0001391127-23-000058 | 10-Q | XBRL Viewer

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Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 105,661	$ 105,661
Accumulated Amortization	(30,069)	(14,000)
Net Carrying Amount	75,592	91,661
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	91	91
Accumulated Amortization	(63)	(40)
Net Carrying Amount	28	51
Client relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	48,090	48,090
Accumulated Amortization	(10,457)	(4,960)
Net Carrying Amount	37,633	43,130
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,480	57,480
Accumulated Amortization	(19,549)	(9,000)
Net Carrying Amount	$ 37,931	$ 48,480

Segment Reporting and Geographic Information

9 Months Ended

Sep. 30, 2023

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:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2022				2023				2022
Americas	$	76,249	79	%	$	86,287	78	%	$	229,829	78	%	$	160,808	70	%
EMEA	6,050		6	%	6,915		6	%	19,044		6	%	17,000		7	%
Asia Pacific	14,736		15	%	17,630		16	%	45,875		16	%	51,949		23	%
Total revenue	$	97,035	100	%	$	110,832	100	%	$	294,748	100	%	$	229,757	100	%

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Country / Region	2023		2022		2023		2022
United States / Americas	$	74,447	$	84,681	$	224,416	$	157,126
Japan / Asia Pacific	$	8,873	$	10,157	$	27,446	$	31,873

The following table sets forth property and equipment, net by geographic area where they are located:


	September 30,		December 31,
	2023		2022
Americas	$	61,279	$	65,190
International	8,891		8,277
Total long-lived assets	$	70,170	$	73,467

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments in Marketable Securities

9 Months Ended

Sep. 30, 2023

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 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		16		11,379
Treasury bills	985		—		985

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

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


	Amortized Cost		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
Total marketable securities	$	18,790	$	16	$	18,774

(1) Classified in other assets.

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

Sep. 30, 2023

Dec. 31, 2022

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

Prepaid bandwidth and backbone

$ 7,475

$ 7,431

VAT receivable

6,107

5,805

Prepaid expenses and insurance

2,588

5,352

Financing receivables

5,975

3,218

Related party receivable

1,792

7,962

Vendor deposits and other

9,745

6,606

Total prepaid expenses and other current assets

^[1]

$ 33,682

$ 36,374

[1]	Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33508
Entity Registrant Name	Edgio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1677033
Entity Address, Address Line One	11811 North Tatum Blvd.
Entity Address, Address Line Two	Suite 3031
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85028
City Area Code	602
Local Phone Number	850-5000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EGIO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		225,546,807
Entity Central Index Key	0001391127
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Concentration Risk [Line Items]

Revenue

^[1]

$ 97,035

$ 110,832

$ 294,748

$ 229,757

United States / Americas | Sales revenue | Geographic concentration

Concentration Risk [Line Items]

Revenue

74,447

84,681

224,416

157,126

Japan / Asia Pacific | Sales revenue | Geographic concentration

Concentration Risk [Line Items]

Revenue

$ 8,873

$ 10,157

$ 27,446

$ 31,873

[1]	Includes revenue and costs from related parties. See Note 20 for further details.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Convertible Debt

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


	September 30,		December 31,
	2023		2022
Liability component:
Principal	$	125,000	$	125,000
Unamortized transaction costs	(1,708)		(2,369)
Net carrying amount	$	123,292	$	122,631

Interest expense recognized related to the Notes was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense	$	1,095	$	1,093	$	3,371	$	3,281
Amortization of transaction costs	222		214		661		634
Total	$	1,317	$	1,307	$	4,032	$	3,915

Accounts Receivable, net (Details) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Summary of Accounts Receivable, net

Accounts receivable

$ 72,221

$ 90,046

Less: credit allowance

(1,022)

(1,514)

Less: allowance for doubtful accounts

(4,453)

(3,905)

Total accounts receivable, net

^[1]

66,746

84,627

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Beginning of period

3,905

$ 1,500

1,500

Provision for credit losses

1,300

$ 671

2,413

Recoveries/write-offs

(752)

(8)

End of period

$ 4,453

$ 3,905

[1]	Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 487	$ 440	$ 1,264	$ (18,943)

- Definition

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

+ References + Details

Goodwill and Other Intangible Assets - Summary of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 5,356
2024	21,415
2025	21,394
2026	13,141
2027	5,911
Thereafter	8,375
Net Carrying Amount	$ 75,592	$ 91,661

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Summary of Other Current Liabilities

Other current liabilities include:


	September 30,		December 31,
	2023		2022
Accrued compensation and benefits	$	19,943	$	19,982
Accrued cost of revenue	15,893		27,422
Accrued interest payable	808		1,823
Related party payable	98		9,931
Restructuring charges and accrued legal fees	2,433		6,184

Other accrued expenses	10,702		10,818
Total other current liabilities	$	49,877	$	76,160

Debt - Narrative (Details) $ / shares in Units, shares in Millions				3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) amendment	Jun. 12, 2023	Jul. 27, 2020 USD ($) tradingDay $ / shares shares	Sep. 30, 2023 USD ($) amendment	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) amendment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jul. 22, 2020 $ / shares
Line of Credit Facility [Line Items]
Share price (in dollars per share) \| $ / shares									$ 6.69
Convertible debt, fair value	$ 111,153,000			$ 111,153,000		$ 111,153,000		$ 107,031,000
Capped call
Line of Credit Facility [Line Items]
Initial strike price (in dollars per share) \| $ / shares			$ 8.53
Initial cap price (in dollars per share) \| $ / shares			$ 13.38
Number of shares covered by capped calls (in shares) \| shares			14.7
Costs incurred for capped calls			$ 16,400,000
Convertible Senior Notes due 2025 \| Convertible debt
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 125,000,000
Stated interest rate (as percent)			3.50%
Additional principal amount, option			$ 15,000,000
Net proceeds from debt issuance			$ 120,741,000
Additional interest rate, first threshold period (as percent)		0.25%
Additional interest rate, second threshold period (as percent)		0.50%
Conversion price (in dollars per share) \| $ / shares			$ 8.53
Conversion ratio			0.1172367
Share price premium (as percent)			27.50%
Contractual interest expense				1,095,000	$ 1,093,000	3,371,000	$ 3,281,000
Amortization of transaction costs				$ 222,000	214,000	$ 661,000	634,000
Convertible Senior Notes due 2025 \| Convertible debt \| Maximum
Line of Credit Facility [Line Items]
Conversion ratio			0.1494768
Convertible Senior Notes due 2025 \| Convertible debt \| Conversion covenant one
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger (as percent)			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 (as percent)			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 (as percent)			130.00%
Threshold trading days \| tradingDay			20
Threshold consecutive trading days \| tradingDay			30
Redemption price percentage (as 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 percent)			100.00%
First Citizens Bank Credit Agreement \| Revolving credit facility
Line of Credit Facility [Line Items]
Stated interest rate (as percent)	4.00%			4.00%		4.00%
Number of amendments \| amendment	11			11		11
Maximum borrowing amount	$ 50,000,000			$ 50,000,000		$ 50,000,000
Borrowing capacity limit, percent of accounts receivable (as percent)	50.00%
Proceeds from line of credit	$ 0			$ 0		$ 0		$ 0
Increase in interest rate in event of default (as percent)	3.00%			3.00%		3.00%
Contractual interest expense				$ 0	0
Amortization of transaction costs				$ 32,000	$ 10,000	$ 119,000	$ 30,000
Voting stock percentage in foreign subsidiaries (as percent)						65.00%
Line of credit facility, covenant compliance, adjusted quick ratio	1.0			1.0		1.0
First Citizens Bank Credit Agreement \| Revolving credit facility \| Alternative base rate
Line of Credit Facility [Line Items]
Variable rate minimum (as percent)						0.25%

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2023

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

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets include:


	September 30,		December 31,
	2023		2022
Prepaid bandwidth and backbone	$	7,475	$	7,431
VAT receivable	6,107		5,805
Prepaid expenses and insurance	2,588		5,352
Financing receivables	5,975		3,218

Related party receivable	1,792		7,962
Vendor deposits and other	9,745		6,606
Total prepaid expenses and other current assets	$	33,682	$	36,374

Net Loss Per Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	30,654	32,856	29,298	34,899
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	0	266	0	266
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	63	1,081	44	2,044
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	3,252	4,170	1,915	5,250
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	14,654	14,654	14,654	14,654
Contingently issuable shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	12,685	12,685	12,685	12,685

Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

Other Current LiabilitiesOther current liabilities include:


	September 30,		December 31,
	2023		2022
Accrued compensation and benefits	$	19,943	$	19,982
Accrued cost of revenue	15,893		27,422
Accrued interest payable	808		1,823
Related party payable	98		9,931
Restructuring charges and accrued legal fees	2,433		6,184

Other accrued expenses	10,702		10,818
Total other current liabilities	$	49,877	$	76,160

Business Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

Edgecast Acquisition

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

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

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


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

The fair value of our common stock consideration was based on the 79,734 shares issued to College Parent and the opening price of our common stock of $2.42 per share on the acquisition closing date. Inclusive within the common stock consideration, and pursuant to the purchase agreement, Edgio issued 7,287 shares of common stock in exchange for cash from College Parent of $30,000. As the economic substance of this issuance was to provide additional cash to Edgecast for liabilities that existed prior to the business combination and the transaction occurred on June 15, 2022, Edgio concluded that this was part of the business combination, and therefore, should be considered as part of the consideration transferred in exchange for the acquisition of Edgecast. The initial common stock purchase consideration of 79,734 shares was adjusted downward for 3,892 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 concluded it was $16,300 as of the acquisition date.

