)
Increase to other assets	827
Business combination adjustment, increase to deferred revenue	191
Increase to income tax payable	2,465
Decrease to current liabilities	3,455
Increase to deferred income taxes	3,804
Edgecast, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets				41,000
Increase to intangible assets	30,000
Edgecast, Inc. \| Technology
Business Acquisition [Line Items]
Intangible assets				$ 49,000
Moov Corporation
Business Acquisition [Line Items]
Cash							3,130
Accounts receivable							2,514
Prepaid expenses and other current assets							1,312
Goodwill							35,669
Total assets acquired							58,286
Deferred revenue							3,107
Other current liabilities							2,432
Total liabilities							5,539
Total purchase consideration							52,747
(Decrease) increase to prepaid expenses and other current assets	$ 1,039
Moov Corporation \| Trade name
Business Acquisition [Line Items]
Intangible assets							91
Moov Corporation \| Customer relationships
Business Acquisition [Line Items]
Intangible assets							7,090
Moov Corporation \| Developed technology
Business Acquisition [Line Items]
Intangible assets							$ 8,480

Segment Reporting and Geographic Areas - Schedule of Concentration of Revenue by Country (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Concentration Risk [Line Items]

Revenue

$ 110,832

$ 63,586

$ 55,339

$ 57,178

$ 47,994

$ 46,285

$ 49,658

$ 118,925

$ 95,943

$ 229,757

$ 143,937

$ 338,598

^[1]

$ 201,115

^[1]

$ 223,990

^[1]

United States / Americas | Sales Revenue | Geographic Concentration

Concentration Risk [Line Items]

Revenue

239,273

124,747

133,267

United Kingdom / EMEA | Sales Revenue | Geographic Concentration

Concentration Risk [Line Items]

Revenue

11,645

13,580

29,623

Japan / Asia Pacific | Sales Revenue | Geographic Concentration

Concentration Risk [Line Items]

Revenue

$ 42,080

$ 27,281

$ 32,369

[1]	The year ended December 31, 2022, includes revenue and costs from related parties. See Note 18 for further details.

- Definition

+ References

+ Details

Share-Based Compensation - RSU Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted stock units
Number of Units
Beginning balance (in shares)	14,004	3,340	4,503
Granted (in shares)	4,757	6,506	2,225
Vested (in shares)	(4,735)	(1,758)	(2,817)
Forfeitures (in shares)	(848)	(1,389)	(571)
Ending balance (in shares)	14,212	14,004	3,340
Weighted Average Fair Value
Beginning balance (in dollars per share)	$ 3.00	$ 4.09	$ 3.45
Granted (in dollars per share)	2.83	2.94	4.86
Vested (in dollars per share)	2.93	4.00	3.80
Forfeitures (in dollars per share)	3.51	3.74	3.51
Ending balance (in dollars per share)	$ 2.80	$ 3.00	$ 4.09
Financial Based Performance RSUs
Number of Units
Granted (in shares)	37	7,305
Weighted Average Fair Value
Granted (in dollars per share)	$ 0	$ 2.93
Financial Based Performance RSUs
Number of Units
Granted (in shares)	997

Restatement of Previously Issued Consolidated Financial Statements - Reconciliation of Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (49,123)	$ (20,598)	$ (20,272)	$ (7,894)	$ (13,986)	$ (13,797)	$ (25,489)	$ (40,870)	$ (39,286)	$ (89,993)	$ (53,272)	$ (136,519)	$ (61,166)	$ (22,127)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			6,880				6,414	15,179	13,203	32,025	20,048	42,912	26,900	23,378
Share-based compensation			7,012				8,562	14,303	12,820	22,656	16,477	30,593	20,480	15,717
Foreign currency remeasurement loss			242				(71)	683	186	614	(66)	3,003	142	214
Deferred income taxes			(2)				(10)	(19,280)	(81)	(19,117)	(198)	(22,137)	(414)	(94)
Gain (loss) on sale of property and equipment			0					(10)	(107)	(47)	(219)	433	(247)	6
Accounts receivable charges			272				466	278	847	671	1,047	2,413	1,082	801
Amortization of premium on marketable securities			280				609	484	1,182	526	1,597	439	1,879	606
Realized loss on marketable securities												0	0	(3)
Noncash interest expense			209				199	420	400	634	604	849	811	1,938
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			(12,161)				3,273	(10,284)	6,911	(22,391)	(5,947)	(4,843)	(3,021)	4,370
Prepaid expenses and other current assets			(2,728)				840	(5,183)	652	(3,475)	1,625	(6,902)	1,535	(5,887)
Income taxes receivable			(2)				(36)	(555)	10	(721)	4	75	(47)	19
Other assets			466				399	1,006	912	(200)	2,017	2,036	3,961	2,762
Accounts payable and other current liabilities			3,813				5,304	26,713	6,654	51,537	7,761	58,448	8,742	(1,737)
Deferred revenue			(868)				(162)	1,905	(585)	4,754	4,353	4,281	(496)	151
Income taxes payable			(655)				73	(603)	141	(424)	210	2,084	645	71
Other long term liabilities			(55)				(3)	(57)	(111)	(57)	(26)	882	300	167
Net cash (used in) provided by operating activities			(17,569)				368	(15,424)	3,748	19,819	(3,985)	(11,672)	1,086	20,352
Investing activities
Purchases of marketable securities			(6,839)				(10,874)	(8,179)	(31,411)	(19,781)	(44,838)	(36,948)	(62,076)	(88,754)
Sale and maturities of marketable securities			9,087				5,897	22,871	31,715	45,191	84,000	55,166	99,760	11,172
Purchases of property and equipment			(5,863)				(7,582)	(23,856)	(11,532)	(30,212)	(16,197)	(35,541)	(22,060)	(27,490)
Proceeds from sale of property and equipment			0					10	107	47	219	69	247	2
Cash acquired in (used for) acquisition of business			(163)						0		(30,968)	29,826	(30,968)	0
Net cash provided by (used in) investing activities			(3,778)				(12,559)	20,675	(11,121)	25,074	(7,784)	12,572	(15,097)	(105,070)
Financing activities
Proceeds from issuance of debt, net			0					0	0	0	0	0	0	121,600
Purchase of capped calls			0					0	0	0	0	0	0	(16,413)
Payment of debt issuance costs			0					0	(30)	0	(30)	0	(30)	(859)
Proceeds from financing obligations			1,602				0	5,502	2,415	12,604	3,540	13,479	9,385	3,381
Repayment of financing obligations			(1,336)				(906)	(2,832)	(1,800)	(3,807)	(2,597)	(4,956)	(4,207)	0
Payment of employee tax withholdings related to restricted stock vesting			(1,285)				(671)	(1,809)	(1,098)	(3,371)	(1,315)	(4,270)	(1,626)	(4,878)
Proceeds from employee stock plans			7,986				2,847	8,771	5,460	9,361	5,460	9,998	6,185	10,068
Net cash provided by financing activities			6,967				1,270	9,632	4,947	14,787	5,058	14,251	9,707	112,899
Effect of exchange rate changes on cash and cash equivalents			(363)				(254)	(1,626)	(304)	(2,654)	(499)	(1,794)	(573)	279
Net increase (decrease) in cash and cash equivalents			(14,743)				(11,175)	13,257	(2,730)	17,388	(7,210)	13,357	(4,877)	28,460
Cash and cash equivalents, beginning of year	55,175	27,175	41,918	39,585	44,065	35,620	46,795	41,918	46,795	41,918	46,795	41,918	46,795	18,335
Cash and cash equivalents, end of year	59,306	55,175	27,175	41,918	39,585	44,065	35,620	55,175	44,065	59,306	39,585	55,275	41,918	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest			2,282				2,280	2,446	2,320	4,748	4,547	4,928	4,638	108
Cash paid during the year for income taxes, net of refunds			868				229	1,002	440	1,202	714	1,132	928	626
Common stock issued in connection with acquisition of business								186,146		186,196	18,433	183,585	18,433	0
Common stock contingent consideration related to business combination								16,900		16,300		16,300	0	0
Common stock issued for employee compensation arrangements								9,419		9,419		9,419	0	0
Property and equipment included in accounts payable and other current liabilities			2,026				3,414	1,139	1,788	1,323	1,316	3,179	1,020	1,732
Noncash additions to financing receivables			2,779				2,100	10,489	3,615	11,865	9,495	12,589	13,325	3,381
Noncash additions to short-term financing liabilities			774				1,246	2,627	1,954	2,919	3,731	3,043	4,687	2,696
Noncash additions to long-term financing liabilities			2,005				854	7,862	1,661	8,946	5,764	9,546	8,638	685
As Previously Reported
Operating activities
Net loss	(42,617)	(16,428)	(19,172)	(5,429)	(10,105)	(13,698)	(25,529)	(35,600)	(39,227)	(78,217)	(49,332)		(54,761)	(19,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			6,121				6,219	13,532	12,697	29,316	19,111		25,302	23,170
Share-based compensation			7,012				8,562	14,303	12,820	22,656	16,477		20,480	15,717
Foreign currency remeasurement loss			242				(71)	683	186	614	(66)		142	214
Deferred income taxes			(2)				(10)	(19,280)	(81)	(19,117)	(198)		(414)	(94)
Gain (loss) on sale of property and equipment			0					(10)	(107)	(47)	(219)		(247)	6
Accounts receivable charges			272				466	278	847	671	1,047		1,082	801
Amortization of premium on marketable securities			280				609	484	1,182	526	1,597		1,879	606
Realized loss on marketable securities													0	(3)
Noncash interest expense			209				199	420	400	634	604		811	1,938
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			(13,095)				2,059	(17,956)	5,962	(33,136)	(13,037)		(9,109)	2,000
Prepaid expenses and other current assets			(3,174)				446	(4,625)	439	(1,521)	1,678		1,966	(5,717)
Income taxes receivable			(2)				(36)	(555)	10	(721)	4		(47)	19
Other assets			834				399	1,126	912	(200)	2,017		3,961	2,762
Accounts payable and other current liabilities			3,625				5,209	26,671	6,732	52,437	8,163		8,903	(1,069)
Deferred revenue			(911)				(84)	1,867	(357)	4,831	4,640		(879)	17
Income taxes payable			(655)				73	(603)	141	(424)	210		645	71
Other long term liabilities			(55)				(3)	(57)	(111)	(57)	(26)		300	167
Net cash (used in) provided by operating activities			(18,471)				(1,492)	(19,322)	2,445	21,755	(7,330)		14	21,328
Investing activities
Purchases of marketable securities			(6,839)				(10,874)	(8,179)	(31,411)	(19,781)	(44,838)		(62,076)	(88,754)
Sale and maturities of marketable securities			9,087				5,897	22,871	31,715	45,191	84,000		99,760	11,172
Purchases of property and equipment			(5,350)				(6,628)	(18,325)	(9,614)	(20,516)	(11,909)		(15,810)	(25,085)
Proceeds from sale of property and equipment			0					10	107	47	219		247	2
Cash acquired in (used for) acquisition of business			492						0		(30,968)		(30,968)	0
Net cash provided by (used in) investing activities			(2,610)				(11,605)	27,243	(9,203)	35,807	(3,496)		(8,847)	(102,665)
Financing activities
Proceeds from issuance of debt, net			0					0	0	0	0		0	121,600
Purchase of capped calls			0					0	0	0	0		0	(16,413)
Payment of debt issuance costs			0					0	(30)	0	(30)		(30)	(859)
Proceeds from financing obligations			0				0	0	0	0	0		0	0
Repayment of financing obligations			0				0	0	0	0	0		0	0
Payment of employee tax withholdings related to restricted stock vesting			(1,285)				(671)	(1,809)	(1,098)	(3,371)	(1,315)		(1,626)	(4,878)
Proceeds from employee stock plans			7,986				2,847	8,771	5,460	9,361	5,460		6,185	10,068
Net cash provided by financing activities			6,701				2,176	6,962	4,332	5,990	4,115		4,529	109,518
Effect of exchange rate changes on cash and cash equivalents			(363)				(254)	(1,626)	(304)	(2,654)	(499)		(573)	279
Net increase (decrease) in cash and cash equivalents			(14,743)				(11,175)	13,257	(2,730)	17,388	(7,210)		(4,877)	28,460
Cash and cash equivalents, beginning of year	55,175	27,175	41,918	39,585	44,065	35,620	46,795	41,918	46,795	41,918	46,795	41,918	46,795	18,335
Cash and cash equivalents, end of year	59,306	55,175	27,175	41,918	39,585	44,065	35,620	55,175	44,065	59,306	39,585		41,918	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest			2,198				2,252	2,208	2,262	4,405	4,460		4,505	108
Cash paid during the year for income taxes, net of refunds			868				229	1,002	440	1,202	714		928	626
Common stock issued in connection with acquisition of business								186,146		186,196	18,433		18,433
Common stock contingent consideration related to business combination								16,900		16,300
Common stock issued for employee compensation arrangements								9,419		9,419
Property and equipment included in accounts payable and other current liabilities			2,022				3,354	1,100	1,552	1,298	1,166		977	1,260
Noncash additions to financing receivables			0				0	0	0	0	0		0	0
Noncash additions to short-term financing liabilities			0				0	0	0	0	0		0	0
Noncash additions to long-term financing liabilities			0				0	0	0	0	0		0	0
Restatement Impacts
Operating activities
Net loss	(6,506)	(4,170)	(1,100)	(2,465)	(3,881)	(99)	40	(5,270)	(59)	(11,776)	(3,940)		(6,405)	(2,850)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			759				195	1,647	506	2,709	937		1,598	208
Share-based compensation			0				0	0	0	0	0		0	0
Foreign currency remeasurement loss			0				0	0	0	0	0		0	0
Deferred income taxes			0				0	0	0	0	0		0	0
Gain (loss) on sale of property and equipment			0					0	0	0	0		0	0
Accounts receivable charges			0				0	0	0	0	0		0	0
Amortization of premium on marketable securities			0				0	0	0	0	0		0	0
Realized loss on marketable securities													0	0
Noncash interest expense			0				0	0	0	0	0		0	0
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			934				1,214	7,672	949	10,745	7,090		6,088	2,370
Prepaid expenses and other current assets			446				394	(558)	213	(1,954)	(53)		(431)	(170)
Income taxes receivable			0				0	0	0	0	0		0	0
Other assets			(368)				0	(120)	0	0	0		0	0
Accounts payable and other current liabilities			188				95	42	(78)	(900)	(402)		(161)	(668)
Deferred revenue			43				(78)	38	(228)	(77)	(287)		383	134
Income taxes payable			0				0	0	0	0	0		0	0
Other long term liabilities			0				0	0	0	0	0		0	0
Net cash (used in) provided by operating activities			902				1,860	3,898	1,303	(1,936)	3,345		1,072	(976)
Investing activities
Purchases of marketable securities			0				0	0	0	0	0		0	0
Sale and maturities of marketable securities			0				0	0	0	0	0		0	0
Purchases of property and equipment			(513)				(954)	(5,531)	(1,918)	(9,696)	(4,288)		(6,250)	(2,405)
Proceeds from sale of property and equipment			0					0	0	0	0		0	0
Cash acquired in (used for) acquisition of business			(655)						0		0		0	0
Net cash provided by (used in) investing activities			(1,168)				(954)	(6,568)	(1,918)	(10,733)	(4,288)		(6,250)	(2,405)
Financing activities
Proceeds from issuance of debt, net			0					0	0	0	0		0	0
Purchase of capped calls			0					0	0	0	0		0	0
Payment of debt issuance costs			0					0	0	0	0		0	0
Proceeds from financing obligations			1,602				0	5,502	2,415	12,604	3,540		9,385	3,381
Repayment of financing obligations			(1,336)				(906)	(2,832)	(1,800)	(3,807)	(2,597)		(4,207)	0
Payment of employee tax withholdings related to restricted stock vesting			0				0	0	0	0	0		0	0
Proceeds from employee stock plans			0				0	0	0	0	0		0	0
Net cash provided by financing activities			266				(906)	2,670	615	8,797	943		5,178	3,381
Effect of exchange rate changes on cash and cash equivalents			0				0	0	0	0	0		0	0
Net increase (decrease) in cash and cash equivalents			0				0	0	0	0	0		0	0
Cash and cash equivalents, beginning of year	0	0	0	0	0	0	0	0	0	0	0	$ 0	0	0
Cash and cash equivalents, end of year	$ 0	$ 0	0	$ 0	$ 0	$ 0	0	0	0	0	0		0	0
Supplement disclosure of cash flow information
Cash paid during the year for interest			84				28	238	58	343	87		133	0
Cash paid during the year for income taxes, net of refunds			0				0	0	0	0	0		0	0
Common stock issued in connection with acquisition of business								0		0	0		0
Common stock contingent consideration related to business combination								0		0
Common stock issued for employee compensation arrangements								0		0
Property and equipment included in accounts payable and other current liabilities			4				60	39	236	25	150		43	472
Noncash additions to financing receivables			2,779				2,100	10,489	3,615	11,865	9,495		13,325	3,381
Noncash additions to short-term financing liabilities			774				1,246	2,627	1,954	2,919	3,731		4,687	2,696
Noncash additions to long-term financing liabilities			$ 2,005				$ 854	$ 7,862	$ 1,661	$ 8,946	$ 5,764		$ 8,638	$ 685

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities include:


	December 31,
	2022		2021
			As Restated
Accrued compensation and benefits	$	19,982	$	5,131
Accrued cost of revenue	27,422		5,714
Accrued interest payable	1,823		1,823
Related party payable	9,931		—
Restructuring charges and accrued legal fees	6,184		415

Other accrued expenses	10,818		6,428
Total other current liabilities	$	76,160	$	19,511

Restatement of Previously Issued Consolidated Financial Statements

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Consolidated Financial Statements

As previously disclosed in the Current Report on Form 8-K filed by the company with the Securities and Exchange Commission on March 13, 2023, certain of the company’s previously filed interim unaudited and annual audited consolidated financial statements should no longer be relied upon and a restatement is required for these previously issued consolidated financial statements. We have restated herein our consolidated financial statements as of and for the years ended December 31, 2021 and 2020. In addition, we have restated our unaudited quarterly financial data for the first three quarters of the year ended December 31, 2022 and for each quarter of the year ended December 31, 2021 as presented in Note 24, Restatement of Unaudited Quarterly Results. We have also restated related amounts within the accompanying footnotes to the consolidated financial statements to conform to the corrected amounts in the consolidated financial statements.

Restatement Background

The company determined that the Open Edge arrangements should have been accounted for as financing arrangements (as failed sale leasebacks), in which (1) the up-front payments received from partners are recognized as a financing liability on the balance sheet, with the related equipment remaining in fixed assets and depreciated over their remaining estimated useful lives, and (2) the minimum fee commitment payments made by Edgio to the partners are allocated between principal payments on the financing liability, interest expense, and cost of services related to co-location and local bandwidth services. Refer to Note 2, Summary of Significant Accounting Policies for additional details on the Open Edge arrangements.

In addition to the impact of the Open Edge arrangements, our unaudited selected quarterly financial data for the quarters ended June 30, and September 30, 2022, as previously reported, have been restated to account for errors relating to the accounting treatment for certain transitional services provided by College Parent, L.P., a Delaware limited partnership (“College Parent”) to Edgio at no charge. The transitional services provided at no charge are accounted for as capital contributions in our consolidated statements of stockholders' equity due to College Parent’s ownership interest in Edgio. The estimated fair value of the services provided are expensed as incurred.

In addition to the above, there were certain other immaterial errors identified which are also being corrected in connection with the restatement of previously issued consolidated annual and interim financial statements. These errors are quantitatively immaterial in the aggregate for our previously issued annual and interim financial information.

Description of Restatement Reconciliation Tables

Edgio, Inc.

Consolidated Balance Sheet

(In thousands, except per share data)


	December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	41,918	$	—		$	41,918
Marketable securities	37,367		—			37,367
Accounts receivable, net	42,217		(8,689)		1	33,528
Income taxes receivable	61		—			61
Prepaid expenses and other current assets	13,036		4,774		1	17,810
Total current assets	134,599		(3,915)			130,684
Property and equipment, net	33,622		6,889		2	40,511
Operating lease right of use assets	6,338		—			6,338
Deferred income taxes	1,893		—			1,893
Goodwill	114,511		—			114,511
Intangible assets, net	14,613		—			14,613
Other assets	5,525		—			5,525
Total assets	$	311,101	$	2,974		$	314,075
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	11,631	$	(1,007)	3	$	10,624
Deferred revenue	3,266		768		4	4,034
Operating lease liability obligations	1,861		—			1,861
Income taxes payable	873		—			873
Financing obligations	—		4,648		5	4,648
Other current liabilities	19,292		219		3	19,511
Total current liabilities	36,923		4,628			41,551
Convertible senior notes, net	121,782		—			121,782
Operating lease liability obligations, less current portion	9,616		—			9,616
Deferred income taxes	308		—			308
Deferred revenue, less current portion	116		—			116
Financing obligations, less current portion	—		7,851		5	7,851
Other long-term liabilities	777		—			777
Total liabilities	169,522		12,479			182,001
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 134,337 shares issued and outstanding as of December 31, 2021	134		—			134
Common stock contingent consideration	—		—			—
Additional paid-in capital	576,807		—			576,807
Accumulated other comprehensive loss	(8,345)		—			(8,345)
Accumulated deficit	(427,017)		(9,505)		6	(436,522)
Total stockholders’ equity	141,579		(9,505)			132,074
Total liabilities and stockholders’ equity	$	311,101	$	2,974		$	314,075

4 The correction of other immaterial errors affecting deferred revenue and revenue in the consolidated statement of operations.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections of errors to the consolidated statement of operations.

Edgio, Inc.

Consolidated Balance Sheet

(In thousands, except per share data


	December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	46,795	$	—		$	46,795
Marketable securities	76,928		—			76,928
Accounts receivable, net	31,675		(2,601)		1	29,074
Income taxes receivable	68		—			68
Prepaid expenses and other current assets	15,588		401		1	15,989
Total current assets	171,054		(2,200)			168,854
Property and equipment, net	46,418		2,670		2	49,088
Operating lease right of use assets	10,150		—			10,150
Deferred income taxes	1,530		—			1,530
Goodwill	77,753		—			77,753

Other assets	7,273		—			7,273
Total assets	$	314,178	$	470		$	314,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,587	$	(217)	3	$	4,370
Deferred revenue	933		385		4	1,318
Operating lease liability obligations	2,465		—			2,465
Income taxes payable	253		—			253
Financing obligations	—		3,381		5	3,381
Other current liabilities	17,560		21		3	17,581
Total current liabilities	25,798		3,570			29,368
Convertible senior notes, net	100,945		—			100,945
Operating lease liability obligations, less current portion	11,265		—			11,265
Deferred income taxes	279		—			279
Deferred revenue, less current portion	220		—			220

Other long-term liabilities	479		—			479
Total liabilities	138,986		3,570			142,556
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 123,653 shares issued and outstanding as of December 31, 2021	124		—			124
Common stock contingent consideration	—		—			—
Additional paid-in capital	556,512		—			556,512
Accumulated other comprehensive loss	(7,511)		—			(7,511)
Accumulated deficit	(373,933)		(3,100)		6	(377,033)
Total stockholders’ equity	175,192		(3,100)			172,092
Total liabilities and stockholders’ equity	$	314,178	$	470		$	314,648

4 The correction of other immaterial errors affecting deferred revenue and revenue in the consolidated statement of operations.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections of errors to the consolidated statement of operations.

Edgio, Inc.

Consolidated Statement of Operations

(In thousands, except per share data)


	For the year ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	217,630	$	(16,515)	1	$	201,115
Cost of revenue:
Cost of services	134,773		(12,086)		2	122,687
Depreciation — network	22,508		1,598		3	24,106
Total cost of revenue	157,281		(10,488)			146,793
Gross profit	60,349		(6,027)			54,322
Operating expenses:
General and administrative	40,091		—			40,091
Sales and marketing	29,760		200		4	29,960
Research and development	21,669		—			21,669
Depreciation and amortization	2,794		—			2,794
Restructuring charges	13,425		—			13,425
Total operating expenses	107,739		200			107,939
Operating loss	(47,390)		(6,227)			(53,617)
Other income (expense):
Interest expense	(5,245)		(178)		5	(5,423)
Interest income	134		—			134
Other, net	(1,106)		—			(1,106)
Total other expense	(6,217)		(178)			(6,395)
Loss before income taxes	(53,607)		(6,405)			(60,012)
Income tax expense	1,154		—			1,154
Net loss	$	(54,761)	$	(6,405)		$	(61,166)
Net loss per share:
Basic	$	(0.43)	$	(0.05)		$	(0.48)
Diluted	$	(0.43)	$	(0.05)		$	(0.48)
Weighted-average shares used in per share calculation:
Basic	127,789		127,789			127,789
Diluted	127,789		127,789			127,789

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from other immaterial errors impacting sales and marketing expense.

Edgio, Inc.

Consolidated Statement of Operations

(In thousands, except per share data)


	For the year ended December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	230,194	$	(6,204)	1	$	223,990
Cost of revenue:
Cost of services	125,509		(3,583)		2	121,926
Depreciation — network	21,579		208		3	21,787
Total cost of revenue	147,088		(3,375)			143,713
Gross profit	83,106		(2,829)			80,277
Operating expenses:
General and administrative	31,284		—			31,284
Sales and marketing	42,945		—			42,945
Research and development	21,680		—			21,680
Depreciation and amortization	1,591		—			1,591
Restructuring charges	—		—			—
Total operating expenses	97,500		—			97,500
Operating loss	(14,394)		(2,829)			(17,223)
Other income (expense):
Interest expense	(3,939)		(21)		4	(3,960)
Interest income	69		—			69
Other, net	(368)		—			(368)
Total other expense	(4,238)		(21)			(4,259)
Loss before income taxes	(18,632)		(2,850)			(21,482)
Income tax expense	645		—			645
Net loss	$	(19,277)	$	(2,850)		$	(22,127)
Net loss per share:
Basic	$	(0.16)	$	(0.02)		$	(0.18)
Diluted	$	(0.16)	$	(0.02)		$	(0.18)
Weighted-average shares used in per share calculation:
Basic	121,196		121,196			121,196
Diluted	121,196		121,196			121,196

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

Edgio, Inc.

Consolidated Statement of Cash Flows

(In thousands)


	Year Ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(54,761)	$	(6,405)		$	(61,166)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	25,302		1,598		1	26,900
Share-based compensation	20,480		—			20,480
Foreign currency remeasurement loss	142		—			142
Deferred income taxes	(414)		—			(414)
(Gain) on sale of property and equipment	(247)		—			(247)
Accounts receivable charges	1,082		—			1,082
Amortization of premium on marketable securities	1,879		—			1,879
Realized loss on marketable securities	—		—			—
Noncash interest expense	811		—			811
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	(9,109)		6,088		2	(3,021)
Prepaid expenses and other current assets	1,966		(431)		2	1,535
Income taxes receivable	(47)		—			(47)
Other assets	3,961		—			3,961
Accounts payable and other current liabilities	8,903		(161)		3	8,742
Deferred revenue	(879)		383		4	(496)

Income taxes payable	645		—			645

Other long term liabilities	300		—			300
Net cash provided by operating activities	14		1,072			1,086
Investing activities
Purchases of marketable securities	(62,076)		—			(62,076)
Sale and maturities of marketable securities	99,760		—			99,760
Purchases of property and equipment	(15,810)		(6,250)		5	(22,060)
Proceeds from sale of property and equipment	247		—			247
Cash (used for) acquisition of business	(30,968)		—			(30,968)
Net cash (used in) investing activities	(8,847)		(6,250)			(15,097)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		9,385		6	9,385
Repayment of financing obligations	—		(4,207)		6	(4,207)
Payment of employee tax withholdings related to restricted stock vesting	(1,626)		—			(1,626)
Proceeds from employee stock plans	6,185		—			6,185
Net cash provided by financing activities	4,529		5,178			9,707
Effect of exchange rate changes on cash and cash equivalents	(573)		—			(573)
Net (decrease) in cash and cash equivalents	(4,877)		—			(4,877)
Cash and cash equivalents, beginning of year	46,795		—			46,795
Cash and cash equivalents, end of year	$	41,918	$	—		$	41,918
Supplement disclosure of cash flow information
Cash paid during the year for interest	$	4,505	$	133	7	$	4,638
Cash paid during the year for income taxes, net of refunds	$	928	$	—		$	928
Common stock issued in connection with acquisition of business	$	18,433	$	—		$	18,433


Property and equipment included in accounts payable and other current liabilities	$	977	$	43	5	$	1,020
Noncash additions to financing receivables	$	—	$	13,325	2	$	13,325


Noncash additions to short-term financing liabilities	$	—	$	4,687	3	$	4,687
Noncash additions to long-term financing liabilities	$	—	$	8,638	3	$	8,638

4 The correction of other immaterial errors affecting deferred revenue and revenue.

Edgio, Inc.

Consolidated Statement of Cash Flows

(In thousands)


	Year Ended December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(19,277)	$	(2,850)		$	(22,127)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	23,170		208		1	23,378
Share-based compensation	15,717		—			15,717
Foreign currency remeasurement loss	214		—			214
Deferred income taxes	(94)		—			(94)
Loss on sale of property and equipment	6		—			6
Accounts receivable charges	801		—			801
Amortization of premium on marketable securities	606		—			606
Realized loss on marketable securities	(3)		—			(3)
Noncash interest expense	1,938		—			1,938
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	2,000		2,370		2	4,370
Prepaid expenses and other current assets	(5,717)		(170)		2	(5,887)
Income taxes receivable	19		—			19
Other assets	2,762		—			2,762
Accounts payable and other current liabilities	(1,069)		(668)		3	(1,737)
Deferred revenue	17		134		4	151

Income taxes payable	71		—			71

Other long term liabilities	167		—			167
Net cash provided by (used in) operating activities	21,328		(976)			20,352
Investing activities
Purchases of marketable securities	(88,754)		—			(88,754)
Sale and maturities of marketable securities	11,172		—			11,172
Purchases of property and equipment	(25,085)		(2,405)		5	(27,490)
Proceeds from sale of property and equipment	2		—			2
Cash acquired in acquisition of business	—		—			—
Net cash (used in) investing activities	(102,665)		(2,405)			(105,070)
Financing activities
Proceeds from issuance of debt, net	121,600		—			121,600
Purchase of capped calls	(16,413)		—			(16,413)
Payment of debt issuance costs	(859)		—			(859)
Proceeds from financing obligations	—		3,381		6	3,381
Repayment of financing obligations	—		—			—
Payment of employee tax withholdings related to restricted stock vesting	(4,878)		—			(4,878)


Proceeds from employee stock plans	10,068		—			10,068
Net cash provided by financing activities	109,518		3,381			112,899
Effect of exchange rate changes on cash and cash equivalents	279		—			279
Net increase in cash and cash equivalents	28,460		—			28,460
Cash and cash equivalents, beginning of year	18,335		—			18,335
Cash and cash equivalents, end of year	$	46,795	$	—		$	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest	$	108	$	—		$	108
Cash paid during the year for income taxes, net of refunds	$	626	$	—		$	626



Property and equipment included in accounts payable and other current liabilities	$	1,260	$	472	5	$	1,732
Noncash additions to financing receivables	$	—	$	3,381	2	$	3,381
Noncash additions to short-term financing liabilities	$	—	$	2,696	3	$	2,696
Noncash additions to long-term financing liabilities	$	—	$	685	3	$	685

4 The correction of other immaterial errors affecting deferred revenue and revenue.

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 3,558	$ 2,468
Additions for tax positions related to current year	3,183	1,283
Additions for tax positions related to prior years	(581)	(194)
Settlements	0	0
Adjustment related to foreign currency translation	(1)
Adjustment related to foreign currency translation		1
Reductions related to the lapse of applicable statute of limitations	0	0
Reduction for tax positions of prior years	0	0
Ending balance	$ 6,159	$ 3,558

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Phoenix, Arizona

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amount
U.S. federal statutory tax rate												$ (33,096)	$ (12,602)	$ (4,511)
Valuation allowance												9,493	12,284	6,978
Foreign income taxes												220	251	88
State income taxes												(5,619)	(1,728)	(933)
Non-deductible expenses												$ 896	$ 455	$ 58
Non-deductible acquisition costs												(2.30%)	(0.60%)	0.00%
Non-deductible acquisition costs												$ 3,699	$ 344	$ 0
Uncertain tax positions												57	0	(11)
Non-deductible officer compensation												583	38	418
Share-based compensation												2,287	2,059	(1,478)
Other												400	53	36
Total (benefit) provision	$ 440	$ (19,589)	$ 206	$ 436	$ 211	$ 248	$ 260	$ (19,383)	$ 507	$ (18,943)	$ 718	$ (21,080)	$ 1,154	$ 645
Percent
U.S. federal statutory tax rate												21.00%	21.00%	21.00%
Valuation allowance												(6.30%)	(20.40%)	(32.50%)
Foreign income taxes												(0.10%)	(0.40%)	(0.40%)
State income taxes												3.50%	2.90%	4.30%
Non-deductible expenses												(0.60%)	(0.80%)	(0.30%)
Uncertain tax positions												0.00%	0.00%	0.10%
Non-deductible officer compensation												(0.40%)	(0.10%)	(1.90%)
Share-based compensation												(1.40%)	(3.40%)	6.90%
Other												(0.20%)	(0.10%)	(0.20%)
Provision for income taxes												13.20%	(1.90%)	(3.00%)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Finite-Lived Intangible Assets

Finite-lived intangible assets are amortized over the following estimated useful lives:


Trade name			3 years
Client relationships			5-7 years
Technology			4-5 years

Intangible assets consisted of the following as of December 31, 2022:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(40)	$	51
Client relationships	48,090		(4,960)		43,130
Technology	57,480		(9,000)		48,480
Total other intangible assets	$	105,661	$	(14,000)	$	91,661

Intangible assets consisted of the following as of December 31, 2021:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(10)	$	81
Client relationships	7,090		(473)		6,617
Technology	8,480		(565)		7,915
Total other intangible assets	$	15,661	$	(1,048)	$	14,613

Schedule of Property and Equipment


Network equipment			3 years
Computer equipment and software			3 years
Furniture and fixtures			3-5 years
Other equipment			3-5 years

Property and equipment include:


	December 31,
	2022		2021
			As Restated
Network equipment	$	176,899	$	138,030
Computer equipment and software	3,680		7,107
Furniture and fixtures	1,322		1,406
Leasehold improvements	6,017		6,454
Other equipment	17		17
Total property and equipment	187,935		153,014
Less: accumulated depreciation	(114,468)		(112,503)
Total property and equipment, net	$	73,467	$	40,511

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 114,511	$ 77,753
Acquisition of Moov and Edgecast	56,546	36,448
Foreign currency translation adjustment	(1,122)	310
Measurement period adjustments – Moov acquisition	(779)
Ending balance	$ 169,156	$ 114,511

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Recognized Amount [Abstract]

Stock Option Activity

Data pertaining to stock option activity under the Plans are as follows:


	Number of Options Outstanding	Weighted Average Exercise Price
	(In thousands)
Balance as of December 31, 2019	17,634	$	3.12
Granted	1,509	4.18
Exercised	(2,870)	2.83
Cancelled/Forfeitures	(678)	3.98
Balance as of December 31, 2020	15,595	3.23
Granted	3,022	2.17
Exercised	(1,936)	2.35
Cancelled/Forfeitures	(3,252)	3.76
Balance as of December 31, 2021	13,429	3.00
Granted	2,405	2.30
Exercised	(3,535)	2.44
Cancelled/Forfeitures	(1,291)	4.32
Balance as of December 31, 2022	11,008	2.87

Outstanding Stock Options

The following table summarizes the information about stock options outstanding and exercisable as of December 31, 2022:


Options Outstanding					Options Exercisable
Exercise Price	Number of Options Outstanding	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price		Number of Options Exercisable	Weighted Average Exercise Price
	(In thousands)				(In thousands)
$ 0.00 — $ 1.50	1,853	9.2	$	1.04	247	$	0.50
$ 1.51 — $ 3.00	4,456	1.4	2.37		4,167	2.35
$ 3.01 — $ 4.50	3,352	5.2	3.66		2,031	3.68
$ 4.51 — $ 6.00	1,344	1.8	5.05		1,319	5.05
$ 6.01 — $ 7.50	3	7.6	6.22		2	6.22
	11,008				7,766

Grant Date Fair Value of Option

The fair value of options awarded were estimated on the grant date using the following weighted average assumptions:


	Years Ended December 31,
	2022		2021		2020
Expected volatility	64.26	%	62.62	%	59.70	%
Expected term, years	5.14		4.65		5.99
Risk-free interest	3.48	%	0.66	%	0.62	%
Expected dividends	—	%	—	%	—	%

Different Types Of Restricted Stock Units (Rsus) Outstanding

The following table summarizes the RSUs outstanding (in thousands):


	Years Ended December 31,
	2022	2021	2020
RSUs with service-based vesting conditions	5,989	6,699	3,340
RSUs with performance-based vesting conditions	8,223	7,305	—
	14,212	14,004	3,340

Restricted Stock Units Activity

Data pertaining to RSUs activity under the Plans is as follows:


	Number of Units	Weighted Average Fair Value
	(In thousands)
Balance as of December 31, 2019	4,503	$	3.45
Granted: RSUs	2,225	4.86
Vested	(2,817)	3.80
Forfeitures	(571)	3.51
Balance as of December 31, 2020	3,340	4.09
Granted: RSUs	6,506	2.94
Granted: Financial-based Performance RSUs	7,305	2.93
Vested	(1,758)	4.00
Forfeitures	(1,389)	3.74
Balance as of December 31, 2021	14,004	3.00
Granted: RSUs	4,757	2.83
Granted: Financial-based Performance RSUs	37	—
Granted: Financial-based Performance RSUs (1)	997	n/a
Vested	(4,735)	2.93
Forfeitures	(848)	3.51
Balance as of December 31, 2022	14,212	2.80

(1) Represents Performance RSUs for which performance targets have not yet been established, and which are not yet considered granted for accounting purposes.

Components Of Share-based Compensation Expense

The following table summarizes the components of share-based compensation expense included in our consolidated statements of operations:


	Years Ended December 31,
	2022		2021		2020
Share-based compensation expense by type:
Stock options	$	2,179	$	7,790	$	4,289
Restricted stock units (1)	27,603		12,185		10,494
ESPP	811		505		934
Total share-based compensation expense	$	30,593	$	20,480	$	15,717
Share-based compensation expense included in the consolidated statements of operations:
Cost of services	$	2,443	$	1,385	$	1,998
General and administrative expense	8,659		12,514		7,611
Sales and marketing expense	3,836		2,513		3,519
Research and development expense	15,655		2,435		2,589
Restructuring charge	—		1,633		—
Total share-based compensation expense	$	30,593	$	20,480	$	15,717

(1) Includes expenses related to Performance RSUs for the year ended December 31, 2022 of $8,938. Expenses related to Performance RSUs for the year ended December 31,2021 were immaterial.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents

$ 55,275

$ 59,306

$ 55,175

$ 27,175

$ 41,918

$ 39,585

$ 44,065

$ 35,620

$ 46,795

Marketable securities

18,734

11,444

22,158

34,751

37,367

36,201

75,471

81,308

76,928

Accounts receivable, net (1)

84,627

102,963

92,084

45,417

33,528

36,487

21,317

25,336

29,074

Income taxes receivable

105

102

Prepaid expenses and other current assets

36,374

^[1]

35,799

43,583

22,570

17,810

^[1]

19,805

15,945

16,893

15,989

Total current assets

195,115

209,571

213,058

129,976

130,684

132,140

156,855

159,259

168,854

Property and equipment, net

73,467

105,528

116,828

41,398

40,511

42,091

46,253

49,879

49,088

Operating lease right of use assets

5,290

6,680

7,124

6,064

6,338

7,683

8,929

9,521

10,150

Deferred income taxes

2,338

2,745

2,866

1,822

1,893

1,693

1,604

1,577

1,530

Goodwill

169,156

171,065

163,489

113,463

114,511

105,221

77,642

77,421

77,753

Intangible assets, net

91,661

67,738

72,655

13,827

14,613

23,680

6,187

6,782

Other assets (1)

5,353

7,820

7,374

4,819

5,525

6,012

297,470

304,439

7,273

Total assets

542,380

571,147

583,394

311,369

314,075

318,520

314,648

Current liabilities:

Accounts payable

52,776

^[1]

38,155

19,455

14,712

10,624

^[1]

12,761

11,869

7,504

4,370

Deferred revenue

9,286

7,048

5,596

3,000

4,034

8,064

681

1,151

1,318

Operating lease liability obligations

4,557

4,396

4,755

1,754

1,861

1,966

1,977

2,233

2,465

Income taxes payable

3,133

433

262

215

873

443

388

322

253

Financing obligations

6,346

6,314

5,865

4,740

4,648

4,854

3,756

3,721

3,381

Other current liabilities

76,160

^[1]

86,645

74,984

20,650

19,511

^[1]

18,035

16,958

19,277

17,581

Total current liabilities

152,258

142,991

110,917

45,071

41,551

46,123

35,629

34,208

29,368

Convertible senior notes, net

122,631

122,416

122,202

121,991

121,782

121,576

121,371

121,200

100,945

Operating lease liability obligations, less current portion

9,181

10,511

11,352

9,209

9,616

10,045

10,358

10,781

11,265

Deferred income taxes

596

100

303

308

306

360

279

Deferred revenue, less current portion

2,949

2,938

1,530

282

116

307

272

226

220

Financing obligations, less current portion

13,784

14,243

14,292

9,202

7,851

5,425

1,440

854

Other long-term liabilities

1,658

710

716

721

777

453

369

476

479

Total liabilities

303,057

293,904

261,109

186,779

182,001

184,237

169,745

168,105

142,556

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding

Common stock, $0.001 par value; 300,000 shares authorized; 222,232 and 134,337 shares issued and outstanding as of December 31, 2022 and 2021, respectively

222

220

138

134

127

125

124

Common stock contingent consideration

16,300

16,900

Additional paid-in capital

807,507

800,697

793,969

590,249

576,807

571,268

550,205

545,516

556,512

Accumulated other comprehensive loss

(11,665)

(13,462)

(11,413)

(9,004)

(8,345)

(8,491)

(7,965)

(8,462)

(7,511)

Accumulated deficit

(573,041)

(526,514)

(477,391)

(456,793)

(436,522)

(428,628)

(414,642)

(400,845)

(377,033)

Total stockholders’ equity

239,323

277,243

322,285

124,590

132,074

134,283

127,725

136,334

172,092

$ 166,287

Total liabilities and stockholders’ equity

$ 542,380

$ 571,147

$ 583,394

$ 311,369

$ 314,075

$ 318,520

$ 297,470

$ 304,439

$ 314,648

[1]	The December 31, 2022 balances include amounts due to/from related parties. See Notes 7, 10, and 18 for further details.

Restructuring Charges - Activity of Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Beginning balance			$ 415				$ 0	$ 415	$ 0	$ 415	$ 0	$ 415	$ 0
Restructuring charges	$ 4,070	$ 4,368	698	$ 2,627	$ 1,770	$ 2,155	6,873	5,066	9,028	9,136	10,798	20,030	13,425	$ 0
Cash disbursements												(8,049)	(7,443)
Noncash charges												(6,212)	(5,567)
Ending balance				415								$ 6,184	415	0
Restructuring, incurred cost, statement of income or comprehensive income												Restructuring charges
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning balance			235				0	235	0	235	0	$ 235	0
Restructuring charges												7,736	3,216
Cash disbursements												(5,291)	(2,968)
Noncash charges												92	(13)
Ending balance				235								2,772	235	0
Share-Based Compensation
Restructuring Reserve [Roll Forward]
Beginning balance			0				0	0	0	0	0	0	0
Restructuring charges												397	1,781
Cash disbursements												0	(147)
Noncash charges												(157)	(1,634)
Ending balance				0								240	0	0
Facilities Related Charges
Restructuring Reserve [Roll Forward]
Beginning balance			180				0	180	0	180	0	180	0
Restructuring charges												11,895	4,768
Cash disbursements												(2,756)	(668)
Noncash charges												(6,147)	(3,920)
Ending balance				180								3,172	180	0
Professional Fees and Other
Restructuring Reserve [Roll Forward]
Beginning balance			$ 0				$ 0	$ 0	$ 0	$ 0	$ 0	0	0
Restructuring charges												2	3,660
Cash disbursements												(2)	(3,660)
Noncash charges												0	0
Ending balance				$ 0								$ 0	$ 0	$ 0

Restatement of Previously Issued Consolidated Financial Statements - Reconciliation of Consolidated Balance Sheets (Details) - USD ($)
$ / shares in Units, $ in Thousands

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents

$ 55,275

$ 59,306

$ 55,175

$ 27,175

$ 41,918

$ 39,585

$ 44,065

$ 35,620

$ 46,795

Marketable securities

18,734

11,444

22,158

34,751

37,367

36,201

75,471

81,308

76,928

Accounts receivable, net (1)

84,627

102,963

92,084

45,417

33,528

36,487

21,317

25,336

29,074

Income taxes receivable

105

102

Prepaid expenses and other current assets

36,374

^[1]

35,799

43,583

22,570

17,810

^[1]

19,805

15,945

16,893

15,989

Total current assets

195,115

209,571

213,058

129,976

130,684

132,140

156,855

159,259

168,854

Property and equipment, net

73,467

105,528

116,828

41,398

40,511

42,091

46,253

49,879

49,088

Operating lease right of use assets

5,290

6,680

7,124

6,064

6,338

7,683

8,929

9,521

10,150

Deferred income taxes

2,338

2,745

2,866

1,822

1,893

1,693

1,604

1,577

1,530

Goodwill

169,156

171,065

163,489

113,463

114,511

105,221

77,642

77,421

77,753

Intangible assets, net

91,661

67,738

72,655

13,827

14,613

23,680

6,187

6,782

Other assets (1)

5,353

7,820

7,374

4,819

5,525

6,012

297,470

304,439

7,273

Total assets

542,380

571,147

583,394

311,369

314,075

318,520

314,648

Current liabilities:

Accounts payable

52,776

^[1]

38,155

19,455

14,712

10,624

^[1]

12,761

11,869

7,504

4,370

Deferred revenue

9,286

7,048

5,596

3,000

4,034

8,064

681

1,151

1,318

Operating lease liability obligations

4,557

4,396

4,755

1,754

1,861

1,966

1,977

2,233

2,465

Income taxes payable

3,133

433

262

215

873

443

388

322

253

Financing obligations

6,346

6,314

5,865

4,740

4,648

4,854

3,756

3,721

3,381

Other current liabilities

76,160

^[1]

86,645

74,984

20,650

19,511

^[1]

18,035

16,958

19,277

17,581

Total current liabilities

152,258

142,991

110,917

45,071

41,551

46,123

35,629

34,208

29,368

Convertible senior notes, net

122,631

122,416

122,202

121,991

121,782

121,576

121,371

121,200

100,945

Operating lease liability obligations, less current portion

9,181

10,511

11,352

9,209

9,616

10,045

10,358

10,781

11,265

Deferred income taxes

596

100

303

308

306

360

279

Deferred revenue, less current portion

2,949

2,938

1,530

282

116

307

272

226

220

Financing obligations, less current portion

13,784

14,243

14,292

9,202

7,851

5,425

1,440

854

Other long-term liabilities

1,658

710

716

721

777

453

369

476

479

Total liabilities

303,057

293,904

261,109

186,779

182,001

184,237

169,745

168,105

142,556

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock

Common stock

222

220

138

134

127

125

124

Common stock contingent consideration

16,300

16,900

Additional paid-in capital

807,507

800,697

793,969

590,249

576,807

571,268

550,205

545,516

556,512

Accumulated other comprehensive loss

(11,665)

(13,462)

(11,413)

(9,004)

(8,345)

(8,491)

(7,965)

(8,462)

(7,511)

Accumulated deficit

(573,041)

(526,514)

(477,391)

(456,793)

(436,522)

(428,628)

(414,642)

(400,845)

(377,033)

Total stockholders’ equity

239,323

277,243

322,285

124,590

132,074

134,283

127,725

136,334

172,092

$ 166,287

Total liabilities and stockholders’ equity

$ 542,380

$ 571,147

$ 583,394

$ 311,369

$ 314,075

$ 318,520

$ 297,470

$ 304,439

$ 314,648

Convertible preferred stock, par value (in dollars per share)

$ 0.001

Convertible preferred stock, shares authorized (in shares)

7,500,000

Convertible preferred stock, shares issued (in shares)

Convertible preferred stock, shares outstanding (in shares)

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

300,000,000

Common stock, shares issued (in shares)

222,232,000

221,583,000

219,706,000

138,178,000

134,337,000

133,812,000

126,705,000

125,248,000

123,653,000

Common stock, shares outstanding (in shares)

222,232,000

221,583,000

219,706,000

138,178,000

134,337,000

133,812,000

126,705,000

125,248,000

123,653,000

As Previously Reported

Current assets:

Cash and cash equivalents

$ 59,306

$ 55,175

$ 27,175

$ 41,918

$ 39,585

$ 44,065

$ 35,620

$ 46,795

Marketable securities

11,444

22,158

34,751

37,367

36,201

75,471

81,308

76,928

Accounts receivable, net (1)

122,397

108,445

55,040

42,217

46,179

24,867

29,151

31,675

Income taxes receivable

102

Prepaid expenses and other current assets

28,775

32,107

16,044

13,036

13,396

14,557

14,784

15,588

Total current assets

221,981

217,943

133,073

134,599

135,423

159,017

160,965

171,054

Property and equipment, net

91,670

106,059

34,792

33,622

36,392

42,406

46,863

46,418

Operating lease right of use assets

6,680

7,124

6,064

6,338

7,683

8,929

9,521

10,150

Deferred income taxes

2,745

2,866

1,822

1,893

1,693

1,604

1,577

1,530

Goodwill

171,065

163,489

113,463

114,511

105,221

77,642

77,421

77,753

Intangible assets, net

67,738

72,655

13,827

14,613

23,680

6,187

6,782

Other assets (1)

7,820

7,374

4,819

5,525

6,012

295,785

303,129

7,273

Total assets

569,699

577,510

307,860

311,101

316,104

314,178

Current liabilities:

Accounts payable

39,755

19,800

15,599

11,631

13,768

12,459

8,029

4,587

Deferred revenue

6,357

4,790

2,189

3,266

7,965

524

844

933

Operating lease liability obligations

4,396

4,755

1,754

1,861

1,966

1,977

2,233

2,465

Income taxes payable

433

262

215

873

443

388

322

253

Financing obligations

Other current liabilities

86,754

75,391

20,403

19,292

17,950

16,877

19,264

17,560

Total current liabilities

137,695

104,998

40,160

36,923

42,092

32,225

30,692

25,798

Convertible senior notes, net

122,416

122,202

121,991

121,782

121,576

121,371

121,200

100,945

Operating lease liability obligations, less current portion

10,511

11,352

9,209

9,616

10,045

10,358

10,781

11,265

Deferred income taxes

100

303

308

306

360

279

Deferred revenue, less current portion

2,938

1,530

282

116

307

272

226

220

Financing obligations, less current portion

Other long-term liabilities

710

716

721

777

453

369

476

479

Total liabilities

274,365

240,898

172,666

169,522

174,781

164,901

163,735

138,986

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock

Common stock

222

220

138

134

127

125

124

Common stock contingent consideration

16,300

16,900

Additional paid-in capital

797,508

793,522

590,249

576,807

571,268

550,205

545,516

556,512

Accumulated other comprehensive loss

(13,462)

(11,413)

(9,004)

(8,345)

(8,491)

(7,965)

(8,462)

(7,511)

Accumulated deficit

(505,234)

(462,617)

(446,189)

(427,017)

(421,588)

(411,483)

(397,785)

(373,933)

Total stockholders’ equity

295,334

336,612

135,194

141,579

141,323

130,884

139,394

175,192

Total liabilities and stockholders’ equity

569,699

577,510

307,860

311,101

316,104

295,785

303,129

314,178

Restatement Impacts

Current assets:

Cash and cash equivalents

Marketable securities

Accounts receivable, net (1)

(19,434)

(16,361)

(9,623)

(8,689)

(9,692)

(3,550)

(3,815)

(2,601)

Income taxes receivable

Prepaid expenses and other current assets

7,024

11,476

6,526

4,774

6,409

1,388

2,109

401

Total current assets

(12,410)

(4,885)

(3,097)

(3,915)

(3,283)

(2,162)

(1,706)

(2,200)

Property and equipment, net

13,858

10,769

6,606

6,889

5,699

3,847

3,016

2,670

Operating lease right of use assets

Deferred income taxes

Goodwill

Intangible assets, net

Other assets (1)

1,685

1,310

Total assets

1,448

5,884

3,509

2,974

2,416

470

Current liabilities:

Accounts payable

(1,600)

(345)

(887)

(1,007)

(590)

(525)

(217)

Deferred revenue

691

806

811

768

157

307

385

Operating lease liability obligations

Income taxes payable

Financing obligations

6,314

5,865

4,740

4,648

4,854

3,756

3,721

3,381

Other current liabilities

(109)

(407)

247

219

Total current liabilities

5,296

5,919

4,911

4,628

4,031

3,404

3,516

3,570

Convertible senior notes, net

Operating lease liability obligations, less current portion

Deferred income taxes

Deferred revenue, less current portion

Financing obligations, less current portion

14,243

14,292

9,202

7,851

5,425

1,440

854

Other long-term liabilities

Total liabilities

19,539

20,211

14,113

12,479

9,456

4,844

4,370

3,570

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock

Common stock

Common stock contingent consideration

Additional paid-in capital

3,189

447

Accumulated other comprehensive loss

Accumulated deficit

(21,280)

(14,774)

(10,604)

(9,505)

(7,040)

(3,159)

(3,060)

(3,100)

Total stockholders’ equity

(18,091)

(14,327)

(10,604)

(9,505)

(7,040)

(3,159)

(3,060)

(3,100)

Total liabilities and stockholders’ equity

$ 1,448

$ 5,884

$ 3,509

$ 2,974

$ 2,416

$ 1,685

$ 1,310

$ 470

[1]	The December 31, 2022 balances include amounts due to/from related parties. See Notes 7, 10, and 18 for further details.

Restatement of Unaudited Quarterly Results - Restatement and Recasting of Previously Reported Unaudited Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue

$ 110,832

$ 63,586

$ 55,339

$ 57,178

$ 47,994

$ 46,285

$ 49,658

$ 118,925

$ 95,943

$ 229,757

$ 143,937

$ 338,598

^[1]

$ 201,115

^[1]

$ 223,990

^[1]

Cost of revenue:

Cost of services

67,140

38,718

32,673

30,876

29,892

30,669

31,250

71,391

61,919

138,531

91,811

202,887

^[1],[2]

122,687

^[1],[2]

121,926

^[1],[2]

Depreciation — network

10,903

6,791

5,848

5,876

6,116

6,239

5,874

12,639

12,114

23,542

18,230

28,171

24,106

21,787

Total cost of revenue

78,043

45,509

38,521

36,752

36,008

36,908

37,124

84,030

74,033

162,073

110,041

231,058

146,793

143,713

Gross profit

32,789

18,077

16,818

20,426

11,986

9,377

12,534

34,895

21,910

67,684

33,896

107,540

54,322

80,277

Operating expenses:

General and administrative

22,138

26,812

15,833

9,147

10,532

7,515

12,897

42,645

20,412

64,783

30,944

88,150

^[1]

40,091

^[1]

31,284

^[1]

Sales and marketing

14,448

10,834

7,627

8,341

5,987

5,784

9,848

18,461

15,631

32,909

21,619

48,803

^[1]

29,960

^[1]

42,945

^[1]

Research and development

32,462

12,171

9,577

5,149

5,205

5,187

6,128

21,749

11,315

54,211

16,520

83,652

^[1]

21,669

^[1]

21,680

^[1]

Depreciation and amortization

5,943

1,508

1,032

976

730

549

540

2,540

1,089

8,483

1,818

14,741

2,794

1,591

Restructuring charges

4,070

4,368

698

2,627

1,770

2,155

6,873

5,066

9,028

9,136

10,798

20,030

13,425

Total operating expenses

79,061

55,693

34,767

26,240

24,224

21,190

36,286

90,461

57,475

169,522

81,699

255,376

107,939

97,500

Operating loss

(46,272)

(37,616)

(17,949)

(5,814)

(12,238)

(11,813)

(23,752)

(55,566)

(35,565)

(101,838)

(47,803)

(147,836)

(53,617)

(17,223)

Other income (expense):

Interest expense

(1,546)

(1,458)

(1,431)

(1,432)

(1,345)

(1,338)

(1,308)

(2,888)

(2,646)

(4,434)

(3,991)

(6,094)

(5,423)

(3,960)

Interest income

140

200

104

510

134

Other, net

(1,005)

(1,146)

(713)

(242)

(209)

(440)

(214)

(1,859)

(655)

(2,864)

(864)

(4,179)

(1,106)

(368)

Total other expense

(2,411)

(2,571)

(2,117)

(1,644)

(1,537)

(1,736)

(1,477)

(4,687)

(3,214)

(7,098)

(4,751)

(9,763)

(6,395)

(4,259)

Loss before income taxes

(48,683)

(40,187)

(20,066)

(7,458)

(13,775)

(13,549)

(25,229)

(60,253)

(38,779)

(108,936)

(52,554)

(157,599)

(60,012)

(21,482)

Income tax (benefit) expense

440

(19,589)

206

436

211

248

260

(19,383)

507

(18,943)

718

(21,080)

1,154

645

Net loss

$ (49,123)

$ (20,598)

$ (20,272)

$ (7,894)

$ (13,986)

$ (13,797)

$ (25,489)

$ (40,870)

$ (39,286)

$ (89,993)

$ (53,272)

$ (136,519)

$ (61,166)

$ (22,127)

Net loss per share:

Basic (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Diluted (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

As Previously Reported

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue

$ 121,156

$ 74,312

$ 57,959

$ 62,885

$ 55,202

$ 48,348

$ 51,195

$ 132,270

$ 99,543

$ 253,426

$ 154,745

$ 217,630

$ 230,194

Cost of revenue:

Cost of services

74,421

46,088

35,070

35,065

33,687

32,976

33,021

81,157

66,021

155,578

99,708

134,773

125,509

Depreciation — network

9,841

5,903

5,089

5,215

5,685

5,929

5,679

10,992

11,608

20,833

17,293

22,508

21,579

Total cost of revenue

84,262

51,991

40,159

40,280

39,372

38,905

38,700

92,149

77,629

176,411

117,001

157,281

147,088

Gross profit

36,894

22,321

17,800

22,605

15,830

9,443

12,495

40,121

21,914

77,015

37,744

60,349

83,106

Operating expenses:

General and administrative

22,198

26,927

15,833

9,147

10,532

7,515

12,948

42,760

20,412

64,958

30,944

40,091

31,284

Sales and marketing

14,428

10,946

7,627

8,141

5,987

5,784

9,835

18,573

15,631

33,001

21,619

29,760

42,945

Research and development

30,173

12,161

9,577

5,149

5,205

5,187

6,113

21,738

11,315

51,911

16,520

21,669

21,680

Depreciation and amortization

5,943

1,508

1,032

976

730

549

540

2,540

1,089

8,483

1,818

2,794

1,591

Restructuring charges

4,070

4,368

698

2,627

1,770

2,155

6,873

5,066

9,028

9,136

10,798

13,425

Total operating expenses

76,812

55,910

34,767

26,040

24,224

21,190

36,309

90,677

57,475

167,489

81,699

107,739

97,500

Operating loss

(39,918)

(33,589)

(16,967)

(3,435)

(8,394)

(11,747)

(23,814)

(50,556)

(35,561)

(90,474)

(43,955)

(47,390)

(14,394)

Other income (expense):

Interest expense

(1,317)

(1,315)

(1,313)

(1,346)

(1,308)

(1,305)

(1,286)

(2,628)

(2,591)

(3,945)

(3,899)

(5,245)

(3,939)

Interest income

140

200

104

134

Other, net

(1,082)

(1,146)

(713)

(242)

(209)

(440)

(214)

(1,859)

(655)

(2,941)

(864)

(1,106)

(368)

Total other expense

(2,259)

(2,428)

(1,999)

(1,558)

(1,500)

(1,703)

(1,455)

(4,427)

(3,159)

(6,686)

(4,659)

(6,217)

(4,238)

Loss before income taxes

(42,177)

(36,017)

(18,966)

(4,993)

(9,894)

(13,450)

(25,269)

(54,983)

(38,720)

(97,160)

(48,614)

(53,607)

(18,632)

Income tax (benefit) expense

440

(19,589)

206

436

211

248

260

(19,383)

507

(18,943)

718

1,154

645

Net loss

$ (42,617)

$ (16,428)

$ (19,172)

$ (5,429)

$ (10,105)

$ (13,698)

$ (25,529)

$ (35,600)

$ (39,227)

$ (78,217)

$ (49,332)

$ (54,761)

$ (19,277)

Net loss per share:

Basic (in dollars per share)

$ (0.19)

$ (0.11)

$ (0.14)

$ (0.04)

$ (0.08)

$ (0.11)

$ (0.21)

$ (0.25)

$ (0.31)

$ (0.46)

$ (0.39)

$ (0.43)

$ (0.16)

Diluted (in dollars per share)

$ (0.19)

$ (0.11)

$ (0.14)

$ (0.04)

$ (0.08)

$ (0.11)

$ (0.21)

$ (0.25)

$ (0.31)

$ (0.46)

$ (0.39)

$ (0.43)

$ (0.16)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

Restatement Impacts

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue

$ (10,324)

$ (10,726)

$ (2,620)

$ (5,707)

$ (7,208)

$ (2,063)

$ (1,537)

$ (13,345)

$ (3,600)

$ (23,669)

$ (10,808)

$ (16,515)

$ (6,204)

Cost of revenue:

Cost of services

(7,281)

(7,370)

(2,397)

(4,189)

(3,795)

(2,307)

(1,771)

(9,766)

(4,102)

(17,047)

(7,897)

(12,086)

(3,583)

Depreciation — network

1,062

888

759

661

431

310

195

1,647

506

2,709

937

1,598

208

Total cost of revenue

(6,219)

(6,482)

(1,638)

(3,528)

(3,364)

(1,997)

(1,576)

(8,119)

(3,596)

(14,338)

(6,960)

(10,488)

(3,375)

Gross profit

(4,105)

(4,244)

(982)

(2,179)

(3,844)

(66)

(5,226)

(4)

(9,331)

(3,848)

(6,027)

(2,829)

Operating expenses:

General and administrative

(60)

(115)

(51)

(115)

(175)

Sales and marketing

(112)

200

(112)

(92)

200

Research and development

2,289

2,300

Depreciation and amortization

Restructuring charges

Total operating expenses

2,249

(217)

200

(23)

(216)

2,033

200

Operating loss

(6,354)

(4,027)

(982)

(2,379)

(3,844)

(66)

(5,010)

(4)

(11,364)

(3,848)

(6,227)

(2,829)

Other income (expense):

Interest expense

(229)

(143)

(118)

(86)

(37)

(33)

(22)

(260)

(55)

(489)

(92)

(178)

(21)

Interest income

Other, net

Total other expense

(152)

(143)

(118)

(86)

(37)

(33)

(22)

(260)

(55)

(412)

(92)

(178)

(21)

Loss before income taxes

(6,506)

(4,170)

(1,100)

(2,465)

(3,881)

(99)

(5,270)

(59)

(11,776)

(3,940)

(6,405)

(2,850)

Income tax (benefit) expense

Net loss

$ (6,506)

$ (4,170)

$ (1,100)

$ (2,465)

$ (3,881)

$ (99)

$ 40

$ (5,270)

$ (59)

$ (11,776)

$ (3,940)

$ (6,405)

$ (2,850)

Net loss per share:

Basic (in dollars per share)

$ (0.03)

$ (0.01)

$ (0.02)

$ (0.03)

$ 0

$ (0.03)

$ 0

$ (0.07)

$ (0.03)

$ (0.05)

$ (0.02)

Diluted (in dollars per share)

$ (0.03)

$ (0.01)

$ (0.02)

$ (0.03)

$ 0

$ (0.03)

$ 0

$ (0.07)

$ (0.03)

$ (0.05)

$ (0.02)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

[1]	The year ended December 31, 2022, includes revenue and costs from related parties. See Note 18 for further details.
[2]	Cost of services excludes amortization related to intangible assets, including technology, customer relationships, and trade names, which are included in depreciation and amortization in operating expenses.

Share-Based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options Outstanding
Beginning balance (in shares)	13,429	15,595	17,634
Granted (in shares)	2,405	3,022	1,509
Exercised (in shares)	(3,535)	(1,936)	(2,870)
Cancelled/Forfeitures (in shares)	(1,291)	(3,252)	(678)
Ending balance (in shares)	11,008	13,429	15,595
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 3.00	$ 3.23	$ 3.12
Granted (in dollars per share)	2.30	2.17	4.18
Exercised (in dollars per share)	2.44	2.35	2.83
Canceled/Forfeitures (in dollars per share)	4.32	3.76	3.98
Ending balance (in dollars per share)	$ 2.87	$ 3.00	$ 3.23

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss, net of tax, for the year ended December 31, 2022, were as follows:




	Foreign		Available for
	Currency		Sale Securities		Total
Balance, December 31, 2021	$	(8,296)	$	(49)	$	(8,345)
Other comprehensive (loss) gain before reclassifications	(3,344)		24		(3,320)
Amounts reclassified from accumulated other comprehensive loss	—		—		—
Net current period other comprehensive (loss) gain	(3,344)		24		(3,320)
Balance, December 31, 2022	$	(11,640)	$	(25)	$	(11,665)

Investments in Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

The following is a summary of marketable securities (designated as available-for-sale) as of December 31, 2022:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Agency bonds	$	486	$	—	$	—	$	486
Certificate of deposit	40		—		—		40
Commercial paper	5,884		—		—		5,884
Corporate notes and bonds	11,395		—		15		11,380
Treasury bills	985		—		1		984

Total marketable securities	$	18,790	$	—	$	16	$	18,774

The amortized cost and estimated fair value of the marketable securities as of December 31, 2022, by maturity, are shown below:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
Due in one year or less	$	18,750	$	—	$	16	$	18,734
Due after one year and through five years (1)	40		—		—		40
	$	18,790	$	—	$	16	$	18,774

____________

(1)Classified in other assets

The following is a summary of marketable securities (designated as available-for-sale) as of December 31, 2021:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Certificate of deposit	$	40	$	—	$	—	$	40
Corporate notes and bonds	18,297		—		38		18,259
Municipal securities	19,117		—		9		19,108
Total marketable securities	$	37,454	$	—	$	47	$	37,407

The amortized cost and estimated fair value of the marketable securities as of December 31, 2021, by maturity, are shown below:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale securities:
Due in one year or less	$	37,209	$	—	$	47	$	37,162
Due after one year and through five years (1)	245		—		—		245
	$	37,454	$	—	$	47	$	37,407

____________

(1)Classified in other assets

Fair Value Measurements - Narrative (Details)	12 Months Ended
Fair Value Measurements - Narrative (Details)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Cash equivalent maturity date	3 months

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes - Due 2025

On July 27, 2020, we issued $125,000 aggregate principal amount of 3.50% Convertible Senior Notes due 2025 (the “Notes”), including the initial purchasers’ exercise in full of their option to purchase an additional $15,000 principal amount of the Notes, in a private placement to qualified institutional buyers in an offering exempt from registration under the Securities Act of 1933, as amended. The net proceeds from the issuance of the Notes was $120,741 after deducting transaction costs.

The Notes are governed by an indenture (the “Indenture”) between us, as the issuer, and U.S. Bank, National Association, as trustee. The Notes are senior, unsecured obligations of ours and will be equal in right of payment with our senior, unsecured indebtedness; senior in right of payment to our indebtedness that is expressly subordinated to the notes; effectively subordinated to our senior, secured indebtedness, including future borrowings, if any, under our amended credit facility with First Citizens Bank (formerly Silicon Valley Bank) (“FCB”), to the extent of the value of the collateral securing that indebtedness; and structurally subordinated to all indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries. The Indenture includes customary covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving us after which the Notes become automatically due and payable.

As a result of the restatement of our previously issued consolidated financial statements described in the “Explanatory Note” preceding Item 1, we were unable to file our Annual Report on Form 10-K for the year ended December 31, 2022 on a timely basis. For the same reason, we were also unable to file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. Pursuant to the terms of the Indenture, on April 12, 2023, we notified the Trustee that due to our failure to timely file with the SEC our Annual Report on Form 10-K for the year ended December 31, 2022, a default (as defined in the Indenture) had occurred. Pursuant to the terms of the Indenture, on June 12, 2023, we notified the Trustee that due to our failure to timely file with the SEC our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, a default (as defined in the Indenture) had occurred.

On April 17, 2023, a holder of the Notes delivered a notice of default to the Trustee and the company notifying us that we were in breach of the Indenture for failing to provide the Trustee our Annual Report on Form 10-K for the year ended December 31, 2022. Under the terms of the Indenture, such default matured into an event of default (the “Reporting Event of Default”) on June 17, 2023.

By notice to the holders of the Notes and the Trustee on June 12, 2023 and in accordance with the Indenture, we elected that the sole remedy for the Reporting Event of Default during the period beginning on June 17, 2023 (the "Reporting Event of Default Date") and ending on the earlier of (x) 365 calendar days after the Reporting Event of Default Date and (y) the date on which we deliver the Annual Report to the Trustee will consist of the accrual of additional interest ("Special Interest") at a rate equal to one quarter of one percent (0.25%) of the principal amount of the outstanding Notes for the first 180 calendar days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount of the outstanding Notes. The Notes will be subject to acceleration pursuant to the Indenture on account of the Reporting Event of Default if we fail to pay Special Interest when due under the Indenture.

The Notes mature on August 1, 2025 unless earlier converted, redeemed or repurchased in accordance with their term

prior to the maturity date. Interest is payable semiannually in arrears on February 1 and August 1 of each year, beginning on February 1, 2021. The holders of the Notes may convert all or any portion of their Notes at their option only in the following circumstances:

(1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price per share of our common stock exceeds 130% of the conversion price of $8.53 for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2) during the five consecutive business days immediately after any ten consecutive trading day period (such ten consecutive trading day period, the measurement period) in which the trading price per $1 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day;

(3) upon the occurrence of certain corporate events or distributions of our common stock;

(4) if we call such Notes for redemption; and

(5) at any time from, and including, May 1, 2025, until the close of business on the second scheduled trading day immediately before the maturity date.

On or after May 1, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, in minimum principal amount denominations of $1 or any integral multiple of $1 in excess thereof, at the option of the holder regardless of the foregoing circumstances. Upon conversion, we may satisfy our conversion obligation by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in the manner and subject to the terms and conditions provided in the Indenture. The Notes have an initial conversion rate of 117.2367 shares of our common stock per $1 principal amount of Notes, which is equal to an initial conversion price of approximately $8.53 per share of our common stock. The initial conversion price of the Notes represents a premium of approximately 27.5% over the last reported sale price of our common stock on The Nasdaq Global Select Market of $6.69 per share on July 22, 2020. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the Indenture. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will increase the conversion rate in certain circumstances for a holder who elects to convert its Notes in connection with such a corporate event or convert its Notes called (or deemed called) for redemption in connection with such notice of redemption, provided that the conversion rate will not exceed 149.4768 share of our common stock per $1 principal amount of Notes, subject to adjustment.

We may not redeem the Notes prior to August 4, 2023. We may redeem for cash all, or any portion in an authorized denomination, of the Notes, at our option, on or after August 4, 2023, and on or prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days, whether or not consecutive, including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that we are not required to redeem or retire the Notes periodically.

If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

As of December 31, 2022, the conditions allowing holders of the Notes to convert had not been met and therefore the Notes are not yet convertible. The Notes were classified as long-term debt on our consolidated balance sheets as of December 31, 2022 and 2021.

At the time of issuance in July 2020, we separately accounted for the liability and equity components of the Notes. We determined the initial carrying amount of the $102,500 liability component before consideration of debt discount and transaction fees by calculating the present value of the cash flows using an effective interest rate of 8.6%. The interest rate was determined based on non-convertible debt offerings of similar sizes and terms by companies with similar credit ratings (Level 2 inputs). The carrying amount of the equity component, representing the conversion option, was $22,500 and was calculated by deducting the initial carrying value of the liability component from the principal amount of the Notes as a whole. This difference represents a debt discount that is amortized to interest expense over the 5-year contractual term of the Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for

equity classification. On January 1, 2021, we early adopted ASU 2020-06 on a modified retrospective basis. As a result of the adoption of ASU 2020-06, our total remaining interest expense over the contractual terms of our convertible debt will be approximately $20,823 less than under the previous accounting standards. The adoption resulted in a $21,733 decrease in additional paid in capital from the derecognition of the bifurcated equity component, a $20,255 increase in debt from the derecognition of the discount associated with the bifurcated equity component and a $1,677 decrease to the opening balance of accumulated deficit, representing the cumulative interest expense recognized related to the amortization of the bifurcated conversion option.

We initially allocated transaction costs related to the issuance of the Notes to the liability and equity components using the same proportions as the initial carrying value of the Notes. Transaction costs initially attributable to the liability component were $3,400 and are being amortized to interest expense using the effective interest method over the term of the Notes. Transaction costs attributable to the equity component were $859. Following the adoption of ASU 2020-06, the transaction costs attributable to the original equity component are now being amortized to interest expense over the remaining term of the Notes.

The net carrying amounts of the liability and equity components of the Notes consisted of the following:


	December 31,		December 31,
	2022		2021
Liability component:
Principal	$	125,000	$	125,000

Unamortized transaction costs	(2,369)		(3,218)
Net carrying amount	$	122,631	$	121,782

Interest expense recognized related to the Notes was as follows:


	Years Ended December 31,
	2022		2021
Contractual interest expense	$	4,375	$	4,353

Amortization of transaction costs	849		811
Total	$	5,224	$	5,164

As of December 31, 2022 and 2021, the estimated fair value of the Notes was $107,031 and $119,363, respectively. We estimated the fair value based on the quoted market prices in an inactive market on the last trading day of the reporting period, which are considered Level 2 inputs.

Capped Call Transactions

In connection with the offering of the Notes, we entered into privately negotiated capped call transactions with certain counterparties (collectively, the “Capped Calls”). The Capped Calls have an initial strike price of approximately $8.53 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have an initial cap price of $13.38 per share, subject to certain adjustments. The Capped Calls are generally intended to reduce or offset the potential economic dilution of approximately 14.7 million shares to our common stock upon any conversion of the Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. As the Capped Calls are considered indexed to our own stock and are equity classified, they are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $16,400 incurred in connection with the Capped Calls was recorded as a reduction to additional paid-in capital.

Line of Credit

In November 2015, we entered into the original Loan and Security Agreement (the “Credit Agreement”) with FCB. Since the inception, there have been ten amendments, with the most recent amendment being in June 2023 (the “Tenth Amendment”). Under the Tenth Amendment our borrowing capacity was reduced to the lesser of the commitment amount of $50,000 or 50% of eligible accounts receivable while the maturity date remains at April 2, 2025. All outstanding borrowings owed under the Credit Agreement, if any, become due and payable no later than the final maturity date of April 2, 2025. As of December 31, 2022 and 2021, we had no outstanding borrowings.

As of December 31, 2022, borrowings under the Credit Agreement bear interest at the current prime rate minus 0.25%. In the event of default, obligations shall bear interest at a rate per annum that is 4% above the then applicable rate.

Amendment fees and other commitment fees are included in interest expense. During the years ended December 31, 2022, 2021 and 2020, respectively, interest expense was immaterial and fees and amortization expense was $166, $81 and $108, respectively.

Any borrowings are secured by essentially all of our domestic personal property, with a negative pledge on intellectual property. FCB’s security interest in our foreign subsidiaries is limited to 65% of voting stock of each such foreign subsidiary.

We are required to maintain an Adjusted Quick Ratio of at least 1.0. We are also subject to certain customary limitations on our ability to, among other things, incur debt, grant liens, make acquisitions and other investments, make certain restricted payments such as dividends, dispose of assets, or undergo a change in control. As of December 31, 2022, we were not in compliance with our Adjusted Quick Ratio requirement. On June 27, 2023, we have received a waiver for, among others, our non-compliance.