As a result of the Edgecast Acquisition, certain cash awards that existed for Edgecast’s employees require the transferred employee to provide services to Edgio in the post-combination period in order for the cash award to be earned. When the awards are earned, Edgio will either a) pay the employees the amount earned and will subsequently be reimbursed by College Parent or b) College Parent will directly pay the employee the amount earned. Edgio considered whether the employee awards were part of the Edgecast Acquisition's purchase consideration, or separate transactions, and not part of purchase accounting. Under ASC 805, a transaction entered into by or on behalf of the acquirer or primarily for the benefit of the acquirer or the combined entity, rather than primarily for the benefit of the acquiree (or its former owners) before the combination, is likely to be a separate transaction. The employee awards represent compensation for post-combination services

rendered to Edgio and the reimbursement right was initiated by Edgio for the future economic benefit of the combined entity. Accordingly, Edgio concluded the employee awards represent transactions separate from the Edgecast Acquisition. Edgio allocated $9,419 of the total consideration transferred to College Parent to the employee compensation arrangements based on the post-combination fair value of the employee awards. As service is required to be rendered for the award to be earned, Edgio will recognize expense as the employee performs service. The employee compensation arrangements related to post-combination services and the related reimbursement right resulted in the recognition of $6,573 in prepaid expenses and other current assets and $2,846 in other assets on June 15, 2022.

During the three and nine months ended September 30, 2023, Edgio recorded $522 and $2,032, respectively, in compensation expense within our unaudited consolidated statements of operations as a result of the employee compensation arrangements. Of the $522 of compensation expense, $82, $103, $11, and $326 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. Of the $2,032 of compensation expense, $375, $270, $102, and $1,285 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. During the three and nine months ended September 30, 2022, Edgio recorded $3,865 and $4,863 in compensation expense within our unaudited consolidated statements of operations as a result of the employee compensation arrangements. Of the $3,865 of compensation expense, $674, $184, $292, and $2,715 was recorded to cost of services, general and administrative, sales and marketing, and research and development, respectively. Of the $4,863 of compensation expense, $880, $362, $333, and $3,288 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 $664 as of September 30, 2023, of which $405 is expected to be recognized during the remainder of 2023 and the remainder in 2024.

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

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


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

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

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

Transaction costs incurred by us in connection with the Edgecast Acquisition were $4,520 and $23,902 for the three and nine months ended September 30, 2022, respectively, and were recorded within general and administrative expenses within our unaudited consolidated statements of operations. There were no transaction costs incurred related to the Edgecast Acquisition for the three and nine months ended September 30, 2023.

Unaudited Pro Forma Financial Information

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022		2022
Revenue	$	110,832	$	376,289
Net loss	$	(38,941)	$	(101,431)

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 $4,520 and $23,902, incurred in the three and nine months ended September 30, 2022, respectively, and non-recurring restructuring charges related to the Edgecast Acquisition of $1,090 and

$4,804 incurred in the three and nine months ended September 30, 2022, as of the beginning of the comparable prior reporting period.

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

Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Share-based compensation expense by type:
Stock options and warrants	$	384	$	340	$	1,283	$	1,510
Restricted stock units	2,339		5,589		7,882		13,921
Financial-based performance restricted stock units	964		2,261		2,638		6,697
ESPP	—		163		443		528
Total share-based compensation expense	$	3,687	$	8,353	$	12,246	$	22,656
Share-based compensation expense:
Cost of services	$	395	$	855	$	1,395	$	1,589
General and administrative expense	1,100		2,200		3,667		6,469
Sales and marketing expense	430		727		1,422		3,284
Research and development expense	1,762		4,571		5,762		11,314

Total share-based compensation expense	$	3,687	$	8,353	$	12,246	$	22,656

Unrecognized share-based compensation expense totaled $18,488 as of September 30, 2023, of which $2,566 related to stock options, $7,388 related to financial-based performance restricted stock units, and $8,534 related to restricted stock units. Unrecognized share-based compensation includes both time-based and performance-based equity. We currently expect to recognize share-based compensation expense of $3,158 during the remainder of 2023, $9,897 in 2024, $4,278 in 2025, and the remainder thereafter based on scheduled vesting of the stock options, performance-based restricted stock units, and restricted stock units outstanding as of September 30, 2023.

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

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2022

Sep. 30, 2023

Prepaid assets and other current assets

^[1]

$ 36,374

$ 33,682

Other assets

^[1]

5,353

2,191

Accounts payable

^[1]

52,776

78,252

Other current liabilities

^[1]

76,160

49,877

Capital contributions

$ 1,884

5,484

Additional Paid-In Capital

Capital contributions

$ 1,884

2,271

Prepaid assets and other current assets

7,962

1,792

Other assets

2,318

Total amount due from related party

10,280

1,792

Accounts payable

18,224

940

Other current liabilities

9,931

Total amount due to related party

$ 28,155

$ 1,038

[1]	Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details.

Business Acquisitions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 15, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 168,547	$ 169,156
Edgecast, Inc.
Business Acquisition [Line Items]
Cash	$ 30,037
Accounts receivable	48,669
Income taxes receivable	119
Prepaid expenses and other current assets	5,676
Property and equipment	32,185
Operating lease right of use assets	1,365
Goodwill	56,546
Other assets	1,220
Total assets acquired	265,817
Accounts payable and accrued liabilities	6,917
Deferred revenue	1,259
Operating lease liability obligations	3,071
Income taxes payable	2,465
Other current liabilities	27,500
Operating lease liability obligations, less current portion	2,531
Deferred income taxes	22,237
Total liabilities	65,980
Total purchase consideration	199,837
Consideration transferred, equity	192,956
Edgecast, Inc. \| College Parent L P
Business Acquisition [Line Items]
Consideration transferred, equity	30,000
Edgecast, Inc. \| Client relationships
Business Acquisition [Line Items]
Intangible assets	41,000
Edgecast, Inc. \| Technology
Business Acquisition [Line Items]
Intangible assets	$ 49,000

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net include:


	September 30,		December 31,
	2023		2022
Network equipment	$	177,977	$	176,899
Computer equipment and software	3,339		3,680
Furniture and fixtures	1,305		1,322
Leasehold improvements	5,984		6,017
Other equipment	15		17
Total property and equipment	188,620		187,935
Less: accumulated depreciation	(118,450)		(114,468)
Total property and equipment, net	$	70,170	$	73,467

Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 169,156
Foreign currency translation adjustment	(609)
Ending balance	$ 168,547

- 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

Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (24,491)	$ (49,123)	$ (95,126)	$ (89,993)
Other comprehensive gain (loss), net of tax:
Unrealized gain (loss) on investments	0	46	(6)	13
Foreign currency translation loss	(827)	(2,095)	(477)	(5,130)
Other comprehensive loss	(827)	(2,049)	(483)	(5,117)
Comprehensive loss	$ (25,318)	$ (51,172)	$ (95,609)	$ (95,110)

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2023, were as follows:


Balance, December 31, 2022	$	169,156





Foreign currency translation adjustment	(609)
Balance, September 30, 2023	$	168,547

Summary of Finite-Lived Intangible Assets

Other intangible assets consisted of the following as of September 30, 2023:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(63)	$	28
Client relationships	48,090		(10,457)		37,633
Technology	57,480		(19,549)		37,931
Total other intangible assets	$	105,661	$	(30,069)	$	75,592

Other 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

Summary of Intangible Assets Future Amortization Expense

As of September 30, 2023, future amortization expense related to our other intangible assets is expected to be recognized as follows:


Remainder of 2023	$	5,356
2024	21,415
2025	21,394
2026	13,141
2027	5,911
Thereafter	8,375
Total	$	75,592

- Definition

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

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+ Details

Share-Based Compensation - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense total	$ 18,488
Share-based compensation expense, remainder of year	3,158
Share-based compensation expense, next fiscal year	9,897
Share-based compensation expense, year two	4,278
Stock options and warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense total	2,566
Financial-based performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense total	7,388
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense total	$ 8,534

- Definition

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

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+ Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Amounts Due To and Due From

The following table summarizes the amounts due to and due from College Parent and its related affiliates:


	September 30,		December 31,
	2023		2022
Prepaid assets and other current assets (1)	$	1,792	$	7,962
Other assets	—		2,318
Total amount due from related party	$	1,792	$	10,280

Accounts payable	$	940	$	18,224
Other current liabilities	98		9,931
Total amount due to related party (2)	$	1,038	$	28,155

(1) December 31, 2022 balance included $2,271 of receivables related to reimbursement from College Parent and its related affiliates for certain employee compensation expenses in excess of company requirements as of December 31, 2022 which were recorded as a capital contributions.