- Definition

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

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+ Details

Stockholders' Equity (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	May 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Nov. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 14, 2017	Jun. 30, 2013
Equity, Class of Treasury Stock [Line Items]
Issuance of preferred stock authorized (in shares)		7,500,000	7,500,000		7,500,000	7,500,000	7,500,000		7,500,000	7,500,000	7,500,000
ESPP
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized for issuance (in shares)	9,000,000												4,000,000
Increase in shares available for issuance (in shares)	5,000,000
Maximum number of shares permitted to purchase per period (in shares)	5,000
Discount from market price for employees (as a percent)		15.00%
Shares issued (in shares)		829,000	636,000	555,000
Proceeds received for stock issued		$ 1,355	$ 1,638	$ 1,936
Common stock reserved for future options and restricted stock awards (in shares)		2,220,000
Employee funds held by Company for future purchase of shares		$ 495
2007 Equity Incentive Plan
Equity, Class of Treasury Stock [Line Items]
Common stock reserved for future issuance (in shares)		11,437,000
2021 Inducement Plan
Equity, Class of Treasury Stock [Line Items]
Common stock reserved for future issuance (in shares)								11,000,000
Shares issued during period (in shares)		10,497,000
2017 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount												$ 25,000
Shares repurchased and retired during period (in shares)		0	0	0
Remaining authorized repurchase amount		$ 21,200

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense, intangible assets		$ 12,952,000	$ 1,048,000
Impairment of intangible assets		$ 0	$ 0
Acquired intangible assets, weighted average useful life	5 years	4 years 8 months 12 days	4 years 8 months 12 days
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, weighted average useful life		1 year 8 months 12 days	2 years 8 months 12 days
Client relationships
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, weighted average useful life		6 years 1 month 6 days	4 years 8 months 12 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, weighted average useful life		3 years 4 months 24 days	4 years 8 months 12 days

Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Computation of basic and diluted net income (loss) per share
Net loss	$ (49,123)	$ (20,598)	$ (20,272)	$ (7,894)	$ (13,986)	$ (13,797)	$ (25,489)	$ (40,870)	$ (39,286)	$ (89,993)	$ (53,272)	$ (136,519)	$ (61,166)	$ (22,127)
Basic weighted-average outstanding shares of common stock (in shares)	220,194	151,776	135,528	134,023	126,791	126,050	124,290	143,652	125,170	169,166	125,710	182,381	127,789	121,196
Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares (in shares)												0	0	0
Diluted weighted-average outstanding shares of common stock (in shares)	220,194	151,776	135,528	134,023	126,791	126,050	124,290	143,652	125,170	169,166	125,710	182,381	127,789	121,196
Basic net loss per share (in dollars per share)	$ (0.22)	$ (0.14)	$ (0.15)	$ (0.06)	$ (0.11)	$ (0.11)	$ (0.21)	$ (0.28)	$ (0.31)	$ (0.53)	$ (0.42)	$ (0.75)	$ (0.48)	$ (0.18)
Diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.14)	$ (0.15)	$ (0.06)	$ (0.11)	$ (0.11)	$ (0.21)	$ (0.28)	$ (0.31)	$ (0.53)	$ (0.42)	$ (0.75)	$ (0.48)	$ (0.18)

- Definition

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

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

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

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+ Details

Leases and Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Right-of-use Assets and Lease Liabilities

Below is a summary of our right of use assets and liabilities as of December 31, 2022:


Right-of-use assets	$	5,290

Lease liability obligations, current	$	4,557
Lease liability obligations, less current portion	9,181
Total lease liability obligations	$	13,738

Weighted-average remaining lease term	4.8 years

Weighted-average discount rate	5.05		%

Operating Leases, Future Minimum Lease Payments Over Remaining Lease Periods

Approximate future minimum lease payments for our right of use assets over the remaining lease periods as of December 31, 2022, were as follows:


2023	$	5,158
2024	2,360
2025	1,440
2026	1,468
2027	1,497
Thereafter	3,864
Total minimum payments	15,787
Less: amount representing interest	2,049
Total	$	13,738

Financing Leases, Future Minimum Lease Payments Over Remaining Lease Periods

As of December 31, 2022, future minimum payments under the Open Edge arrangements' financing obligations were as follows (in thousands):



2023	$	7,358
2024	4,966
2025	4,761
2026	3,827
2027	1,197
Thereafter	75
Total minimum payments	22,184
Less: imputed interest	2,054
Total financing obligations	20,130
Less: current financing obligations	6,346
Long-term financing obligations	$	13,784

Minimum Purchase Commitments

The following summarizes our minimum non-cancellable commitments for future periods as of December 31, 2022:


2023	$	80,446
2024	40,644
2025	29,326
2026	17,510
2027	7,214
Thereafter	—
Total minimum payments (1)	$	175,140

(1) Includes Open Edge partner commitments which typically have a minimum fee commitment that is paid to the partners over the course of the arrangement. The aggregate minimum fee commitment is allocated between cost of services and financing obligations. The above table reflects the minimum fee commitment allocated to cost of services.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 132,074	$ 172,092	$ 166,287
Other comprehensive (loss) gain before reclassifications	(3,320)
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive (loss) gain, net of tax	(3,320)	(834)	1,699
Ending balance	239,323	132,074	172,092
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8,345)	(7,511)	(9,210)
Ending balance	(11,665)	(8,345)	$ (7,511)
Foreign Currency
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8,296)
Other comprehensive (loss) gain before reclassifications	(3,344)
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive (loss) gain, net of tax	(3,344)
Ending balance	(11,640)	(8,296)
Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(49)
Other comprehensive (loss) gain before reclassifications	24
Amounts reclassified from accumulated other comprehensive loss	0
Other comprehensive (loss) gain, net of tax	24
Ending balance	$ (25)	$ (49)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 21,425
2024	21,415
2025	21,394
2026	13,141
2027	5,911
Thereafter	8,375
Net Carrying Amount	$ 91,661	$ 14,613

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table sets forth the components used in the computation of basic and diluted net loss per share for the periods indicated:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Net loss	$	(136,519)	$	(61,166)	$	(22,127)
Basic weighted-average outstanding shares of common stock	182,381		127,789		121,196
Basic weighted-average outstanding shares of common stock	182,381		127,789		121,196
Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares	—		—		—
Diluted weighted-average outstanding shares of common stock	182,381		127,789		121,196
Basic net loss per share	$	(0.75)	$	(0.48)	$	(0.18)
Diluted net loss per share	$	(0.75)	$	(0.48)	$	(0.18)

Schedule of Antidilutive Securities Excluded from Computation


	Years Ended December 31,
	2022	2021	2020
Employee stock purchase plan	514	85	96
Stock options	1,601	2,138	5,973
Restricted stock units	4,846	1,123	1,891
Convertible senior notes	14,654	14,654	14,654
Contingently issuable shares (1)	12,685	—	—
	34,300	18,000	22,614

(1) Represents common stock contingent consideration related to the Edgecast Acquisition.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Matters We are subject to various legal proceedings and claims, either asserted or unasserted, arising from time to time, in the ordinary course of business. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. We have not recorded any accruals related to any legal matters. No assurances can be given with respect to the extent or outcome of any such litigation in the future. Indirect Tax Matters We are subject to indirect taxation in various states and foreign jurisdictions. Laws and regulations that apply to communications and commerce conducted over the Internet are becoming more prevalent, both in the United States and internationally, and may impose additional burdens on us conducting business online or providing Internet-related services. Increased regulation could negatively affect our business directly, as well as the businesses of our clients, which could reduce their demand for our services. For example, tax authorities in various states and abroad may impose taxes on the Internet-related revenue we generate based on regulations currently being applied to similar but not directly comparable industries. There are many transactions and calculations where the ultimate tax determination is uncertain. In addition, domestic and international taxation laws are subject to change. In the future, we may come under audit, which could result in changes to our tax estimates. We believe we have maintained adequate tax reserves to offset potential liabilities that may arise upon audit. Our tax reserve was immaterial as of December 31, 2022 and 2021. Although we believe our tax estimates and associated reserves are reasonable, the final determination of tax audits and any related litigation could be materially different than the amounts established for tax contingencies. To the extent these estimates ultimately prove to be inaccurate, the associated reserves would be adjusted, resulting in the recording of a benefit or expense in the period in which a change in estimate or a final determination is made.

Restatement of Previously Issued Consolidated Financial Statements - Reconciliation of Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue

$ 110,832

$ 63,586

$ 55,339

$ 57,178

$ 47,994

$ 46,285

$ 49,658

$ 118,925

$ 95,943

$ 229,757

$ 143,937

$ 338,598

^[1]

$ 201,115

^[1]

$ 223,990

^[1]

Cost of revenue:

Cost of services

67,140

38,718

32,673

30,876

29,892

30,669

31,250

71,391

61,919

138,531

91,811

202,887

^[1],[2]

122,687

^[1],[2]

121,926

^[1],[2]

Depreciation — network

10,903

6,791

5,848

5,876

6,116

6,239

5,874

12,639

12,114

23,542

18,230

28,171

24,106

21,787

Total cost of revenue

78,043

45,509

38,521

36,752

36,008

36,908

37,124

84,030

74,033

162,073

110,041

231,058

146,793

143,713

Gross profit

32,789

18,077

16,818

20,426

11,986

9,377

12,534

34,895

21,910

67,684

33,896

107,540

54,322

80,277

Operating expenses:

General and administrative

22,138

26,812

15,833

9,147

10,532

7,515

12,897

42,645

20,412

64,783

30,944

88,150

^[1]

40,091

^[1]

31,284

^[1]

Sales and marketing

14,448

10,834

7,627

8,341

5,987

5,784

9,848

18,461

15,631

32,909

21,619

48,803

^[1]

29,960

^[1]

42,945

^[1]

Research and development

32,462

12,171

9,577

5,149

5,205

5,187

6,128

21,749

11,315

54,211

16,520

83,652

^[1]

21,669

^[1]

21,680

^[1]

Depreciation and amortization

5,943

1,508

1,032

976

730

549

540

2,540

1,089

8,483

1,818

14,741

2,794

1,591

Restructuring charges

4,070

4,368

698

2,627

1,770

2,155

6,873

5,066

9,028

9,136

10,798

20,030

13,425

Total operating expenses

79,061

55,693

34,767

26,240

24,224

21,190

36,286

90,461

57,475

169,522

81,699

255,376

107,939

97,500

Operating loss

(46,272)

(37,616)

(17,949)

(5,814)

(12,238)

(11,813)

(23,752)

(55,566)

(35,565)

(101,838)

(47,803)

(147,836)

(53,617)

(17,223)

Other income (expense):

Interest expense

(1,546)

(1,458)

(1,431)

(1,432)

(1,345)

(1,338)

(1,308)

(2,888)

(2,646)

(4,434)

(3,991)

(6,094)

(5,423)

(3,960)

Interest income

140

200

104

510

134

Other, net

(1,005)

(1,146)

(713)

(242)

(209)

(440)

(214)

(1,859)

(655)

(2,864)

(864)

(4,179)

(1,106)

(368)

Total other expense

(2,411)

(2,571)

(2,117)

(1,644)

(1,537)

(1,736)

(1,477)

(4,687)

(3,214)

(7,098)

(4,751)

(9,763)

(6,395)

(4,259)

Loss before income taxes

(48,683)

(40,187)

(20,066)

(7,458)

(13,775)

(13,549)

(25,229)

(60,253)

(38,779)

(108,936)

(52,554)

(157,599)

(60,012)

(21,482)

Income tax (benefit) expense

440

(19,589)

206

436

211

248

260

(19,383)

507

(18,943)

718

(21,080)

1,154

645

Net loss

$ (49,123)

$ (20,598)

$ (20,272)

$ (7,894)

$ (13,986)

$ (13,797)

$ (25,489)

$ (40,870)

$ (39,286)

$ (89,993)

$ (53,272)

$ (136,519)

$ (61,166)

$ (22,127)

Net loss per share:

Basic (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Diluted (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

As Previously Reported

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue

$ 121,156

$ 74,312

$ 57,959

$ 62,885

$ 55,202

$ 48,348

$ 51,195

$ 132,270

$ 99,543

$ 253,426

$ 154,745

$ 217,630

$ 230,194

Cost of revenue:

Cost of services

74,421

46,088

35,070

35,065

33,687

32,976

33,021

81,157

66,021

155,578

99,708

134,773

125,509

Depreciation — network

9,841

5,903

5,089

5,215

5,685

5,929

5,679

10,992

11,608

20,833

17,293

22,508

21,579

Total cost of revenue

84,262

51,991

40,159

40,280

39,372

38,905

38,700

92,149

77,629

176,411

117,001

157,281

147,088

Gross profit

36,894

22,321

17,800

22,605

15,830

9,443

12,495

40,121

21,914

77,015

37,744

60,349

83,106

Operating expenses:

General and administrative

22,198

26,927

15,833

9,147

10,532

7,515

12,948

42,760

20,412

64,958

30,944

40,091

31,284

Sales and marketing

14,428

10,946

7,627

8,141

5,987

5,784

9,835

18,573

15,631

33,001

21,619

29,760

42,945

Research and development

30,173

12,161

9,577

5,149

5,205

5,187

6,113

21,738

11,315

51,911

16,520

21,669

21,680

Depreciation and amortization

5,943

1,508

1,032

976

730

549

540

2,540

1,089

8,483

1,818

2,794

1,591

Restructuring charges

4,070

4,368

698

2,627

1,770

2,155

6,873

5,066

9,028

9,136

10,798

13,425

Total operating expenses

76,812

55,910

34,767

26,040

24,224

21,190

36,309

90,677

57,475

167,489

81,699

107,739

97,500

Operating loss

(39,918)

(33,589)

(16,967)

(3,435)

(8,394)

(11,747)

(23,814)

(50,556)

(35,561)

(90,474)

(43,955)

(47,390)

(14,394)

Other income (expense):

Interest expense

(1,317)

(1,315)

(1,313)

(1,346)

(1,308)

(1,305)

(1,286)

(2,628)

(2,591)

(3,945)

(3,899)

(5,245)

(3,939)

Interest income

140

200

104

134

Other, net

(1,082)

(1,146)

(713)

(242)

(209)

(440)

(214)

(1,859)

(655)

(2,941)

(864)

(1,106)

(368)

Total other expense

(2,259)

(2,428)

(1,999)

(1,558)

(1,500)

(1,703)

(1,455)

(4,427)

(3,159)

(6,686)

(4,659)

(6,217)

(4,238)

Loss before income taxes

(42,177)

(36,017)

(18,966)

(4,993)

(9,894)

(13,450)

(25,269)

(54,983)

(38,720)

(97,160)

(48,614)

(53,607)

(18,632)

Income tax (benefit) expense

440

(19,589)

206

436

211

248

260

(19,383)

507

(18,943)

718

1,154

645

Net loss

$ (42,617)

$ (16,428)

$ (19,172)

$ (5,429)

$ (10,105)

$ (13,698)

$ (25,529)

$ (35,600)

$ (39,227)

$ (78,217)

$ (49,332)

$ (54,761)

$ (19,277)

Net loss per share:

Basic (in dollars per share)

$ (0.19)

$ (0.11)

$ (0.14)

$ (0.04)

$ (0.08)

$ (0.11)

$ (0.21)

$ (0.25)

$ (0.31)

$ (0.46)

$ (0.39)

$ (0.43)

$ (0.16)

Diluted (in dollars per share)

$ (0.19)

$ (0.11)

$ (0.14)

$ (0.04)

$ (0.08)

$ (0.11)

$ (0.21)

$ (0.25)

$ (0.31)

$ (0.46)

$ (0.39)

$ (0.43)

$ (0.16)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

Restatement Impacts

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue

$ (10,324)

$ (10,726)

$ (2,620)

$ (5,707)

$ (7,208)

$ (2,063)

$ (1,537)

$ (13,345)

$ (3,600)

$ (23,669)

$ (10,808)

$ (16,515)

$ (6,204)

Cost of revenue:

Cost of services

(7,281)

(7,370)

(2,397)

(4,189)

(3,795)

(2,307)

(1,771)

(9,766)

(4,102)

(17,047)

(7,897)

(12,086)

(3,583)

Depreciation — network

1,062

888

759

661

431

310

195

1,647

506

2,709

937

1,598

208

Total cost of revenue

(6,219)

(6,482)

(1,638)

(3,528)

(3,364)

(1,997)

(1,576)

(8,119)

(3,596)

(14,338)

(6,960)

(10,488)

(3,375)

Gross profit

(4,105)

(4,244)

(982)

(2,179)

(3,844)

(66)

(5,226)

(4)

(9,331)

(3,848)

(6,027)

(2,829)

Operating expenses:

General and administrative

(60)

(115)

(51)

(115)

(175)

Sales and marketing

(112)

200

(112)

(92)

200

Research and development

2,289

2,300

Depreciation and amortization

Restructuring charges

Total operating expenses

2,249

(217)

200

(23)

(216)

2,033

200

Operating loss

(6,354)

(4,027)

(982)

(2,379)

(3,844)

(66)

(5,010)

(4)

(11,364)

(3,848)

(6,227)

(2,829)

Other income (expense):

Interest expense

(229)

(143)

(118)

(86)

(37)

(33)

(22)

(260)

(55)

(489)

(92)

(178)

(21)

Interest income

Other, net

Total other expense

(152)

(143)

(118)

(86)

(37)

(33)

(22)

(260)

(55)

(412)

(92)

(178)

(21)

Loss before income taxes

(6,506)

(4,170)

(1,100)

(2,465)

(3,881)

(99)

(5,270)

(59)

(11,776)

(3,940)

(6,405)

(2,850)

Income tax (benefit) expense

Net loss

$ (6,506)

$ (4,170)

$ (1,100)

$ (2,465)

$ (3,881)

$ (99)

$ 40

$ (5,270)

$ (59)

$ (11,776)

$ (3,940)

$ (6,405)

$ (2,850)

Net loss per share:

Basic (in dollars per share)

$ (0.03)

$ (0.01)

$ (0.02)

$ (0.03)

$ 0

$ (0.03)

$ 0

$ (0.07)

$ (0.03)

$ (0.05)

$ (0.02)

Diluted (in dollars per share)

$ (0.03)

$ (0.01)

$ (0.02)

$ (0.03)

$ 0

$ (0.03)

$ 0

$ (0.07)

$ (0.03)

$ (0.05)

$ (0.02)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

127,789

121,196

[1]	The year ended December 31, 2022, includes revenue and costs from related parties. See Note 18 for further details.
[2]	Cost of services excludes amortization related to intangible assets, including technology, customer relationships, and trade names, which are included in depreciation and amortization in operating expenses.

Debt - Narrative (Details) $ / shares in Units, shares in Millions				12 Months Ended
	Jun. 30, 2023 USD ($) amendment	Jun. 12, 2023	Jul. 27, 2020 USD ($) tradingDay $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jan. 01, 2021 USD ($)	Jul. 31, 2020 USD ($)	Jul. 22, 2020 $ / shares	Dec. 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Share price (in dollars per share) \| $ / shares															$ 6.69
(Decrease) increase in equity				$ (239,323,000)	$ (132,074,000)	$ (172,092,000)	$ (277,243,000)	$ (322,285,000)	$ (124,590,000)	$ (134,283,000)	$ (127,725,000)	$ (136,334,000)				$ (166,287,000)
Convertible senior notes, net				122,631,000	121,782,000	100,945,000	$ 122,416,000	$ 122,202,000	$ 121,991,000	$ 121,576,000	$ 121,371,000	$ 121,200,000
Convertible debt, fair value				107,031,000	119,363,000
Costs incurred for capped calls						16,413,000
Amortization of transaction costs				166,000
Capped call
Line of Credit Facility [Line Items]
Initial strike price (in dollars per share) \| $ / shares			$ 8.53
Initial cap price (in dollars per share) \| $ / shares			$ 13.38
Number of shares covered by capped calls (in shares) \| shares			14.7
Costs incurred for capped calls			$ 16,400,000
Additional Paid-in Capital
Line of Credit Facility [Line Items]
(Decrease) increase in equity				(807,507,000)	(576,807,000)	(556,512,000)										(530,285,000)
Costs incurred for capped calls						16,413,000
Retained Earnings
Line of Credit Facility [Line Items]
(Decrease) increase in equity				573,041,000	436,522,000	377,033,000										$ 354,906,000
Cumulative effect of adoption of new accounting pronouncement
Line of Credit Facility [Line Items]
Interest payable decrease													$ 20,823,000
(Decrease) increase in equity						20,056,000
Convertible senior notes, net													20,255,000
Cumulative effect of adoption of new accounting pronouncement \| Additional Paid-in Capital
Line of Credit Facility [Line Items]
(Decrease) increase in equity						21,733,000							21,733,000
Cumulative effect of adoption of new accounting pronouncement \| Retained Earnings
Line of Credit Facility [Line Items]
(Decrease) increase in equity						(1,677,000)							$ (1,677,000)
Convertible Senior Notes due 2025 \| Convertible debt
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 125,000,000
Stated interest rate			3.50%
Additional principal amount, option			$ 15,000,000
Net proceeds from debt issuance			$ 120,741,000
Conversion price (in dollars per share) \| $ / shares			$ 8.53
Conversion ratio			0.1172367
Share price premium			27.50%
Carrying amount			$ 102,500,000	122,631,000	121,782,000
Effective interest rate			8.60%
Equity component, gross amount														$ 22,500,000
Debt term			5 years
Transaction costs, liability component			$ 3,400,000
Transaction costs, equity component			$ 859,000
Amortization of transaction costs				849,000	811,000
Convertible Senior Notes due 2025 \| Convertible debt \| Subsequent event
Line of Credit Facility [Line Items]
Additional interest rate, first threshold period		0.25%
Additional interest rate, second threshold period		0.50%
Convertible Senior Notes due 2025 \| Convertible debt \| Maximum
Line of Credit Facility [Line Items]
Conversion ratio			0.1494768
Convertible Senior Notes due 2025 \| Convertible debt \| Conversion covenant one
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger			130.00%
Conversion price (in dollars per share) \| $ / shares			$ 8.53
Threshold trading days \| tradingDay			20
Threshold consecutive trading days \| tradingDay			30
Convertible Senior Notes due 2025 \| Convertible debt \| Conversion covenant two
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger			98.00%
Threshold consecutive trading days \| tradingDay			10
Consecutive trading days immediately after measurement period \| tradingDay			5
Convertible Senior Notes due 2025 \| Convertible debt \| Redemption option
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger			130.00%
Threshold trading days \| tradingDay			20
Threshold consecutive trading days \| tradingDay			30
Redemption price percentage (as a percent)			100.00%
Convertible Senior Notes due 2025 \| Convertible debt \| Redemption option \| Maximum
Line of Credit Facility [Line Items]
Threshold trading days \| tradingDay			41
Convertible Senior Notes due 2025 \| Convertible debt \| Upon fundamental change
Line of Credit Facility [Line Items]
Redemption price percentage (as a percent)			100.00%
Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Proceeds from line of credit				$ 0	0
Increase in interest rate in event of default (as a percent)				4.00%
Amortization of transaction costs					$ 81,000	$ 108,000
Voting stock percentage in foreign subsidiaries				65.00%
Line of credit facility, covenant compliance, adjusted quick ratio				1.0
Credit Agreement \| Revolving Credit Facility \| Subsequent event
Line of Credit Facility [Line Items]
Maximum borrowing amount	$ 50,000,000
Number of amendments \| amendment	10
Borrowing capacity limit, percent of accounts receivable (as a percent)	50.00%
Credit Agreement \| Revolving Credit Facility \| Alternative base rate
Line of Credit Facility [Line Items]
Variable rate minimum				0.25%

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Edgio, Inc., (“Edgio”) is a globally-scaled, edge-enabled solutions provider for fast, secure, and frictionless digital experiences. Our solutions include customer-focused edge platforms running on top of our Global Network, Media and Applications Platforms. The media platform enables companies to stream large files (video, software downloads, live events) across the globe in a fast and secure way. The Edgio applications platform enables our clients to build, secure, and accelerate their web-based applications. We were incorporated in Delaware in 2003, and have operated in the Phoenix metropolitan area since 2001 and elsewhere throughout the United States since 2003. We began international operations in 2004. On June 15, 2022, we changed our corporate name from Limelight Networks, Inc. to Edgio, Inc.

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets include:


	December 31,
	2022		2021
			As Restated
Prepaid bandwidth and backbone	$	7,431	$	1,939
VAT receivable	5,805		4,781
Prepaid expenses and insurance	5,352		1,975
Financing receivables	3,218		3,962

Related party receivable	7,962		—
Vendor deposits and other	6,606		5,153
Total prepaid expenses and other current assets	$	36,374	$	17,810

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

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

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(In thousands)


			Additions		Deductions
Description	Balance at Beginning of Period		Charged to Costs and Expenses	Charged Against Revenue	Write-Offs Net of Recoveries	Balance at End of Period
Year ended December 31, 2020:
Allowances deducted from asset accounts:
Reserves for accounts receivable	$	973	801	—	762	$	1,012
Deferred tax asset valuation allowance	$	59,579	1,689	—	—	$	61,268
Year ended December 31, 2021:
Allowances deducted from asset accounts:
Reserves for accounts receivable	$	1,012	1,082	—	594	$	1,500
Deferred tax asset valuation allowance	$	61,268	18,599	—	—	$	79,867
Year ended December 31, 2022:
Allowances deducted from asset accounts:
Reserves for accounts receivable	$	1,500	2,413	—	8	$	3,905
Deferred tax asset valuation allowance	$	79,867	9,759	—	—	$	89,626

Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Accounts receivable, net
Accounts receivable							$ 90,046	$ 35,198
Less: credit allowance							(1,514)	(170)
Less: allowance for doubtful accounts							(3,905)	(1,500)	$ (1,012)
Total accounts receivable, net	$ 45,417	$ 25,336	$ 92,084	$ 21,317	$ 102,963	$ 36,487	84,627	33,528	29,074
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning of period	1,500	1,012	1,500	1,012	1,500	1,012	1,500	1,012
Provision for credit losses	$ 272	$ 466	$ 278	$ 847	$ 671	$ 1,047	2,413	1,082	801
Write-offs							(8)	(594)
End of period							$ 3,905	$ 1,500	$ 1,012

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Property and equipment, net
Total property and equipment	$ 187,935				$ 153,014
Less: accumulated depreciation	(114,468)				(112,503)
Total property and equipment, net	73,467	$ 105,528	$ 116,828	$ 41,398	40,511	$ 42,091	$ 46,253	$ 49,879	$ 49,088
Network equipment
Property and equipment, net
Total property and equipment	176,899				138,030
Computer equipment and software
Property and equipment, net
Total property and equipment	3,680				7,107
Furniture and fixtures
Property and equipment, net
Total property and equipment	1,322				1,406
Leasehold improvements
Property and equipment, net
Total property and equipment	6,017				6,454
Other equipment
Property and equipment, net
Total property and equipment	$ 17				$ 17

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal												$ 0	$ 0	$ 0
State												81	121	85
Foreign												976	1,447	654
Total current												1,057	1,568	739
Deferred:
Federal												(17,492)	7	8
State												(5,700)	3	2
Foreign												1,055	(424)	(104)
Total deferred												(22,137)	(414)	(94)
Total (benefit) provision	$ 440	$ (19,589)	$ 206	$ 436	$ 211	$ 248	$ 260	$ (19,383)	$ 507	$ (18,943)	$ 718	$ (21,080)	$ 1,154	$ 645

Restatement of Unaudited Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Consolidated Statements of Operations by Quarter

The following presents our restated unaudited consolidated statements of operations by quarter (in thousands):


	2022						2021
	Three Months Ended
	Sept. 30		June 30		March 31		Dec.31		Sept. 30		June 30		March 31
	As Restated						As Restated
Revenue	$	110,832	$	63,586	$	55,339	$	57,178	$	47,994	$	46,285	$	49,658
Cost of revenue:
Cost of services	67,140		38,718		32,673		30,876		29,892		30,669		31,250
Depreciation — network	10,903		6,791		5,848		5,876		6,116		6,239		5,874
Total cost of revenue	78,043		45,509		38,521		36,752		36,008		36,908		37,124
Gross profit	32,789		18,077		16,818		20,426		11,986		9,377		12,534
Operating expenses:
General and administrative	22,138		26,812		15,833		9,147		10,532		7,515		12,897
Sales and marketing	14,448		10,834		7,627		8,341		5,987		5,784		9,848
Research and development	32,462		12,171		9,577		5,149		5,205		5,187		6,128
Depreciation and amortization	5,943		1,508		1,032		976		730		549		540
Restructuring charges	4,070		4,368		698		2,627		1,770		2,155		6,873
Total operating expenses	79,061		55,693		34,767		26,240		24,224		21,190		36,286
Operating loss	(46,272)		(37,616)		(17,949)		(5,814)		(12,238)		(11,813)		(23,752)
Other income (expense):
Interest expense	(1,546)		(1,458)		(1,431)		(1,432)		(1,345)		(1,338)		(1,308)
Interest income	140		33		27		30		17		42		45
Other, net	(1,005)		(1,146)		(713)		(242)		(209)		(440)		(214)
Total other expense	(2,411)		(2,571)		(2,117)		(1,644)		(1,537)		(1,736)		(1,477)
Loss before income taxes	(48,683)		(40,187)		(20,066)		(7,458)		(13,775)		(13,549)		(25,229)
Income tax expense (benefit)	440		(19,589)		206		436		211		248		260
Net loss	$	(49,123)	$	(20,598)	$	(20,272)	$	(7,894)	$	(13,986)	$	(13,797)	$	(25,489)
Net loss per share:
Basic	$	(0.22)	$	(0.14)	$	(0.15)	$	(0.06)	$	(0.11)	$	(0.11)	$	(0.21)
Diluted	$	(0.22)	$	(0.14)	$	(0.15)	$	(0.06)	$	(0.11)	$	(0.11)	$	(0.21)
Weighted-average shares used in per share calculation:
Basic	220,194		151,776		135,528		134,023		126,791		126,050		124,290
Diluted	220,194		151,776		135,528		134,023		126,791		126,050		124,290

Schedule of Restatement and Recasting of Previously Reported Financial Results

Edgio, Inc.

Consolidated Balance Sheet

(In thousands, except per share data)


	December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	41,918	$	—		$	41,918
Marketable securities	37,367		—			37,367
Accounts receivable, net	42,217		(8,689)		1	33,528
Income taxes receivable	61		—			61
Prepaid expenses and other current assets	13,036		4,774		1	17,810
Total current assets	134,599		(3,915)			130,684
Property and equipment, net	33,622		6,889		2	40,511
Operating lease right of use assets	6,338		—			6,338
Deferred income taxes	1,893		—			1,893
Goodwill	114,511		—			114,511
Intangible assets, net	14,613		—			14,613
Other assets	5,525		—			5,525
Total assets	$	311,101	$	2,974		$	314,075
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	11,631	$	(1,007)	3	$	10,624
Deferred revenue	3,266		768		4	4,034
Operating lease liability obligations	1,861		—			1,861
Income taxes payable	873		—			873
Financing obligations	—		4,648		5	4,648
Other current liabilities	19,292		219		3	19,511
Total current liabilities	36,923		4,628			41,551
Convertible senior notes, net	121,782		—			121,782
Operating lease liability obligations, less current portion	9,616		—			9,616
Deferred income taxes	308		—			308
Deferred revenue, less current portion	116		—			116
Financing obligations, less current portion	—		7,851		5	7,851
Other long-term liabilities	777		—			777
Total liabilities	169,522		12,479			182,001
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 134,337 shares issued and outstanding as of December 31, 2021	134		—			134
Common stock contingent consideration	—		—			—
Additional paid-in capital	576,807		—			576,807
Accumulated other comprehensive loss	(8,345)		—			(8,345)
Accumulated deficit	(427,017)		(9,505)		6	(436,522)
Total stockholders’ equity	141,579		(9,505)			132,074
Total liabilities and stockholders’ equity	$	311,101	$	2,974		$	314,075

4 The correction of other immaterial errors affecting deferred revenue and revenue in the consolidated statement of operations.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections of errors to the consolidated statement of operations.

Edgio, Inc.

Consolidated Balance Sheet

(In thousands, except per share data


	December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	46,795	$	—		$	46,795
Marketable securities	76,928		—			76,928
Accounts receivable, net	31,675		(2,601)		1	29,074
Income taxes receivable	68		—			68
Prepaid expenses and other current assets	15,588		401		1	15,989
Total current assets	171,054		(2,200)			168,854
Property and equipment, net	46,418		2,670		2	49,088
Operating lease right of use assets	10,150		—			10,150
Deferred income taxes	1,530		—			1,530
Goodwill	77,753		—			77,753

Other assets	7,273		—			7,273
Total assets	$	314,178	$	470		$	314,648
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,587	$	(217)	3	$	4,370
Deferred revenue	933		385		4	1,318
Operating lease liability obligations	2,465		—			2,465
Income taxes payable	253		—			253
Financing obligations	—		3,381		5	3,381
Other current liabilities	17,560		21		3	17,581
Total current liabilities	25,798		3,570			29,368
Convertible senior notes, net	100,945		—			100,945
Operating lease liability obligations, less current portion	11,265		—			11,265
Deferred income taxes	279		—			279
Deferred revenue, less current portion	220		—			220

Other long-term liabilities	479		—			479
Total liabilities	138,986		3,570			142,556
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 123,653 shares issued and outstanding as of December 31, 2021	124		—			124
Common stock contingent consideration	—		—			—
Additional paid-in capital	556,512		—			556,512
Accumulated other comprehensive loss	(7,511)		—			(7,511)
Accumulated deficit	(373,933)		(3,100)		6	(377,033)
Total stockholders’ equity	175,192		(3,100)			172,092
Total liabilities and stockholders’ equity	$	314,178	$	470		$	314,648

4 The correction of other immaterial errors affecting deferred revenue and revenue in the consolidated statement of operations.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections of errors to the consolidated statement of operations.

Edgio, Inc.

Consolidated Statement of Operations

(In thousands, except per share data)


	For the year ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	217,630	$	(16,515)	1	$	201,115
Cost of revenue:
Cost of services	134,773		(12,086)		2	122,687
Depreciation — network	22,508		1,598		3	24,106
Total cost of revenue	157,281		(10,488)			146,793
Gross profit	60,349		(6,027)			54,322
Operating expenses:
General and administrative	40,091		—			40,091
Sales and marketing	29,760		200		4	29,960
Research and development	21,669		—			21,669
Depreciation and amortization	2,794		—			2,794
Restructuring charges	13,425		—			13,425
Total operating expenses	107,739		200			107,939
Operating loss	(47,390)		(6,227)			(53,617)
Other income (expense):
Interest expense	(5,245)		(178)		5	(5,423)
Interest income	134		—			134
Other, net	(1,106)		—			(1,106)
Total other expense	(6,217)		(178)			(6,395)
Loss before income taxes	(53,607)		(6,405)			(60,012)
Income tax expense	1,154		—			1,154
Net loss	$	(54,761)	$	(6,405)		$	(61,166)
Net loss per share:
Basic	$	(0.43)	$	(0.05)		$	(0.48)
Diluted	$	(0.43)	$	(0.05)		$	(0.48)
Weighted-average shares used in per share calculation:
Basic	127,789		127,789			127,789
Diluted	127,789		127,789			127,789

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from other immaterial errors impacting sales and marketing expense.

Edgio, Inc.

Consolidated Statement of Operations

(In thousands, except per share data)


	For the year ended December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	230,194	$	(6,204)	1	$	223,990
Cost of revenue:
Cost of services	125,509		(3,583)		2	121,926
Depreciation — network	21,579		208		3	21,787
Total cost of revenue	147,088		(3,375)			143,713
Gross profit	83,106		(2,829)			80,277
Operating expenses:
General and administrative	31,284		—			31,284
Sales and marketing	42,945		—			42,945
Research and development	21,680		—			21,680
Depreciation and amortization	1,591		—			1,591
Restructuring charges	—		—			—
Total operating expenses	97,500		—			97,500
Operating loss	(14,394)		(2,829)			(17,223)
Other income (expense):
Interest expense	(3,939)		(21)		4	(3,960)
Interest income	69		—			69
Other, net	(368)		—			(368)
Total other expense	(4,238)		(21)			(4,259)
Loss before income taxes	(18,632)		(2,850)			(21,482)
Income tax expense	645		—			645
Net loss	$	(19,277)	$	(2,850)		$	(22,127)
Net loss per share:
Basic	$	(0.16)	$	(0.02)		$	(0.18)
Diluted	$	(0.16)	$	(0.02)		$	(0.18)
Weighted-average shares used in per share calculation:
Basic	121,196		121,196			121,196
Diluted	121,196		121,196			121,196

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

Edgio, Inc.

Consolidated Statement of Cash Flows

(In thousands)


	Year Ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(54,761)	$	(6,405)		$	(61,166)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	25,302		1,598		1	26,900
Share-based compensation	20,480		—			20,480
Foreign currency remeasurement loss	142		—			142
Deferred income taxes	(414)		—			(414)
(Gain) on sale of property and equipment	(247)		—			(247)
Accounts receivable charges	1,082		—			1,082
Amortization of premium on marketable securities	1,879		—			1,879
Realized loss on marketable securities	—		—			—
Noncash interest expense	811		—			811
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	(9,109)		6,088		2	(3,021)
Prepaid expenses and other current assets	1,966		(431)		2	1,535
Income taxes receivable	(47)		—			(47)
Other assets	3,961		—			3,961
Accounts payable and other current liabilities	8,903		(161)		3	8,742
Deferred revenue	(879)		383		4	(496)

Income taxes payable	645		—			645

Other long term liabilities	300		—			300
Net cash provided by operating activities	14		1,072			1,086
Investing activities
Purchases of marketable securities	(62,076)		—			(62,076)
Sale and maturities of marketable securities	99,760		—			99,760
Purchases of property and equipment	(15,810)		(6,250)		5	(22,060)
Proceeds from sale of property and equipment	247		—			247
Cash (used for) acquisition of business	(30,968)		—			(30,968)
Net cash (used in) investing activities	(8,847)		(6,250)			(15,097)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		9,385		6	9,385
Repayment of financing obligations	—		(4,207)		6	(4,207)
Payment of employee tax withholdings related to restricted stock vesting	(1,626)		—			(1,626)
Proceeds from employee stock plans	6,185		—			6,185
Net cash provided by financing activities	4,529		5,178			9,707
Effect of exchange rate changes on cash and cash equivalents	(573)		—			(573)
Net (decrease) in cash and cash equivalents	(4,877)		—			(4,877)
Cash and cash equivalents, beginning of year	46,795		—			46,795
Cash and cash equivalents, end of year	$	41,918	$	—		$	41,918
Supplement disclosure of cash flow information
Cash paid during the year for interest	$	4,505	$	133	7	$	4,638
Cash paid during the year for income taxes, net of refunds	$	928	$	—		$	928
Common stock issued in connection with acquisition of business	$	18,433	$	—		$	18,433


Property and equipment included in accounts payable and other current liabilities	$	977	$	43	5	$	1,020
Noncash additions to financing receivables	$	—	$	13,325	2	$	13,325


Noncash additions to short-term financing liabilities	$	—	$	4,687	3	$	4,687
Noncash additions to long-term financing liabilities	$	—	$	8,638	3	$	8,638

4 The correction of other immaterial errors affecting deferred revenue and revenue.

Edgio, Inc.