(2) Inclusive of $5,484 of transition service agreement credits from College Parent and its related affiliates issued in 2022 which recorded as a capital contributions.

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (24,491)	$ (49,123)	$ (95,126)	$ (89,993)
Basic weighted-average outstanding shares of common stock (in shares)	223,657	220,194	223,011	169,166
Dilutive effect of stock options, restricted stock units, other equity incentive plans, convertible senior notes, and contingently issuable shares (in shares)	0	0	0	0
Diluted weighted-average outstanding shares of common stock (in shares)	223,657	220,194	223,011	169,166
Basic net loss per share (in dollars per share)	$ (0.11)	$ (0.22)	$ (0.43)	$ (0.53)
Diluted net loss per share (in dollars per share)	$ (0.11)	$ (0.22)	$ (0.43)	$ (0.53)

- 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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- Definition

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

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

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

+ References

+ Details

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Edgio, Inc. (“Edgio”) is a globally-scaled, edge-enabled solutions provider for fast, secure, and frictionless digital experiences. Our solutions include customer-focused edge platforms running on top of our Global Network, Media and Applications Platforms. The media platform enables companies to stream large files (video, software downloads, live events) across the globe in a fast and secure way. The Edgio applications platform enables our clients to build, secure, and accelerate their web-based applications. We were incorporated in Delaware in 2003 and have operated in the Phoenix metropolitan area since 2001 and elsewhere throughout the United States since 2003. We began international operations in 2004. On June 15, 2022, we changed our corporate name from Limelight Networks, Inc. to Edgio, Inc.

Business Acquisitions - Business Acquisition Purchase Price (Details) - Edgecast, Inc. $ in Thousands	Jun. 15, 2022 USD ($)
Consideration:
Common stock	$ 192,956
Common stock - contingent consideration	16,300
Less: Consideration allocated to employee compensation arrangements	(9,419)
Total consideration allocated to Edgecast Acquisition	$ 199,837

Restructuring Charges

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Charges

In the second quarter of 2023, the company's board of directors approved a restructuring plan to reduce its operating costs to continue to optimize its business model and increase efficiencies. This plan entailed a reduction in force of approximately 134 employees, or approximately 12% of the company’s global workforce. For the three and nine months ended September 30, 2023, we incurred $72 and $3,908, respectively, of restructuring charges primarily related to this plan. Remaining future estimated restructuring charges related to this 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. For the three months ended September 30, 2023, no costs were incurred related to this plan. For the nine months ended September 30, 2023, relating to this action, we incurred $500 of costs which primarily consisted of employee severance and related benefits costs. Actions related to this restructuring program are substantially complete.

During the three and nine months ended September 30, 2022, we incurred $4,070 and $9,136 of restructuring charges, respectively, of which the majority related to previously disclosed restructuring plans and were due to facility impairment charges and employee severance and related benefits costs. Actions related to this restructuring program are substantially complete.

The following table summarizes the activity of our restructuring accrual (recorded in other current liabilities on our unaudited consolidated balance sheet) during the three and nine months ended September 30, 2023:


	Employee Severance and Related Benefits		Share-Based Compensation		Facilities Related Charges		Total
Balance as of December 31, 2022	$	2,772	$	240	$	3,172	$	6,184
Costs incurred (recorded in restructuring charges)	500		—		—		500
Cash disbursements	(1,488)		—		(698)		(2,186)

Balance as of March 31, 2023	$	1,784	$	240	$	2,474	$	4,498
Costs incurred (recorded in restructuring charges)	3,336		—		—		3,336
Cash disbursements	(1,502)		—		(606)		(2,108)

Balance as of June 30, 2023	$	3,618	$	240	$	1,868	$	5,726
Costs incurred (recorded in restructuring charges)	72		—		—		72
Cash disbursements	(2,947)		—		(418)		(3,365)

Balance as of September 30, 2023	$	743	$	240	$	1,450	$	2,433

The following table summarizes the activity of our restructuring accrual during the three and nine months ended September 30, 2022:


	Employee Severance and Related Benefits		Share-Based Compensation		Facilities Related Charges		Total
Balance as of January 1, 2022	$	235	$	—	$	180	$	415
Costs incurred (recorded in restructuring charges)	(93)		—		791		698
Cash disbursements	(142)		—		(687)		(829)
Noncash charges	—		—		3		3
Balance as of March 31, 2022	$	—	$	—	$	287	$	287
Costs incurred (recorded in restructuring charges)	3,715		—		653		4,368
Cash disbursements	—		—		(806)		(806)

Balance as of June 30, 2022	$	3,715	$	—	$	134	$	3,849
Costs incurred (recorded in restructuring charges)	1,511		397		2,162		4,070
Cash disbursements	(4,897)		—		(408)		(5,305)
Noncash charges	92		(157)		(1,596)		(1,661)
Balance as of September 30, 2022	$	421	$	240	$	292	$	953

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Income Statement [Abstract]

Revenue

^[1]

$ 97,035

$ 110,832

$ 294,748

$ 229,757

Cost of revenue:

Cost of services

^[1]

66,359

67,140

200,454

138,531

Depreciation — network

3,965

10,903

11,363

23,542

Amortization — technology

3,516

4,166

10,549

5,354

Total cost of revenue

73,840

82,209

222,366

167,427

Gross profit

23,195

28,623

72,382

62,330

Operating expenses:

General and administrative

^[1]

13,015

22,138

44,331

64,783

Sales and marketing

^[1]

15,433

14,448

51,222

32,909

Research and development

^[1]

15,958

32,462

55,713

54,211

Depreciation and amortization

2,126

1,777

6,392

3,129

Restructuring charges

4,070

3,908

9,136

Total operating expenses

46,604

74,895

161,566

164,168

Operating loss

(23,409)

(46,272)

(89,184)

(101,838)

Other income (expense):

Interest expense

(1,604)

(1,546)

(4,882)

(4,434)

Interest income

304

140

853

200

Other income (expense), net

705

(1,005)

(649)

(2,864)

Total other expense

(595)

(2,411)

(4,678)

(7,098)

Loss before income taxes

(24,004)

(48,683)

(93,862)

(108,936)

Income tax expense (benefit)

487

440

1,264

(18,943)

Net loss

$ (24,491)

$ (49,123)

$ (95,126)

$ (89,993)

Net loss per share:

Basic (in dollars per share)

$ (0.11)

$ (0.22)

$ (0.43)

$ (0.53)

Diluted (in dollars per share)

$ (0.11)

$ (0.22)

$ (0.43)

$ (0.53)

Weighted-average shares used in per share calculation:

Basic (in shares)

223,657

220,194

223,011

169,166

Diluted (in shares)

223,657

220,194

223,011

169,166

[1]	Includes revenue and costs from related parties. See Note 20 for further details.

Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Business Acquisition Purchase Price

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


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

Summary of Recognized Identified Assets Acquired and Liabilities Assumed


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

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

Summary 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 occurred on January 1, 2021:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022		2022
Revenue	$	110,832	$	376,289
Net loss	$	(38,941)	$	(101,431)

Property and Equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net include:


	September 30,		December 31,
	2023		2022
Network equipment	$	177,977	$	176,899
Computer equipment and software	3,339		3,680
Furniture and fixtures	1,305		1,322
Leasehold improvements	5,984		6,017
Other equipment	15		17
Total property and equipment	188,620		187,935
Less: accumulated depreciation	(118,450)		(114,468)
Total property and equipment, net	$	70,170	$	73,467

Cost of revenue depreciation expense related to property and equipment was $3,965 and $10,903, for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, cost of revenue depreciation expense related to property and equipment was approximately $11,363 and $23,542, respectively.

Operating expense depreciation and amortization expense related to property and equipment was $286 and $1,026, for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, operating expense depreciation and amortization expense related to property and equipment was $872 and $1,608, respectively.

Debt

9 Months Ended

Sep. 30, 2023

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 Note 2, we were unable to file our Annual Report on Form 10-K for the year ended December 31, 2022 on a timely basis. For the same reason, we were also unable to timely file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023. Pursuant to the terms of the Indenture, on April 12, 2023, we notified the Trustee that due to our failure to timely file with the SEC our Annual Report on Form 10-K for the year ended December 31, 2022, a default (as defined in the Indenture) had occurred.

On April 17, 2023, a holder of the Notes delivered a notice of default to U.S. Bank National Association (the “Trustee”) and the company notifying us that we were in breach of the Indenture for failing to provide the Trustee our Annual Report on Form 10-K for the year ended December 31, 2022. Under the terms of the Indenture, such default matured into an event of default (the “Reporting Event of Default”) on June 17, 2023. On July 21, 2023, the Trustee for the Notes delivered a notice of default to the company notifying us that we were in breach of the Indenture for failing to provide the Trustee our Quarterly Report on Form 10-Q for the three months ended March 31, 2023. Under the terms of the Indenture, such default was cured with the filing of such Quarterly Report on Form 10-Q on August 15, 2023.

By notice to the holders of the Notes and the Trustee on June 12, 2023 and in accordance with the Indenture, we notified the Trustee that due to our failure to timely file with the SEC our Annual Report on Form 10-K, the company elected that the sole remedy for the Reporting Event of Default during the period beginning on June 17, 2023 (the “Reporting Event of Default Date”) and ending on the earlier of (x) 365 calendar days after the Reporting Event of Default Date and (y) the date on which we deliver the Annual Report for the year ended December 31, 2022 to the Trustee will consist of the accrual of additional interest (“Special Interest”) at a rate equal to one quarter of one percent (0.25%) of the principal amount of the outstanding Notes for the first 180 calendar days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount of the outstanding Notes. We delivered our Annual Report for the year ended December 31, 2022 to the Trustee on June 29, 2023. Special Interest charges for the three and nine months ended September 30, 2023 were immaterial.

The Notes have a stated maturity date of August 1, 2025, unless earlier converted, redeemed or repurchased in

accordance with their terms 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 did not have the right to redeem the Notes prior to August 4, 2023. We may now redeem for cash all, or any portion in an authorized denomination, of the Notes, at our option, 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. Calling the notes for redemption would trigger a conversion right for the holders. 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. We experienced a fundamental change on October 20, 2023 as a result of the change in listing from the Nasdaq Global Select Market to the Nasdaq Capital Market.

The Notes are classified as long-term debt on our unaudited consolidated balance sheets as of September 30, 2023, and December 31, 2022.

For more information about subsequent events related to the Notes and the occurrence of the fundamental change, see Note 23 “Subsequent Events.” The company will pay for the remaining Notes pursuant to the offer to purchase or otherwise. The Notes are classified as long-term debt on our unaudited consolidated balance sheets as of September 30, 2023, due to the refinancings which occurred in November 2023.

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


	September 30,		December 31,
	2023		2022
Liability component:
Principal	$	125,000	$	125,000
Unamortized transaction costs	(1,708)		(2,369)
Net carrying amount	$	123,292	$	122,631

Interest expense recognized related to the Notes was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense	$	1,095	$	1,093	$	3,371	$	3,281
Amortization of transaction costs	222		214		661		634
Total	$	1,317	$	1,307	$	4,032	$	3,915

As of September 30, 2023, and December 31, 2022, the estimated fair value of the Notes was $111,153 and $107,031, respectively. We estimated the fair value based on the quoted market prices in an inactive market on the last trading day of the reporting period, which are considered Level 2 inputs.

Capped Call Transactions

In connection with the offering of the Notes, we entered into privately negotiated capped call transactions with certain counterparties (collectively, the “Capped Calls”). The Capped Calls have an initial strike price of approximately $8.53 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Notes. The Capped Calls have an initial cap price of $13.38 per share, subject to certain adjustments. The Capped Calls are generally intended to reduce or offset the potential economic dilution of approximately 14.7 million shares to our common stock upon any conversion of the Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. As the Capped Calls are considered indexed to our own stock and are equity classified, they are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $16,400 incurred in connection with the Capped Calls was recorded as a reduction to additional paid-in capital. The Capped Calls were terminated in connection with our November 2023 financing, as discussed in Note 23 “Subsequent Events.”

Line of Credit

In November 2015, we entered into the original Loan and Security Agreement (the “Credit Agreement”) with FCB. Since the inception, there have been eleven amendments, with the most recent amendment being on September 7, 2023. Our borrowing capacity as of September 30, 2023 was the lesser of the commitment amount of $50,000 or 50% of eligible accounts receivable with a maturity date of 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 September 30, 2023 and December 31, 2022, we had no outstanding borrowings. The Credit Agreement was terminated and replaced in November 2023 in connection with financing transactions described under Note 23 “Subsequent Events.”

As of September 30, 2023, borrowings under the Credit Agreement bear interest at the greater of the current prime rate minus 0.25% or 4%. In the event of default, obligations shall bear interest at a rate per annum that is 3% above the then applicable rate.

Amendment fees and other commitment fees are included in interest expense. During the three months ended September 30, 2023 and 2022, there was no interest expense and fees expense and amortization was $32 and $10, respectively. During the nine months ended September 30, 2023 and 2022, there was no interest expense and fees expense and amortization was $119 and $30, respectively.

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

We were required to maintain an Adjusted Quick Ratio of at least 1.0 to 1.0. We were 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 September 30, 2023 and December 31, 2022 we were not in compliance with our Adjusted Quick Ratio requirement. On September 7, 2023, under the eleventh amendment and June 27, 2023, under the tenth amendment, we received a waiver for, among other things, our non-compliance as of June 30, 2023, March 31, 2023 and December 31, 2022, respectively. We did not obtain a waiver for our non-compliance as of September 30, 2023 as the Credit Agreement was terminated in November 2023.

For more information about the termination of the Credit Agreement, see Note 23 “Subsequent Events.”