Consolidated Statement of Cash Flows

(In thousands)


	Year Ended December 31, 2020
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(19,277)	$	(2,850)		$	(22,127)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	23,170		208		1	23,378
Share-based compensation	15,717		—			15,717
Foreign currency remeasurement loss	214		—			214
Deferred income taxes	(94)		—			(94)
Loss on sale of property and equipment	6		—			6
Accounts receivable charges	801		—			801
Amortization of premium on marketable securities	606		—			606
Realized loss on marketable securities	(3)		—			(3)
Noncash interest expense	1,938		—			1,938
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	2,000		2,370		2	4,370
Prepaid expenses and other current assets	(5,717)		(170)		2	(5,887)
Income taxes receivable	19		—			19
Other assets	2,762		—			2,762
Accounts payable and other current liabilities	(1,069)		(668)		3	(1,737)
Deferred revenue	17		134		4	151

Income taxes payable	71		—			71

Other long term liabilities	167		—			167
Net cash provided by (used in) operating activities	21,328		(976)			20,352
Investing activities
Purchases of marketable securities	(88,754)		—			(88,754)
Sale and maturities of marketable securities	11,172		—			11,172
Purchases of property and equipment	(25,085)		(2,405)		5	(27,490)
Proceeds from sale of property and equipment	2		—			2
Cash acquired in acquisition of business	—		—			—
Net cash (used in) investing activities	(102,665)		(2,405)			(105,070)
Financing activities
Proceeds from issuance of debt, net	121,600		—			121,600
Purchase of capped calls	(16,413)		—			(16,413)
Payment of debt issuance costs	(859)		—			(859)
Proceeds from financing obligations	—		3,381		6	3,381
Repayment of financing obligations	—		—			—
Payment of employee tax withholdings related to restricted stock vesting	(4,878)		—			(4,878)


Proceeds from employee stock plans	10,068		—			10,068
Net cash provided by financing activities	109,518		3,381			112,899
Effect of exchange rate changes on cash and cash equivalents	279		—			279
Net increase in cash and cash equivalents	28,460		—			28,460
Cash and cash equivalents, beginning of year	18,335		—			18,335
Cash and cash equivalents, end of year	$	46,795	$	—		$	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest	$	108	$	—		$	108
Cash paid during the year for income taxes, net of refunds	$	626	$	—		$	626



Property and equipment included in accounts payable and other current liabilities	$	1,260	$	472	5	$	1,732
Noncash additions to financing receivables	$	—	$	3,381	2	$	3,381
Noncash additions to short-term financing liabilities	$	—	$	2,696	3	$	2,696
Noncash additions to long-term financing liabilities	$	—	$	685	3	$	685

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	59,306	$	—		$	59,306
Marketable securities	11,444		—			11,444
Accounts receivable, net	122,397		(19,434)		1	102,963
Income taxes receivable	59		—			59
Prepaid expenses and other current assets	28,775		7,024		1	35,799
Total current assets	221,981		(12,410)			209,571
Property and equipment, net	91,670		13,858		2	105,528
Operating lease right of use assets	6,680		—			6,680
Deferred income taxes	2,745		—			2,745
Goodwill	171,065		—			171,065
Intangible assets, net	67,738		—			67,738
Other assets	7,820		—			7,820
Total assets	$	569,699	$	1,448		$	571,147
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	39,755	$	(1,600)	3	$	38,155
Deferred revenue	6,357		691		4	7,048
Operating lease liability obligations	4,396		—			4,396
Income taxes payable	433		—			433
Financing obligations	—		6,314		5	6,314
Other current liabilities	86,754		(109)		3	86,645
Total current liabilities	137,695		5,296			142,991
Convertible senior notes, net	122,416		—			122,416
Operating lease liability obligations, less current portion	10,511		—			10,511
Deferred income taxes	95		—			95
Deferred revenue, less current portion	2,938		—			2,938
Financing obligations, less current portion	—		14,243		5	14,243
Other long-term liabilities	710		—			710
Total liabilities	274,365		19,539			293,904
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 221,583 shares issued and outstanding as of September 30, 2022	222		—			222
Common stock contingent consideration	16,300		—			16,300
Additional paid-in capital	797,508		3,189		6	800,697
Accumulated other comprehensive loss	(13,462)		—			(13,462)
Accumulated deficit	(505,234)		(21,280)		7	(526,514)
Total stockholders’ equity	295,334		(18,091)			277,243
Total liabilities and stockholders’ equity	$	569,699	$	1,448		$	571,147

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

7 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	55,175	$	—		$	55,175
Marketable securities	22,158		—			22,158
Accounts receivable, net	108,445		(16,361)		1	92,084
Income taxes receivable	58		—			58
Prepaid expenses and other current assets	32,107		11,476		1	43,583
Total current assets	217,943		(4,885)			213,058
Property and equipment, net	106,059		10,769		2	116,828
Operating lease right of use assets	7,124		—			7,124
Deferred income taxes	2,866		—			2,866
Goodwill	163,489		—			163,489
Intangible assets, net	72,655		—			72,655
Other assets	7,374		—			7,374
Total assets	$	577,510	$	5,884		$	583,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	19,800	$	(345)	3	$	19,455
Deferred revenue	4,790		806		4	5,596
Operating lease liability obligations	4,755		—			4,755
Income taxes payable	262		—			262
Financing obligations	—		5,865		5	5,865
Other current liabilities	75,391		(407)		3	74,984
Total current liabilities	104,998		5,919			110,917
Convertible senior notes, net	122,202		—			122,202
Operating lease liability obligations, less current portion	11,352		—			11,352
Deferred income taxes	100		—			100
Deferred revenue, less current portion	1,530		—			1,530
Financing obligations, less current portion	—		14,292		5	14,292
Other long-term liabilities	716		—			716
Total liabilities	240,898		20,211			261,109
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—


Common stock, $0.001 par value; 300,000 shares authorized; 219,706 shares issued and outstanding as of June 30, 2022	220		—			220
Common stock contingent consideration	16,900		—			16,900
Additional paid-in capital	793,522		447		6	793,969
Accumulated other comprehensive loss	(11,413)		—			(11,413)
Accumulated deficit	(462,617)		(14,774)		7	(477,391)
Total stockholders’ equity	336,612		(14,327)			322,285
Total liabilities and stockholders’ equity	$	577,510	$	5,884		$	583,394

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

7 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	27,175	$	—		$	27,175
Marketable securities	34,751		—			34,751
Accounts receivable, net	55,040		(9,623)		1	45,417
Income taxes receivable	63		—			63
Prepaid expenses and other current assets	16,044		6,526		1	22,570
Total current assets	133,073		(3,097)			129,976
Property and equipment, net	34,792		6,606		2	41,398
Operating lease right of use assets	6,064		—			6,064
Deferred income taxes	1,822		—			1,822
Goodwill	113,463		—			113,463
Intangible assets, net	13,827		—			13,827
Other assets	4,819		—			4,819
Total assets	$	307,860	$	3,509		$	311,369
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	15,599	$	(887)	3	$	14,712
Deferred revenue	2,189		811		4	3,000
Operating lease liability obligations	1,754		—			1,754
Income taxes payable	215		—			215
Financing obligations	—		4,740		5	4,740
Other current liabilities	20,403		247		3	20,650
Total current liabilities	40,160		4,911			45,071
Convertible senior notes, net	121,991		—			121,991
Operating lease liability obligations, less current portion	9,209		—			9,209
Deferred income taxes	303		—			303


Deferred revenue, less current portion	282		—			282
Financing obligations, less current portion	—		9,202		5	9,202
Other long-term liabilities	721		—			721
Total liabilities	172,666		14,113			186,779
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 138,178 shares issued and outstanding as of March 31, 2022	138		—			138
Additional paid-in capital	590,249		—			590,249
Accumulated other comprehensive loss	(9,004)		—			(9,004)
Accumulated deficit	(446,189)		(10,604)		6	(456,793)
Total stockholders’ equity	135,194		(10,604)			124,590
Total liabilities and stockholders’ equity	$	307,860	$	3,509		$	311,369

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	39,585	$	—		$	39,585
Marketable securities	36,201		—			36,201
Accounts receivable, net	46,179		(9,692)		1	36,487
Income taxes receivable	62		—			62
Prepaid expenses and other current assets	13,396		6,409		1	19,805
Total current assets	135,423		(3,283)			132,140
Property and equipment, net	36,392		5,699		2	42,091
Operating lease right of use assets	7,683		—			7,683
Deferred income taxes	1,693		—			1,693
Goodwill	105,221		—			105,221
Intangible assets, net	23,680		—			23,680
Other assets	6,012		—			6,012
Total assets	$	316,104	$	2,416		$	318,520
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,768	$	(1,007)	3	$	12,761
Deferred revenue	7,965		99		4	8,064
Operating lease liability obligations	1,966		—			1,966
Income taxes payable	443		—			443


Financing obligations	—		4,854		5	4,854
Other current liabilities	17,950		85		3	18,035
Total current liabilities	42,092		4,031			46,123
Convertible senior notes, net	121,576		—			121,576
Operating lease liability obligations, less current portion	10,045		—			10,045
Deferred income taxes	308		—			308
Deferred revenue, less current portion	307		—			307
Financing obligations, less current portion	—		5,425		5	5,425
Other long-term liabilities	453		—			453
Total liabilities	174,781		9,456			184,237
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 133,812 shares issued and outstanding as of September 30, 2021	134		—			134
Additional paid-in capital	571,268		—			571,268
Accumulated other comprehensive loss	(8,491)		—			(8,491)
Accumulated deficit	(421,588)		(7,040)		6	(428,628)
Total stockholders’ equity	141,323		(7,040)			134,283
Total liabilities and stockholders’ equity	$	316,104	$	2,416		$	318,520

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	44,065	$	—		$	44,065
Marketable securities	75,471		—			75,471
Accounts receivable, net	24,867		(3,550)		1	21,317
Income taxes receivable	57		—			57
Prepaid expenses and other current assets	14,557		1,388		1	15,945
Total current assets	159,017		(2,162)			156,855
Property and equipment, net	42,406		3,847		2	46,253
Operating lease right of use assets	8,929		—			8,929
Deferred income taxes	1,604		—			1,604
Goodwill	77,642		—			77,642
Other assets	6,187		—			6,187
Total assets	$	295,785	$	1,685		$	297,470
LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities:
Accounts payable	$	12,459	$	(590)	3	$	11,869
Deferred revenue	524		157		4	681
Operating lease liability obligations	1,977		—			1,977
Income taxes payable	388		—			388
Financing obligations	—		3,756		5	3,756
Other current liabilities	16,877		81		3	16,958
Total current liabilities	32,225		3,404			35,629
Convertible senior notes, net	121,371		—			121,371
Operating lease liability obligations, less current portion	10,358		—			10,358
Deferred income taxes	306		—			306
Deferred revenue, less current portion	272		—			272
Financing obligations, less current portion	—		1,440		5	1,440
Other long-term liabilities	369		—			369
Total liabilities	164,901		4,844			169,745
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 126,705 shares issued and outstanding as of June 30, 2021	127		—			127
Additional paid-in capital	550,205		—			550,205
Accumulated other comprehensive loss	(7,965)		—			(7,965)
Accumulated deficit	(411,483)		(3,159)		6	(414,642)
Total stockholders’ equity	130,884		(3,159)			127,725
Total liabilities and stockholders’ equity	$	295,785	$	1,685		$	297,470

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	35,620	$	—		$	35,620
Marketable securities	81,308		—			81,308
Accounts receivable, net	29,151		(3,815)		1	25,336
Income taxes receivable	102		—			102
Prepaid expenses and other current assets	14,784		2,109		1	16,893
Total current assets	160,965		(1,706)			159,259
Property and equipment, net	46,863		3,016		2	49,879
Operating lease right of use assets	9,521		—			9,521
Deferred income taxes	1,577		—			1,577
Goodwill	77,421		—			77,421
Other assets	6,782		—			6,782
Total assets	$	303,129	$	1,310		$	304,439
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,029	$	(525)	3	$	7,504
Deferred revenue	844		307		4	1,151
Operating lease liability obligations	2,233		—			2,233
Income taxes payable	322		—			322
Financing obligations			3,721		5	3,721
Other current liabilities	19,264		13		3	19,277
Total current liabilities	30,692		3,516			34,208
Convertible senior notes, net	121,200		—			121,200
Operating lease liability obligations, less current portion	10,781		—			10,781
Deferred income taxes	360		—			360
Deferred revenue, less current portion	226		—			226
Financing obligations, less current portion	—		854		5	854
Other long-term liabilities	476		—			476
Total liabilities	163,735		4,370			168,105
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock,$0.001 par value; 300,000 shares authorized; 125,248 shares issued and outstanding as of March 31, 2021	125		—			125
Additional paid-in capital	545,516		—			545,516
Accumulated other comprehensive loss	(8,462)		—			(8,462)
Accumulated deficit	(397,785)		(3,060)		6	(400,845)
Total stockholders’ equity	139,394		(3,060)			136,334
Total liabilities and stockholders’ equity	$	303,129	$	1,310		$	304,439

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	Three Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	121,156	$	(10,324)	1, 6	$	110,832
Cost of revenue:
Cost of services	74,421		(7,281)		2. 4. 6	67,140
Depreciation — network	9,841		1,062		3	10,903
Total cost of revenue	84,262		(6,219)			78,043
Gross profit	36,894		(4,105)			32,789
Operating expenses:
General and administrative	22,198		(60)		4	22,138
Sales and marketing	14,428		20		4	14,448
Research and development	30,173		2,289		4	32,462
Depreciation and amortization	5,943		—			5,943
Restructuring charges	4,070		—			4,070
Total operating expenses	76,812		2,249			79,061
Operating loss	(39,918)		(6,354)			(46,272)
Other income (expense):
Interest expense	(1,317)		(229)		5	(1,546)
Interest income	140		—			140
Other, net	(1,082)		77		6	(1,005)
Total other expense	(2,259)		(152)			(2,411)
Loss before income taxes	(42,177)		(6,506)			(48,683)
Income tax expense	440		—			440
Net loss	$	(42,617)	$	(6,506)		$	(49,123)
Net loss per share:
Basic	$	(0.19)	$	(0.03)		$	(0.22)
Diluted	$	(0.19)	$	(0.03)		$	(0.22)
Weighted-average shares used in per share calculation:
Basic	220,194		220,194			220,194
Diluted	220,194		220,194			220,194

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

6 The correction of other immaterial errors affecting revenue, cost of services, and other, net.


	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	253,426	$	(23,669)	1, 6	$	229,757
Cost of revenue:
Cost of services	155,578		(17,047)		2, 4, 6	138,531
Depreciation — network	20,833		2,709		3	23,542
Total cost of revenue	176,411		(14,338)			162,073
Gross profit	77,015		(9,331)			67,684
Operating expenses:
General and administrative	64,958		(175)		4	64,783
Sales and marketing	33,001		(92)		4	32,909
Research and development	51,911		2,300		4	54,211
Depreciation and amortization	8,483		—			8,483
Restructuring charges	9,136		—			9,136
Total operating expenses	167,489		2,033			169,522
Operating loss	(90,474)		(11,364)			(101,838)
Other income (expense):
Interest expense	(3,945)		(489)		5	(4,434)
Interest income	200		—			200
Other, net	(2,941)		77		6	(2,864)
Total other expense	(6,686)		(412)			(7,098)
Loss before income taxes	(97,160)		(11,776)			(108,936)
Income tax (benefit)	(18,943)		—			(18,943)
Net loss	$	(78,217)	$	(11,776)		$	(89,993)
Net loss per share:
Basic	$	(0.46)	$	(0.07)		$	(0.53)
Diluted	$	(0.46)	$	(0.07)		$	(0.53)
Weighted-average shares used in per share calculation:
Basic	169,166		169,166			169,166
Diluted	169,166		169,166			169,166

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

6 The correction of other immaterial errors affecting revenue, cost of services, and other, net.


	Three Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	74,312	$	(10,726)	1	$	63,586
Cost of revenue:
Cost of services	46,088		(7,370)		2, 4	38,718
Depreciation — network	5,903		888		3	6,791
Total cost of revenue	51,991		(6,482)			45,509
Gross profit	22,321		(4,244)			18,077
Operating expenses:
General and administrative	26,927		(115)		4	26,812
Sales and marketing	10,946		(112)		4	10,834
Research and development	12,161		10		4	12,171
Depreciation and amortization	1,508		—			1,508
Restructuring charges	4,368		—			4,368
Total operating expenses	55,910		(217)			55,693
Operating loss	(33,589)		(4,027)			(37,616)
Other income (expense):
Interest expense	(1,315)		(143)		5	(1,458)
Interest income	33		—			33
Other, net	(1,146)		—			(1,146)
Total other expense	(2,428)		(143)			(2,571)
Loss before income taxes	(36,017)		(4,170)			(40,187)
Income tax (benefit)	(19,589)		—			(19,589)
Net loss	$	(16,428)	$	(4,170)		$	(20,598)
Net loss per share:
Basic	$	(0.11)	$	(0.03)		$	(0.14)
Diluted	$	(0.11)	$	(0.03)		$	(0.14)
Weighted-average shares used in per share calculation:
Basic	151,776		151,776			151,776
Diluted	151,776		151,776			151,776

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Six Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	132,270	$	(13,345)	1	$	118,925
Cost of revenue:
Cost of services	81,157		(9,766)		2, 4	71,391
Depreciation — network	10,992		1,647		3	12,639
Total cost of revenue	92,149		(8,119)			84,030
Gross profit	40,121		(5,226)			34,895
Operating expenses:
General and administrative	42,760		(115)		4	42,645
Sales and marketing	18,573		(112)		4	18,461
Research and development	21,738		11		4	21,749
Depreciation and amortization	2,540		—			2,540
Restructuring charges	5,066		—			5,066
Total operating expenses	90,677		(216)			90,461
Operating loss	(50,556)		(5,010)			(55,566)
Other income (expense):
Interest expense	(2,628)		(260)		5	(2,888)
Interest income	60		—			60
Other, net	(1,859)		—			(1,859)
Total other expense	(4,427)		(260)			(4,687)
Loss before income taxes	(54,983)		(5,270)			(60,253)
Income tax (benefit)	(19,383)		—			(19,383)
Net loss	$	(35,600)	$	(5,270)		$	(40,870)
Net loss per share:
Basic	$	(0.25)	$	(0.03)		$	(0.28)
Diluted	$	(0.25)	$	(0.03)		$	(0.28)
Weighted-average shares used in per share calculation:
Basic	143,652		143,652			143,652
Diluted	143,652		143,652			143,652

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	57,959	$	(2,620)	1	$	55,339
Cost of revenue:
Cost of services	35,070		(2,397)		2	32,673
Depreciation — network	5,089		759		3	5,848
Total cost of revenue	40,159		(1,638)			38,521
Gross profit	17,800		(982)			16,818
Operating expenses:
General and administrative	15,833		—			15,833
Sales and marketing	7,627		—			7,627
Research and development	9,577		—			9,577
Depreciation and amortization	1,032		—			1,032
Restructuring charges	698		—			698
Total operating expenses	34,767		—			34,767
Operating loss	(16,967)		(982)			(17,949)
Other income (expense):
Interest expense	(1,313)		(118)		4	(1,431)
Interest income	27		—			27
Other, net	(713)		—			(713)
Total other expense	(1,999)		(118)			(2,117)
Loss before income taxes	(18,966)		(1,100)			(20,066)
Income tax expense	206		—			206
Net loss	$	(19,172)	$	(1,100)		$	(20,272)
Net loss per share:
Basic	$	(0.14)	$	(0.01)		$	(0.15)
Diluted	$	(0.14)	$	(0.01)		$	(0.15)
Weighted-average shares used in per share calculation:
Basic	135,528		135,528			135,528
Diluted	135,528		135,528			135,528

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	62,885	$	(5,707)	1	$	57,178
Cost of revenue:
Cost of services	35,065		(4,189)		2	30,876
Depreciation — network	5,215		661		3	5,876
Total cost of revenue	40,280		(3,528)			36,752
Gross profit	22,605		(2,179)			20,426
Operating expenses:
General and administrative	9,147		—			9,147
Sales and marketing	8,141		200		4	8,341
Research and development	5,149		—			5,149
Depreciation and amortization	976		—			976
Restructuring charges	2,627		—			2,627
Total operating expenses	26,040		200			26,240
Operating loss	(3,435)		(2,379)			(5,814)
Other income (expense):
Interest expense	(1,346)		(86)		5	(1,432)
Interest income	30		—			30
Other, net	(242)		—			(242)
Total other expense	(1,558)		(86)			(1,644)
Loss before income taxes	(4,993)		(2,465)			(7,458)
Income tax expense	436		—			436
Net loss	$	(5,429)	$	(2,465)		$	(7,894)
Net loss per share:
Basic	$	(0.04)	$	(0.02)		$	(0.06)
Diluted	$	(0.04)	$	(0.02)		$	(0.06)
Weighted-average shares used in per share calculation:
Basic	134,023		134,023			134,023
Diluted	134,023		134,023			134,023

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from other immaterial errors impacting sales and marketing expense.


	Three Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	55,202	$	(7,208)	1	$	47,994
Cost of revenue:
Cost of services	33,687		(3,795)		2	29,892
Depreciation — network	5,685		431		3	6,116
Total cost of revenue	39,372		(3,364)			36,008
Gross profit	15,830		(3,844)			11,986
Operating expenses:
General and administrative	10,532		—			10,532
Sales and marketing	5,987		—			5,987
Research and development	5,205		—			5,205
Depreciation and amortization	730		—			730
Restructuring charges	1,770		—			1,770
Total operating expenses	24,224		—			24,224
Operating loss	(8,394)		(3,844)			(12,238)
Other income (expense):
Interest expense	(1,308)		(37)		4	(1,345)
Interest income	17		—			17
Other, net	(209)		—			(209)
Total other expense	(1,500)		(37)			(1,537)
Loss before income taxes	(9,894)		(3,881)			(13,775)
Income tax expense	211		—			211
Net loss	$	(10,105)	$	(3,881)		$	(13,986)
Net loss per share:
Basic	$	(0.08)	$	(0.03)		$	(0.11)
Diluted	$	(0.08)	$	(0.03)		$	(0.11)
Weighted-average shares used in per share calculation:
Basic	126,791		126,791			126,791
Diluted	126,791		126,791			126,791

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Nine Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	154,745	$	(10,808)	1	$	143,937
Cost of revenue:
Cost of services	99,708		(7,897)		2	91,811
Depreciation — network	17,293		937		3	18,230
Total cost of revenue	117,001		(6,960)			110,041
Gross profit	37,744		(3,848)			33,896
Operating expenses:
General and administrative	30,944		—			30,944
Sales and marketing	21,619		—			21,619
Research and development	16,520		—			16,520
Depreciation and amortization	1,818		—			1,818
Restructuring charges	10,798		—			10,798
Total operating expenses	81,699		—			81,699
Operating loss	(43,955)		(3,848)			(47,803)
Other income (expense):
Interest expense	(3,899)		(92)		4	(3,991)
Interest income	104		—			104
Other, net	(864)		—			(864)
Total other expense	(4,659)		(92)			(4,751)
Loss before income taxes	(48,614)		(3,940)			(52,554)
Income tax expense	718		—			718
Net loss	$	(49,332)	$	(3,940)		$	(53,272)
Net loss per share:
Basic	$	(0.39)	$	(0.03)		$	(0.42)
Diluted	$	(0.39)	$	(0.03)		$	(0.42)
Weighted-average shares used in per share calculation:
Basic	125,710		125,710			125,710
Diluted	125,710		125,710			125,710

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	48,348	$	(2,063)	1	$	46,285
Cost of revenue:
Cost of services	32,976		(2,307)		2	30,669
Depreciation — network	5,929		310		3	6,239
Total cost of revenue	38,905		(1,997)			36,908
Gross profit	9,443		(66)			9,377
Operating expenses:
General and administrative	7,515		—			7,515
Sales and marketing	5,784		—			5,784
Research and development	5,187		—			5,187
Depreciation and amortization	549		—			549
Restructuring charges	2,155		—			2,155
Total operating expenses	21,190		—			21,190
Operating loss	(11,747)		(66)			(11,813)
Other income (expense):
Interest expense	(1,305)		(33)		4	(1,338)
Interest income	42		—			42
Other, net	(440)		—			(440)
Total other expense	(1,703)		(33)			(1,736)
Loss before income taxes	(13,450)		(99)			(13,549)
Income tax expense	248		—			248
Net loss	$	(13,698)	$	(99)		$	(13,797)
Net loss per share:
Basic	$	(0.11)	$	—		$	(0.11)
Diluted	$	(0.11)	$	—		$	(0.11)
Weighted-average shares used in per share calculation:
Basic	126,050		126,050			126,050
Diluted	126,050		126,050			126,050

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Six Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	99,543	$	(3,600)	1	$	95,943
Cost of revenue:
Cost of services	66,021		(4,102)		2	61,919
Depreciation — network	11,608		506		3	12,114
Total cost of revenue	77,629		(3,596)			74,033
Gross profit	21,914		(4)			21,910
Operating expenses:
General and administrative	20,412		—			20,412
Sales and marketing	15,631		—			15,631
Research and development	11,315		—			11,315
Depreciation and amortization	1,089		—			1,089
Restructuring charges	9,028		—			9,028
Total operating expenses	57,475		—			57,475
Operating loss	(35,561)		(4)			(35,565)
Other income (expense):
Interest expense	(2,591)		(55)		4	(2,646)
Interest income	87		—			87
Other, net	(655)		—			(655)
Total other expense	(3,159)		(55)			(3,214)
Loss before income taxes	(38,720)		(59)			(38,779)
Income tax expense	507		—			507
Net loss	$	(39,227)	$	(59)		$	(39,286)
Net loss per share:
Basic	$	(0.31)	$	—		$	(0.31)
Diluted	$	(0.31)	$	—		$	(0.31)
Weighted-average shares used in per share calculation:
Basic	125,170		125,170			125,170
Diluted	125,170		125,170			125,170

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	51,195	$	(1,537)	1	$	49,658
Cost of revenue:
Cost of services	33,021		(1,771)		2, 4	31,250
Depreciation — network	5,679		195		3	5,874
Total cost of revenue	38,700		(1,576)			37,124
Gross profit	12,495		39			12,534
Operating expenses:
General and administrative	12,948		(51)		4	12,897
Sales and marketing	9,835		13		4	9,848
Research and development	6,113		15		4	6,128
Depreciation and amortization	540		—			540
Restructuring charges	6,873		—			6,873
Total operating expenses	36,309		(23)			36,286
Operating loss	(23,814)		62			(23,752)
Other income (expense):
Interest expense	(1,286)		(22)		5	(1,308)
Interest income	45		—			45
Other, net	(214)		—			(214)
Total other expense	(1,455)		(22)			(1,477)
Loss before income taxes	(25,269)		40			(25,229)
Income tax expense	260		—			260
Net loss	$	(25,529)	$	40		$	(25,489)
Net loss per share:
Basic	$	(0.21)	$	—		$	(0.21)
Diluted	$	(0.21)	$	—		$	(0.21)
Weighted-average shares used in per share calculation:
Basic	124,290		124,290			124,290
Diluted	124,290		124,290			124,290

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 The correction of other immaterial errors affecting cost of services, general and administrative, sales and marketing, and research and development.


	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(78,217)	$	(11,776)		$	(89,993)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	29,316		2,709		1	32,025
Share-based compensation	22,656		—			22,656
Foreign currency remeasurement loss	614		—			614
Deferred income taxes	(19,117)		—			(19,117)
(Gain) on sale of property and equipment	(47)		—			(47)
Accounts receivable charges	671		—			671
Amortization of premium on marketable securities	526		—			526
Noncash interest expense	634		—			634
Noncash capital contributions from parent	—		3,189		2	3,189
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(33,136)		10,745		3	(22,391)
Prepaid expenses and other current assets	(1,521)		(1,954)		3, 4	(3,475)
Income taxes receivable	(721)		—			(721)
Other assets	(200)		—			(200)
Accounts payable and other current liabilities	52,437		(900)		5	51,537
Deferred revenue	4,831		(77)		4	4,754
Income taxes payable	(424)		—			(424)
Other long-term liabilities	(57)		—			(57)
Net cash (used in) provided by operating activities	(21,755)		1,936			(19,819)
Investing activities
Purchases of marketable securities	(19,781)		—			(19,781)
Sale and maturities of marketable securities	45,191		—			45,191
Purchases of property and equipment	(20,516)		(9,696)		6	(30,212)
Proceeds from sale of property and equipment	47		—			47
Cash acquired in acquisition of business	30,866		(1,037)		4	29,829
Net cash provided by (used in) investing activities	35,807		(10,733)			25,074
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		12,604		7	12,604
Repayment of financing obligations	—		(3,807)		7	(3,807)
Payments of employee tax withholdings related to restricted stock vesting	(3,371)		—			(3,371)
Proceeds from employee stock plans	9,361		—			9,361
Net cash provided by financing activities	5,990		8,797			14,787
Effect of exchange rate changes on cash and cash equivalents	(2,654)		—			(2,654)
Net increase in cash and cash equivalents	17,388		—			17,388
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	59,306	$	—		$	59,306
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	4,405	$	343	8	$	4,748
Cash paid during the period for income taxes, net of refunds	$	1,202	$	—		$	1,202
Common stock issued in connection with acquisition of business	$	186,196	$	—		$	186,196
Common stock contingent consideration related to business combination	$	16,300	$	—		$	16,300
Common stock issued for employee compensation arrangements	$	9,419	$	—		$	9,419
Property and equipment remaining in accounts payable and other current liabilities	$	1,298	$	25	6	$	1,323
Noncash additions to financing receivables	$	—	$	11,865	3	$	11,865


Noncash additions to short-term financing liabilities	$	—	$	2,919	5	$	2,919
Noncash additions to long-term financing liabilities	$	—	$	8,946	5	$	8,946

4 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash outflows in operating and financing activities.

the financing obligation and interest paid.


	Six Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(35,600)	$	(5,270)		$	(40,870)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	13,532		1,647		1	15,179
Share-based compensation	14,303		—			14,303
Foreign currency remeasurement loss	683		—			683
Deferred income taxes	(19,280)		—			(19,280)
(Gain) on sale of property and equipment	(10)		—			(10)
Accounts receivable charges	278		—			278
Amortization of premium on marketable securities	484		—			484
Noncash interest expense	420		—			420
Noncash capital contributions from parent	—		447		2	447
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(17,956)		7,672		3	(10,284)
Prepaid expenses and other current assets	(4,625)		(558)		3, 4	(5,183)
Income taxes receivable	(555)		—			(555)
Other assets	1,126		(120)			1,006
Accounts payable and other current liabilities	26,671		42		5	26,713
Deferred revenue	1,867		38		4	1,905
Income taxes payable	(603)		—			(603)
Other long-term liabilities	(57)		—			(57)
Net cash (used in) provided by operating activities	(19,322)		3,898			(15,424)
Investing activities
Purchases of marketable securities	(8,179)		—			(8,179)
Sale and maturities of marketable securities	22,871		—			22,871
Purchases of property and equipment	(18,325)		(5,531)		6	(23,856)
Proceeds from sale of property and equipment	10		—			10
Cash acquired in acquisition of business	30,866		(1,037)		4	29,829
Net cash provided by (used in) investing activities	27,243		(6,568)			20,675
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		5,502		7	5,502
Repayment of financing obligations	—		(2,832)		7	(2,832)
Payments of employee tax withholdings related to restricted stock vesting	(1,809)		—			(1,809)


Proceeds from employee stock plans	8,771		—			8,771
Net cash provided by financing activities	6,962		2,670			9,632
Effect of exchange rate changes on cash and cash equivalents	(1,626)		—			(1,626)
Net increase in cash and cash equivalents	13,257		—			13,257
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	55,175	$	—		$	55,175
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,208	$	238	8	$	2,446
Cash paid during the period for income taxes, net of refunds	$	1,002	$	—		$	1,002
Common stock issued in connection with acquisition of business	$	186,146	$	—		$	186,146
Common stock contingent consideration related to business combination	$	16,900	$	—		$	16,900
Common stock issued for employee compensation arrangements	$	9,419	$	—		$	9,419
Property and equipment remaining in accounts payable and other current liabilities	$	1,100	$	39	6	$	1,139
Noncash additions to financing receivables	$	—	$	10,489	3	$	10,489
Noncash additions to short-term financing liabilities	$	—	$	2,627	5	$	2,627
Noncash additions to long-term financing liabilities	$	—	$	7,862	5	$	7,862

4 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash flows in operating and financing activities.


	Three Months Ended March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(19,172)	$	(1,100)		$	(20,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,121		759		1	6,880
Share-based compensation	7,012		—			7,012
Foreign currency remeasurement loss	242		—			242
Deferred income taxes	(2)		—			(2)
Gain on sale of property and equipment	—		—			—
Accounts receivable charges	272		—			272
Amortization of premium on marketable securities	280		—			280
Noncash interest expense	209		—			209
Changes in operating assets and liabilities:
Accounts receivable	(13,095)		934		2	(12,161)
Prepaid expenses and other current assets	(3,174)		446		2, 3	(2,728)
Income taxes receivable	(2)		—			(2)
Other assets	834		(368)			466
Accounts payable and other current liabilities	3,625		188		4	3,813
Deferred revenue	(911)		43		3	(868)
Income taxes payable	(655)		—			(655)
Other long term liabilities	(55)		—			(55)
Net cash (used in) provided by operating activities	(18,471)		902			(17,569)
Investing activities


Purchases of marketable securities	(6,839)		—			(6,839)
Sale and maturities of marketable securities	9,087		—			9,087
Purchases of property and equipment	(5,350)		(513)		5	(5,863)
Proceeds from sale of property and equipment	—		—			—
Cash used for acquisition of business	492		(655)		3	(163)
Net cash (used in) investing activities	(2,610)		(1,168)			(3,778)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		1,602		6	1,602
Repayment of financing obligations	—		(1,336)		6	(1,336)
Payments of employee tax withholdings related to restricted stock vesting	(1,285)		—			(1,285)
Proceeds from employee stock plans	7,986		—			7,986
Net cash provided by financing activities	6,701		266			6,967
Effect of exchange rate changes on cash and cash equivalents	(363)		—			(363)
Net (decrease) in cash and cash equivalents	(14,743)		—			(14,743)
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	27,175	$	—		$	27,175
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,198	$	84	7	$	2,282
Cash paid during the period for income taxes, net of refunds	$	868	$	—		$	868

Property and equipment remaining in accounts payable and other current liabilities	$	2,022	$	4	5	$	2,026
Noncash additions to financing receivables	$	—	$	2,779	2	$	2,779
Noncash additions to short-term financing liabilities	$	—	$	774	4	$	774
Noncash additions to long-term financing liabilities	$	—	$	2,005	4	$	2,005

3 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash flows in operating and financing activities.


	Nine Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(49,332)	$	(3,940)		$	(53,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	19,111		937		1	20,048
Share-based compensation	16,477		—			16,477
Foreign currency remeasurement (gain)	(66)		—			(66)
Deferred income taxes	(198)		—			(198)
(Gain) on sale of property and equipment	(219)		—			(219)
Accounts receivable charges	1,047		—			1,047
Amortization of premium on marketable securities	1,597		—			1,597
Noncash interest expense	604		—			604
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(13,037)		7,090		2	(5,947)


Prepaid expenses and other current assets	1,678		(53)		2	1,625
Income taxes receivable	4		—			4
Other assets	2,017		—			2,017
Accounts payable and other current liabilities	8,163		(402)		3	7,761
Deferred revenue	4,640		(287)		4	4,353
Income taxes payable	210		—			210
Other long-term liabilities	(26)		—			(26)
Net cash used in operating activities	(7,330)		3,345			(3,985)
Investing activities
Purchases of marketable securities	(44,838)		—			(44,838)
Sale and maturities of marketable securities	84,000		—			84,000
Purchases of property and equipment	(11,909)		(4,288)		5	(16,197)
Proceeds from sale of property and equipment	219		—			219
Cash (used for) acquisition of business	(30,968)		—			(30,968)
Net cash (used in) investing activities	(3,496)		(4,288)			(7,784)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		3,540		6	3,540
Repayment of financing obligations	—		(2,597)		6	(2,597)
Payments of employee tax withholdings related to restricted stock vesting	(1,315)		—			(1,315)
Proceeds from employee stock plans	5,460		—			5,460
Net cash provided by financing activities	4,115		943			5,058
Effect of exchange rate changes on cash and cash equivalents	(499)		—			(499)
Net (decrease) in cash and cash equivalents	(7,210)		—			(7,210)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	39,585	$	—		$	39,585
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	4,460	$	87	7	$	4,547
Cash paid during the period for income taxes, net of refunds	$	714	$	—		$	714
Common stock issued in connection with acquisition of business	$	18,433	$	—		$	18,433


Property and equipment remaining in accounts payable and other current liabilities	$	1,166	$	150	5	$	1,316
Noncash additions to financing receivables	$	—	$	9,495	2	$	9,495
Noncash additions to short-term financing liabilities	$	—	$	3,731	3	$	3,731
Noncash additions to long-term financing liabilities	$	—	$	5,764	3	$	5,764

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	Six Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(39,227)	$	(59)		$	(39,286)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	12,697		506		1	13,203
Share-based compensation	12,820		—			12,820
Foreign currency remeasurement loss	186		—			186
Deferred income taxes	(81)		—			(81)
(Gain) on sale of property and equipment	(107)		—			(107)
Accounts receivable charges	847		—			847
Amortization of premium on marketable securities	1,182		—			1,182
Noncash interest expense	400		—			400
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	5,962		949		2	6,911
Prepaid expenses and other current assets	439		213		2	652
Income taxes receivable	10		—			10
Other assets	912		—			912
Accounts payable and other current liabilities	6,732		(78)		3	6,654
Deferred revenue	(357)		(228)		4	(585)
Income taxes payable	141		—			141
Other long-term liabilities	(111)		—			(111)
Net cash (used in) provided by operating activities	2,445		1,303			3,748
Investing activities
Purchases of marketable securities	(31,411)		—			(31,411)
Sale and maturities of marketable securities	31,715		—			31,715
Purchases of property and equipment	(9,614)		(1,918)		5	(11,532)
Proceeds from sale of property and equipment	107		—			107
Cash acquired in acquisition of business	—		—			—
Net cash (used in) investing activities	(9,203)		(1,918)			(11,121)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		2,415		6	2,415
Repayment of financing obligations	—		(1,800)		6	(1,800)
Payments of employee tax withholdings related to restricted stock vesting	(1,098)		—			(1,098)
Proceeds from employee stock plans	5,460		—			5,460
Net cash provided by financing activities	4,332		615			4,947
Effect of exchange rate changes on cash and cash equivalents	(304)		—			(304)
Net (decrease) in cash and cash equivalents	(2,730)		—			(2,730)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	44,065	$	—		$	44,065
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,262	$	58	7	$	2,320
Cash paid during the period for income taxes, net of refunds	$	440	$	—		$	440
Property and equipment remaining in accounts payable and other current liabilities	$	1,552	$	236	5	$	1,788
Noncash additions to financing receivables	$	—	$	3,615	2	$	3,615
Noncash additions to short-term financing liabilities	$	—	$	1,954	3	$	1,954
Noncash additions to long-term financing liabilities	$	—	$	1,661	3	$	1,661

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	Three Months Ended March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(25,529)	$	40		$	(25,489)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,219		195		1	6,414
Share-based compensation	8,562		—			8,562
Foreign currency remeasurement (gain)	(71)		—			(71)
Deferred income taxes	(10)		—			(10)
Accounts receivable charges	466		—			466
Amortization of premium on marketable securities	609		—			609
Noncash interest expense	199		—			199
Changes in operating assets and liabilities:
Accounts receivable	2,059		1,214		2	3,273
Prepaid expenses and other current assets	446		394		2	840
Income taxes receivable	(36)		—			(36)
Other assets	399		—			399
Accounts payable and other current liabilities	5,209		95		3	5,304
Deferred revenue	(84)		(78)		4	(162)
Income taxes payable	73		—			73
Other long term liabilities	(3)		—			(3)
Net cash (used in) provided by operating activities	(1,492)		1,860			368

Purchases of marketable securities	(10,874)		—			(10,874)
Sale and maturities of marketable securities	5,897		—			5,897
Purchases of property and equipment	(6,628)		(954)		5	(7,582)
Net cash (used in) investing activities	(11,605)		(954)			(12,559)
Financing activities
Proceeds from financing obligations	—		—			—
Repayment of financing obligations	—		(906)		6	(906)
Payments of employee tax withholdings related to restricted stock vesting	(671)		—			(671)
Proceeds from employee stock plans	2,847		—			2,847
Net cash provided by (used in) financing activities	2,176		(906)			1,270
Effect of exchange rate changes on cash and cash equivalents	(254)		—			(254)
Net (decrease) in cash and cash equivalents	(11,175)		—			(11,175)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	35,620	$	—		$	35,620
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,252	$	28	7	$	2,280
Cash paid during the period for income taxes, net of refunds	$	229	$	—		$	229
Property and equipment remaining in accounts payable	$	3,354	$	60	5	$	3,414
Noncash additions to financing receivables	$	—	$	2,100	2	$	2,100
Noncash additions to short-term financing liabilities	$	—	$	1,246	3	$	1,246
Noncash additions to long-term financing liabilities	$	—	$	854	3	$	854

4 The correction of other immaterial errors affecting deferred revenue and revenue.

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Cost of revenue depreciation expense	$ 10,903	$ 6,791	$ 5,848	$ 5,876	$ 6,116	$ 6,239	$ 5,874	$ 12,639	$ 12,114	$ 23,542	$ 18,230	$ 28,171	$ 24,106	$ 21,787
Operating expense depreciation												1,789	$ 1,746	$ 1,591
Restructuring expense depreciation												$ 3,522

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2022, and 2021, were as follows:


Balance, December 31, 2020	$	77,753
Acquisition of Moov	36,448
Foreign currency translation adjustment	310
Balance, December 31, 2021	114,511
Foreign currency translation adjustment	(1,122)
Measurement period adjustments – Moov acquisition	(779)
Acquisition of Edgecast	56,546
Balance, December 31, 2022	$	169,156

Intangible assets consisted of the following as of December 31, 2022:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(40)	$	51
Client relationships	48,090		(4,960)		43,130
Technology	57,480		(9,000)		48,480
Total other intangible assets	$	105,661	$	(14,000)	$	91,661

Aggregate expense related to amortization of other intangible assets for the year ended December 31, 2022, was $12,952. There were no impairment charges related to goodwill or other intangible assets incurred during the year ended December 31, 2022.