- Definition

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

+ References

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

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Nasdaq Transfer and Delisting; Fundamental Change and Make-Whole Fundamental Change On October 20, 2023, the company’s stock listing was transferred by Nasdaq Stock Market (“Nasdaq”) from the Nasdaq Global Select Market to the Nasdaq Capital Market (the “Transfer”). The Transfer was a result of Nasdaq’s determination that the company had ceased to meet the requirements for listing of its common stock on the Nasdaq Global Select Market and the company’s need for additional time to regain compliance with Nasdaq’s listing rules. The Transfer constituted both a Fundamental Change and a Make-Whole Fundamental Change under the Indenture governing the Notes. The occurrence of the Fundamental Change and Make-Whole Fundamental Change provided holders the right to cause the company to repurchase their Notes at Par or convert their Notes at the then applicable “make-whole” rate, in each case, if they determined not to maintain their investment the Notes. As a result of the Transfer, the company provided a notice to holders of the Notes on October 27, 2023 notifying them of the occurrence of a Fundamental Change and Make-Whole Fundamental Change (the “Event Notice”). In accordance with Section 4.02 of the Indenture, the company will also provide a notice to holders within 20 calendar days (with a five day grace period) after the Fundamental Change notifying holders of their options under the indenture following a Fundamental Change (the “Option Notice”), the procedures that holders must follow to require the company to repurchase its Notes and Conversion Rate in effect, among other things (all as defined in the Indenture). New Senior Secured Convertible Notes On November 14, 2023, the company completed a private exchange with Lynrock Lake Master Fund LP (“Lynrock”), which held an aggregate of $118,870 in principal amount of the company’s outstanding Notes. In exchange for the Notes held by Lynrock, the company issued Lynrock $118,870 in aggregate principal amount at maturity of the company’s new 19.5% (3.5% cash / 16% PIK) Senior Secured Convertible Notes due 2027 (the “New Notes”). The New Notes will be secured by first priority security interests on substantially all of the assets of the company and will guaranteed by all existing and future wholly owned domestic subsidiaries (collectively, the “Guarantors”). The New Notes will be issued pursuant to an indenture dated November 14, 2023, among the company, as issuer, as the Guarantors, and U.S. Bank National Association, as trustee (the “New Indenture”). If an authorization of sufficient shares to satisfy conversions is obtained from shareholders (as described further below), the New Notes will be convertible at under certain times into common shares of the company at an initial conversion rate of 684.93 common shares of the company per $1 principal amount of New Notes (equivalent to an initial conversion price of approximately $1.46 per common share of the company), subject to anti-dilution provisions and a beneficial ownership limitation of the company’s common stock, on a post conversion basis of 4.99%. Certain requirements govern settlement of the New Notes upon conversion, which are outlined below. The New Indenture includes customary covenants and sets forth certain events of default after which the New 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 New Notes become automatically due and payable. The New Notes have a stated maturity of November 14, 2027, unless earlier converted, redeemed or repurchased in accordance with their terms prior to the maturity date. Interest is payable quarterly in arrears on February 14, May 14, August 14, and November 14 of each year, beginning on February 14, 2024. The holders of the New Notes may convert all or any portion of their New Notes at their option at any time and from time to time (i) after the earlier of (x) the Shareholder Approvals and (y) January 26, 2024, so long as the Conversion Prohibition Right (as defined below) is not validly in effect and (ii) in any event only in the following circumstances: (1) during any calendar quarter (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 $1.46 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 New 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; and (4) if the company calls such New Notes for redemption. Upon conversion, subject to the Shareholder Approvals (as defined below), the company will be able to satisfy its 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 New Indenture. Settlement of our conversion obligation by payment or delivery of shares of common stock or a combination of cash and shares of common stock shall not be permitted if Shareholder Approval are not obtained. If such Shareholder Approval and authorization of sufficient shares to satisfy conversions are not obtained on or prior to January 26, 2024, (i) the company may, following an amendment to the New Indenture as provided in the private exchange agreement, on or after January 26, 2024, by written notice to the trustee and noteholders, except as permitted by Section 5.01(c) in the New Indenture, in its sole discretion prohibit conversions and reject any conversion request until the date that is the earlier of (x) two years after November 14, 2023 and (y) the date that the Shareholder Approvals are obtained (the “Conversion Prohibition Right”); provided that on the earlier of (x) two years after November 14, 2023 and (y) the date that the Shareholder Approvals are obtained, the Conversion Prohibition Right shall cease to apply. The initial conversion price of the New Notes represents a premium of approximately 124.62% over the last reported sale price of our common stock on The Nasdaq Capital Market of $0.65 per share on November 13, 2023. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the New 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 New Notes in connection with such a corporate event or convert its New Notes called (or deemed called) for redemption in connection with such notice of redemption. On or after the date that is 96 days after the issue date of the New Notes and on or before the tenth (10th) business day thereafter, the company may, at its election, redeem all (but not less than all) of the New Notes, for a cash purchase price equal to 100% of the principal amount, plus any accrued and unpaid interest to and including the redemption date. The company may not repurchase or otherwise retire the New Notes unless the company simultaneously repays all the loans under the Credit Agreement (as defined below). If the company exercises its right to redeem the New Notes, then the sending of a redemption notice with respect to New Notes called for redemption constitutes a make-whole fundamental change that triggers a holder’s right to convert in respect of a conversion amount that would include a make-whole amount. No sinking fund is provided for the New Notes, which means that we are not required to redeem or retire the New Notes periodically. If we undergo a fundamental change (as defined in the New Indenture), holders may require us to repurchase for cash all or any portion of their New 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, plus the fundamental change repurchase premium, which is the arithmetic sum of all required and unpaid interest payments that would be due on the New Notes through the maturity date, as calculated by the company or its agent. Termination of Capped Calls Pursuant to the terms of the Capped Calls, the company will notify the dealers who are party to such transactions of the volume of the Notes that have been repurchased, and the relevant dealers will terminate a portion of such transactions proportionate to the portion of the Notes repurchased. New Secured Credit Facility and Termination of the Credit Agreement On November 14, 2023, the company entered into a senior secured term loan credit facility (the “New Credit Agreement”) with Lynrock Lake Master Fund LP. The New Credit Agreement is secured by a first priority lien on substantially all assets of the company and its domestic subsidiaries, ranks pari passu with the New Notes and provides for term loans in the aggregate principal amount of $79,500 at an interest rate of 19.5% (3.5% cash / 16% PIK), payable quarterly and is guaranteed by each of its domestic subsidiaries. The maturity date of the New Credit Agreement is November 14, 2027. Pursuant to the New Credit Agreement, Lynrock received a completed Notice of Borrowing (as defined in the New Credit Agreement), requesting that Lynrock deliver the term loans. A portion of the proceeds is expected to be used to repurchase the remaining outstanding amount of the Notes and to pay fees and expenses, estimated to be approximately $10,000, in connection with the New Credit Agreement. Pursuant to the New Credit Agreement, the company agreed to pay an upfront fee to Lynrock in an amount equal to $13,248 or 16.67% multiplied by the aggregate principal amount of Lynrock’s term loan. The company has segregated approximately $6,200 of the proceeds to repurchase the remaining principal amount of the Notes on the date set forth in the New Credit Agreement, in January 2024, in the event that the repurchase option is elected, as further described below. Net proceeds to the company resulting from the New Credit Agreement in November 2023 was approximately $50,000. In connection with the New Credit Agreement, the company will be required to comply with certain financial covenants which are in place from November 14, 2023 at all times prior to the discharge of obligations. These covenants include (i) a maximum total net leverage ratio, (ii) a minimum fixed charge coverage ratio, (iii) a minimum adjusted quick ratio, and (iv) a minimum qualified cash covenant. In connection with the New Credit Agreement, the company will also be required to comply with certain negative covenants customary for loans of this type, including restrictions on (i) entering into transactions with any affiliates (ii) entering into sale leaseback transactions (iii) declaring or paying dividends on any capital stock and (iv) the issuance of preferred stock. The senior secured term loan may be prepaid in full with the New Notes (but only all of both instruments together) starting on the 96th day after the closing date of the senior secured term loan and New Notes and ending ten business days thereafter. The repurchase price for the senior secured term loan will be 106% of the principal amount plus accrued interest. So as long as $6,000 of term loans remain outstanding, after November 14, 2024, the company may repay a portion of the senior secured term loan at par plus accrued interest plus all future scheduled payments of interest to maturity, however, prior to November 14, 2024, the senior secured term loan may not be voluntarily prepaid except as described in the first sentence of this paragraph. If the senior secured term loan is accelerated or otherwise becomes due prior to the maturity date, the prepayment premium or make-whole amount, an amount equal to all payments of interest with respect to the principal amount of the loan that would be due after the repayment or prepayment date through the maturity date if no payment of the principal amount were made, if any, that would have been payable if the senior secured term loan was optionally prepaid or mandatorily prepaid on such date of acceleration will also automatically be due and payable and shall constitute part of the obligations with respect to the loan. Subject to the payment of the make-whole amount, if on any date the company or one of its subsidiaries receives cash proceeds from any Extraordinary Receipt (cash receipts received not in the ordinary course of business, as defined in the New Credit Agreement) in an amount equal to or exceeding $250, the company and its subsidiaries shall, at the option of the Lynrock, prepay the Loans within five business days. On November 14, 2023, the company terminated the Credit Agreement with FCB. Warrant Agreement In the event that the Shareholder Approvals are obtained with respect to the issuance of warrants to Lynrock, the company will issue to Lynrock warrants to purchase shares of common stock of the company, representing 19.99% of fully diluted shares outstanding (after giving effect to shares subject to such warrant) at the time of issuance of the warrant, at an exercise price of $0.001 (the “Warrants”). The Warrant expires on the tenth anniversary of the date of issuance of the Warrants. The number of shares subject to the Warrants is subject to customary anti-dilution adjustments. If Shareholder Approval is not obtained with respect to the authorization of sufficient shares to satisfy conversions and the warrants, the following occurs: (x) the outstanding principal amount of the senior secured term loans issued pursuant to the New Credit Agreement is increased by $48,000, (y) the conversion price then in effect reduces by $0.30 and (z) the company can reject any conversion request as described above. The company is currently evaluating the accounting for these subsequent events and the financial statement impact will be reflected in the fourth quarter of 2023.

Leases and Commitments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases and Commitments - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 596,000	$ 0	$ 1,987,000	$ 645,000
Operating cash flows from operating leases	1,227,000	1,395,000	3,936,000	2,648,000
Lease expense	$ 255,000	$ 229,000	$ 731,000	$ 489,000

Concentrations	9 Months Ended
Concentrations	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Concentrations	Concentrations During the three months ended September 30, 2023, we had three clients, Amazon, Verizon and Microsoft, who each represented 10% or more of our total revenue. During the nine months ended September 30, 2023, we had two clients, Amazon and Verizon, who each represented 10% or more of our total revenue. During the three months ended September 30, 2022, we had two clients, Verizon and Amazon, who each represented 10% or more of our total revenue. During the nine months ended September 30, 2022, we had one client, Amazon, who represented 10% or more of our total revenue. As of September 30, 2023 and December 31, 2022, we had three clients, Amazon, Microsoft and Verizon, who each represented 10% or more of our total accounts receivable. Revenue from clients located within the United States, our country of domicile, was $74,447 for the three months ended September 30, 2023, compared to $84,681 for the three months ended September 30, 2022. For the nine months ended September 30, 2023, revenue from clients located within the United States was $224,416, compared to $157,126 for the nine months ended September 30, 2022. During the three and nine months ended September 30, 2023, based on client location, we had one country, the United States, that individually accounted for 10% or more of our total revenue. During the three months ended September 30, 2022, based on client location, we had one country, the United States, that individually accounted for 10% or more of our total revenue. During the nine months ended September 30, 2022, based on client location, we had two countries, the United States and Japan, that individually accounted for 10% or more of our total revenue.