As of December 31, 2022, the weighted-average remaining useful lives of our acquired intangible assets were 1.7 years for trade name, 6.1 years for client relationships, and 3.4 years for developed technology, and 4.7 years in total, for all acquired intangible assets.

Intangible assets consisted of the following as of December 31, 2021:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(10)	$	81
Client relationships	7,090		(473)		6,617
Technology	8,480		(565)		7,915
Total other intangible assets	$	15,661	$	(1,048)	$	14,613

Aggregate expense related to amortization of other intangible assets for the year ended December 31, 2021, was approximately $1,048. There were no impairment charges related to goodwill or other intangible assets incurred during the year ended December 31, 2021.

As of December 31, 2021, the weighted-average remaining useful lives of our acquired intangible assets were 2.7 years for trade name, 4.7 years for client relationships, and 4.7 years for developed technology, and 4.7 years in total, for all acquired intangible assets.

As of December 31, 2022, future amortization expense related to our other intangible assets is expected to be recognized as follows:


2023	$	21,425
2024	21,415
2025	21,394
2026	13,141
2027	5,911
Thereafter	8,375
Total	$	91,661

Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid bandwidth and backbone

$ 7,431

$ 1,939

VAT receivable

5,805

4,781

Prepaid expenses and insurance

5,352

1,975

Financing receivables

3,218

3,962

Related party receivable

7,962

Vendor deposits and other

6,606

5,153

Total prepaid expenses and other current assets

$ 36,374

^[1]

$ 35,799

$ 43,583

$ 22,570

$ 17,810

^[1]

$ 19,805

$ 15,945

$ 16,893

$ 15,989

[1]	The December 31, 2022 balances include amounts due to/from related parties. See Notes 7, 10, and 18 for further details.

- Definition

The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss before income taxes:
United States												$ (162,729)	$ (63,683)	$ (23,732)
Foreign												5,130	3,671	2,250
Loss before income taxes	$ (48,683)	$ (40,187)	$ (20,066)	$ (7,458)	$ (13,775)	$ (13,549)	$ (25,229)	$ (60,253)	$ (38,779)	$ (108,936)	$ (52,554)	$ (157,599)	$ (60,012)	$ (21,482)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (136,519)	$ (61,166)	$ (22,127)
Other comprehensive (loss) gain, net of tax:
Unrealized gain (loss) on investments	24	2	(51)
Foreign currency translation (loss) gain	(3,344)	(836)	1,750
Other comprehensive (loss) gain, net of tax	(3,320)	(834)	1,699
Comprehensive loss	$ (139,839)	$ (62,000)	$ (20,428)

- Definition

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

+ References

+ Details

Restatement of Unaudited Quarterly Results - Restatement and Recasting of Previously Reported Unaudited Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (49,123)	$ (20,598)	$ (20,272)	$ (7,894)	$ (13,986)	$ (13,797)	$ (25,489)	$ (40,870)	$ (39,286)	$ (89,993)	$ (53,272)	$ (136,519)	$ (61,166)	$ (22,127)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			6,880				6,414	15,179	13,203	32,025	20,048	42,912	26,900	23,378
Share-based compensation			7,012				8,562	14,303	12,820	22,656	16,477	30,593	20,480	15,717
Foreign currency remeasurement loss			242				(71)	683	186	614	(66)	3,003	142	214
Deferred income taxes			(2)				(10)	(19,280)	(81)	(19,117)	(198)	(22,137)	(414)	(94)
Gain (loss) on sale of property and equipment			0					(10)	(107)	(47)	(219)	433	(247)	6
Accounts receivable charges			272				466	278	847	671	1,047	2,413	1,082	801
Amortization of premium on marketable securities			280				609	484	1,182	526	1,597	439	1,879	606
Realized loss on marketable securities												0	0	(3)
Noncash interest expense			209				199	420	400	634	604	849	811	1,938
Noncash capital contributions from parent								447		3,189		5,484	0	0
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			(12,161)				3,273	(10,284)	6,911	(22,391)	(5,947)	(4,843)	(3,021)	4,370
Prepaid expenses and other current assets			(2,728)				840	(5,183)	652	(3,475)	1,625	(6,902)	1,535	(5,887)
Income taxes receivable			(2)				(36)	(555)	10	(721)	4	75	(47)	19
Other assets			466				399	1,006	912	(200)	2,017	2,036	3,961	2,762
Accounts payable and other current liabilities			3,813				5,304	26,713	6,654	51,537	7,761	58,448	8,742	(1,737)
Deferred revenue			(868)				(162)	1,905	(585)	4,754	4,353	4,281	(496)	151
Income taxes payable			(655)				73	(603)	141	(424)	210	2,084	645	71
Other long term liabilities			(55)				(3)	(57)	(111)	(57)	(26)	882	300	167
Net cash (used in) provided by operating activities			(17,569)				368	(15,424)	3,748	19,819	(3,985)	(11,672)	1,086	20,352
Investing activities
Purchases of marketable securities			(6,839)				(10,874)	(8,179)	(31,411)	(19,781)	(44,838)	(36,948)	(62,076)	(88,754)
Sale and maturities of marketable securities			9,087				5,897	22,871	31,715	45,191	84,000	55,166	99,760	11,172
Purchases of property and equipment			(5,863)				(7,582)	(23,856)	(11,532)	(30,212)	(16,197)	(35,541)	(22,060)	(27,490)
Proceeds from sale of property and equipment			0					10	107	47	219	69	247	2
Cash acquired in (used for) acquisition of business			(163)						0		(30,968)	29,826	(30,968)	0
Cash acquired in acquisition of business								29,829		29,829
Net cash provided by (used in) investing activities			(3,778)				(12,559)	20,675	(11,121)	25,074	(7,784)	12,572	(15,097)	(105,070)
Financing activities
Proceeds from issuance of debt, net			0					0	0	0	0	0	0	121,600
Purchase of capped calls			0					0	0	0	0	0	0	(16,413)
Payment of debt issuance costs			0					0	(30)	0	(30)	0	(30)	(859)
Proceeds from financing obligations			1,602				0	5,502	2,415	12,604	3,540	13,479	9,385	3,381
Repayment of financing obligations			(1,336)				(906)	(2,832)	(1,800)	(3,807)	(2,597)	(4,956)	(4,207)	0
Payment of employee tax withholdings related to restricted stock vesting			(1,285)				(671)	(1,809)	(1,098)	(3,371)	(1,315)	(4,270)	(1,626)	(4,878)
Proceeds from employee stock plans			7,986				2,847	8,771	5,460	9,361	5,460	9,998	6,185	10,068
Net cash provided by financing activities			6,967				1,270	9,632	4,947	14,787	5,058	14,251	9,707	112,899
Effect of exchange rate changes on cash and cash equivalents			(363)				(254)	(1,626)	(304)	(2,654)	(499)	(1,794)	(573)	279
Net increase (decrease) in cash and cash equivalents			(14,743)				(11,175)	13,257	(2,730)	17,388	(7,210)	13,357	(4,877)	28,460
Cash and cash equivalents, beginning of year	55,175	27,175	41,918	39,585	44,065	35,620	46,795	41,918	46,795	41,918	46,795	41,918	46,795	18,335
Cash and cash equivalents, end of year	59,306	55,175	27,175	41,918	39,585	44,065	35,620	55,175	44,065	59,306	39,585	55,275	41,918	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest			2,282				2,280	2,446	2,320	4,748	4,547	4,928	4,638	108
Cash paid during the year for income taxes, net of refunds			868				229	1,002	440	1,202	714	1,132	928	626
Common stock issued in connection with acquisition of business								186,146		186,196	18,433	183,585	18,433	0
Common stock contingent consideration related to business combination								16,900		16,300		16,300	0	0
Common stock issued for employee compensation arrangements								9,419		9,419		9,419	0	0
Property and equipment included in accounts payable and other current liabilities			2,026				3,414	1,139	1,788	1,323	1,316	3,179	1,020	1,732
Noncash additions to financing receivables			2,779				2,100	10,489	3,615	11,865	9,495	12,589	13,325	3,381
Noncash additions to short-term financing liabilities			774				1,246	2,627	1,954	2,919	3,731	3,043	4,687	2,696
Noncash additions to long-term financing liabilities			2,005				854	7,862	1,661	8,946	5,764	9,546	8,638	685
Noncash capital contributions from parent								447		3,189		5,484	0	0
As Previously Reported
Operating activities
Net loss	(42,617)	(16,428)	(19,172)	(5,429)	(10,105)	(13,698)	(25,529)	(35,600)	(39,227)	(78,217)	(49,332)		(54,761)	(19,277)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			6,121				6,219	13,532	12,697	29,316	19,111		25,302	23,170
Share-based compensation			7,012				8,562	14,303	12,820	22,656	16,477		20,480	15,717
Foreign currency remeasurement loss			242				(71)	683	186	614	(66)		142	214
Deferred income taxes			(2)				(10)	(19,280)	(81)	(19,117)	(198)		(414)	(94)
Gain (loss) on sale of property and equipment			0					(10)	(107)	(47)	(219)		(247)	6
Accounts receivable charges			272				466	278	847	671	1,047		1,082	801
Amortization of premium on marketable securities			280				609	484	1,182	526	1,597		1,879	606
Realized loss on marketable securities													0	(3)
Noncash interest expense			209				199	420	400	634	604		811	1,938
Noncash capital contributions from parent								0		0
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			(13,095)				2,059	(17,956)	5,962	(33,136)	(13,037)		(9,109)	2,000
Prepaid expenses and other current assets			(3,174)				446	(4,625)	439	(1,521)	1,678		1,966	(5,717)
Income taxes receivable			(2)				(36)	(555)	10	(721)	4		(47)	19
Other assets			834				399	1,126	912	(200)	2,017		3,961	2,762
Accounts payable and other current liabilities			3,625				5,209	26,671	6,732	52,437	8,163		8,903	(1,069)
Deferred revenue			(911)				(84)	1,867	(357)	4,831	4,640		(879)	17
Income taxes payable			(655)				73	(603)	141	(424)	210		645	71
Other long term liabilities			(55)				(3)	(57)	(111)	(57)	(26)		300	167
Net cash (used in) provided by operating activities			(18,471)				(1,492)	(19,322)	2,445	21,755	(7,330)		14	21,328
Investing activities
Purchases of marketable securities			(6,839)				(10,874)	(8,179)	(31,411)	(19,781)	(44,838)		(62,076)	(88,754)
Sale and maturities of marketable securities			9,087				5,897	22,871	31,715	45,191	84,000		99,760	11,172
Purchases of property and equipment			(5,350)				(6,628)	(18,325)	(9,614)	(20,516)	(11,909)		(15,810)	(25,085)
Proceeds from sale of property and equipment			0					10	107	47	219		247	2
Cash acquired in (used for) acquisition of business			492						0		(30,968)		(30,968)	0
Cash acquired in acquisition of business								30,866		30,866
Net cash provided by (used in) investing activities			(2,610)				(11,605)	27,243	(9,203)	35,807	(3,496)		(8,847)	(102,665)
Financing activities
Proceeds from issuance of debt, net			0					0	0	0	0		0	121,600
Purchase of capped calls			0					0	0	0	0		0	(16,413)
Payment of debt issuance costs			0					0	(30)	0	(30)		(30)	(859)
Proceeds from financing obligations			0				0	0	0	0	0		0	0
Repayment of financing obligations			0				0	0	0	0	0		0	0
Payment of employee tax withholdings related to restricted stock vesting			(1,285)				(671)	(1,809)	(1,098)	(3,371)	(1,315)		(1,626)	(4,878)
Proceeds from employee stock plans			7,986				2,847	8,771	5,460	9,361	5,460		6,185	10,068
Net cash provided by financing activities			6,701				2,176	6,962	4,332	5,990	4,115		4,529	109,518
Effect of exchange rate changes on cash and cash equivalents			(363)				(254)	(1,626)	(304)	(2,654)	(499)		(573)	279
Net increase (decrease) in cash and cash equivalents			(14,743)				(11,175)	13,257	(2,730)	17,388	(7,210)		(4,877)	28,460
Cash and cash equivalents, beginning of year	55,175	27,175	41,918	39,585	44,065	35,620	46,795	41,918	46,795	41,918	46,795	41,918	46,795	18,335
Cash and cash equivalents, end of year	59,306	55,175	27,175	41,918	39,585	44,065	35,620	55,175	44,065	59,306	39,585		41,918	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest			2,198				2,252	2,208	2,262	4,405	4,460		4,505	108
Cash paid during the year for income taxes, net of refunds			868				229	1,002	440	1,202	714		928	626
Common stock issued in connection with acquisition of business								186,146		186,196	18,433		18,433
Common stock contingent consideration related to business combination								16,900		16,300
Common stock issued for employee compensation arrangements								9,419		9,419
Property and equipment included in accounts payable and other current liabilities			2,022				3,354	1,100	1,552	1,298	1,166		977	1,260
Noncash additions to financing receivables			0				0	0	0	0	0		0	0
Noncash additions to short-term financing liabilities			0				0	0	0	0	0		0	0
Noncash additions to long-term financing liabilities			0				0	0	0	0	0		0	0
Noncash capital contributions from parent								0		0
Restatement Impacts
Operating activities
Net loss	(6,506)	(4,170)	(1,100)	(2,465)	(3,881)	(99)	40	(5,270)	(59)	(11,776)	(3,940)		(6,405)	(2,850)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			759				195	1,647	506	2,709	937		1,598	208
Share-based compensation			0				0	0	0	0	0		0	0
Foreign currency remeasurement loss			0				0	0	0	0	0		0	0
Deferred income taxes			0				0	0	0	0	0		0	0
Gain (loss) on sale of property and equipment			0					0	0	0	0		0	0
Accounts receivable charges			0				0	0	0	0	0		0	0
Amortization of premium on marketable securities			0				0	0	0	0	0		0	0
Realized loss on marketable securities													0	0
Noncash interest expense			0				0	0	0	0	0		0	0
Noncash capital contributions from parent								447		3,189
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable			934				1,214	7,672	949	10,745	7,090		6,088	2,370
Prepaid expenses and other current assets			446				394	(558)	213	(1,954)	(53)		(431)	(170)
Income taxes receivable			0				0	0	0	0	0		0	0
Other assets			(368)				0	(120)	0	0	0		0	0
Accounts payable and other current liabilities			188				95	42	(78)	(900)	(402)		(161)	(668)
Deferred revenue			43				(78)	38	(228)	(77)	(287)		383	134
Income taxes payable			0				0	0	0	0	0		0	0
Other long term liabilities			0				0	0	0	0	0		0	0
Net cash (used in) provided by operating activities			902				1,860	3,898	1,303	(1,936)	3,345		1,072	(976)
Investing activities
Purchases of marketable securities			0				0	0	0	0	0		0	0
Sale and maturities of marketable securities			0				0	0	0	0	0		0	0
Purchases of property and equipment			(513)				(954)	(5,531)	(1,918)	(9,696)	(4,288)		(6,250)	(2,405)
Proceeds from sale of property and equipment			0					0	0	0	0		0	0
Cash acquired in (used for) acquisition of business			(655)						0		0		0	0
Cash acquired in acquisition of business								(1,037)		(1,037)
Net cash provided by (used in) investing activities			(1,168)				(954)	(6,568)	(1,918)	(10,733)	(4,288)		(6,250)	(2,405)
Financing activities
Proceeds from issuance of debt, net			0					0	0	0	0		0	0
Purchase of capped calls			0					0	0	0	0		0	0
Payment of debt issuance costs			0					0	0	0	0		0	0
Proceeds from financing obligations			1,602				0	5,502	2,415	12,604	3,540		9,385	3,381
Repayment of financing obligations			(1,336)				(906)	(2,832)	(1,800)	(3,807)	(2,597)		(4,207)	0
Payment of employee tax withholdings related to restricted stock vesting			0				0	0	0	0	0		0	0
Proceeds from employee stock plans			0				0	0	0	0	0		0	0
Net cash provided by financing activities			266				(906)	2,670	615	8,797	943		5,178	3,381
Effect of exchange rate changes on cash and cash equivalents			0				0	0	0	0	0		0	0
Net increase (decrease) in cash and cash equivalents			0				0	0	0	0	0		0	0
Cash and cash equivalents, beginning of year	0	0	0	0	0	0	0	0	0	0	0	$ 0	0	0
Cash and cash equivalents, end of year	$ 0	$ 0	0	$ 0	$ 0	$ 0	0	0	0	0	0		0	0
Supplement disclosure of cash flow information
Cash paid during the year for interest			84				28	238	58	343	87		133	0
Cash paid during the year for income taxes, net of refunds			0				0	0	0	0	0		0	0
Common stock issued in connection with acquisition of business								0		0	0		0
Common stock contingent consideration related to business combination								0		0
Common stock issued for employee compensation arrangements								0		0
Property and equipment included in accounts payable and other current liabilities			4				60	39	236	25	150		43	472
Noncash additions to financing receivables			2,779				2,100	10,489	3,615	11,865	9,495		13,325	3,381
Noncash additions to short-term financing liabilities			774				1,246	2,627	1,954	2,919	3,731		4,687	2,696
Noncash additions to long-term financing liabilities			$ 2,005				$ 854	7,862	$ 1,661	8,946	$ 5,764		$ 8,638	$ 685
Noncash capital contributions from parent								$ 447		$ 3,189

Segment Reporting and Geographic Areas - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total long-lived assets	$ 73,467	$ 40,511	$ 49,088
Americas
Segment Reporting, Asset Reconciling Item [Line Items]
Total long-lived assets	65,190	27,789	35,612
International
Segment Reporting, Asset Reconciling Item [Line Items]
Total long-lived assets	$ 8,277	$ 12,722	$ 13,476

Leases and Commitments - Right of Use Assets and Purchase Commitments - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lease expense	$ 704	$ 178	$ 21
Operating Obligations
2023	5,158
2024	2,360
2025	1,440
2026	1,468
2027	1,497
Thereafter	3,864
Total minimum payments	15,787
Less: amount representing interest	2,049
Total lease liability obligations	13,738
Financing Obligations
2023	7,358
2024	4,966
2025	4,761
2026	3,827
2027	1,197
Thereafter	75
Total minimum payments	22,184
Less: imputed interest	2,054
Total financing obligations	20,130
Less: current financing obligations	6,346	4,648	$ 3,381	$ 6,314	$ 5,865	$ 4,740	$ 4,854	$ 3,756	$ 3,721
Financing obligations, less current portion	$ 13,784	$ 7,851		$ 14,243	$ 14,292	$ 9,202	$ 5,425	$ 1,440	$ 854

Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	3 years
Client relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	5 years
Client relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	7 years
Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	4 years
Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	5 years

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 6,159	$ 3,558	$ 2,468
Unrecognized tax benefits that would impact effective tax rate	240
Uncertain tax benefits that could be reversed	4,308
Edgecast Acquisition
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities, valuation allowance	23,370
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	308,768
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 214,485

Leases and Commitments - Right of Use Assets and Purchase Commitments - Schedule of Minimum Purchase Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Minimum purchase commitments
2023	$ 80,446
2024	40,644
2025	29,326
2026	17,510
2027	7,214
Thereafter	0
Total minimum payments	175,140
Operating expense	$ 139,717	$ 93,149	$ 87,535

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve

The following table summarizes the activity of our restructuring accrual (recorded in other current liabilities on our consolidated balance sheets) during the years ended December 31, 2022 and December 31, 2021 (in thousands):


	Employee Severance and Related Benefits		Share-Based Compensation		Facilities Related Charges		Professional Fees and Other		Total
Balance as of January 1, 2021	$	—	$	—	$	—	$	—	$	—
Costs incurred (recorded in restructuring charges)	3,216		1,781		4,768		3,660		13,425
Cash disbursements	(2,968)		(147)		(668)		(3,660)		(7,443)
Noncash charges	(13)		(1,634)		(3,920)		—		(5,567)
Balance as of December 31, 2021	235		—		180		—		415
Costs incurred (recorded in restructuring charges)	7,736		397		11,895		2		20,030
Cash disbursements	(5,291)		—		(2,756)		(2)		(8,049)
Noncash charges	92		(157)		(6,147)		—		(6,212)
Balance as of December 31, 2022	$	2,772	$	240	$	3,172	$	—	$	6,184

Restatement of Unaudited Quarterly Results - Consolidated Statements of Operations by Quarter (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Revenue

$ 110,832

$ 63,586

$ 55,339

$ 57,178

$ 47,994

$ 46,285

$ 49,658

$ 118,925

$ 95,943

$ 229,757

$ 143,937

$ 338,598

^[1]

$ 201,115

^[1]

$ 223,990

^[1]

Cost of revenue:

Cost of services

67,140

38,718

32,673

30,876

29,892

30,669

31,250

71,391

61,919

138,531

91,811

202,887

^[1],[2]

122,687

^[1],[2]

121,926

^[1],[2]

Depreciation — network

10,903

6,791

5,848

5,876

6,116

6,239

5,874

12,639

12,114

23,542

18,230

28,171

24,106

21,787

Total cost of revenue

78,043

45,509

38,521

36,752

36,008

36,908

37,124

84,030

74,033

162,073

110,041

231,058

146,793

143,713

Gross profit

32,789

18,077

16,818

20,426

11,986

9,377

12,534

34,895

21,910

67,684

33,896

107,540

54,322

80,277

Operating expenses:

General and administrative

22,138

26,812

15,833

9,147

10,532

7,515

12,897

42,645

20,412

64,783

30,944

88,150

^[1]

40,091

^[1]

31,284

^[1]

Sales and marketing

14,448

10,834

7,627

8,341

5,987

5,784

9,848

18,461

15,631

32,909

21,619

48,803

^[1]

29,960

^[1]

42,945

^[1]

Research and development

32,462

12,171

9,577

5,149

5,205

5,187

6,128

21,749

11,315

54,211

16,520

83,652

^[1]

21,669

^[1]

21,680

^[1]

Depreciation and amortization

5,943

1,508

1,032

976

730

549

540

2,540

1,089

8,483

1,818

14,741

2,794

1,591

Restructuring charges

4,070

4,368

698

2,627

1,770

2,155

6,873

5,066

9,028

9,136

10,798

20,030

13,425

Total operating expenses

79,061

55,693

34,767

26,240

24,224

21,190

36,286

90,461

57,475

169,522

81,699

255,376

107,939

97,500

Operating loss

(46,272)

(37,616)

(17,949)

(5,814)

(12,238)

(11,813)

(23,752)

(55,566)

(35,565)

(101,838)

(47,803)

(147,836)

(53,617)

(17,223)

Other income (expense):

Interest expense

(1,546)

(1,458)

(1,431)

(1,432)

(1,345)

(1,338)

(1,308)

(2,888)

(2,646)

(4,434)

(3,991)

(6,094)

(5,423)

(3,960)

Interest income

140

200

104

510

134

Other, net

(1,005)

(1,146)

(713)

(242)

(209)

(440)

(214)

(1,859)

(655)

(2,864)

(864)

(4,179)

(1,106)

(368)

Total other expense

(2,411)

(2,571)

(2,117)

(1,644)

(1,537)

(1,736)

(1,477)

(4,687)

(3,214)

(7,098)

(4,751)

(9,763)

(6,395)

(4,259)

Loss before income taxes

(48,683)

(40,187)

(20,066)

(7,458)

(13,775)

(13,549)

(25,229)

(60,253)

(38,779)

(108,936)

(52,554)

(157,599)

(60,012)

(21,482)

Income tax (benefit) expense

440

(19,589)

206

436

211

248

260

(19,383)

507

(18,943)

718

(21,080)

1,154

645

Net loss

$ (49,123)

$ (20,598)

$ (20,272)

$ (7,894)

$ (13,986)

$ (13,797)

$ (25,489)

$ (40,870)

$ (39,286)

$ (89,993)

$ (53,272)

$ (136,519)

$ (61,166)

$ (22,127)

Net loss per share:

Basic (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Diluted (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

[1]	The year ended December 31, 2022, includes revenue and costs from related parties. See Note 18 for further details.
[2]	Cost of services excludes amortization related to intangible assets, including technology, customer relationships, and trade names, which are included in depreciation and amortization in operating expenses.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Net (Loss) Before Income Taxes

Our loss before income taxes consists of the following:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Loss before income taxes:
United States	$	(162,729)	$	(63,683)	$	(23,732)
Foreign	5,130		3,671		2,250
	$	(157,599)	$	(60,012)	$	(21,482)

Components of Provision (Benefit) for Income Taxes

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


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Current:
Federal	$	—	$	—	$	—
State	81		121		85
Foreign	976		1,447		654
Total current	1,057		1,568		739
Deferred:
Federal	(17,492)		7		8
State	(5,700)		3		2
Foreign	1,055		(424)		(104)
Total deferred	(22,137)		(414)		(94)
Total (benefit) provision	$	(21,080)	$	1,154	$	645

Reconciliation of the U.S. Federal Statutory Rate to the Effective Income Tax Rate

A reconciliation of the U.S. federal statutory rate to our effective income tax rate is shown in the table below:


	Years Ended December 31,
	2022				2021				2020
					As Restated				As Restated
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	(33,096)	21.0	%	$	(12,602)	21.0	%	$	(4,511)	21.0	%
Valuation allowance	9,493		(6.3)	%	12,284		(20.4)	%	6,978		(32.5)	%
Foreign income taxes	220		(0.1)	%	251		(0.4)	%	88		(0.4)	%
State income taxes	(5,619)		3.5	%	(1,728)		2.9	%	(933)		4.3	%
Non-deductible expenses	896		(0.6)	%	455		(0.8)	%	58		(0.3)	%
Non-deductible acquisition costs	3,699		(2.3)	%	344		(0.6)	%	—		—	%
Uncertain tax positions	57		—	%	—		—	%	(11)		0.1	%
Non-deductible officer compensation	583		(0.4)	%	38		(0.1)	%	418		(1.9)	%
Share-based compensation	2,287		(1.4)	%	2,059		(3.4)	%	(1,478)		6.9	%

Other	400		(0.2)	%	53		(0.1)	%	36		(0.2)	%
Provision for income taxes	$	(21,080)	13.2	%	$	1,154	(1.9)	%	$	645	(3.0)	%

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2022		2021
			As Restated
Deferred tax assets:
Share-based compensation	$	7,462	$	5,674
Net operating loss and tax credit carry-forwards	76,923		67,998
Interest expense	2,378		1,191
Deferred revenue	3,752		1,888
Accounts receivable reserves	1,279		371
Fixed assets	1,786		3,074
Compensation	480		247
Lease liability	3,261		2,567
Capitalized Research and Development	18,102		—
Inducement Income	9,418		4,062
Other	979		408
Total deferred tax assets	125,820		87,480
Deferred tax liabilities:

Fixed Assets	(2,514)		—
Intangible assets	(23,678)		(3,740)
Right-of-use asset	(1,188)		(1,396)
Prepaid expenses	(2,880)		(582)
Accrued Revenue	(3,598)		—
Other	(594)		(310)
Total deferred tax liabilities	(34,452)		(6,028)
Valuation allowance	(89,626)		(79,867)
Net deferred tax assets	$	1,742	$	1,585

Summary of Activities Associated with Reserve for Unrecognized Tax Benefits Interest and Penalties

A summary of the activities associated with our reserve for unrecognized tax benefits, interest and penalties follow:


	Unrecognized Tax Benefits
Balance as of January 1, 2021	$	2,468
Additions for tax positions related to current year	1,283
Additions for tax positions related to prior years	(194)
Settlements	—
Adjustment related to foreign currency translation	1
Reductions related to the lapse of applicable statute of limitations	—
Reduction for tax positions of prior years	—
Balance as of December 31, 2021	3,558
Additions for tax positions related to current year	3,183
Additions for tax positions related to prior years	(581)
Settlements	—
Adjustment related to foreign currency translation	(1)
Reductions related to the lapse of applicable statute of limitations	—
Reduction for tax positions of prior years	—
Balance as of December 31, 2022	$	6,159

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

We evaluate our financial instruments within the three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

•Level 1 – Defined as observable inputs such as quoted prices in active markets;

•Level 2 – Defined as other than quoted prices in active markets that are either directly or indirectly observable; and

•Level 3 – Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of December 31, 2022 and 2021, we held certain assets that were required to be measured at fair value on a

recurring basis.

The following is a summary of fair value measurements as of December 31, 2022:


			Fair Value Measurements at Reporting Date Using
Description	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	49,422	$	49,422	$	—	$	—
Cash equivalents:
Money market funds	2,036		2,036		—		—
Commercial paper	1,195		—		1,195		—
Corporate notes and bonds	1,622		—		1,622		—
Yankee bond	1,000		—		1,000		—
Total cash equivalents	5,853		2,036		3,817		—
Total cash and cash equivalents	55,275		51,458		3,817		—
Marketable securities:
Agency bonds	486		—		486		—
Certificate of deposit (1)	40		—		40		—
Commercial paper	5,884		—		5,884		—
Corporate notes and bonds	11,380		—		11,380		—
Treasury bills	984		—		984		—
Total marketable securities	18,774		—		18,774		—
Total assets measured at fair value	$	74,049	$	51,458	$	22,591	$	—

____________

(1)Classified in other assets

The following is a summary of fair value measurements as of December 31, 2021:


			Fair Value Measurements at Reporting Date Using
Description	Total		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	34,608	$	34,608	$	—	$	—
Cash and cash equivalents:
Money market funds	7,310		7,310		—		—
Total cash equivalents	7,310		7,310		—		—
Total cash and cash equivalents	41,918		41,918		—		—
Marketable securities:
Certificate of deposit (1)	40		—		40		—
Corporate notes and bonds	18,259		—		18,259		—
Municipal securities	19,108		—		19,108		—
Total marketable securities	37,407		—		37,407		—
Total assets measured at fair value	$	79,325	$	41,918	$	37,407	$	—

____________

(1)Classified in other assets

The carrying amount of cash equivalents approximates fair value because their maturity is less than three months from the date of purchase. The carrying amount of short-term and long-term marketable securities approximates fair value as the securities are marked to market as of each balance sheet date with any unrealized gains and losses reported in stockholders’

equity. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximates fair value due to the short-term maturity of the amounts.

- Definition

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

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Cumulative effect of adoption of new accounting pronouncement

Common Stock

Common Stock Contingent Consideration

Additional Paid-In Capital

Cumulative effect of adoption of new accounting pronouncement

Accumulated Other Comprehensive Loss

Accumulated Deficit

Cumulative effect of adoption of new accounting pronouncement

Beginning balance (in shares) at Dec. 31, 2019

118,368,000

Beginning balance at Dec. 31, 2019

$ 166,287

$ 118

$ 0

$ 530,285

$ (9,210)

$ (354,906)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

(22,127)

Change in unrealized loss on available-for-sale investments, net of taxes

(51)

Foreign currency translation adjustment, net of taxes

1,750

Exercise of common stock options (in shares)

2,870,000

Exercise of common stock options

8,124

$ 3

8,121

Vesting of restricted stock units (in shares)

2,817,000

Vesting of restricted stock units

$ 3

Restricted stock units surrendered in lieu of withholding taxes (in shares)

(957,000)

Restricted stock units surrendered in lieu of withholding taxes

(4,878)

$ (1)

(4,877)

Issuance of common stock under employee stock purchase plan (in shares)

555,000

Issuance of common stock under employee stock purchase plan

1,937

$ 1

1,936

Share-based compensation

15,723

Equity component of convertible senior notes, net

21,733

Purchase of capped calls related to issuance of convertible senior notes

$ (16,413)

(16,413)

Ending balance (in shares) at Dec. 31, 2020

123,653,000

Ending balance at Dec. 31, 2020

$ 172,092

$ (20,056)

$ 124

556,512

$ (21,733)

(7,511)

(377,033)

$ 1,677

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting standards update

Accounting Standards Update 2020-06 [Member]

Net loss (As Restated)

$ (25,489)

Ending balance (in shares) at Mar. 31, 2021

125,248,000

Ending balance at Mar. 31, 2021

$ 136,334

Beginning balance (in shares) at Dec. 31, 2020

123,653,000

Beginning balance at Dec. 31, 2020

$ 172,092

(20,056)

$ 124

556,512

(21,733)

(7,511)

(377,033)

1,677

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (39,286)

Ending balance (in shares) at Jun. 30, 2021

126,705,000

Ending balance at Jun. 30, 2021

$ 127,725

Beginning balance (in shares) at Dec. 31, 2020

123,653,000

Beginning balance at Dec. 31, 2020

$ 172,092

(20,056)

$ 124

556,512

(21,733)

(7,511)

(377,033)

1,677

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (53,272)

Ending balance (in shares) at Sep. 30, 2021

133,812,000

Ending balance at Sep. 30, 2021

$ 134,283

Beginning balance (in shares) at Dec. 31, 2020

123,653,000

Beginning balance at Dec. 31, 2020

$ 172,092

$ (20,056)

$ 124

556,512

$ (21,733)

(7,511)

(377,033)

$ 1,677

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

(61,166)

Change in unrealized loss on available-for-sale investments, net of taxes

Foreign currency translation adjustment, net of taxes

(836)

Exercise of common stock options (in shares)

1,936,000

Exercise of common stock options

4,549

$ 2

4,547

Vesting of restricted stock units (in shares)

1,758,000

Vesting of restricted stock units

$ 2

(2)

Restricted stock units surrendered in lieu of withholding taxes (in shares)

(524,000)

Restricted stock units surrendered in lieu of withholding taxes

(1,627)

$ (1)

(1,626)

Issuance of common stock under employee stock purchase plan (in shares)

636,000

Issuance of common stock under employee stock purchase plan

1,638

Share-based compensation

19,045

Issuance of common stock for business acquisition (in shares)

6,878,000

Issuance of common stock for business acquisition

$ 18,433

$ 7

18,426

Ending balance (in shares) at Dec. 31, 2021

134,337,000

Ending balance at Dec. 31, 2021

$ 132,074

$ 134

576,807

(8,345)

(436,522)

Beginning balance (in shares) at Mar. 31, 2021

125,248,000

Beginning balance at Mar. 31, 2021

$ 136,334

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (13,797)

Ending balance (in shares) at Jun. 30, 2021

126,705,000

Ending balance at Jun. 30, 2021

$ 127,725

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (13,986)

Ending balance (in shares) at Sep. 30, 2021

133,812,000

Ending balance at Sep. 30, 2021

$ 134,283

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (7,894)

Ending balance (in shares) at Dec. 31, 2021

134,337,000

Ending balance at Dec. 31, 2021

$ 132,074

$ 134

576,807

(8,345)

(436,522)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (20,272)

Ending balance (in shares) at Mar. 31, 2022

138,178,000

Ending balance at Mar. 31, 2022

$ 124,590

Beginning balance (in shares) at Dec. 31, 2021

134,337,000

Beginning balance at Dec. 31, 2021

$ 132,074

$ 134

576,807

(8,345)

(436,522)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (40,870)

Ending balance (in shares) at Jun. 30, 2022

219,706,000

Ending balance at Jun. 30, 2022

$ 322,285

Beginning balance (in shares) at Dec. 31, 2021

134,337,000

Beginning balance at Dec. 31, 2021

$ 132,074

$ 134

576,807

(8,345)

(436,522)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (89,993)

Ending balance (in shares) at Sep. 30, 2022

221,583,000

Ending balance at Sep. 30, 2022

$ 277,243

Beginning balance (in shares) at Dec. 31, 2021

134,337,000

Beginning balance at Dec. 31, 2021

$ 132,074

$ 134

576,807

(8,345)

(436,522)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

(136,519)

Change in unrealized loss on available-for-sale investments, net of taxes

Foreign currency translation adjustment, net of taxes

(3,344)

Exercise of common stock options (in shares)

3,535,000

Exercise of common stock options

8,642

$ 4

8,638

Vesting of restricted stock units (in shares)

4,735,000

Vesting of restricted stock units

$ 5

(5)

Restricted stock units surrendered in lieu of withholding taxes (in shares)

(1,674,000)

Restricted stock units surrendered in lieu of withholding taxes

(4,270)

$ (2)

(4,268)

Issuance of common stock under employee stock purchase plan (in shares)

829,000

Issuance of common stock under employee stock purchase plan

1,356

$ 1

1,355

Share-based compensation (in shares)

688,000

Share-based compensation

24,301

Capital contributions

^[1]

7,755

Issuance of common stock for business acquisition (in shares)

75,890,000

Issuance of common stock for business acquisition

183,585

$ 76

183,509

Common stock contingent consideration related to business acquisition

16,300

Issuance of common stock for employee compensation arrangements (in shares)

3,892,000

Issuance of common stock for employee compensation arrangements

$ 9,419

$ 4

9,415

Ending balance (in shares) at Dec. 31, 2022

222,232,000

Ending balance at Dec. 31, 2022

$ 239,323

$ 222

$ 16,300

$ 807,507

$ (11,665)

$ (573,041)

Beginning balance (in shares) at Mar. 31, 2022

138,178,000

Beginning balance at Mar. 31, 2022

$ 124,590

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (20,598)

Ending balance (in shares) at Jun. 30, 2022

219,706,000

Ending balance at Jun. 30, 2022

$ 322,285

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss (As Restated)

$ (49,123)

Ending balance (in shares) at Sep. 30, 2022

221,583,000

Ending balance at Sep. 30, 2022

$ 277,243

[1]	ncludes costs reimbursed by related parties. See Note 18 for further details.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

ummary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include accounts of Edgio and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. In addition, certain other reclassifications have been made to prior period amounts to conform to the current period presentation.

In connection with the preparation of the 2022 annual consolidated financial statements, the company identified errors in its previously issued financial statements.

In accordance with SEC Staff Accounting Bulletin (“SAB”) No.99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the company assessed the materiality of these errors to its previously issued consolidated financial statements. Based upon the company’s evaluation of both quantitative and qualitative factors, the company concluded the errors were material to the company’s previously issued consolidated financial statements. Accordingly, the company has restated its previously issued consolidated financial statements as shown in Note 3, Restatement of Previously Issued Consolidated Financial Statements. All relevant footnotes have also been adjusted to reflect the impact of the revisions.

Use of Estimates

The preparation of the consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results and outcomes may differ from those estimates. The results of operations presented in this Annual Report on Form 10-K are not necessarily indicative of the results that may be expected for the year ended December 31, 2022, or for any future periods.

Foreign Currency Translation

The functional currency of our international subsidiaries is the local currency. We translate assets and liabilities of foreign subsidiaries, whose functional currency is their local currency, at exchange rates in effect at the balance sheet date. We translate revenue and expenses at the monthly average exchange rates. We include accumulated net translation adjustments in stockholders’ equity as a component of accumulated other comprehensive loss.

Due to changes in exchange rates between reporting periods and changes in certain account balances, the foreign currency translation adjustment will change from period to period. During the years ended December 31, 2022, 2021, and 2020, we recorded foreign currency translation gains (losses) of $(3,344), $(836), and $1,750, respectively, in our statements of comprehensive loss.

Our entities occasionally transact in currencies other than their functional currencies. Assets denominated in foreign currencies other than that of the functional currency of the entity are remeasured at period-end exchange rates. Foreign currency-based revenue and expense transactions are measured at transaction date exchange rates. During the years ended December 31, 2022, 2021, and 2020, we recorded a foreign currency re-measurement losses of approximately $(3,003), $(953), and $(368), respectively, in other income (expense), net in the consolidated statements of operations.

Recent Accounting Standards

Adopted Accounting Standards

None

Recently Issued Accounting Standards applicable to Edgio, Inc.

None

Significant Accounting Policies

Business Combinations

In accounting for acquisitions through which a set of assets and activities are transferred to us, we perform an initial test to determine whether substantially all of the fair value of the gross assets transferred are concentrated in a single identifiable asset or a group of similar identifiable assets, such that the acquisition would not represent a business. If the initial test does not result in substantially all of the fair value concentrated in a single or group of similar assets, we then perform a second test to evaluate whether the assets and activities transferred include inputs and substantive processes that, together, significantly contribute to the ability to create outputs, which would constitute a business. If the result of the second test indicates that the acquired assets and activities constitute a business, we account for the transaction as a business combination.

For our business combinations, we allocate the purchase consideration of the acquisition, which includes the estimated acquisition date fair value of contingent consideration (if applicable), to the tangible assets, liabilities and identifiable intangible assets acquired based on each of the estimated fair values at the acquisition date. Contingent consideration is classified as a liability when the obligation requires settlement in cash or other assets and is classified as equity when the obligation requires settlement in our own equity instruments. The excess of the purchase consideration over the fair values is recorded as goodwill. Determining the fair value of such items requires judgment, including estimating future cash flows or the cost to recreate an acquired asset.

Acquisition-related expenses are expensed as incurred, except for those costs incurred to issue debt or equity securities (if applicable), and are included in general and administrative expense in our consolidated statements of operations. During and up to the one-year period beginning with the acquisition date, we may record certain purchase accounting adjustments related to the fair value of assets acquired and liabilities assumed against goodwill. After the final determination of the fair value of assets acquired or liabilities assumed, any subsequent adjustments are recorded to our consolidated statements of operations. The fair value of contingent consideration liabilities are remeasured each reporting period after the acquisition date and the changes in the estimated fair value, if any, are recorded within operating expenses in our consolidated statements of operations for such period. In accounting for income taxes in a business combination, changes in the deferred tax asset valuations allowance and income tax uncertainties after the acquisition date will be recognized through income tax expense in our consolidated statements of operations each reporting period.

The results of operations of the acquired business are included in our consolidated statements of operations since the date of acquisition.

Cash and Cash Equivalents

We hold our cash and cash equivalents in checking, money market, and highly-liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents are deposited in or managed by major financial institutions and at times exceed Federal Deposit Insurance Corporation insurance limits.

Investments in Marketable Securities

We hold investments in marketable securities, consisting primarily of municipal bonds, investment grade corporate debt securities, and certificates of deposit. Management determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. We have classified marketable investments with stated maturities of three months or less from the date of purchase as cash equivalents and those with stated maturities greater than three months from the date of purchase as marketable securities. We have classified our marketable securities, which are all debt securities, as available-for-sale and as current, as our marketable securities are available to fund current operations. Our available-for-sale investments are carried at estimated fair value with any unrealized gains and losses, net of taxes, included in accumulated other comprehensive income (loss) in stockholders' equity. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that

difference, if any, is caused by expected credit losses. Expected credit losses on available-for-sale debt securities are recognized in other income (expense) on our consolidated statements of operations, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive loss in stockholders' equity. There were no credit losses on our marketable securities portfolio for the year ended December 31, 2022. We determine realized gains or losses on sale of marketable securities on a specific identification method and record such gains or losses as interest and other income (expense), net.

Fair Value Measurements

The carrying amounts of cash and cash equivalents approximate fair value due to the nature and short maturity of those instruments. The respective fair values of marketable securities are determined based on quoted market prices or other readily available market information, which approximate fair values. The carrying amounts of accounts receivable, accounts payable, and accrued liabilities reported on the consolidated balance sheets approximate their respective fair values due to the immediate or short-term maturity.

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amounts and do not bear interest. We record reserves against our accounts receivable balance for estimated service credits and doubtful accounts.

The allowance for credit losses, represents an estimate of expected losses of our receivables considering current market conditions and estimates for supportable forecasts when appropriate. The estimate is a result of our ongoing assessments and evaluations of collectability, historical loss experience, and future expectations in estimating credit losses for our trade receivables. For trade receivables, we generally apply a reserve percentage to the specific age of the receivable to estimate the allowance for doubtful accounts. The reserve percentages are determined based on our historical write-off experience. Determination of the proper amount of allowance requires management to exercise judgment about the timing, frequency and severity of potential credit losses that could materially affect the provision for credit losses and, as a result, net earnings. The allowance takes into consideration numerous quantitative and qualitative factors that include receivable type, historical loss experience, delinquency trends, collection experience, current economic conditions, estimates for supportable forecasts, when appropriate, and credit risk characteristics.

Our reserve for service credits relates to credits that are expected to be issued to clients during the ordinary course of business. These credits typically relate to client disputes and billing adjustments and are estimated at the time the revenue is recognized and recorded as a reduction of revenues. Estimates for service credits are generally based on an analysis of credits issued in previous periods. The allowance for credit losses are included as a component of general and administrative expenses in our consolidated statements of operations.

We evaluate the credit risk of the client when extending credit based on a combination of various financial and qualitative factors that may affect our clients’ ability to pay. These factors may include the client’s financial condition, past payment experience, and credit bureau information.

Open Edge Arrangements

We enter into Open Edge arrangements with our partners, typically Internet service providers (“ISPs”), where we deliver point-of-presence (“PoP”) equipment to our partner in exchange for cash consideration. The equipment purchase arrangements are usually contingent on the parties concurrently entering into a separate services agreement, which includes a revenue share provision that we pay to our partners a percentage of the revenue earned, by us from our clients, for content delivered through the PoP equipment in exchange for co-location and network services ("ISP services"). The arrangements typically also include a minimum fee commitment where we promise to pay a minimum fee, over a specified term, to our partner regardless of the revenue share received by the partners through the PoP equipment. As we continue to use the transferred equipment to satisfy our performance obligations to our clients and because we obtain substantially all of the economic output of the equipment we concluded the arrangement to be an embedded leaseback. The leaseback is classified as a finance lease because the lease term comprises the majority or all of the remaining estimated economic life of the equipment, which precludes the recognition of the sale as revenue under ASC Topic 842, Leases. Therefore, these arrangements are classified as failed-sale leasebacks and are accounted for as financing arrangements.

Given the accounting as a financing arrangement, we maintain the transferred equipment as property and equipment, net on our consolidated balance sheet. The equipment provided to our partners in Open Edge arrangements can be new or used (existing equipment previously deployed within our network). For used equipment that was already placed in-service, we continue depreciating the equipment based on its original in-service date. Shipping costs incurred by us for delivering used equipment are expensed as incurred. For new equipment that has not been placed in-service, depreciation will begin once the

equipment is placed in service at the partner's PoP. Shipping costs related to new equipment sold are capitalized as part of the property and equipment.

The proceeds received for equipment under the Open Edge arrangements are recognized as a financing liability. We recognize the financing liability at the earlier of cash receipt, PoP equipment in service date, or revenue share minimum commitment start date. If the financing liability is recognized prior to the receipt of cash, a financing receivable is also recognized as we have the right to the financing proceeds. Financing receivables are included within prepaid expenses and other current assets on our consolidated balance sheets. Revenue share payments, including the minimum commitment payments, begin at the earlier of PoP equipment in service date or the contractually stated date. Minimum commitment payments are allocated to the financing liability, interest expense, and the recognition of the cost of services for ISP services, including space, power, co-location, and local network bandwidth. In cases where the minimum commitment payments commence prior to PoP equipment in service date, we capitalize the portion of the minimum commitment for ISP services into prepaid expenses and other current assets until the PoP equipment in service date, upon which we amortize the prepaid ISP services to cost of services, using a straight-line method, over the remaining minimum commitment term.

We review our financing receivables by aging category to identify significant balances with known disputes or collection issues. In determining the allowance, we make judgments about the credit worthiness of a majority of our partners based on ongoing credit evaluations. We also consider our historical level of credit losses as well as current economic trends that might impact the level of future credit losses. As of December 31, 2022, there were no credit loss reserves for potentially uncollectible financing receivables as we expect to collect all of our financing receivables in full.

Property and Equipment

Property and equipment are carried at cost less accumulated depreciation or amortization. Depreciation and amortization are computed using the straight-line method over the assets’ estimated useful lives of the applicable asset.


Network equipment			3 years
Computer equipment and software			3 years
Furniture and fixtures			3-5 years
Other equipment			3-5 years

Leasehold improvements are amortized over the shorter of the asset’s estimated useful life or the respective lease term. Repairs and maintenance are charged to expense as incurred.

In the first quarter of 2023, we completed an assessment of the useful lives of our network equipment. Due to advances in technology and improvements in how we operate our network equipment, we expect we will increase the estimated useful lives of network equipment from 3 years to 5 years. This change in accounting estimate will be effective beginning January 1, 2023.

Goodwill

Goodwill represents costs in excess of fair values assigned to the underlying net assets of the acquired company. Goodwill is not amortized but instead is tested for impairment annually or more frequently if events or changes in circumstances indicate goodwill might be impaired. We have concluded that we have one reporting unit and assigned the entire balance of goodwill to this reporting unit. The estimated fair value of the reporting unit is determined using a market approach. Our market capitalization is adjusted for a control premium based on the estimated average control premiums of transactions involving companies comparable to us. As of our annual impairment testing date, October 31, 2022 and repeated on December 31, 2022, management determined that goodwill was not impaired. We noted that the estimated fair value of our reporting unit, using an estimated control premium of 30%, on October 31, 2022 and December 31, 2022, exceeded carrying value by approximately $508,485 or 192% and $86,401 or 36%, respectively. Adverse changes to certain key assumptions as described above could result in a future charge to earnings.

During 2023, management identified a goodwill impairment indicator related to a decline in the company's stock price. Management will continue to monitor the relevant goodwill impairment indicators to determine whether a goodwill impairment charge to earnings is appropriate, and such impairment charge, if any, could be material.

Finite Intangible Assets

Finite-lived intangible assets are amortized over the following estimated useful lives:


Trade name			3 years
Client relationships			5-7 years
Technology			4-5 years

Our finite-lived intangible assets are amortized on a straight-line basis which is materially consistent with the underlying cash flows of the assets. We annually evaluate the estimated remaining useful lives of our intangible assets to determine whether events or changes in circumstances warrant a revision to the remaining period of amortization.

Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. An impairment loss is recognized if the sum of the expected long-term undiscounted cash flows the asset is expected to generate is less than its carrying amount. Any write-downs are treated as permanent reductions in the carrying amount of the respective asset. Our analysis did not identify any indicators of impairment during any of the periods presented.

Long-Lived Assets

We review our long-lived assets for impairment annually, or whenever events or circumstances indicate that the carrying amount of an asset may not be fully recoverable. We recognize an impairment loss if the sum of the expected long-term undiscounted cash flows that the long-lived asset group(s) are expected to generate is less than the carrying amount of the long-lived asset group(s) being evaluated. We treat any write-downs as permanent reductions in the carrying amounts of the assets. For the year ended December 31, 2022, we concluded that there were no indicators of impairment other than related to a right of use asset acquired in the Edgecast Acquisition in 2022. Additionally, some furniture and fixtures related to this acquired operating lease asset were written down as a permanent reduction in their carrying value. For the year ended December 31, 2021, certain operating lease assets and related tenant improvements were concluded to be impaired as a result of our decision to close certain facilities. Refer to Note 12 for more details.

Impairment of Private Company Investments

The company holds an investment in privately held equity securities in which the company does not have a controlling interest. Privately held equity securities not accounted for under the equity method are recorded at cost and adjusted for observable transactions for same or similar investments of the same issuer or impairment events. The company assesses its privately held and equity securities at least quarterly for impairment. The company’s impairment analysis during 2022 concluded its investment was considered impaired and accordingly the company recognized an impairment charge of $1,275 through other expense on the consolidated statement of operations and established a new carrying value for the investment of zero.

Convertible Senior Notes

In July 2020, we issued $125,000 aggregate principal amount of 3.50% convertible senior notes. Following the adoption of the Financial Accounting Standards Board (FASB) published Accounting Standards Update 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” (“ASU 2020-06”), we recombined the separate liability and equity instruments into a single instrument that is classified as a liability for convertible debt or equity for equity-classified preferred stock. As a result, our total remaining interest expense over the contractual terms of our convertible debt will be less than under the previous accounting standards since we will account for more instruments as traditional debt. Transaction costs attributable to the original equity component are now being amortized to interest expense over the remaining term of the convertible senior notes.

Restructuring Charges

We account for restructuring costs under ASC 420, Exit or Disposal Obligations. Restructuring costs are recognized when the liability is incurred. A restructuring liability related to employee terminations is recorded when a one-time benefit arrangement is communicated to an employee who is involuntarily terminated as part of a reorganization and the amount of the termination benefit is known, provided that the employee is not required to render future services in order to receive the termination benefit in excess of statutory requirements. If fixed assets, or other assets are to be disposed of as a result of our restructuring efforts, the assets are written off when we commit to dispose of them, and they are no longer in use. If applicable, depreciation is accelerated on fixed assets for the period of time the asset continues to be used until the asset ceases to be used. In the fourth quarter of 2022, an operating lease asset acquired during the Edgecast Acquisition, was determined to be impaired. Additionally, some furniture and fixtures related to this acquired operating lease asset were written down as a permanent reduction in their carrying value. During 2021 we moved to a home and office hybrid work model. As part of our restructuring plans we evaluated our real estate footprint, and in certain cases we had subleased office facilities, including what previously

was our corporate headquarters in Scottsdale, Arizona. In these cases we evaluate the right of use asset for potential impairment and concluded the certain operating lease assets to be impaired as a result of our decision to close certain facilities. These impairment and related charges were recorded in restructuring charges within our statement of operations for the year ended December 31, 2022 and 2021, respectively. Other restructuring costs are generally recorded as the cost is incurred or the service is provided.

Contingencies

We record contingent liabilities resulting from asserted and unasserted claims when it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. We disclose contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability. Additionally, estimating the loss, or range of loss, associated with a contingency requires analysis of multiple factors, and changes in law or other developments may ultimately cause our judgments to change. Therefore, actual losses in any future period are inherently uncertain and may be materially different from our estimate.

Share-Based Compensation

We account for our share-based compensation awards using the fair-value method. We have granted stock options, restricted stock units (“RSUs”) that vest solely upon the continued service of the recipient as well as performance-based awards (“Performance RSUs”) with vesting based on our achievement of specified financial targets. The grant date fair value for stock options was determined using the Black-Scholes-Merton pricing model. RSUs and Performance RSUs are measured based on the fair market value of the underlying common stock on their respective accounting grant dates. The Black-Scholes-Merton valuation calculation requires us to make key assumptions such as future stock price volatility, expected terms, risk-free rates, and dividend yield. Our expected volatility is derived from our volatility rate as a publicly traded company. The expected term is based on our historical experience. The risk-free interest factor is based on the United States Treasury yield curve in effect at the time of the grant for zero coupon United States Treasury notes with maturities of approximately equal to each grant’s expected term. We have never paid cash dividends and do not currently intend to pay cash dividends, and therefore, we have assumed a 0% dividend yield.

We apply the straight-line attribution method to recognize compensation costs associated with awards that are not subject to graded vesting. For awards subject to graded vesting, we recognize expense separately for each vesting tranche. We regularly estimate when and if performance-based award will be earned and record expense over the estimated service period only for awards considered probable of being earned. Any previously recognized expense is reversed in the period in which an award is determined to no longer be probable of being earned.

Leases

We determine if an arrangement is or contains a lease at inception. Operating leases are included in ROU assets, and lease liability obligations are included in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liability obligations represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we estimated our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have determined that our real estate leases with terms in excess of one year and which do not include an option to purchase the underlying asset, do meet the leasing criteria.

Revenue Recognition

Revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Our contractual arrangements with customers generally specify monthly billing terms, and we apply the variable consideration allocation exception and record revenue based on actual usage during the month. Certain contracts contain minimum commitments over the contractual term; however, we generally have concluded that these commitments are not substantive. Accordingly, the consideration for these contracts is substantially considered variable and is recognized based on actual usage as we apply the variable consideration allocation exception to these contracts. These customers have entered into contracts with contract terms generally from one to ten years.

As of December 31, 2022, we have approximately $78,329 of remaining unsatisfied performance obligations for contracts with terms over one year. Of the remaining unsatisfied performance obligations we expect to recognize 44% in 2023, 25% in 2024, 12% in 2025, 6% in 2026, and the remainder in 2027 and thereafter.

From time to time, we enter into arrangements in which we receive payments from customers based upon contractual billing schedules. We record accounts receivables when the right to consideration becomes unconditional. Contract liabilities primarily reflect deferred revenue from advance payments we have received from customers. We classify deferred revenue as current or non-current based on the timing of when we expect to recognize revenue. Revenue recognized in the year ended December 31, 2022 from amounts included in deferred revenue at the beginning of the period was approximately $3,392. Revenue recognized in the year ended December 31, 2021 from amounts included in deferred revenue at the beginning of the period was insignificant.

We may charge the clients an activation fee when services are first activated. We do not charge activation fees for contract renewals. Activation fees are not distinct within the context of the overall contractual commitment with the client to perform our content delivery service and are therefore recorded initially as deferred revenue and recognized as revenue ratably over the estimated life of the client arrangement.

At the inception of a client contract for service, we make an assessment as to that client’s ability to pay for the services provided. If we subsequently determine that collection from the client is not probable, we record an allowance for credit losses for that client’s unpaid invoices and cease recognizing revenue for continued services provided until collection is determined to be probable. Our standard payment terms vary by the type and location of our client but do not contain a financing component.

Certain of our revenue arrangements include multiple promises to our clients. Revenue arrangements with multiple promises are accounted for as separate performance obligations if each promise is distinct. Such arrangements may include a combination of some or all of the following: content delivery services, video content management and streaming services, performance services for website and web application acceleration and security, professional services, cloud storage, and edge computing services.

Judgment may be required in determining whether products or services are considered distinct performance obligations that should be accounted for separately or as one combined performance obligation. Revenue is recognized over the period in which the performance obligations are satisfied, which is generally monthly pursuant to the variable consideration allocation exception. We have determined that generally most of our products and services do not constitute an individual service offering to our clients, as our promise to the client is to provide a complete edge services platform, and therefore have concluded that such arrangements represent a single performance obligation.

When applicable, consideration is allocated to the performance obligations using the relative standalone selling price method. Generally, arrangements with multiple performance obligations are provided over the contract period, and therefore, revenue is recognized over the same period for all performance obligations.

We determine standalone selling price by evaluating the overall pricing objectives and market conditions. Consideration included our discounting practices, the size and volume of our transactions, the area where services are sold, price lists, historical sales, and contract prices.

Cost of Revenue

Cost of revenue consists primarily of fees paid to network providers for bandwidth and backbone, costs incurred for non-settlement free peering and connection to ISP networks and fees paid to data center operators for housing network equipment in third party network data centers, also known as co-location costs. Cost of revenues also includes fees paid to Open Edge arrangement counterparties in excess of the financing liabilities and related interest, leased warehouse space and utilities, depreciation of network equipment used to deliver our content delivery services, payroll and related costs, and share-based compensation for our network operations and professional services personnel.

We enter into contracts for bandwidth with third party network providers with terms typically ranging from several months to three years, or five years for most Open Edge arrangements. These contracts generally commit us to pay minimum monthly fees plus additional fees for bandwidth usage above contracted minimums. A portion of the global computing platform traffic delivery is completed through direct connection to ISP networks, called peering.

Research and Development

Research and development costs consist primarily of payroll and related personnel costs for the design, development, deployment, testing, operation, and enhancement of our services, and network. Costs incurred in the development of our services are expensed as incurred.

Advertising Costs

Costs associated with advertising are expensed as incurred. Advertising expenses, which are comprised of Internet, trade show, and publications advertising, were approximately $3,600, $1,555, and $2,228 for the years ended December 31, 2022, 2021, and 2020, respectively.

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance on a jurisdiction-by-jurisdiction basis. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. During the year ended December 31, 2022, we recorded a partial release of valuation allowances resulting from deferred tax liabilities created primarily by the acquired intangibles related to the Edgecast Acquisition. Refer to Note 21 for additional information.

We recognize uncertain income tax positions in our consolidated financial statements when it is more-likely-than-not the position will be sustained upon examination.

Segment Reporting and Geographic Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting and Geographic Information

Our chief operating decision maker (who is our Chief Executive Officer) reviews our financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. We operate in one industry segment — content delivery and related services and we operate in three geographic areas — Americas, Europe, Middle East, and Africa (“EMEA”) and Asia Pacific.

Revenue by geography is based on the location of the client from where the revenue is earned based on bill to locations. The following table sets forth our revenue by geographic area:


	Years Ended December 31,
	2022				2021				2020
					As Restated				As Restated
Americas	$	245,633	73	%	$	129,014	64	%	$	136,261	61	%
EMEA	23,892		7	%	20,955		11	%	36,838		16	%
Asia Pacific	69,073		20	%	51,146		25	%	50,891		23	%
Total revenue	$	338,598	100	%	$	201,115	100	%	$	223,990	100	%

The following table sets forth the individual countries and their respective revenue for those countries whose revenue exceeded 10% of our total revenue:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Country / Region
United States / Americas	$	239,273	$	124,747	$	133,267
United Kingdom / EMEA	$	11,645	$	13,580	$	29,623
Japan / Asia Pacific	$	42,080	$	27,281	$	32,369

The following table sets forth property and equipment, net (long-lived assets) by geographic area where they are located:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Long-lived Assets
Americas	$	65,190	$	27,789	$	35,612
International	8,277		12,722		13,476
Total long-lived assets	$	73,467	$	40,511	$	49,088

- Definition

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

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+ Details

Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Accrued compensation and benefits

$ 19,982

$ 5,131

Accrued cost of revenue

27,422

5,714

Accrued interest payable

1,823

Related party payable

9,931

Restructuring charges and accrued legal fees

6,184

415

Other accrued expenses

10,818

6,428

Total other current liabilities

$ 76,160

^[1]

$ 86,645

$ 74,984

$ 20,650

$ 19,511

^[1]

$ 18,035

$ 16,958

$ 19,277

$ 17,581

[1]	The December 31, 2022 balances include amounts due to/from related parties. See Notes 7, 10, and 18 for further details.

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

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-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

Segment Reporting and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Revenue Earned by Geographic Area

The following table sets forth our revenue by geographic area:


	Years Ended December 31,
	2022				2021				2020
					As Restated				As Restated
Americas	$	245,633	73	%	$	129,014	64	%	$	136,261	61	%
EMEA	23,892		7	%	20,955		11	%	36,838		16	%
Asia Pacific	69,073		20	%	51,146		25	%	50,891		23	%
Total revenue	$	338,598	100	%	$	201,115	100	%	$	223,990	100	%

Schedule of Concentration of Revenue by Country

The following table sets forth the individual countries and their respective revenue for those countries whose revenue exceeded 10% of our total revenue:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Country / Region
United States / Americas	$	239,273	$	124,747	$	133,267
United Kingdom / EMEA	$	11,645	$	13,580	$	29,623
Japan / Asia Pacific	$	42,080	$	27,281	$	32,369

Long-lived Assets by Geographical Area

The following table sets forth property and equipment, net (long-lived assets) by geographic area where they are located:


	Years Ended December 31,
	2022		2021		2020
			As Restated		As Restated
Long-lived Assets
Americas	$	65,190	$	27,789	$	35,612
International	8,277		12,722		13,476
Total long-lived assets	$	73,467	$	40,511	$	49,088

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Income Statement [Abstract]

Revenue

$ 110,832

$ 63,586

$ 55,339

$ 57,178

$ 47,994

$ 46,285

$ 49,658

$ 118,925

$ 95,943

$ 229,757

$ 143,937

$ 338,598

^[1]

$ 201,115

^[1]

$ 223,990

^[1]

Cost of revenue:

Cost of services

67,140

38,718

32,673

30,876

29,892

30,669

31,250

71,391

61,919

138,531

91,811

202,887

^[1],[2]

122,687

^[1],[2]

121,926

^[1],[2]

Depreciation — network

10,903

6,791

5,848

5,876

6,116

6,239

5,874

12,639

12,114

23,542

18,230

28,171

24,106

21,787

Total cost of revenue

78,043

45,509

38,521

36,752

36,008

36,908

37,124

84,030

74,033

162,073

110,041

231,058

146,793

143,713

Gross profit

32,789

18,077

16,818

20,426

11,986

9,377

12,534

34,895

21,910

67,684

33,896

107,540

54,322

80,277

Operating expenses:

General and administrative

22,138

26,812

15,833

9,147

10,532

7,515

12,897

42,645

20,412

64,783

30,944

88,150

^[1]

40,091

^[1]

31,284

^[1]

Sales and marketing

14,448

10,834

7,627

8,341

5,987

5,784

9,848

18,461

15,631

32,909

21,619

48,803

^[1]

29,960

^[1]

42,945

^[1]

Research and development

32,462

12,171

9,577

5,149

5,205

5,187

6,128

21,749

11,315

54,211

16,520

83,652

^[1]

21,669

^[1]

21,680

^[1]

Depreciation and amortization

5,943

1,508

1,032

976

730

549

540

2,540

1,089

8,483

1,818

14,741

2,794

1,591

Restructuring charges

4,070

4,368

698

2,627

1,770

2,155

6,873

5,066

9,028

9,136

10,798

20,030

13,425

Total operating expenses

79,061

55,693

34,767

26,240

24,224

21,190

36,286

90,461

57,475

169,522

81,699

255,376

107,939

97,500

Operating loss

(46,272)

(37,616)

(17,949)

(5,814)

(12,238)

(11,813)

(23,752)

(55,566)

(35,565)

(101,838)

(47,803)

(147,836)

(53,617)

(17,223)

Other income (expense):

Interest expense

(1,546)

(1,458)

(1,431)

(1,432)

(1,345)

(1,338)

(1,308)

(2,888)

(2,646)

(4,434)

(3,991)

(6,094)

(5,423)

(3,960)

Interest income

140

200

104

510

134

Other, net

(1,005)

(1,146)

(713)

(242)

(209)

(440)

(214)

(1,859)

(655)

(2,864)

(864)

(4,179)

(1,106)

(368)

Total other expense

(2,411)

(2,571)

(2,117)

(1,644)

(1,537)

(1,736)

(1,477)

(4,687)

(3,214)

(7,098)

(4,751)

(9,763)

(6,395)

(4,259)

Loss before income taxes

(48,683)

(40,187)

(20,066)

(7,458)

(13,775)

(13,549)

(25,229)

(60,253)

(38,779)

(108,936)

(52,554)

(157,599)

(60,012)

(21,482)

Income tax (benefit) expense

440

(19,589)

206

436

211

248

260

(19,383)

507

(18,943)

718

(21,080)

1,154

645

Net loss

$ (49,123)

$ (20,598)

$ (20,272)

$ (7,894)

$ (13,986)

$ (13,797)

$ (25,489)

$ (40,870)

$ (39,286)

$ (89,993)

$ (53,272)

$ (136,519)

$ (61,166)

$ (22,127)

Net loss per share:

Basic (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Diluted (in dollars per share)

$ (0.22)

$ (0.14)

$ (0.15)

$ (0.06)

$ (0.11)

$ (0.21)

$ (0.28)

$ (0.31)

$ (0.53)

$ (0.42)

$ (0.75)

$ (0.48)

$ (0.18)

Weighted-average shares used in per share calculation:

Basic (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

Diluted (in shares)

220,194

151,776

135,528

134,023

126,791

126,050

124,290

143,652

125,170

169,166

125,710

182,381

127,789

121,196

[1]	The year ended December 31, 2022, includes revenue and costs from related parties. See Note 18 for further details.
[2]	Cost of services excludes amortization related to intangible assets, including technology, customer relationships, and trade names, which are included in depreciation and amortization in operating expenses.

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Jun. 26, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-33508
Entity Registrant Name	EDGIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1677033
Entity Address, Address Line One	11811 North Tatum Blvd.
Entity Address, Address Line Two	Suite 3031
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85028
City Area Code	602
Local Phone Number	850-5000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EGIO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 498.0
Entity Common Stock, Shares Outstanding		222,701,481
Documents Incorporated by Reference	None..
Entity Central Index Key	0001391127
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current LiabilitiesOther current liabilities include:


	December 31,
	2022		2021
			As Restated
Accrued compensation and benefits	$	19,982	$	5,131
Accrued cost of revenue	27,422		5,714
Accrued interest payable	1,823		1,823
Related party payable	9,931		—
Restructuring charges and accrued legal fees	6,184		415

Other accrued expenses	10,818		6,428
Total other current liabilities	$	76,160	$	19,511

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (136,519)	$ (61,166)	$ (22,127)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	42,912	26,900	23,378
Share-based compensation	30,593	20,480	15,717
Foreign currency remeasurement loss	3,003	142	214
Deferred income taxes	(22,137)	(414)	(94)
Gain (loss) on sale of property and equipment	433	(247)	6
Accounts receivable charges	2,413	1,082	801
Amortization of premium on marketable securities	439	1,879	606
Realized loss on marketable securities	0	0	(3)
Noncash interest expense	849	811	1,938
Impairment of investment	1,275	0	0
Noncash capital contributions from parent	5,484	0	0
Noncash restructuring charges	3,522	0	0
Changes in operating assets and liabilities, net of amounts acquired:
Accounts receivable	(4,843)	(3,021)	4,370
Prepaid expenses and other current assets	(6,902)	1,535	(5,887)
Income taxes receivable	75	(47)	19
Other assets	2,036	3,961	2,762
Accounts payable and other current liabilities	58,448	8,742	(1,737)
Deferred revenue	4,281	(496)	151
Income taxes payable	2,084	645	71
Other long term liabilities	882	300	167
Net cash (used in) provided by operating activities	(11,672)	1,086	20,352
Investing activities
Purchases of marketable securities	(36,948)	(62,076)	(88,754)
Sale and maturities of marketable securities	55,166	99,760	11,172
Purchases of property and equipment	(35,541)	(22,060)	(27,490)
Proceeds from sale of property and equipment	69	247	2
Cash acquired in (used for) acquisition of business	29,826	(30,968)	0
Net cash provided by (used in) investing activities	12,572	(15,097)	(105,070)
Financing activities
Proceeds from issuance of debt, net	0	0	121,600
Purchase of capped calls	0	0	(16,413)
Payment of debt issuance costs	0	(30)	(859)
Proceeds from financing obligations	13,479	9,385	3,381
Repayment of financing obligations	(4,956)	(4,207)	0
Payment of employee tax withholdings related to restricted stock vesting	(4,270)	(1,626)	(4,878)
Proceeds from employee stock plans	9,998	6,185	10,068
Net cash provided by financing activities	14,251	9,707	112,899
Effect of exchange rate changes on cash and cash equivalents	(1,794)	(573)	279
Net increase (decrease) in cash and cash equivalents	13,357	(4,877)	28,460
Cash and cash equivalents, beginning of year	41,918	46,795	18,335
Cash and cash equivalents, end of year	55,275	41,918	46,795
Supplement disclosure of cash flow information
Cash paid during the year for interest	4,928	4,638	108
Cash paid during the year for income taxes, net of refunds	1,132	928	626
Common stock issued in connection with acquisition of business	183,585	18,433	0
Common stock contingent consideration related to business combination	16,300	0	0
Common stock issued for employee compensation arrangements	9,419	0	0
Property and equipment included in accounts payable and other current liabilities	3,179	1,020	1,732
Noncash additions to financing receivables	12,589	13,325	3,381
Noncash additions to short-term financing liabilities	3,043	4,687	2,696
Noncash additions to long-term financing liabilities	$ 9,546	$ 8,638	$ 685

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

In connection with the preparation of the 2022 annual consolidated financial statements, the company identified errors in its previously issued financial statements.

Use of Estimates

Foreign Currency Translation

Recent Accounting Standards

Adopted Accounting Standards

None

Recently Issued Accounting Standards applicable to Edgio, Inc.

None

Business Combinations

The results of operations of the acquired business are included in our consolidated statements of operations since the date of acquisition.

Cash and Cash Equivalents

Investments in Marketable Securities

Fair Value Measurements

Accounts Receivable

Open Edge Arrangements

equipment is placed in service at the partner's PoP. Shipping costs related to new equipment sold are capitalized as part of the property and equipment.

Property and Equipment


Network equipment			3 years
Computer equipment and software			3 years
Furniture and fixtures			3-5 years
Other equipment			3-5 years

Leasehold improvements are amortized over the shorter of the asset’s estimated useful life or the respective lease term. Repairs and maintenance are charged to expense as incurred.

Goodwill

Finite Intangible Assets

Finite-lived intangible assets are amortized over the following estimated useful lives:


Trade name			3 years
Client relationships			5-7 years
Technology			4-5 years

Long-Lived Assets

Impairment of Private Company Investments

Impairment of Private Company InvestmentsThe company holds an investment in privately held equity securities in which the company does not have a controlling interest. Privately held equity securities not accounted for under the equity method are recorded at cost and adjusted for observable transactions for same or similar investments of the same issuer or impairment events. The company assesses its privately held and equity securities at least quarterly for impairment.

Convertible Senior Notes

Convertible Senior NotesIn July 2020, we issued $125,000 aggregate principal amount of 3.50% convertible senior notes. Following the adoption of the Financial Accounting Standards Board (FASB) published Accounting Standards Update 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” (“ASU 2020-06”), we recombined the separate liability and equity instruments into a single instrument that is classified as a liability for convertible debt or equity for equity-classified preferred stock. As a result, our total remaining interest expense over the contractual terms of our convertible debt will be less than under the previous accounting standards since we will account for more instruments as traditional debt. Transaction costs attributable to the original equity component are now being amortized to interest expense over the remaining term of the convertible senior notes.

Restructuring Charges

Contingencies

Share-Based Compensation

Leases

Revenue Recognition

Cost of Revenue

Research and Development

Advertising Costs

Advertising CostsCosts associated with advertising are expensed as incurred.

Income Taxes

ncome Taxes

We recognize uncertain income tax positions in our consolidated financial statements when it is more-likely-than-not the position will be sustained upon examination.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized (in shares)	7,500,000	7,500,000	7,500,000	7,500,000	7,500,000	7,500,000	7,500,000	7,500,000
Convertible preferred stock, shares issued (in shares)	0	0	0	0	0	0	0	0
Convertible preferred stock, shares outstanding (in shares)	0	0	0	0	0	0	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000	300,000,000	300,000,000	300,000,000	300,000,000	300,000,000	300,000,000	300,000,000
Common stock, shares issued (in shares)	222,232,000	221,583,000	219,706,000	138,178,000	134,337,000	133,812,000	126,705,000	125,248,000	123,653,000
Common stock, shares outstanding (in shares)	222,232,000	221,583,000	219,706,000	138,178,000	134,337,000	133,812,000	126,705,000	125,248,000	123,653,000

Share-Based Compensation - Allocation of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of share-based compensation expense
Share-based compensation expense	$ 30,593	$ 20,480	$ 15,717
Cost of services
Components of share-based compensation expense
Share-based compensation expense	2,443	1,385	1,998
General and administrative expense
Components of share-based compensation expense
Share-based compensation expense	8,659	12,514	7,611
Sales and marketing expense
Components of share-based compensation expense
Share-based compensation expense	3,836	2,513	3,519
Research and development expense
Components of share-based compensation expense
Share-based compensation expense	15,655	2,435	2,589
Restructuring charge
Components of share-based compensation expense
Share-based compensation expense	0	1,633	0
Stock options
Components of share-based compensation expense
Share-based compensation expense	2,179	7,790	4,289
Restricted stock units
Components of share-based compensation expense
Share-based compensation expense	27,603	12,185	10,494
RSUs with performance-based vesting conditions
Components of share-based compensation expense
Share-based compensation expense	8,938	0
ESPP
Components of share-based compensation expense
Share-based compensation expense	$ 811	$ 505	$ 934

Business Acquisition

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business Acquisition

Edgecast Acquisition

On June 15, 2022, Edgio completed the acquisition (the “Edgecast Acquisition”) of 100% of the equity interests of Edgecast Inc., a California corporation (“Edgecast”), and certain Edgecast-related businesses and assets from College Parent for total purchase consideration of $199,837. The total purchase consideration included 75,842 shares of our common stock allocated to the Edgecast Acquisition. Edgecast is a leading provider of edge security, content delivery and video services. Edgio accounted for the acquisition in accordance with ASC 805, Business Combinations, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date.

We retained an independent third-party valuation firm to assist in our valuation of the acquired assets and liabilities.

The following table presents the allocation of the estimated purchase price consideration for Edgecast:


Consideration:
Common stock	$	192,956
Common stock - contingent consideration	16,300
Less: Consideration allocated to employee compensation arrangements	(9,419)
Total consideration allocated to Edgecast Acquisition	$	199,837

The purchase price was defined within the purchase agreement as $270,000 in Edgio common stock at a reference price of $4.1168 (determined using a 30-day volume-weighted average price (“VWAP”) of Edgio’s common stock price prior to the execution of the purchase agreement), and adjustments for customary working capital adjustments. The fair value of our common stock consideration was based on the opening price of our common stock of $2.42 per share on the acquisition closing date. Inclusive within the common stock consideration, and pursuant to the purchase agreement, Edgio issued 7,287 shares of common stock in exchange for cash from College Parent of $30,000. As the economic substance of this issuance was to provide additional cash to Edgecast for liabilities that existed prior to the business combination and the transaction occurred on June 15, 2022, Edgio concluded that this was part of the business combination, and therefore, should be considered as part of the consideration transferred in exchange for the acquisition of Edgecast. During the fourth quarter of 2022, the working capital adjustment was finalized, resulting in the surrender and cancellation of 1,078 of the 80,812 shares initially issued to College Parent. This initial common stock purchase consideration of 79,734 shares was also adjusted downward for 3,892 shares issued for employee compensation arrangements accounted for as separate transactions as further discussed below.