Segment Reporting and Geographic Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 segment location
Segment Reporting [Abstract]
Number of industry segment \| segment	1
Number of geographic areas \| location	3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 31, 2023
Accounting Policies [Line Items]
Reduction of depreciation	$ (286,000)	$ (1,026,000)	$ (872,000)	$ (1,608,000)
Decrease in net loss	$ (24,491,000)	$ (49,123,000)	$ (95,126,000)	$ (89,993,000)
Basic (in dollars per share)	$ (0.11)	$ (0.22)	$ (0.43)	$ (0.53)
Diluted (in dollars per share)	$ (0.11)	$ (0.22)	$ (0.43)	$ (0.53)
Restatement related expenses	$ 0		$ 4,763,000
Committed revenue from minimum commitment contracts	57,167,000		57,167,000
Revenue recognized in period	$ 1,344,000	$ 479,000	$ 5,580,000	$ 3,320,000
Minimum
Accounting Policies [Line Items]
Bandwidth contracts with third party			3 years
Maximum
Accounting Policies [Line Items]
Bandwidth contracts with third party			5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Accounting Policies [Line Items]
Remaining unsatisfied performance obligations to be recognized period (in years)	3 months		3 months
Percent of remaining unsatisfied performance obligations to be recognized	13.00%		13.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Accounting Policies [Line Items]
Remaining unsatisfied performance obligations to be recognized period (in years)	1 year		1 year
Percent of remaining unsatisfied performance obligations to be recognized	40.00%		40.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Accounting Policies [Line Items]
Remaining unsatisfied performance obligations to be recognized period (in years)	1 year		1 year
Percent of remaining unsatisfied performance obligations to be recognized	21.00%		21.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Accounting Policies [Line Items]
Remaining unsatisfied performance obligations to be recognized period (in years)	1 year		1 year
Percent of remaining unsatisfied performance obligations to be recognized	8.00%		8.00%
Service Life
Accounting Policies [Line Items]
Reduction of depreciation	$ 2,692,000		$ 9,826,000
Decrease in net loss	$ 2,622,000		$ 9,472,000
Basic (in dollars per share)	$ 0.01		$ 0.04
Diluted (in dollars per share)	$ 0.01		$ 0.04
Network Equipment
Accounting Policies [Line Items]
Estimated useful lives of assets (in years)					3 years
Network Equipment \| Service Life
Accounting Policies [Line Items]
Estimated useful lives of assets (in years)					5 years

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring Reserve


	Employee Severance and Related Benefits		Share-Based Compensation		Facilities Related Charges		Total
Balance as of December 31, 2022	$	2,772	$	240	$	3,172	$	6,184
Costs incurred (recorded in restructuring charges)	500		—		—		500
Cash disbursements	(1,488)		—		(698)		(2,186)

Balance as of March 31, 2023	$	1,784	$	240	$	2,474	$	4,498
Costs incurred (recorded in restructuring charges)	3,336		—		—		3,336
Cash disbursements	(1,502)		—		(606)		(2,108)

Balance as of June 30, 2023	$	3,618	$	240	$	1,868	$	5,726
Costs incurred (recorded in restructuring charges)	72		—		—		72
Cash disbursements	(2,947)		—		(418)		(3,365)

Balance as of September 30, 2023	$	743	$	240	$	1,450	$	2,433

The following table summarizes the activity of our restructuring accrual during the three and nine months ended September 30, 2022:


	Employee Severance and Related Benefits		Share-Based Compensation		Facilities Related Charges		Total
Balance as of January 1, 2022	$	235	$	—	$	180	$	415
Costs incurred (recorded in restructuring charges)	(93)		—		791		698
Cash disbursements	(142)		—		(687)		(829)
Noncash charges	—		—		3		3
Balance as of March 31, 2022	$	—	$	—	$	287	$	287
Costs incurred (recorded in restructuring charges)	3,715		—		653		4,368
Cash disbursements	—		—		(806)		(806)

Balance as of June 30, 2022	$	3,715	$	—	$	134	$	3,849
Costs incurred (recorded in restructuring charges)	1,511		397		2,162		4,070
Cash disbursements	(4,897)		—		(408)		(5,305)
Noncash charges	92		(157)		(1,596)		(1,661)
Balance as of September 30, 2022	$	421	$	240	$	292	$	953

Accounts Receivable, net (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Summary of Accounts Receivable and Allowances for Doubtful Accounts

Accounts receivable, net include:


	September 30,		December 31,
	2023		2022
Accounts receivable	$	72,221	$	90,046
Less: credit allowance	(1,022)		(1,514)
Less: allowance for doubtful accounts	(4,453)		(3,905)
Total accounts receivable, net	$	66,746	$	84,627

The following is a roll-forward of the allowance for doubtful accounts related to trade accounts receivable for the nine months ended September 30, 2023 and the twelve months ended December 31, 2022:


	Nine Months Ended		Twelve Months Ended
	September 30, 2023		December 31, 2022
Beginning of period	$	3,905	$	1,500
Provision for credit losses	1,300		2,413
Recoveries/write-offs	(752)		(8)
End of period	$	4,453	$	3,905

Summary of Significant Accounting Policies - Impact of the Reclassifications (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Income Statement [Abstract]

Revenue

^[1]

$ 97,035

$ 110,832

$ 294,748

$ 229,757

Cost of revenue:

Cost of services

^[1]

66,359

67,140

200,454

138,531

Depreciation — network

3,965

10,903

11,363

23,542

Amortization — technology

3,516

4,166

10,549

5,354

Total cost of revenue

73,840

82,209

222,366

167,427

Gross profit

23,195

28,623

72,382

62,330

Operating expenses:

General and administrative

^[1]

13,015

22,138

44,331

64,783

Sales and marketing

^[1]

15,433

14,448

51,222

32,909

Research and development

^[1]

15,958

32,462

55,713

54,211

Depreciation and amortization

2,126

1,777

6,392

3,129

Restructuring charges

$ 3,336

$ 500

4,070

$ 4,368

$ 698

3,908

9,136

Total operating expenses

46,604

74,895

161,566

164,168

Operating loss

$ (23,409)

(46,272)

$ (89,184)

(101,838)

Prior presentation

Income Statement [Abstract]

Revenue

110,832

229,757

Cost of revenue:

Cost of services

67,140

138,531

Depreciation — network

10,903

23,542

Amortization — technology

Total cost of revenue

78,043

162,073

Gross profit

32,789

67,684

Operating expenses:

General and administrative

22,138

64,783

Sales and marketing

14,448

32,909

Research and development

32,462

54,211

Depreciation and amortization

5,943

8,483

Restructuring charges

4,070

9,136

Total operating expenses

79,061

169,522

Operating loss

(46,272)

(101,838)

Amounts reclassified

Income Statement [Abstract]

Revenue

Cost of revenue:

Cost of services

Depreciation — network

Amortization — technology

4,166

5,354

Total cost of revenue

4,166

5,354

Gross profit

(4,166)

(5,354)

Operating expenses:

General and administrative

Sales and marketing

Research and development

Depreciation and amortization

(4,166)

(5,354)

Restructuring charges

Total operating expenses

(4,166)

(5,354)

Operating loss

$ 0

[1]	Includes revenue and costs from related parties. See Note 20 for further details.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes for the interim periods presented have been included in the accompanying unaudited consolidated financial statements on the basis of an estimated annual effective tax rate. Based on an estimated annual effective tax rate and discrete items, income tax expense (benefit) for the three months ended September 30, 2023 and 2022 was $487 and $440, respectively. For the nine months ended September 30, 2023 and 2022, income tax expense (benefit) was $1,264 and $(18,943), respectively. Income tax expense was different than the statutory income tax rate primarily due to changes in our valuation allowance on deferred tax assets in the U.S., and the recording of state and foreign tax expense for the three month periods. We file income tax returns in jurisdictions with varying statutes of limitations. Tax years 2019 through 2022 remain subject to examination by federal tax authorities. Tax years 2018 through 2022 generally remain subject to examination by state tax authorities. As of September 30, 2023, we are not under any federal or state income tax examinations. For the three and nine months ended September 30, 2023 and 2022, respectively, there was no impact to income tax expense related to the Global Intangible Low-Taxed Income inclusion (“GILTI”) as a result of our net operating loss carryforwards (“NOL”) and valuation allowance position.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases and Commitments - Financing Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Financing obligations, current	$ 9,234	$ 6,346
Financing obligations, less current portion	13,030	13,784
Total financing obligations	$ 22,264	$ 20,130
Weighted-average remaining lease term	3 years 4 months 24 days	3 years 10 months 24 days
Weighted-average discount rate (as percent)	5.50%	4.97%

Segment Reporting and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Revenue Earned by Geographic Area

The following table sets forth our revenue by geographic area:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2022				2023				2022
Americas	$	76,249	79	%	$	86,287	78	%	$	229,829	78	%	$	160,808	70	%
EMEA	6,050		6	%	6,915		6	%	19,044		6	%	17,000		7	%
Asia Pacific	14,736		15	%	17,630		16	%	45,875		16	%	51,949		23	%
Total revenue	$	97,035	100	%	$	110,832	100	%	$	294,748	100	%	$	229,757	100	%

Summary of Concentration of Revenue by Country

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Country / Region	2023		2022		2023		2022
United States / Americas	$	74,447	$	84,681	$	224,416	$	157,126
Japan / Asia Pacific	$	8,873	$	10,157	$	27,446	$	31,873

Summary of Long-lived Assets by Geographical Area

The following table sets forth property and equipment, net by geographic area where they are located:


	September 30,		December 31,
	2023		2022
Americas	$	61,279	$	65,190
International	8,891		8,277
Total long-lived assets	$	70,170	$	73,467

Leases and Commitments - Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 4,614	$ 5,290
Lease liability obligations, current	2,769	4,557
Lease liability obligations, less current portion	7,465	9,181
Total lease liability obligations	$ 10,234	$ 13,738
Weighted-average remaining lease term	5 years 8 months 12 days	4 years 9 months 18 days
Weighted-average discount rate (as percent)	5.05%	5.05%

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsAs of December 31, 2022, we held certain assets that were required to be measured at fair value on a recurring basis. The following is a summary of fair value measurements as of December 31, 2022:


			Fair Value Measurements at Reporting Date Using
Description	Total		Quoted Prices In Active Markets for Identical Assets (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	11,379		—		11,379		—
Treasury bills	985		—		985		—
Total marketable securities	18,774		—		18,774		—
Total assets measured at fair value	$	74,049	$	51,458	$	22,591	$	—

(1) Classified in other assets.