The purchase agreement contains an “earn-out” or contingent consideration provision in the event that the price of our common stock exceeds certain thresholds during the period ending on the third anniversary of the acquisition date of the transaction (the “Earnout Period”), Edgio will be required to issue approximately up to an additional 12,685 shares of our common stock to College Parent (the “common stock contingent consideration”). If during the Earnout Period, the closing share price of our common stock exceeds the following share prices for 10 trading days in any 30 consecutive trading day period the following number of shares of our common stock will be issued: (a) approximately 5,398 shares of our common stock if the closing share price of our common stock exceeds $6.1752 per share, (b) approximately 4,048 shares of our common stock if the closing share price of our common stock exceeds $8.2336 per share, and (c) approximately 3,239 shares of our common stock if the closing share price of our common stock exceeds $10.2920 per share. Edgio estimated that the fair value of the common stock contingent consideration, with the assistance of a third-party valuation specialist using a Monte Carlo simulation, and initially concluded it was $16,900 as of the acquisition date. During the year ended December 31, 2022, Edgio updated the preliminary fair value of the contingent consideration from $16,900 to $16,300 as a measurement period adjustment, which impacted stockholders' equity and goodwill.

As a result of the Edgecast Acquisition, certain cash awards that existed for Edgecast’s employees require the transferred employee to provide services to Edgio in the post-combination period in order for the cash award to be earned. When the awards are earned, Edgio will either a) pay the employees the amount earned and will subsequently be reimbursed by College Parent or b) College Parent will directly pay the employee the amount earned. Edgio considered whether the employee awards were part of the Edgecast Acquisition's purchase consideration, or separate transactions, and not part of purchase accounting. Under ASC 805, a transaction entered into by or on behalf of the acquirer or primarily for the benefit of the acquirer or the combined entity, rather than primarily for the benefit of the acquiree (or its former owners) before the combination, is likely to be a separate transaction. The employee awards represent compensation for post-combination services rendered to Edgio and the reimbursement right was initiated by Edgio for the future economic benefit of the combined entity. Accordingly, Edgio concluded the employee awards represent transactions separate from the Edgecast Acquisition. Edgio allocated $9,419 of the total consideration transferred to College Parent to the employee compensation arrangements based on the post-combination fair value of the employee awards. As service is required to be rendered for the award to be earned, Edgio will recognize expense as the employee performs service. The employee compensation arrangements related to post-combination services and the related reimbursement right resulted in the recognition of $6,573 in prepaid expenses and other current assets and $2,846 in other assets on June 15, 2022.

During the year ended December 31, 2022, Edgio recorded $6,723, in compensation expense to the consolidated statements of operations as a result of the employee compensation arrangements. Of the $6,723 of compensation expense, $1,230, $514, $426, and $4,553 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. The employee compensation arrangements are time-based vesting only and the unrecognized compensation expense was $2,696 as of December 31, 2022, of which $2,320 is expected to be recognized during 2023 and the remainder thereafter.

The Edgecast Acquisition was accounted for under the acquisition method of accounting and the operating results of Edgecast have been included in our consolidated financial statements as of the acquisition date. Under the acquisition method of accounting, the aggregate amount of consideration paid by us was allocated to Edgecast’s net tangible assets and intangible assets based on their estimated fair values as of the acquisition date. The excess of the purchase price over the value of the net tangible assets and intangible assets was recorded to goodwill. The factors contributing to the recognition of goodwill were based upon our conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill, which is non-deductible for tax purposes, represents expected synergies and the assembled workforce at the time of the acquisition.


Cash (inclusive of $30,000 as described above)	$	30,037
Accounts receivable (a)	48,669
Income taxes receivable (a)	119
Prepaid expenses and other current assets (a)	5,676
Property and equipment (a)	32,185
Operating lease right of use assets	1,365
Goodwill (a)	56,546
Intangible assets
Customer relationships (a)	41,000
Technology	49,000
Other assets (a)	1,220
Total assets acquired	265,817
Accounts payable	6,917
Deferred revenue (a)	1,259
Operating lease liability obligations	3,071
Income taxes payable (a)	2,465
Other current liabilities (a)	27,500
Operating lease liability obligations, less current portion	2,531
Deferred income taxes (a)	22,237

Total liabilities	65,980
Total purchase consideration	$	199,837

The fair value of acquired property and equipment was valued using the market approach and indirect cost approach and primarily consists of computer and networking equipment. The weighted-average depreciation period for the acquired property and equipment was 3.0 years at the acquisition date. The fair value of the acquired intangible assets was determined as follows, customer relationships, utilizing the excess earnings method, and technology, utilizing the relief from royalty method. The amortization period of the acquired intangible assets was 7.0 years for customer relationships and 4.0 years for technology at the acquisition date. The deferred income tax liability was $22,237, primarily as a result of the fair value attributable to the identifiable intangible assets.

From the date of the Edgecast Acquisition through December 31, 2022, Edgecast represented $134,306 of our total revenue and it is impractical for the company to determine the Edgecast net loss for this period.

Transaction costs incurred by us in connection with the Edgecast Acquisition were $25,332 for the year ended December 31, 2022, and were recorded within general and administrative expenses in our consolidated statements of operations.

Unaudited Pro Forma Financial Information

The following unaudited pro forma combined financial information presents combined results of Edgio and Edgecast as if the acquisition of Edgecast has occurred on January 1, 2021:


	Years Ended December 31,
	2022		2021
Revenue	$	485,129	$	524,537
Net loss	$	(146,643)	$	(168,067)

These unaudited pro forma combined financial statements include adjustments to reflect fair value adjustments related to property and equipment depreciation, customer relationships and technology amortization, compensation expense related to the employee compensation arrangements, exclusion of interest income related to loan receivables settled at the acquisition date, and the effects of the adjustments on income taxes and net loss. Additionally, the pro forma adjustments include adjustments to reflect non-recurring transaction costs of $25,332, incurred in the year ended December 31, 2022, and non-recurring restructuring charges related to the Edgecast Acquisition of $4,804 incurred in the year ended December 31, 2022, as of the beginning of the comparable prior reporting period.

The pro forma financial information is not intended to represent or be indicative of the actual results of operations of the combined business that would have been reported had the acquisition of Edgecast been completed at the beginning of the fiscal year 2021, nor is it representative of future operating results of Edgio.

Moov Acquisition

In September 2021, we closed the acquisition of 100% of the equity interests of Moov, a California corporation doing business as Layer0, a sub-scale SaaS based application acceleration and developer support platform, for total purchase consideration of $52,747. The total purchase consideration included $34,266 in cash, and 6,926 shares of our common stock valued at $18,481 at the acquisition date.

In connection with this transaction, a shareholder of Moov entered into an employment agreement with us. As part of the employment agreement, the employee will receive contingent consideration of approximately $4,300 to be paid out ratably over a three year period on each anniversary of the acquisition closing date if the employee remains employed by us. As the employee is required to render services to us following the acquisition, this contingent consideration is not included in the purchase consideration. We also assumed unvested options which are subject to future performance requirements, and accordingly expense is attributable to post-combination services and will be recognized over the remaining service periods of the stock options.

The acquisition was accounted for under the acquisition method of accounting and the operating results of Moov have been included in our consolidated financial statements as of the closing date of the acquisition. Under the acquisition method of accounting, the aggregate amount of consideration paid by us was allocated to Moov net tangible assets and intangible assets based on their estimated fair values as of the acquisition closing date. The excess of the purchase price over the value of the net tangible assets and intangible assets was recorded to goodwill. The factors contributing to the recognition of goodwill were based upon our conclusion that there are strategic and synergistic benefits that are expected to be realized from the acquisition. Goodwill, which is non-deductible for tax purposes, represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and is primarily attributable to the technology, client relationships and trade name of the acquired business and expected synergies at the time of the acquisition.

We retained an independent third-party valuation firm to assist management in our valuation of the acquired assets and liabilities.

The following table presents the allocation of the purchase price for Moov:


Consideration:
Cash	$	34,266
Common stock	18,481
Total consideration	$	52,747

The fair value of our common stock consideration of 6,926 shares, is based on the closing price of our common stock of $2.68 per share on the acquisition closing date.


Cash	$	3,130
Accounts receivable	2,514

Prepaid expenses and other current assets (a)	1,312



Goodwill (a)	35,669
Intangible assets

Trade name	91
Client relationships	7,090
Developed technology	8,480

Total assets acquired	58,286
Accounts payable and accrued liabilities	2,432
Deferred revenue	3,107







Total liabilities	5,539
Total purchase consideration	$	52,747

The fair value of the acquired intangible assets were determined as follows, trade name - income approach using the relief from royalty methodology, client relationships - utilizing the cost approach methodology, and developed technology - excess earnings methodology under the income approach. The weighted-average amortization period of the acquired intangible assets was 5 years at acquisition.

Moov represented approximately $4,500 of our total revenue from the acquisition date to December 31, 2021. Transaction costs incurred by us in connection with the Moov acquisition were $1,640 for the year ended December 31, 2021, and were recorded within general and administrative expenses in our consolidated statements of operations.

Unaudited Pro Forma Financial Information

For the period January 1, 2021 to the acquisition closing date, Moov's unaudited revenue and unaudited net loss was approximately $8,969, and $628, respectively.

Restatement of Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Restatement of Unaudited Quarterly Results

The financial results data, presented on a quarterly basis for the nine- months ended December 31, 2022 and for the year ended December 31 2021, are unaudited. This data has been prepared in accordance with U.S. GAAP for interim financial information and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results of operations for the periods presented.

We have restated herein our previously issued unaudited quarterly financial results for the quarters ended March 31, 2022 and 2021, June 30, 2022 and 2021, and September 30, 2022 and 2021. We have also presented the three- month period ended December 31, 2021. See Note 3, Restatement of Previously Issued Consolidated Financial Statements, for further information. The year ended December 31, 2022 was not subject to restatement and is presented in Part 1 of Item 8. Financial Statements. In addition, our unaudited selected quarterly financial data for the quarters ended June 30 and September 30, 2022, as previously reported, have been restated to account for errors relating to the accounting treatment for certain transitional services provided by College Parent to Edgio at no charge. The transitional services provided at no charge are accounted for as capital contributions due to College Parent’s ownership interest in Edgio, and the estimated fair value of the services provided are expensed as incurred. In addition to the above, there were certain other immaterial errors identified that are also being corrected (including related tax effects) in connection with the restatement of previously issued consolidated financial statements. These errors are quantitatively immaterial in the aggregate for our previously issued annual financial information.

The following presents our restated unaudited consolidated statements of operations by quarter (in thousands):


	2022						2021
	Three Months Ended
	Sept. 30		June 30		March 31		Dec.31		Sept. 30		June 30		March 31
	As Restated						As Restated
Revenue	$	110,832	$	63,586	$	55,339	$	57,178	$	47,994	$	46,285	$	49,658
Cost of revenue:
Cost of services	67,140		38,718		32,673		30,876		29,892		30,669		31,250
Depreciation — network	10,903		6,791		5,848		5,876		6,116		6,239		5,874
Total cost of revenue	78,043		45,509		38,521		36,752		36,008		36,908		37,124
Gross profit	32,789		18,077		16,818		20,426		11,986		9,377		12,534
Operating expenses:
General and administrative	22,138		26,812		15,833		9,147		10,532		7,515		12,897
Sales and marketing	14,448		10,834		7,627		8,341		5,987		5,784		9,848
Research and development	32,462		12,171		9,577		5,149		5,205		5,187		6,128
Depreciation and amortization	5,943		1,508		1,032		976		730		549		540
Restructuring charges	4,070		4,368		698		2,627		1,770		2,155		6,873
Total operating expenses	79,061		55,693		34,767		26,240		24,224		21,190		36,286
Operating loss	(46,272)		(37,616)		(17,949)		(5,814)		(12,238)		(11,813)		(23,752)
Other income (expense):
Interest expense	(1,546)		(1,458)		(1,431)		(1,432)		(1,345)		(1,338)		(1,308)
Interest income	140		33		27		30		17		42		45
Other, net	(1,005)		(1,146)		(713)		(242)		(209)		(440)		(214)
Total other expense	(2,411)		(2,571)		(2,117)		(1,644)		(1,537)		(1,736)		(1,477)
Loss before income taxes	(48,683)		(40,187)		(20,066)		(7,458)		(13,775)		(13,549)		(25,229)
Income tax expense (benefit)	440		(19,589)		206		436		211		248		260
Net loss	$	(49,123)	$	(20,598)	$	(20,272)	$	(7,894)	$	(13,986)	$	(13,797)	$	(25,489)
Net loss per share:
Basic	$	(0.22)	$	(0.14)	$	(0.15)	$	(0.06)	$	(0.11)	$	(0.11)	$	(0.21)
Diluted	$	(0.22)	$	(0.14)	$	(0.15)	$	(0.06)	$	(0.11)	$	(0.11)	$	(0.21)
Weighted-average shares used in per share calculation:
Basic	220,194		151,776		135,528		134,023		126,791		126,050		124,290
Diluted	220,194		151,776		135,528		134,023		126,791		126,050		124,290


	September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	59,306	$	—		$	59,306
Marketable securities	11,444		—			11,444
Accounts receivable, net	122,397		(19,434)		1	102,963
Income taxes receivable	59		—			59
Prepaid expenses and other current assets	28,775		7,024		1	35,799
Total current assets	221,981		(12,410)			209,571
Property and equipment, net	91,670		13,858		2	105,528
Operating lease right of use assets	6,680		—			6,680
Deferred income taxes	2,745		—			2,745
Goodwill	171,065		—			171,065
Intangible assets, net	67,738		—			67,738
Other assets	7,820		—			7,820
Total assets	$	569,699	$	1,448		$	571,147
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	39,755	$	(1,600)	3	$	38,155
Deferred revenue	6,357		691		4	7,048
Operating lease liability obligations	4,396		—			4,396
Income taxes payable	433		—			433
Financing obligations	—		6,314		5	6,314
Other current liabilities	86,754		(109)		3	86,645
Total current liabilities	137,695		5,296			142,991
Convertible senior notes, net	122,416		—			122,416
Operating lease liability obligations, less current portion	10,511		—			10,511
Deferred income taxes	95		—			95
Deferred revenue, less current portion	2,938		—			2,938
Financing obligations, less current portion	—		14,243		5	14,243
Other long-term liabilities	710		—			710
Total liabilities	274,365		19,539			293,904
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 221,583 shares issued and outstanding as of September 30, 2022	222		—			222
Common stock contingent consideration	16,300		—			16,300
Additional paid-in capital	797,508		3,189		6	800,697
Accumulated other comprehensive loss	(13,462)		—			(13,462)
Accumulated deficit	(505,234)		(21,280)		7	(526,514)
Total stockholders’ equity	295,334		(18,091)			277,243
Total liabilities and stockholders’ equity	$	569,699	$	1,448		$	571,147

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

7 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	55,175	$	—		$	55,175
Marketable securities	22,158		—			22,158
Accounts receivable, net	108,445		(16,361)		1	92,084
Income taxes receivable	58		—			58
Prepaid expenses and other current assets	32,107		11,476		1	43,583
Total current assets	217,943		(4,885)			213,058
Property and equipment, net	106,059		10,769		2	116,828
Operating lease right of use assets	7,124		—			7,124
Deferred income taxes	2,866		—			2,866
Goodwill	163,489		—			163,489
Intangible assets, net	72,655		—			72,655
Other assets	7,374		—			7,374
Total assets	$	577,510	$	5,884		$	583,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	19,800	$	(345)	3	$	19,455
Deferred revenue	4,790		806		4	5,596
Operating lease liability obligations	4,755		—			4,755
Income taxes payable	262		—			262
Financing obligations	—		5,865		5	5,865
Other current liabilities	75,391		(407)		3	74,984
Total current liabilities	104,998		5,919			110,917
Convertible senior notes, net	122,202		—			122,202
Operating lease liability obligations, less current portion	11,352		—			11,352
Deferred income taxes	100		—			100
Deferred revenue, less current portion	1,530		—			1,530
Financing obligations, less current portion	—		14,292		5	14,292
Other long-term liabilities	716		—			716
Total liabilities	240,898		20,211			261,109
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—


Common stock, $0.001 par value; 300,000 shares authorized; 219,706 shares issued and outstanding as of June 30, 2022	220		—			220
Common stock contingent consideration	16,900		—			16,900
Additional paid-in capital	793,522		447		6	793,969
Accumulated other comprehensive loss	(11,413)		—			(11,413)
Accumulated deficit	(462,617)		(14,774)		7	(477,391)
Total stockholders’ equity	336,612		(14,327)			322,285
Total liabilities and stockholders’ equity	$	577,510	$	5,884		$	583,394

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

7 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	27,175	$	—		$	27,175
Marketable securities	34,751		—			34,751
Accounts receivable, net	55,040		(9,623)		1	45,417
Income taxes receivable	63		—			63
Prepaid expenses and other current assets	16,044		6,526		1	22,570
Total current assets	133,073		(3,097)			129,976
Property and equipment, net	34,792		6,606		2	41,398
Operating lease right of use assets	6,064		—			6,064
Deferred income taxes	1,822		—			1,822
Goodwill	113,463		—			113,463
Intangible assets, net	13,827		—			13,827
Other assets	4,819		—			4,819
Total assets	$	307,860	$	3,509		$	311,369
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	15,599	$	(887)	3	$	14,712
Deferred revenue	2,189		811		4	3,000
Operating lease liability obligations	1,754		—			1,754
Income taxes payable	215		—			215
Financing obligations	—		4,740		5	4,740
Other current liabilities	20,403		247		3	20,650
Total current liabilities	40,160		4,911			45,071
Convertible senior notes, net	121,991		—			121,991
Operating lease liability obligations, less current portion	9,209		—			9,209
Deferred income taxes	303		—			303


Deferred revenue, less current portion	282		—			282
Financing obligations, less current portion	—		9,202		5	9,202
Other long-term liabilities	721		—			721
Total liabilities	172,666		14,113			186,779
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 138,178 shares issued and outstanding as of March 31, 2022	138		—			138
Additional paid-in capital	590,249		—			590,249
Accumulated other comprehensive loss	(9,004)		—			(9,004)
Accumulated deficit	(446,189)		(10,604)		6	(456,793)
Total stockholders’ equity	135,194		(10,604)			124,590
Total liabilities and stockholders’ equity	$	307,860	$	3,509		$	311,369

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	39,585	$	—		$	39,585
Marketable securities	36,201		—			36,201
Accounts receivable, net	46,179		(9,692)		1	36,487
Income taxes receivable	62		—			62
Prepaid expenses and other current assets	13,396		6,409		1	19,805
Total current assets	135,423		(3,283)			132,140
Property and equipment, net	36,392		5,699		2	42,091
Operating lease right of use assets	7,683		—			7,683
Deferred income taxes	1,693		—			1,693
Goodwill	105,221		—			105,221
Intangible assets, net	23,680		—			23,680
Other assets	6,012		—			6,012
Total assets	$	316,104	$	2,416		$	318,520
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,768	$	(1,007)	3	$	12,761
Deferred revenue	7,965		99		4	8,064
Operating lease liability obligations	1,966		—			1,966
Income taxes payable	443		—			443


Financing obligations	—		4,854		5	4,854
Other current liabilities	17,950		85		3	18,035
Total current liabilities	42,092		4,031			46,123
Convertible senior notes, net	121,576		—			121,576
Operating lease liability obligations, less current portion	10,045		—			10,045
Deferred income taxes	308		—			308
Deferred revenue, less current portion	307		—			307
Financing obligations, less current portion	—		5,425		5	5,425
Other long-term liabilities	453		—			453
Total liabilities	174,781		9,456			184,237
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 133,812 shares issued and outstanding as of September 30, 2021	134		—			134
Additional paid-in capital	571,268		—			571,268
Accumulated other comprehensive loss	(8,491)		—			(8,491)
Accumulated deficit	(421,588)		(7,040)		6	(428,628)
Total stockholders’ equity	141,323		(7,040)			134,283
Total liabilities and stockholders’ equity	$	316,104	$	2,416		$	318,520

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	44,065	$	—		$	44,065
Marketable securities	75,471		—			75,471
Accounts receivable, net	24,867		(3,550)		1	21,317
Income taxes receivable	57		—			57
Prepaid expenses and other current assets	14,557		1,388		1	15,945
Total current assets	159,017		(2,162)			156,855
Property and equipment, net	42,406		3,847		2	46,253
Operating lease right of use assets	8,929		—			8,929
Deferred income taxes	1,604		—			1,604
Goodwill	77,642		—			77,642
Other assets	6,187		—			6,187
Total assets	$	295,785	$	1,685		$	297,470
LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities:
Accounts payable	$	12,459	$	(590)	3	$	11,869
Deferred revenue	524		157		4	681
Operating lease liability obligations	1,977		—			1,977
Income taxes payable	388		—			388
Financing obligations	—		3,756		5	3,756
Other current liabilities	16,877		81		3	16,958
Total current liabilities	32,225		3,404			35,629
Convertible senior notes, net	121,371		—			121,371
Operating lease liability obligations, less current portion	10,358		—			10,358
Deferred income taxes	306		—			306
Deferred revenue, less current portion	272		—			272
Financing obligations, less current portion	—		1,440		5	1,440
Other long-term liabilities	369		—			369
Total liabilities	164,901		4,844			169,745
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock, $0.001 par value; 300,000 shares authorized; 126,705 shares issued and outstanding as of June 30, 2021	127		—			127
Additional paid-in capital	550,205		—			550,205
Accumulated other comprehensive loss	(7,965)		—			(7,965)
Accumulated deficit	(411,483)		(3,159)		6	(414,642)
Total stockholders’ equity	130,884		(3,159)			127,725
Total liabilities and stockholders’ equity	$	295,785	$	1,685		$	297,470

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	35,620	$	—		$	35,620
Marketable securities	81,308		—			81,308
Accounts receivable, net	29,151		(3,815)		1	25,336
Income taxes receivable	102		—			102
Prepaid expenses and other current assets	14,784		2,109		1	16,893
Total current assets	160,965		(1,706)			159,259
Property and equipment, net	46,863		3,016		2	49,879
Operating lease right of use assets	9,521		—			9,521
Deferred income taxes	1,577		—			1,577
Goodwill	77,421		—			77,421
Other assets	6,782		—			6,782
Total assets	$	303,129	$	1,310		$	304,439
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	8,029	$	(525)	3	$	7,504
Deferred revenue	844		307		4	1,151
Operating lease liability obligations	2,233		—			2,233
Income taxes payable	322		—			322
Financing obligations			3,721		5	3,721
Other current liabilities	19,264		13		3	19,277
Total current liabilities	30,692		3,516			34,208
Convertible senior notes, net	121,200		—			121,200
Operating lease liability obligations, less current portion	10,781		—			10,781
Deferred income taxes	360		—			360
Deferred revenue, less current portion	226		—			226
Financing obligations, less current portion	—		854		5	854
Other long-term liabilities	476		—			476
Total liabilities	163,735		4,370			168,105
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 7,500 shares authorized; 0 shares issued and outstanding	—		—			—
Common stock,$0.001 par value; 300,000 shares authorized; 125,248 shares issued and outstanding as of March 31, 2021	125		—			125
Additional paid-in capital	545,516		—			545,516
Accumulated other comprehensive loss	(8,462)		—			(8,462)
Accumulated deficit	(397,785)		(3,060)		6	(400,845)
Total stockholders’ equity	139,394		(3,060)			136,334
Total liabilities and stockholders’ equity	$	303,129	$	1,310		$	304,439

4 The correction of other immaterial errors affecting deferred revenue and revenue.

5 Results from errors related to Open Edge arrangements, whereby equipment sales previously recognized as revenue are now recognized as financing obligations.

6 Cumulative and current period impacts of corrections to the consolidated statement of operations.


	Three Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	121,156	$	(10,324)	1, 6	$	110,832
Cost of revenue:
Cost of services	74,421		(7,281)		2. 4. 6	67,140
Depreciation — network	9,841		1,062		3	10,903
Total cost of revenue	84,262		(6,219)			78,043
Gross profit	36,894		(4,105)			32,789
Operating expenses:
General and administrative	22,198		(60)		4	22,138
Sales and marketing	14,428		20		4	14,448
Research and development	30,173		2,289		4	32,462
Depreciation and amortization	5,943		—			5,943
Restructuring charges	4,070		—			4,070
Total operating expenses	76,812		2,249			79,061
Operating loss	(39,918)		(6,354)			(46,272)
Other income (expense):
Interest expense	(1,317)		(229)		5	(1,546)
Interest income	140		—			140
Other, net	(1,082)		77		6	(1,005)
Total other expense	(2,259)		(152)			(2,411)
Loss before income taxes	(42,177)		(6,506)			(48,683)
Income tax expense	440		—			440
Net loss	$	(42,617)	$	(6,506)		$	(49,123)
Net loss per share:
Basic	$	(0.19)	$	(0.03)		$	(0.22)
Diluted	$	(0.19)	$	(0.03)		$	(0.22)
Weighted-average shares used in per share calculation:
Basic	220,194		220,194			220,194
Diluted	220,194		220,194			220,194

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

6 The correction of other immaterial errors affecting revenue, cost of services, and other, net.


	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	253,426	$	(23,669)	1, 6	$	229,757
Cost of revenue:
Cost of services	155,578		(17,047)		2, 4, 6	138,531
Depreciation — network	20,833		2,709		3	23,542
Total cost of revenue	176,411		(14,338)			162,073
Gross profit	77,015		(9,331)			67,684
Operating expenses:
General and administrative	64,958		(175)		4	64,783
Sales and marketing	33,001		(92)		4	32,909
Research and development	51,911		2,300		4	54,211
Depreciation and amortization	8,483		—			8,483
Restructuring charges	9,136		—			9,136
Total operating expenses	167,489		2,033			169,522
Operating loss	(90,474)		(11,364)			(101,838)
Other income (expense):
Interest expense	(3,945)		(489)		5	(4,434)
Interest income	200		—			200
Other, net	(2,941)		77		6	(2,864)
Total other expense	(6,686)		(412)			(7,098)
Loss before income taxes	(97,160)		(11,776)			(108,936)
Income tax (benefit)	(18,943)		—			(18,943)
Net loss	$	(78,217)	$	(11,776)		$	(89,993)
Net loss per share:
Basic	$	(0.46)	$	(0.07)		$	(0.53)
Diluted	$	(0.46)	$	(0.07)		$	(0.53)
Weighted-average shares used in per share calculation:
Basic	169,166		169,166			169,166
Diluted	169,166		169,166			169,166

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

6 The correction of other immaterial errors affecting revenue, cost of services, and other, net.


	Three Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	74,312	$	(10,726)	1	$	63,586
Cost of revenue:
Cost of services	46,088		(7,370)		2, 4	38,718
Depreciation — network	5,903		888		3	6,791
Total cost of revenue	51,991		(6,482)			45,509
Gross profit	22,321		(4,244)			18,077
Operating expenses:
General and administrative	26,927		(115)		4	26,812
Sales and marketing	10,946		(112)		4	10,834
Research and development	12,161		10		4	12,171
Depreciation and amortization	1,508		—			1,508
Restructuring charges	4,368		—			4,368
Total operating expenses	55,910		(217)			55,693
Operating loss	(33,589)		(4,027)			(37,616)
Other income (expense):
Interest expense	(1,315)		(143)		5	(1,458)
Interest income	33		—			33
Other, net	(1,146)		—			(1,146)
Total other expense	(2,428)		(143)			(2,571)
Loss before income taxes	(36,017)		(4,170)			(40,187)
Income tax (benefit)	(19,589)		—			(19,589)
Net loss	$	(16,428)	$	(4,170)		$	(20,598)
Net loss per share:
Basic	$	(0.11)	$	(0.03)		$	(0.14)
Diluted	$	(0.11)	$	(0.03)		$	(0.14)
Weighted-average shares used in per share calculation:
Basic	151,776		151,776			151,776
Diluted	151,776		151,776			151,776

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Six Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	132,270	$	(13,345)	1	$	118,925
Cost of revenue:
Cost of services	81,157		(9,766)		2, 4	71,391
Depreciation — network	10,992		1,647		3	12,639
Total cost of revenue	92,149		(8,119)			84,030
Gross profit	40,121		(5,226)			34,895
Operating expenses:
General and administrative	42,760		(115)		4	42,645
Sales and marketing	18,573		(112)		4	18,461
Research and development	21,738		11		4	21,749
Depreciation and amortization	2,540		—			2,540
Restructuring charges	5,066		—			5,066
Total operating expenses	90,677		(216)			90,461
Operating loss	(50,556)		(5,010)			(55,566)
Other income (expense):
Interest expense	(2,628)		(260)		5	(2,888)
Interest income	60		—			60
Other, net	(1,859)		—			(1,859)
Total other expense	(4,427)		(260)			(4,687)
Loss before income taxes	(54,983)		(5,270)			(60,253)
Income tax (benefit)	(19,383)		—			(19,383)
Net loss	$	(35,600)	$	(5,270)		$	(40,870)
Net loss per share:
Basic	$	(0.25)	$	(0.03)		$	(0.28)
Diluted	$	(0.25)	$	(0.03)		$	(0.28)
Weighted-average shares used in per share calculation:
Basic	143,652		143,652			143,652
Diluted	143,652		143,652			143,652

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	57,959	$	(2,620)	1	$	55,339
Cost of revenue:
Cost of services	35,070		(2,397)		2	32,673
Depreciation — network	5,089		759		3	5,848
Total cost of revenue	40,159		(1,638)			38,521
Gross profit	17,800		(982)			16,818
Operating expenses:
General and administrative	15,833		—			15,833
Sales and marketing	7,627		—			7,627
Research and development	9,577		—			9,577
Depreciation and amortization	1,032		—			1,032
Restructuring charges	698		—			698
Total operating expenses	34,767		—			34,767
Operating loss	(16,967)		(982)			(17,949)
Other income (expense):
Interest expense	(1,313)		(118)		4	(1,431)
Interest income	27		—			27
Other, net	(713)		—			(713)
Total other expense	(1,999)		(118)			(2,117)
Loss before income taxes	(18,966)		(1,100)			(20,066)
Income tax expense	206		—			206
Net loss	$	(19,172)	$	(1,100)		$	(20,272)
Net loss per share:
Basic	$	(0.14)	$	(0.01)		$	(0.15)
Diluted	$	(0.14)	$	(0.01)		$	(0.15)
Weighted-average shares used in per share calculation:
Basic	135,528		135,528			135,528
Diluted	135,528		135,528			135,528

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended December 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	62,885	$	(5,707)	1	$	57,178
Cost of revenue:
Cost of services	35,065		(4,189)		2	30,876
Depreciation — network	5,215		661		3	5,876
Total cost of revenue	40,280		(3,528)			36,752
Gross profit	22,605		(2,179)			20,426
Operating expenses:
General and administrative	9,147		—			9,147
Sales and marketing	8,141		200		4	8,341
Research and development	5,149		—			5,149
Depreciation and amortization	976		—			976
Restructuring charges	2,627		—			2,627
Total operating expenses	26,040		200			26,240
Operating loss	(3,435)		(2,379)			(5,814)
Other income (expense):
Interest expense	(1,346)		(86)		5	(1,432)
Interest income	30		—			30
Other, net	(242)		—			(242)
Total other expense	(1,558)		(86)			(1,644)
Loss before income taxes	(4,993)		(2,465)			(7,458)
Income tax expense	436		—			436
Net loss	$	(5,429)	$	(2,465)		$	(7,894)
Net loss per share:
Basic	$	(0.04)	$	(0.02)		$	(0.06)
Diluted	$	(0.04)	$	(0.02)		$	(0.06)
Weighted-average shares used in per share calculation:
Basic	134,023		134,023			134,023
Diluted	134,023		134,023			134,023

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 Results from other immaterial errors impacting sales and marketing expense.


	Three Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	55,202	$	(7,208)	1	$	47,994
Cost of revenue:
Cost of services	33,687		(3,795)		2	29,892
Depreciation — network	5,685		431		3	6,116
Total cost of revenue	39,372		(3,364)			36,008
Gross profit	15,830		(3,844)			11,986
Operating expenses:
General and administrative	10,532		—			10,532
Sales and marketing	5,987		—			5,987
Research and development	5,205		—			5,205
Depreciation and amortization	730		—			730
Restructuring charges	1,770		—			1,770
Total operating expenses	24,224		—			24,224
Operating loss	(8,394)		(3,844)			(12,238)
Other income (expense):
Interest expense	(1,308)		(37)		4	(1,345)
Interest income	17		—			17
Other, net	(209)		—			(209)
Total other expense	(1,500)		(37)			(1,537)
Loss before income taxes	(9,894)		(3,881)			(13,775)
Income tax expense	211		—			211
Net loss	$	(10,105)	$	(3,881)		$	(13,986)
Net loss per share:
Basic	$	(0.08)	$	(0.03)		$	(0.11)
Diluted	$	(0.08)	$	(0.03)		$	(0.11)
Weighted-average shares used in per share calculation:
Basic	126,791		126,791			126,791
Diluted	126,791		126,791			126,791

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Nine Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	154,745	$	(10,808)	1	$	143,937
Cost of revenue:
Cost of services	99,708		(7,897)		2	91,811
Depreciation — network	17,293		937		3	18,230
Total cost of revenue	117,001		(6,960)			110,041
Gross profit	37,744		(3,848)			33,896
Operating expenses:
General and administrative	30,944		—			30,944
Sales and marketing	21,619		—			21,619
Research and development	16,520		—			16,520
Depreciation and amortization	1,818		—			1,818
Restructuring charges	10,798		—			10,798
Total operating expenses	81,699		—			81,699
Operating loss	(43,955)		(3,848)			(47,803)
Other income (expense):
Interest expense	(3,899)		(92)		4	(3,991)
Interest income	104		—			104
Other, net	(864)		—			(864)
Total other expense	(4,659)		(92)			(4,751)
Loss before income taxes	(48,614)		(3,940)			(52,554)
Income tax expense	718		—			718
Net loss	$	(49,332)	$	(3,940)		$	(53,272)
Net loss per share:
Basic	$	(0.39)	$	(0.03)		$	(0.42)
Diluted	$	(0.39)	$	(0.03)		$	(0.42)
Weighted-average shares used in per share calculation:
Basic	125,710		125,710			125,710
Diluted	125,710		125,710			125,710

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	48,348	$	(2,063)	1	$	46,285
Cost of revenue:
Cost of services	32,976		(2,307)		2	30,669
Depreciation — network	5,929		310		3	6,239
Total cost of revenue	38,905		(1,997)			36,908
Gross profit	9,443		(66)			9,377
Operating expenses:
General and administrative	7,515		—			7,515
Sales and marketing	5,784		—			5,784
Research and development	5,187		—			5,187
Depreciation and amortization	549		—			549
Restructuring charges	2,155		—			2,155
Total operating expenses	21,190		—			21,190
Operating loss	(11,747)		(66)			(11,813)
Other income (expense):
Interest expense	(1,305)		(33)		4	(1,338)
Interest income	42		—			42
Other, net	(440)		—			(440)
Total other expense	(1,703)		(33)			(1,736)
Loss before income taxes	(13,450)		(99)			(13,549)
Income tax expense	248		—			248
Net loss	$	(13,698)	$	(99)		$	(13,797)
Net loss per share:
Basic	$	(0.11)	$	—		$	(0.11)
Diluted	$	(0.11)	$	—		$	(0.11)
Weighted-average shares used in per share calculation:
Basic	126,050		126,050			126,050
Diluted	126,050		126,050			126,050

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Six Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	99,543	$	(3,600)	1	$	95,943
Cost of revenue:
Cost of services	66,021		(4,102)		2	61,919
Depreciation — network	11,608		506		3	12,114
Total cost of revenue	77,629		(3,596)			74,033
Gross profit	21,914		(4)			21,910
Operating expenses:
General and administrative	20,412		—			20,412
Sales and marketing	15,631		—			15,631
Research and development	11,315		—			11,315
Depreciation and amortization	1,089		—			1,089
Restructuring charges	9,028		—			9,028
Total operating expenses	57,475		—			57,475
Operating loss	(35,561)		(4)			(35,565)
Other income (expense):
Interest expense	(2,591)		(55)		4	(2,646)
Interest income	87		—			87
Other, net	(655)		—			(655)
Total other expense	(3,159)		(55)			(3,214)
Loss before income taxes	(38,720)		(59)			(38,779)
Income tax expense	507		—			507
Net loss	$	(39,227)	$	(59)		$	(39,286)
Net loss per share:
Basic	$	(0.31)	$	—		$	(0.31)
Diluted	$	(0.31)	$	—		$	(0.31)
Weighted-average shares used in per share calculation:
Basic	125,170		125,170			125,170
Diluted	125,170		125,170			125,170

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.


	Three Months Ended March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Revenue	$	51,195	$	(1,537)	1	$	49,658
Cost of revenue:
Cost of services	33,021		(1,771)		2, 4	31,250
Depreciation — network	5,679		195		3	5,874
Total cost of revenue	38,700		(1,576)			37,124
Gross profit	12,495		39			12,534
Operating expenses:
General and administrative	12,948		(51)		4	12,897
Sales and marketing	9,835		13		4	9,848
Research and development	6,113		15		4	6,128
Depreciation and amortization	540		—			540
Restructuring charges	6,873		—			6,873
Total operating expenses	36,309		(23)			36,286
Operating loss	(23,814)		62			(23,752)
Other income (expense):
Interest expense	(1,286)		(22)		5	(1,308)
Interest income	45		—			45
Other, net	(214)		—			(214)
Total other expense	(1,455)		(22)			(1,477)
Loss before income taxes	(25,269)		40			(25,229)
Income tax expense	260		—			260
Net loss	$	(25,529)	$	40		$	(25,489)
Net loss per share:
Basic	$	(0.21)	$	—		$	(0.21)
Diluted	$	(0.21)	$	—		$	(0.21)
Weighted-average shares used in per share calculation:
Basic	124,290		124,290			124,290
Diluted	124,290		124,290			124,290

1 Results from errors related to Open Edge arrangements, whereby previously recorded revenue is now classified as financing obligations.

4 The correction of other immaterial errors affecting cost of services, general and administrative, sales and marketing, and research and development.


	Nine Months Ended September 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(78,217)	$	(11,776)		$	(89,993)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	29,316		2,709		1	32,025
Share-based compensation	22,656		—			22,656
Foreign currency remeasurement loss	614		—			614
Deferred income taxes	(19,117)		—			(19,117)
(Gain) on sale of property and equipment	(47)		—			(47)
Accounts receivable charges	671		—			671
Amortization of premium on marketable securities	526		—			526
Noncash interest expense	634		—			634
Noncash capital contributions from parent	—		3,189		2	3,189
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(33,136)		10,745		3	(22,391)
Prepaid expenses and other current assets	(1,521)		(1,954)		3, 4	(3,475)
Income taxes receivable	(721)		—			(721)
Other assets	(200)		—			(200)
Accounts payable and other current liabilities	52,437		(900)		5	51,537
Deferred revenue	4,831		(77)		4	4,754
Income taxes payable	(424)		—			(424)
Other long-term liabilities	(57)		—			(57)
Net cash (used in) provided by operating activities	(21,755)		1,936			(19,819)
Investing activities
Purchases of marketable securities	(19,781)		—			(19,781)
Sale and maturities of marketable securities	45,191		—			45,191
Purchases of property and equipment	(20,516)		(9,696)		6	(30,212)
Proceeds from sale of property and equipment	47		—			47
Cash acquired in acquisition of business	30,866		(1,037)		4	29,829
Net cash provided by (used in) investing activities	35,807		(10,733)			25,074
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		12,604		7	12,604
Repayment of financing obligations	—		(3,807)		7	(3,807)
Payments of employee tax withholdings related to restricted stock vesting	(3,371)		—			(3,371)
Proceeds from employee stock plans	9,361		—			9,361
Net cash provided by financing activities	5,990		8,797			14,787
Effect of exchange rate changes on cash and cash equivalents	(2,654)		—			(2,654)
Net increase in cash and cash equivalents	17,388		—			17,388
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	59,306	$	—		$	59,306
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	4,405	$	343	8	$	4,748
Cash paid during the period for income taxes, net of refunds	$	1,202	$	—		$	1,202
Common stock issued in connection with acquisition of business	$	186,196	$	—		$	186,196
Common stock contingent consideration related to business combination	$	16,300	$	—		$	16,300
Common stock issued for employee compensation arrangements	$	9,419	$	—		$	9,419
Property and equipment remaining in accounts payable and other current liabilities	$	1,298	$	25	6	$	1,323
Noncash additions to financing receivables	$	—	$	11,865	3	$	11,865


Noncash additions to short-term financing liabilities	$	—	$	2,919	5	$	2,919
Noncash additions to long-term financing liabilities	$	—	$	8,946	5	$	8,946

4 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash outflows in operating and financing activities.

the financing obligation and interest paid.


	Six Months Ended June 30, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(35,600)	$	(5,270)		$	(40,870)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	13,532		1,647		1	15,179
Share-based compensation	14,303		—			14,303
Foreign currency remeasurement loss	683		—			683
Deferred income taxes	(19,280)		—			(19,280)
(Gain) on sale of property and equipment	(10)		—			(10)
Accounts receivable charges	278		—			278
Amortization of premium on marketable securities	484		—			484
Noncash interest expense	420		—			420
Noncash capital contributions from parent	—		447		2	447
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(17,956)		7,672		3	(10,284)
Prepaid expenses and other current assets	(4,625)		(558)		3, 4	(5,183)
Income taxes receivable	(555)		—			(555)
Other assets	1,126		(120)			1,006
Accounts payable and other current liabilities	26,671		42		5	26,713
Deferred revenue	1,867		38		4	1,905
Income taxes payable	(603)		—			(603)
Other long-term liabilities	(57)		—			(57)
Net cash (used in) provided by operating activities	(19,322)		3,898			(15,424)
Investing activities
Purchases of marketable securities	(8,179)		—			(8,179)
Sale and maturities of marketable securities	22,871		—			22,871
Purchases of property and equipment	(18,325)		(5,531)		6	(23,856)
Proceeds from sale of property and equipment	10		—			10
Cash acquired in acquisition of business	30,866		(1,037)		4	29,829
Net cash provided by (used in) investing activities	27,243		(6,568)			20,675
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		5,502		7	5,502
Repayment of financing obligations	—		(2,832)		7	(2,832)
Payments of employee tax withholdings related to restricted stock vesting	(1,809)		—			(1,809)


Proceeds from employee stock plans	8,771		—			8,771
Net cash provided by financing activities	6,962		2,670			9,632
Effect of exchange rate changes on cash and cash equivalents	(1,626)		—			(1,626)
Net increase in cash and cash equivalents	13,257		—			13,257
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	55,175	$	—		$	55,175
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,208	$	238	8	$	2,446
Cash paid during the period for income taxes, net of refunds	$	1,002	$	—		$	1,002
Common stock issued in connection with acquisition of business	$	186,146	$	—		$	186,146
Common stock contingent consideration related to business combination	$	16,900	$	—		$	16,900
Common stock issued for employee compensation arrangements	$	9,419	$	—		$	9,419
Property and equipment remaining in accounts payable and other current liabilities	$	1,100	$	39	6	$	1,139
Noncash additions to financing receivables	$	—	$	10,489	3	$	10,489
Noncash additions to short-term financing liabilities	$	—	$	2,627	5	$	2,627
Noncash additions to long-term financing liabilities	$	—	$	7,862	5	$	7,862

4 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash flows in operating and financing activities.


	Three Months Ended March 31, 2022
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(19,172)	$	(1,100)		$	(20,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,121		759		1	6,880
Share-based compensation	7,012		—			7,012
Foreign currency remeasurement loss	242		—			242
Deferred income taxes	(2)		—			(2)
Gain on sale of property and equipment	—		—			—
Accounts receivable charges	272		—			272
Amortization of premium on marketable securities	280		—			280
Noncash interest expense	209		—			209
Changes in operating assets and liabilities:
Accounts receivable	(13,095)		934		2	(12,161)
Prepaid expenses and other current assets	(3,174)		446		2, 3	(2,728)
Income taxes receivable	(2)		—			(2)
Other assets	834		(368)			466
Accounts payable and other current liabilities	3,625		188		4	3,813
Deferred revenue	(911)		43		3	(868)
Income taxes payable	(655)		—			(655)
Other long term liabilities	(55)		—			(55)
Net cash (used in) provided by operating activities	(18,471)		902			(17,569)
Investing activities


Purchases of marketable securities	(6,839)		—			(6,839)
Sale and maturities of marketable securities	9,087		—			9,087
Purchases of property and equipment	(5,350)		(513)		5	(5,863)
Proceeds from sale of property and equipment	—		—			—
Cash used for acquisition of business	492		(655)		3	(163)
Net cash (used in) investing activities	(2,610)		(1,168)			(3,778)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	—		—			—
Proceeds from financing obligations	—		1,602		6	1,602
Repayment of financing obligations	—		(1,336)		6	(1,336)
Payments of employee tax withholdings related to restricted stock vesting	(1,285)		—			(1,285)
Proceeds from employee stock plans	7,986		—			7,986
Net cash provided by financing activities	6,701		266			6,967
Effect of exchange rate changes on cash and cash equivalents	(363)		—			(363)
Net (decrease) in cash and cash equivalents	(14,743)		—			(14,743)
Cash and cash equivalents, beginning of period	41,918		—			41,918
Cash and cash equivalents, end of period	$	27,175	$	—		$	27,175
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,198	$	84	7	$	2,282
Cash paid during the period for income taxes, net of refunds	$	868	$	—		$	868

Property and equipment remaining in accounts payable and other current liabilities	$	2,022	$	4	5	$	2,026
Noncash additions to financing receivables	$	—	$	2,779	2	$	2,779
Noncash additions to short-term financing liabilities	$	—	$	774	4	$	774
Noncash additions to long-term financing liabilities	$	—	$	2,005	4	$	2,005

3 The correction of other immaterial errors affecting deferred revenue, revenue, and the classification of certain cash flows in operating and financing activities.


	Nine Months Ended September 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(49,332)	$	(3,940)		$	(53,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	19,111		937		1	20,048
Share-based compensation	16,477		—			16,477
Foreign currency remeasurement (gain)	(66)		—			(66)
Deferred income taxes	(198)		—			(198)
(Gain) on sale of property and equipment	(219)		—			(219)
Accounts receivable charges	1,047		—			1,047
Amortization of premium on marketable securities	1,597		—			1,597
Noncash interest expense	604		—			604
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	(13,037)		7,090		2	(5,947)


Prepaid expenses and other current assets	1,678		(53)		2	1,625
Income taxes receivable	4		—			4
Other assets	2,017		—			2,017
Accounts payable and other current liabilities	8,163		(402)		3	7,761
Deferred revenue	4,640		(287)		4	4,353
Income taxes payable	210		—			210
Other long-term liabilities	(26)		—			(26)
Net cash used in operating activities	(7,330)		3,345			(3,985)
Investing activities
Purchases of marketable securities	(44,838)		—			(44,838)
Sale and maturities of marketable securities	84,000		—			84,000
Purchases of property and equipment	(11,909)		(4,288)		5	(16,197)
Proceeds from sale of property and equipment	219		—			219
Cash (used for) acquisition of business	(30,968)		—			(30,968)
Net cash (used in) investing activities	(3,496)		(4,288)			(7,784)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		3,540		6	3,540
Repayment of financing obligations	—		(2,597)		6	(2,597)
Payments of employee tax withholdings related to restricted stock vesting	(1,315)		—			(1,315)
Proceeds from employee stock plans	5,460		—			5,460
Net cash provided by financing activities	4,115		943			5,058
Effect of exchange rate changes on cash and cash equivalents	(499)		—			(499)
Net (decrease) in cash and cash equivalents	(7,210)		—			(7,210)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	39,585	$	—		$	39,585
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	4,460	$	87	7	$	4,547
Cash paid during the period for income taxes, net of refunds	$	714	$	—		$	714
Common stock issued in connection with acquisition of business	$	18,433	$	—		$	18,433


Property and equipment remaining in accounts payable and other current liabilities	$	1,166	$	150	5	$	1,316
Noncash additions to financing receivables	$	—	$	9,495	2	$	9,495
Noncash additions to short-term financing liabilities	$	—	$	3,731	3	$	3,731
Noncash additions to long-term financing liabilities	$	—	$	5,764	3	$	5,764

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	Six Months Ended June 30, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(39,227)	$	(59)		$	(39,286)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	12,697		506		1	13,203
Share-based compensation	12,820		—			12,820
Foreign currency remeasurement loss	186		—			186
Deferred income taxes	(81)		—			(81)
(Gain) on sale of property and equipment	(107)		—			(107)
Accounts receivable charges	847		—			847
Amortization of premium on marketable securities	1,182		—			1,182
Noncash interest expense	400		—			400
Changes in operating assets and liabilities, net of amounts acquired in business combinations:
Accounts receivable	5,962		949		2	6,911
Prepaid expenses and other current assets	439		213		2	652
Income taxes receivable	10		—			10
Other assets	912		—			912
Accounts payable and other current liabilities	6,732		(78)		3	6,654
Deferred revenue	(357)		(228)		4	(585)
Income taxes payable	141		—			141
Other long-term liabilities	(111)		—			(111)
Net cash (used in) provided by operating activities	2,445		1,303			3,748
Investing activities
Purchases of marketable securities	(31,411)		—			(31,411)
Sale and maturities of marketable securities	31,715		—			31,715
Purchases of property and equipment	(9,614)		(1,918)		5	(11,532)
Proceeds from sale of property and equipment	107		—			107
Cash acquired in acquisition of business	—		—			—
Net cash (used in) investing activities	(9,203)		(1,918)			(11,121)
Financing activities
Proceeds from issuance of debt, net	—		—			—
Purchase of capped calls	—		—			—
Payment of debt issuance costs	(30)		—			(30)
Proceeds from financing obligations	—		2,415		6	2,415
Repayment of financing obligations	—		(1,800)		6	(1,800)
Payments of employee tax withholdings related to restricted stock vesting	(1,098)		—			(1,098)
Proceeds from employee stock plans	5,460		—			5,460
Net cash provided by financing activities	4,332		615			4,947
Effect of exchange rate changes on cash and cash equivalents	(304)		—			(304)
Net (decrease) in cash and cash equivalents	(2,730)		—			(2,730)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	44,065	$	—		$	44,065
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,262	$	58	7	$	2,320
Cash paid during the period for income taxes, net of refunds	$	440	$	—		$	440
Property and equipment remaining in accounts payable and other current liabilities	$	1,552	$	236	5	$	1,788
Noncash additions to financing receivables	$	—	$	3,615	2	$	3,615
Noncash additions to short-term financing liabilities	$	—	$	1,954	3	$	1,954
Noncash additions to long-term financing liabilities	$	—	$	1,661	3	$	1,661

4 The correction of other immaterial errors affecting deferred revenue and revenue.


	Three Months Ended March 31, 2021
	As Previously Reported		Restatement Impacts		Restatement Reference	As Restated
Operating activities
Net loss	$	(25,529)	$	40		$	(25,489)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	6,219		195		1	6,414
Share-based compensation	8,562		—			8,562
Foreign currency remeasurement (gain)	(71)		—			(71)
Deferred income taxes	(10)		—			(10)
Accounts receivable charges	466		—			466
Amortization of premium on marketable securities	609		—			609
Noncash interest expense	199		—			199
Changes in operating assets and liabilities:
Accounts receivable	2,059		1,214		2	3,273
Prepaid expenses and other current assets	446		394		2	840
Income taxes receivable	(36)		—			(36)
Other assets	399		—			399
Accounts payable and other current liabilities	5,209		95		3	5,304
Deferred revenue	(84)		(78)		4	(162)
Income taxes payable	73		—			73
Other long term liabilities	(3)		—			(3)
Net cash (used in) provided by operating activities	(1,492)		1,860			368

Purchases of marketable securities	(10,874)		—			(10,874)
Sale and maturities of marketable securities	5,897		—			5,897
Purchases of property and equipment	(6,628)		(954)		5	(7,582)
Net cash (used in) investing activities	(11,605)		(954)			(12,559)
Financing activities
Proceeds from financing obligations	—		—			—
Repayment of financing obligations	—		(906)		6	(906)
Payments of employee tax withholdings related to restricted stock vesting	(671)		—			(671)
Proceeds from employee stock plans	2,847		—			2,847
Net cash provided by (used in) financing activities	2,176		(906)			1,270
Effect of exchange rate changes on cash and cash equivalents	(254)		—			(254)
Net (decrease) in cash and cash equivalents	(11,175)		—			(11,175)
Cash and cash equivalents, beginning of period	46,795		—			46,795
Cash and cash equivalents, end of period	$	35,620	$	—		$	35,620
Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	2,252	$	28	7	$	2,280
Cash paid during the period for income taxes, net of refunds	$	229	$	—		$	229
Property and equipment remaining in accounts payable	$	3,354	$	60	5	$	3,414
Noncash additions to financing receivables	$	—	$	2,100	2	$	2,100
Noncash additions to short-term financing liabilities	$	—	$	1,246	3	$	1,246
Noncash additions to long-term financing liabilities	$	—	$	854	3	$	854

4 The correction of other immaterial errors affecting deferred revenue and revenue.

Share-Based Compensation - Fair Value of Options Awarded (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Grant date fair value of option
Expected volatility	64.26%	62.62%	59.70%
Expected term, years	5 years 1 month 20 days	4 years 7 months 24 days	5 years 11 months 26 days
Risk-free interest	3.48%	0.66%	0.62%
Expected dividends	0.00%	0.00%	0.00%

Restructuring Charges

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Charges

During the first quarter of 2021, management committed to restructure certain parts of the company to focus on improved growth and profitability. As a result, certain headcount reductions were implemented, and we incurred certain charges related to severance, share-based compensation, and professional fees. During the year ended December 31, 2021, we incurred $9,028 of costs related to this restructuring plan. We consider this restructuring plan to be substantially complete.

During the third and fourth quarters of 2021, management committed to restructure certain parts of the company to align our workforce and facility requirements with our continued investment in the business as we focus on cost efficiencies, improved growth and profitability. As a result, outside service contracts and professional fees were incurred. Additionally, with the decision to close, and in some cases, sublease, facilities, we incurred impairment charges related to certain operating lease assets and related leasehold improvements. During the year December 31, 2021, we incurred $4,397 of costs related to this restructuring plan, substantially all of which was related to facilities impairment charges. During the year December 31, 2022, we incurred $698 of costs related to this restructuring plan, substantially all of which was related to facilities related charges. As of December 31, 2022, we consider this restructuring plan to be substantially complete.

During the second quarter of 2022, management committed to a separate action to restructure certain parts of the company to focus on improved profitability. As a result, certain headcount reductions were implemented. During the year ended December 31, 2022, relating to this action, we incurred $8,438 of costs which consisted of employee termination costs of $5,623 and operating lease impairment and related charges of $2,815. Future restructuring charges related to this action plan are expected to be immaterial.

In the fourth quarter of 2022, management committed to a separate action to restructure strategic and financial objectives and to optimize resources for long term growth including a reduction in global workforce. Additionally, as it relates to an operating lease asset acquired during the Edgecast Acquisition, management determined the operating lease asset to be impaired. Furniture and fixtures related to this acquired operating lease asset were also written down as a permanent reduction in their carrying value. For the year ended December 31, 2022, relating to this action, we incurred $10,894 of costs which consisted of employee severance costs of approximately $2,605 and operating lease asset impairment and related charges of $8,289. Future restructuring charges of approximately $766 related to this action plan are expected to be incurred in the first half of 2023.


	Employee Severance and Related Benefits		Share-Based Compensation		Facilities Related Charges		Professional Fees and Other		Total
Balance as of January 1, 2021	$	—	$	—	$	—	$	—	$	—
Costs incurred (recorded in restructuring charges)	3,216		1,781		4,768		3,660		13,425
Cash disbursements	(2,968)		(147)		(668)		(3,660)		(7,443)
Noncash charges	(13)		(1,634)		(3,920)		—		(5,567)
Balance as of December 31, 2021	235		—		180		—		415
Costs incurred (recorded in restructuring charges)	7,736		397		11,895		2		20,030
Cash disbursements	(5,291)		—		(2,756)		(2)		(8,049)
Noncash charges	92		(157)		(6,147)		—		(6,212)
Balance as of December 31, 2022	$	2,772	$	240	$	3,172	$	—	$	6,184

On June 6, 2023, the company's Board of Directors approved a restructuring plan (the “Restructuring Plan”) in order to reduce its operating costs to continue to optimize its business model and increase efficiencies. The Restructuring Plan is anticipated to entail a reduction in force of approximately 134 employees, or approximately 12% of the company’s global workforce, to be implemented through the third quarter of 2023. Restructuring charges of approximately $3,200 related to the Restructuring Plan will be recorded in the second quarter of 2023. Remaining future estimated restructuring charges of approximately $500 are expected be recorded in the third quarter of 2023. These charges, which will be cash expenditures, consist of one-time severance charges and continuation of health benefit. The company anticipates it will generate approximately $23,700 in net annual savings.

Share-Based Compensation - Outstanding Stock Options (Details) - Stock Options shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Outstanding stock options
Number of Options Outstanding (in shares) \| shares	11,008
Number of Options Exercisable (in shares) \| shares	7,766
$ 0.00 — $ 1.50
Outstanding stock options
Exercise price range, lower range limit (in dollars per share)	$ 0.00
Exercise price range, upper range limit (in dollars per share)	$ 1.50
Number of Options Outstanding (in shares) \| shares	1,853
Weighted Average Remaining Contractual Life (Years)	9 years 2 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 1.04
Number of Options Exercisable (in shares) \| shares	247
Weighted Average Exercise Price (in dollars per share)	$ 0.50
$ 1.51 — $ 3.00
Outstanding stock options
Exercise price range, lower range limit (in dollars per share)	1.51
Exercise price range, upper range limit (in dollars per share)	$ 3.00
Number of Options Outstanding (in shares) \| shares	4,456
Weighted Average Remaining Contractual Life (Years)	1 year 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 2.37
Number of Options Exercisable (in shares) \| shares	4,167
Weighted Average Exercise Price (in dollars per share)	$ 2.35
$ 3.01 — $ 4.50
Outstanding stock options
Exercise price range, lower range limit (in dollars per share)	3.01
Exercise price range, upper range limit (in dollars per share)	$ 4.50
Number of Options Outstanding (in shares) \| shares	3,352
Weighted Average Remaining Contractual Life (Years)	5 years 2 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 3.66
Number of Options Exercisable (in shares) \| shares	2,031
Weighted Average Exercise Price (in dollars per share)	$ 3.68
$ 4.51 — $ 6.00
Outstanding stock options
Exercise price range, lower range limit (in dollars per share)	4.51
Exercise price range, upper range limit (in dollars per share)	$ 6.00
Number of Options Outstanding (in shares) \| shares	1,344
Weighted Average Remaining Contractual Life (Years)	1 year 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 5.05
Number of Options Exercisable (in shares) \| shares	1,319
Weighted Average Exercise Price (in dollars per share)	$ 5.05
$ 6.01 — $ 7.50
Outstanding stock options
Exercise price range, lower range limit (in dollars per share)	6.01
Exercise price range, upper range limit (in dollars per share)	$ 7.50
Number of Options Outstanding (in shares) \| shares	3
Weighted Average Remaining Contractual Life (Years)	7 years 7 months 6 days
Weighted Average Exercise Price (in dollars per share)	$ 6.22
Number of Options Exercisable (in shares) \| shares	2
Weighted Average Exercise Price (in dollars per share)	$ 6.22

Accounts Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Accounts Receivable

Accounts receivable include:


	December 31,
	2022		2021
			As Restated
Accounts receivable	$	90,046	$	35,198
Less: credit allowance	(1,514)		(170)
Less: allowance for doubtful accounts	(3,905)		(1,500)
Total accounts receivable, net	$	84,627	$	33,528

The following is a roll-forward of the allowance for doubtful accounts related to trade accounts receivable for the years ended December 31, 2022 and 2021.


	December 31,
	2022		2021

Beginning of period	$	1,500	$	1,012
Provision for credit losses	2,413		1,082
Write-offs	(8)		(594)
End of period	$	3,905	$	1,500

Business Acquisitions - Schedule of Business Acquisition Purchase Price (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 15, 2022	Sep. 30, 2021	Dec. 31, 2022
Edgecast, Inc.
Business Acquisition [Line Items]
Common stock	$ 192,956
Common stock - contingent consideration	16,900		$ 16,300
Less: Consideration allocated to employee compensation arrangements	(9,419)
Total consideration	$ 199,837
Moov Corporation
Business Acquisition [Line Items]
Cash		$ 34,266
Common stock		18,481
Total consideration		$ 52,747

Restatement of Unaudited Quarterly Results - Restatement and Recasting of Previously Reported Consolidated Balance Sheets (Details) - USD ($)
$ / shares in Units, $ in Thousands

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents

$ 55,275

$ 59,306

$ 55,175

$ 27,175

$ 41,918

$ 39,585

$ 44,065

$ 35,620

$ 46,795

Marketable securities

18,734

11,444

22,158

34,751

37,367

36,201

75,471

81,308

76,928

Accounts receivable, net (1)

84,627

102,963

92,084

45,417

33,528

36,487

21,317

25,336

29,074

Income taxes receivable

105

102

Prepaid expenses and other current assets

36,374

^[1]

35,799

43,583

22,570

17,810

^[1]

19,805

15,945

16,893

15,989

Total current assets

195,115

209,571

213,058

129,976

130,684

132,140

156,855

159,259

168,854

Property and equipment, net

73,467

105,528

116,828

41,398

40,511

42,091

46,253

49,879

49,088

Operating lease right of use assets

5,290

6,680

7,124

6,064

6,338

7,683

8,929

9,521

10,150

Deferred income taxes

2,338

2,745

2,866

1,822

1,893

1,693

1,604

1,577

1,530

Goodwill

169,156

171,065

163,489

113,463

114,511

105,221

77,642

77,421

77,753

Intangible assets, net

91,661

67,738

72,655

13,827

14,613

23,680

6,187

6,782

Other assets (1)

5,353

7,820

7,374

4,819

5,525

6,012

297,470

304,439

7,273

Total assets

542,380

571,147

583,394

311,369

314,075

318,520

314,648

Current liabilities:

Accounts payable

52,776

^[1]

38,155

19,455

14,712

10,624

^[1]

12,761

11,869

7,504

4,370

Deferred revenue

9,286

7,048

5,596

3,000

4,034

8,064

681

1,151

1,318

Operating lease liability obligations

4,557

4,396

4,755

1,754

1,861

1,966

1,977

2,233

2,465

Income taxes payable

3,133

433

262

215

873

443

388

322

253

Financing obligations

6,346

6,314

5,865

4,740

4,648

4,854

3,756

3,721

3,381

Other current liabilities

76,160

^[1]

86,645

74,984

20,650

19,511

^[1]

18,035

16,958

19,277

17,581

Total current liabilities

152,258

142,991

110,917

45,071

41,551

46,123

35,629

34,208

29,368

Convertible senior notes, net

122,631

122,416

122,202

121,991

121,782

121,576

121,371

121,200

100,945

Operating lease liability obligations, less current portion

9,181

10,511

11,352

9,209

9,616

10,045

10,358

10,781

11,265

Deferred income taxes

596

100

303

308

306

360

279

Deferred revenue, less current portion

2,949

2,938

1,530

282

116

307

272

226

220

Financing obligations, less current portion

13,784

14,243

14,292

9,202

7,851

5,425

1,440

854

Other long-term liabilities

1,658

710

716

721

777

453

369

476

479

Total liabilities

303,057

293,904

261,109

186,779

182,001

184,237

169,745

168,105

142,556

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock

Common stock

222

220

138

134

127

125

124

Common stock contingent consideration

16,300

16,900

Additional paid-in capital

807,507

800,697

793,969

590,249

576,807

571,268

550,205

545,516

556,512

Accumulated other comprehensive loss

(11,665)

(13,462)

(11,413)

(9,004)

(8,345)

(8,491)

(7,965)

(8,462)

(7,511)

Accumulated deficit

(573,041)

(526,514)

(477,391)

(456,793)

(436,522)

(428,628)

(414,642)

(400,845)

(377,033)

Total stockholders’ equity

239,323

277,243

322,285

124,590

132,074

134,283

127,725

136,334

172,092

$ 166,287

Total liabilities and stockholders’ equity

$ 542,380

$ 571,147

$ 583,394

$ 311,369

$ 314,075

$ 318,520

$ 297,470

$ 304,439

$ 314,648

Convertible preferred stock, par value (in dollars per share)

$ 0.001

Convertible preferred stock, shares authorized (in shares)

7,500,000

Convertible preferred stock, shares issued (in shares)

Convertible preferred stock, shares outstanding (in shares)

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

300,000,000

Common stock, shares issued (in shares)

222,232,000

221,583,000

219,706,000

138,178,000

134,337,000

133,812,000

126,705,000

125,248,000

123,653,000

Common stock, shares outstanding (in shares)

222,232,000

221,583,000

219,706,000

138,178,000

134,337,000

133,812,000

126,705,000

125,248,000

123,653,000

As Previously Reported

Current assets:

Cash and cash equivalents

$ 59,306

$ 55,175

$ 27,175

$ 41,918

$ 39,585

$ 44,065

$ 35,620

$ 46,795

Marketable securities

11,444

22,158

34,751

37,367

36,201

75,471

81,308

76,928

Accounts receivable, net (1)

122,397

108,445

55,040

42,217

46,179

24,867

29,151

31,675

Income taxes receivable

102

Prepaid expenses and other current assets

28,775

32,107

16,044

13,036

13,396

14,557

14,784

15,588

Total current assets

221,981

217,943

133,073

134,599

135,423

159,017

160,965

171,054

Property and equipment, net

91,670

106,059

34,792

33,622

36,392

42,406

46,863

46,418

Operating lease right of use assets

6,680

7,124

6,064

6,338

7,683

8,929

9,521

10,150

Deferred income taxes

2,745

2,866

1,822

1,893

1,693

1,604

1,577

1,530

Goodwill

171,065

163,489

113,463

114,511

105,221

77,642

77,421

77,753

Intangible assets, net

67,738

72,655

13,827

14,613

23,680

6,187

6,782

Other assets (1)

7,820

7,374

4,819

5,525

6,012

295,785

303,129

7,273

Total assets

569,699

577,510

307,860

311,101

316,104

314,178

Current liabilities:

Accounts payable

39,755

19,800

15,599

11,631

13,768

12,459

8,029

4,587

Deferred revenue

6,357

4,790

2,189

3,266

7,965

524

844

933

Operating lease liability obligations

4,396

4,755

1,754

1,861

1,966

1,977

2,233

2,465

Income taxes payable

433

262

215

873

443

388

322

253

Financing obligations

Other current liabilities

86,754

75,391

20,403

19,292

17,950

16,877

19,264

17,560

Total current liabilities

137,695

104,998

40,160

36,923

42,092

32,225

30,692

25,798

Convertible senior notes, net

122,416

122,202

121,991

121,782

121,576

121,371

121,200

100,945

Operating lease liability obligations, less current portion

10,511

11,352

9,209

9,616

10,045

10,358

10,781

11,265

Deferred income taxes

100

303

308

306

360

279

Deferred revenue, less current portion

2,938

1,530

282

116

307

272

226

220

Financing obligations, less current portion

Other long-term liabilities

710

716

721

777

453

369

476

479

Total liabilities

274,365

240,898

172,666

169,522

174,781

164,901

163,735

138,986

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock

Common stock

222

220

138

134

127

125

124

Common stock contingent consideration

16,300

16,900

Additional paid-in capital

797,508

793,522

590,249

576,807

571,268

550,205

545,516

556,512

Accumulated other comprehensive loss

(13,462)

(11,413)

(9,004)

(8,345)

(8,491)

(7,965)

(8,462)

(7,511)

Accumulated deficit

(505,234)

(462,617)

(446,189)

(427,017)

(421,588)

(411,483)

(397,785)

(373,933)

Total stockholders’ equity

295,334

336,612

135,194

141,579

141,323

130,884

139,394

175,192

Total liabilities and stockholders’ equity

569,699

577,510

307,860

311,101

316,104

295,785

303,129

314,178

Restatement Impacts

Current assets:

Cash and cash equivalents

Marketable securities

Accounts receivable, net (1)

(19,434)

(16,361)

(9,623)

(8,689)

(9,692)

(3,550)

(3,815)

(2,601)

Income taxes receivable

Prepaid expenses and other current assets

7,024

11,476

6,526

4,774

6,409

1,388

2,109

401

Total current assets

(12,410)

(4,885)

(3,097)

(3,915)

(3,283)

(2,162)

(1,706)

(2,200)

Property and equipment, net

13,858

10,769

6,606

6,889

5,699

3,847

3,016

2,670

Operating lease right of use assets

Deferred income taxes

Goodwill

Intangible assets, net

Other assets (1)

1,685

1,310

Total assets

1,448

5,884

3,509

2,974

2,416

470

Current liabilities:

Accounts payable

(1,600)

(345)

(887)

(1,007)

(590)

(525)

(217)

Deferred revenue

691

806

811

768

157

307

385

Operating lease liability obligations

Income taxes payable

Financing obligations

6,314

5,865

4,740

4,648

4,854

3,756

3,721

3,381

Other current liabilities

(109)

(407)

247

219

Total current liabilities

5,296

5,919

4,911

4,628

4,031

3,404

3,516

3,570

Convertible senior notes, net

Operating lease liability obligations, less current portion

Deferred income taxes

Deferred revenue, less current portion

Financing obligations, less current portion

14,243

14,292

9,202

7,851

5,425

1,440

854

Other long-term liabilities

Total liabilities

19,539

20,211

14,113

12,479

9,456

4,844

4,370

3,570

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock

Common stock

Common stock contingent consideration

Additional paid-in capital

3,189

447

Accumulated other comprehensive loss

Accumulated deficit

(21,280)

(14,774)

(10,604)

(9,505)

(7,040)

(3,159)

(3,060)

(3,100)

Total stockholders’ equity

(18,091)

(14,327)

(10,604)

(9,505)

(7,040)

(3,159)

(3,060)

(3,100)

Total liabilities and stockholders’ equity

$ 1,448

$ 5,884

$ 3,509

$ 2,974

$ 2,416

$ 1,685

$ 1,310

$ 470

[1]	The December 31, 2022 balances include amounts due to/from related parties. See Notes 7, 10, and 18 for further details.

Leases and Commitments

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Leases and Commitments

Operating Leases - Right of Use Assets and Liabilities

We have various operating leases for office space that expire through 2030. Below is a summary of our right of use assets and liabilities as of December 31, 2022:


Right-of-use assets	$	5,290

Lease liability obligations, current	$	4,557
Lease liability obligations, less current portion	9,181
Total lease liability obligations	$	13,738

Weighted-average remaining lease term	4.8 years

Weighted-average discount rate	5.05		%

During the year ended December 31, 2022, operating lease costs were $1,544 and included in operating expenses in our consolidated statements. During the year ended December 31, 2022, cash paid for operating leases was $2,701. During the year ended December 31, 2022, we recognized impairment charges related to operating lease assets acquired during the Edgecast Acquisition as discussed in Note 12.

During the year ended December 31, 2021, we recognized $2,075 in operating lease costs. Operating lease costs of $382 were included in cost of revenue and $1,693 were included in operating expenses in our consolidated statements of operations. During the year ended December 31, 2021, cash paid for operating leases was $2,855. We recognized impairment charges related to operating lease assets during 2021 as discussed in Note 12.

During the year ended December 31, 2020, we recognized $3,166 in operating lease costs. Operating lease costs of $476 were included in cost of revenue and $2,690 were included in operating expenses in our consolidated statements of operations. During the year ended December 31, 2020, cash paid for operating leases was $2,175.

Approximate future minimum lease payments for our right of use assets over the remaining lease periods as of December 31, 2022, were as follows:


2023	$	5,158
2024	2,360
2025	1,440
2026	1,468
2027	1,497
Thereafter	3,864
Total minimum payments	15,787
Less: amount representing interest	2,049
Total	$	13,738

Financing Obligations

Open Edge arrangements' financing obligations are recognized as short-term or long-term liabilities based on the estimated payment dates. Minimum commitment payments required to pay down the financing liability by the end of the minimum commitment term, are based on our estimated incremental borrowing rate and are recorded as a reduction of the financing liability in the period they are paid.

Interest expense related to Open Edge arrangements was $704, $178, and $21 for the years ended December 31, 2022, 2021, 2020 respectively.

As of December 31, 2022, future minimum payments under the Open Edge arrangements' financing obligations were as follows (in thousands):



2023	$	7,358
2024	4,966
2025	4,761
2026	3,827
2027	1,197
Thereafter	75
Total minimum payments	22,184
Less: imputed interest	2,054
Total financing obligations	20,130
Less: current financing obligations	6,346
Long-term financing obligations	$	13,784

Purchase Commitments

We have long-term commitments for bandwidth usage and co-location with various networks and ISPs. The following summarizes our minimum non-cancellable commitments for future periods as of December 31, 2022:


2023	$	80,446
2024	40,644
2025	29,326
2026	17,510
2027	7,214
Thereafter	—
Total minimum payments (1)	$	175,140

Cost of services relating to these bandwidth and co-location agreements were $139,717, $93,149, and $87,535, respectively, for the years ended December 31, 2022, 2021, and 2020.

Segment Reporting and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 segment location
Segment Reporting [Abstract]
Number of industry segment \| segment	1
Number of geographic areas \| location	3

Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total assets measured at fair value	$ 74,049	$ 79,325
Cash and Cash Equivalents
Assets:
Total assets measured at fair value	55,275	41,918
Cash
Assets:
Total assets measured at fair value	49,422	34,608
Cash Equivalents
Assets:
Total assets measured at fair value	5,853	7,310
Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	51,458	41,918
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash and Cash Equivalents
Assets:
Total assets measured at fair value	51,458	41,918
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash
Assets:
Total assets measured at fair value	49,422	34,608
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Assets:
Total assets measured at fair value	2,036	7,310
Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	22,591	37,407
Significant Other Observable Inputs (Level 2) \| Cash and Cash Equivalents
Assets:
Total assets measured at fair value	3,817	0
Significant Other Observable Inputs (Level 2) \| Cash
Assets:
Total assets measured at fair value	0	0
Significant Other Observable Inputs (Level 2) \| Cash Equivalents
Assets:
Total assets measured at fair value	3,817	0
Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Cash and Cash Equivalents
Assets:
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Cash
Assets:
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Cash Equivalents
Assets:
Total assets measured at fair value	0	0
Money market funds \| Cash Equivalents
Assets:
Total assets measured at fair value	2,036	7,310
Money market funds \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Assets:
Total assets measured at fair value	2,036	7,310
Money market funds \| Significant Other Observable Inputs (Level 2) \| Cash Equivalents
Assets:
Total assets measured at fair value	0	0
Money market funds \| Significant Unobservable Inputs (Level 3) \| Cash Equivalents
Assets:
Total assets measured at fair value	0	0
Commercial paper
Assets:
Total assets measured at fair value	5,884
Commercial paper \| Cash Equivalents
Assets:
Total assets measured at fair value	1,195
Commercial paper \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	0
Commercial paper \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Assets:
Total assets measured at fair value	0
Commercial paper \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	5,884
Commercial paper \| Significant Other Observable Inputs (Level 2) \| Cash Equivalents
Assets:
Total assets measured at fair value	1,195
Commercial paper \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	0
Commercial paper \| Significant Unobservable Inputs (Level 3) \| Cash Equivalents
Assets:
Total assets measured at fair value	0
Corporate notes and bonds
Assets:
Total assets measured at fair value	11,380	18,259
Corporate notes and bonds \| Cash Equivalents
Assets:
Total assets measured at fair value	1,622
Corporate notes and bonds \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	0	0
Corporate notes and bonds \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Assets:
Total assets measured at fair value	0
Corporate notes and bonds \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	11,380	18,259
Corporate notes and bonds \| Significant Other Observable Inputs (Level 2) \| Cash Equivalents
Assets:
Total assets measured at fair value	1,622
Corporate notes and bonds \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	0	0
Corporate notes and bonds \| Significant Unobservable Inputs (Level 3) \| Cash Equivalents
Assets:
Total assets measured at fair value	0
Yankee bond \| Cash Equivalents
Assets:
Total assets measured at fair value	1,000
Yankee bond \| Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Assets:
Total assets measured at fair value	0
Yankee bond \| Significant Other Observable Inputs (Level 2) \| Cash Equivalents
Assets:
Total assets measured at fair value	1,000
Yankee bond \| Significant Unobservable Inputs (Level 3) \| Cash Equivalents
Assets:
Total assets measured at fair value	0
Agency bonds
Assets:
Total assets measured at fair value	486
Agency bonds \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	0
Agency bonds \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	486
Agency bonds \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	0
Certificate of deposit
Assets:
Total assets measured at fair value	40	40
Certificate of deposit \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	0	0
Certificate of deposit \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	40	40
Certificate of deposit \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	0	0
Treasury bills
Assets:
Total assets measured at fair value	984
Treasury bills \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	0
Treasury bills \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	984
Treasury bills \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	0
Municipal securities
Assets:
Total assets measured at fair value		19,108
Municipal securities \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value		0
Municipal securities \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value		19,108
Municipal securities \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value		0
Marketable securities
Assets:
Total assets measured at fair value	18,774	37,407
Marketable securities \| Quoted Prices In Active Markets for Identical Assets (Level 1)
Assets:
Total assets measured at fair value	0	0
Marketable securities \| Significant Other Observable Inputs (Level 2)
Assets:
Total assets measured at fair value	18,774	37,407
Marketable securities \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets measured at fair value	$ 0	$ 0