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

- 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

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) reportingUnit	Sep. 30, 2022 USD ($)	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Number of reporting units \| reportingUnit			1
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0
Acquired intangible assets, weighted average useful life (in years)			4 years		4 years 8 months 12 days
Cost of Revenue
Finite-Lived Intangible Assets [Line Items]
Amortization expense, intangible assets	3,516,000	4,166,000	$ 10,549,000	5,354,000
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization expense, intangible assets	$ 1,840,000	$ 751,000	$ 5,520,000	$ 1,521,000
Trade name
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, weighted average useful life (in years)			10 months 24 days		1 year 8 months 12 days
Client relationships
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, weighted average useful life (in years)			5 years 4 months 24 days		6 years 1 month 6 days
Technology
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, weighted average useful life (in years)			2 years 8 months 12 days		3 years 4 months 24 days

Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Cost of services

^[1]

$ 66,359

$ 67,140

$ 200,454

$ 138,531

General and administrative

^[1]

13,015

22,138

44,331

64,783

Sales and marketing

^[1]

15,433

14,448

51,222

32,909

Research and development

^[1]

15,958

32,462

55,713

54,211

Revenue

^[1]

97,035

110,832

294,748

229,757

Accounts receivable, net

^[2]

66,746

$ 84,627

Related party expenses

739

14,304

15,816

16,821

Cost of services

534

7,216

10,483

9,139

General and administrative

2,406

2,991

2,876

Sales and marketing

222

334

Research and development

205

4,460

2,342

4,472

Revenue

635

$ 1,039

2,065

$ 1,276

Accounts receivable, net

$ 656

$ 1,695

College Parent L P | Edgio Inc

Ownership interest (as percent)

35.00%

[1]	Includes revenue and costs from related parties. See Note 20 for further details.
[2]	Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details.

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Concentration Risk [Line Items]

Revenue

^[1]

$ 97,035

$ 110,832

$ 294,748

$ 229,757

Sales revenue | Geographic concentration

Concentration Risk [Line Items]

Concentration risk percentage, or more

100.00%

Sales revenue | Geographic concentration | United States / Americas

Concentration Risk [Line Items]

Concentration risk percentage, or more

10.00%

Revenue

$ 74,447

$ 84,681

$ 224,416

$ 157,126

Sales revenue | Geographic concentration | United States and Japan

Concentration Risk [Line Items]

Concentration risk percentage, or more

10.00%

Amazon, Verizon, and Microsoft | Sales revenue | Customer concentration

Concentration Risk [Line Items]

Concentration risk percentage, or more

10.00%

Amazon, Verizon, and Microsoft | Accounts Receivable | Customer concentration

Concentration Risk [Line Items]

Concentration risk percentage, or more

10.00%

Amazon and Verizon | Sales revenue | Customer concentration

Concentration Risk [Line Items]

Concentration risk percentage, or more

10.00%

Amazon | Sales revenue | Customer concentration

Concentration Risk [Line Items]

Concentration risk percentage, or more

10.00%

[1]	Includes revenue and costs from related parties. See Note 20 for further details.

Segment Reporting and Geographic Information - Revenue Earned by Geographic Area (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue

^[1]

$ 97,035

$ 110,832

$ 294,748

$ 229,757

Americas

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue

76,249

86,287

229,829

160,808

EMEA

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue

6,050

6,915

19,044

17,000

Asia Pacific

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenue

$ 14,736

$ 17,630

$ 45,875

$ 51,949

Sales revenue | Geographic concentration

Revenues from External Customers and Long-Lived Assets [Line Items]

Percent of revenue

100.00%

Sales revenue | Geographic concentration | Americas

Revenues from External Customers and Long-Lived Assets [Line Items]

Percent of revenue

79.00%

78.00%

70.00%

Sales revenue | Geographic concentration | EMEA

Revenues from External Customers and Long-Lived Assets [Line Items]

Percent of revenue

6.00%

7.00%

Sales revenue | Geographic concentration | Asia Pacific

Revenues from External Customers and Long-Lived Assets [Line Items]

Percent of revenue

15.00%

16.00%

23.00%

[1]	Includes revenue and costs from related parties. See Note 20 for further details.

- Definition

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities Exchange Commission (the “SEC”). They do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. Such interim financial information is unaudited but reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim periods presented and of a normal recurring nature. This quarterly report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022. All information is presented in thousands, except per share amounts and where specifically noted. The consolidated financial statements include accounts of Edgio and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Corrections of prior period presentation	Corrections of prior period presentationIn the third quarter of 2023, the company corrected its prior period presentation of amortization of acquired technology and reclassified amounts recorded for amortization of acquired technology from total operating expenses within the caption "depreciation and amortization” to cost of revenue within the caption "amortization - technology" in the consolidated statements of operations. The company's management believes that acquired technology directly relates to technology used to provide services to its customers, and therefore, it is appropriate to be included in cost of revenue within the consolidated statements of operations. The correction of its prior period presentation of amortization of acquired technology did not impact operating loss, net loss, or loss per share for any historical periods. These resulting reclassifications also did not impact the consolidated balance sheets, consolidated statements of stockholders’ equity, or consolidated statements of cash flows for any historical periods.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results and outcomes may differ from those estimates. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any future periods. In accordance with its accounting policies, the company reviews the estimated useful lives of its property and equipment on an ongoing basis.
Restatement of Previously Issued Consolidated Financial Statements	Restatement of Previously Issued Consolidated Financial StatementsThe company restated the consolidated financial statements for the years ended December 31, 2021 and 2020 presented in its Annual Report on Form 10-K for the year ended December 31, 2022, necessary to correct for the following errors: (i) accounting for certain financing arrangements (as failed sale leasebacks), (ii) accounting treatment for certain transitional services, and (iii) other immaterial adjustments. In addition, the company restated its unaudited quarterly financial data for the periods ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021. Such restated and unaudited quarterly financial data and related impacted amounts were presented in the company's Annual Report on Form 10-K for the year ended December 31, 2022. The discussion of financial results presented in this quarterly report on Form 10-Q reflects such restated amounts.
Adopted Accounting Standards and Recently Issued Accounting Standards applicable to Edgio, Inc.	Adopted Accounting Standards None. Recently Issued Accounting Standards applicable to Edgio, Inc. None.
Revenue Recognition	Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our contractual arrangements with customers generally specify monthly billing terms, and we apply the variable consideration allocation exception and record revenue based on actual usage during the month. Certain contracts contain minimum commitments over the contractual term; however, we generally have concluded that these commitments are not substantive. Accordingly, the consideration for these contracts is substantially considered variable and is recognized based on actual usage as we apply the variable consideration allocation exception to these contracts. These customers have entered into contracts with contract terms generally from one to ten years. As of September 30, 2023, we had approximately $57,167 of remaining unsatisfied performance obligations for contracts with terms over one year. Of the remaining unsatisfied performance obligations, we expect to recognize 13% in 2023, 40% in 2024, 21% in 2025, 8% 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 three and nine months ended September 30, 2023 from amounts included in deferred revenue at the beginning of the period was $1,344 and $5,580, respectively. Revenue recognized in the three and nine months ended September 30, 2022 from amounts included in deferred revenue at the beginning of the period was $479 and $3,320, respectively.
Cost of revenue	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, amortization of technology used to provide services to its customers, 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.
General and Administrative	General and AdministrativeGeneral and administrative expenses primarily consist of costs for corporate functions, including payroll and related employee costs, including share-based compensation, professional fess and outside services, acquisition and legal related expenses and other costs, such as fees and licenses.
Sales and marketing	Sales and marketing Sales and marketing costs include marketing programs, including advertising and trade show costs, payroll and related expenses and share-based compensation for personnel engaged in marketing and selling activities, and other costs, including fees and licenses.
Depreciation and amortization	Depreciation and amortizationThe company records client relationships and trade name intangible assets in connection with its business combinations. Client relationships intangible assets primarily relate to the sales and marketing of the company’s products and services. Trade name intangible assets represent the name recognition value associated with acquired businesses. Both the client relationships and trade name intangible assets are a component of and integral to its sales processes and accordingly the company records amortization of its client relationships and trade name acquired intangible assets, along with depreciation expenses, within operating expenses as “depreciation and amortization” within the consolidated statements of operations.

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

College Parent and its related affiliates is considered to be a related party following the close of the Edgecast Acquisition due to its ownership interest. As of September 30, 2023, College Parent had approximately 35% ownership interest in Edgio. As of September 30, 2023, we had recorded receivables from College Parent and its affiliates related to reimbursement for certain compensation and severance plans. Additionally, as of September 30, 2023, we had recorded payables related to transition service agreements, which had been entered into between Edgio and College Parent and its related affiliates. For the three and nine months ended September 30, 2023, expenses related to these agreements were $739 and $15,816 of which $534 and $10,483 were recorded in cost of services, $0 and $2,991 were recorded in general and administrative, and $205 and $2,342 were recorded in research and development, respectively, within our unaudited consolidated statement of operations. For the three and nine months ended September 30, 2022, expenses related to these agreements were $14,304 and $16,821 of which $7,216 and $9,139 were recorded in cost of services, $2,406 and $2,876 were recorded in general and administrative, $222 and $334 were recorded to sales and marketing, and $4,460 and $4,472 were recorded in research and development, respectively, within our unaudited consolidated statement of operations. The following table summarizes the amounts due to and due from College Parent and its related affiliates:


	September 30,		December 31,
	2023		2022
Prepaid assets and other current assets (1)	$	1,792	$	7,962
Other assets	—		2,318
Total amount due from related party	$	1,792	$	10,280

Accounts payable	$	940	$	18,224
Other current liabilities	98		9,931
Total amount due to related party (2)	$	1,038	$	28,155

(2) Inclusive of $5,484 of transition service agreement credits from College Parent and its related affiliates issued in 2022 which recorded as a capital contributions.

Revenue from College Parent and its affiliates were $635 and $2,065 for the three and nine months ended September 30, 2023, respectively. Revenue from College Parent and its affiliates or the three and nine months ended September 30, 2022

were $1,039 and $1,276. Trade accounts receivable were $656 and $1,695 as of September 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in the components of accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2023, were as follows:




	Foreign		Available for
	Currency		Sale Securities		Total
Balance, December 31, 2022	$	(11,640)	$	(25)	$	(11,665)
Other comprehensive gain (loss) before reclassifications	(477)		(6)		(483)
Amounts reclassified from accumulated other comprehensive loss	—		—		—
Net current period other comprehensive gain (loss)	(477)		(6)		(483)
Balance, September 30, 2023	$	(12,117)	$	(31)	$	(12,148)

Leases and Commitments - Future Minimum Lease Payments Over Remaining Lease Periods (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating Obligations
Remainder of 2023	$ 1,199
2024	2,360
2025	1,440
2026	1,468
2027	1,497
Thereafter	3,864
Total minimum payments	11,828
Less: amount representing interest	1,594
Total	10,234	$ 13,738
Financing Obligations
Remainder of 2023	5,771
2024	6,283
2025	5,656
2026	4,604
2027	1,886
Thereafter	297
Total minimum payments	24,497
Less: imputed interest	2,233
Total financing obligations	$ 22,264	$ 20,130

Subsequent Event (Details) $ / shares in Units, $ in Thousands	Nov. 14, 2023 USD ($) day $ / shares	Nov. 13, 2023 USD ($) $ / shares	Jul. 22, 2020 $ / shares
Subsequent Event [Line Items]
Share price (in dollars per share) \| $ / shares			$ 6.69
Subsequent event
Subsequent Event [Line Items]
Purchase percentage of fully diluted shares	19.99%
Warrants, exercise price (in dollars per share) \| $ / shares	$ 0.001
Term, warrants outstanding	10 years
Lynrock Notes \| Convertible debt \| Subsequent event
Subsequent Event [Line Items]
Aggregate principal amount		$ 118,870
Senior Secured Convertible Notes Due 2027 \| Convertible debt \| Subsequent event
Subsequent Event [Line Items]
Aggregate principal amount	$ 118,870
Stated interest rate (as percent)	19.50%
Interest rate, cash portion	3.50%
Interest rate, paid-in-kind portion	16.00%
Conversion ratio	0.68493
Conversion price (in dollars per share) \| $ / shares	$ 1.46
Post conversion basis percentage	4.99%
Conversion request period	2 years
Redemption price percentage (as percent)	100.00%
Premium percentage	124.62%
Share price (in dollars per share) \| $ / shares		$ 0.65
Redemption period	96 days
Extended redemption period	10 days
Senior Secured Convertible Notes Due 2027 \| Convertible debt \| Subsequent event \| Debt Conversion Terms One
Subsequent Event [Line Items]
Threshold percentage of stock price trigger (as percent)	130.00%
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Senior Secured Convertible Notes Due 2027 \| Convertible debt \| Subsequent event \| Debt Conversion Terms Two
Subsequent Event [Line Items]
Threshold percentage of stock price trigger (as percent)	98.00%
Threshold trading days \| day	5
Threshold consecutive trading days \| day	10
New Credit Agreement \| Line of Credit \| Subsequent event
Subsequent Event [Line Items]
Stated interest rate (as percent)	19.50%
New Credit Agreement \| Line of Credit \| Subsequent event \| Secured Debt
Subsequent Event [Line Items]
Aggregate principal amount	$ 79,500
Interest rate, cash portion	3.50%
Interest rate, paid-in-kind portion	16.00%
Redemption period	96 days
Extended redemption period	10 days
Commitment fee amount	$ 13,248
Commitment fee percentage paid at closing	16.67%
Proceeds from debt	$ 50,000
Redemption price, percentage of principal redeemed	106.00%
Outstanding term loans	$ 6,000
Repurchase price threshold, cash receipts received not in ordinary course of business	250
Increase in outstanding principal	$ 48,000
Conversion price reduction (in dollars per share) \| $ / shares	$ 0.30
New Credit Agreement \| Line of Credit \| Subsequent event \| Secured Debt \| Proceeds From New Credit Agreement
Subsequent Event [Line Items]
Amount to be repurchased	$ 10,000
New Credit Agreement \| Line of Credit \| Subsequent event \| Secured Debt \| Proceeds From Notes
Subsequent Event [Line Items]
Amount to be repurchased	$ 6,200

Leases and Commitments - Minimum Purchase Commitments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Minimum purchase commitments
Remainder of 2023	$ 28,966
2024	60,561
2025	48,140
2026	42,711
2027	28,039
Thereafter	16,596
Total minimum payments	225,013
Cloud Hosting
Minimum purchase commitments
Total minimum payments	$ 103,333
Minimum commitment, term (in years)	5 years

Leases and Commitments

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022.


	September 30,			December 31,
	2023			2022
Right-of-use assets	$	4,614		$	5,290

Lease liability obligations, current	$	2,769		$	4,557
Lease liability obligations, less current portion	7,465			9,181
Total lease liability obligations	$	10,234		$	13,738

Weighted-average remaining lease term	5.7 years			4.8 years

Weighted-average discount rate	5.05		%	5.05		%

During the three months ended September 30, 2023, operating lease costs were $596, included primarily in operating expenses within our unaudited consolidated statement of operations. During the three months ended September 30, 2022, operating lease costs were immaterial. During the three months ended September 30, 2023 and 2022, cash paid for operating leases was $1,227 and $1,395, respectively. During the nine months ended September 30, 2023 and 2022, operating lease costs were $1,987 and $645 included primarily in operating expenses within our unaudited consolidated statement of operations. During the nine months ended September 30, 2023 and 2022, cash paid for operating leases was $3,936 and $2,648, respectively.

Approximate future minimum lease payments for our right of use assets over the remaining lease periods as of September 30, 2023, are as follows:


Remainder of 2023	$	1,199
2024	2,360
2025	1,440
2026	1,468
2027	1,497
Thereafter	3,864
Total minimum payments	11,828
Less: amount representing interest	1,594
Total	$	10,234

Financing Obligations

We enter into equipment purchase arrangements (“Open Edge arrangements”) with our partners, typically Internet service providers, where we deliver point-of-presence equipment to our partner in exchange for cash consideration. The equipment is subsequently leased back for substantially all of the equipment’s economic life, resulting in the classification of these arrangements as failed-sale leasebacks that are accounted for as financing arrangements.

Open Edge arrangements' financing obligations are recognized as short-term or long-term liabilities based on the estimated payment dates. Minimum commitment payments required to pay down the financing liability by the end of the minimum commitment term, are based on our estimated incremental borrowing rate and are recorded as a reduction of the financing liability in the period they are paid.

Interest expense related to Open Edge arrangements was $255 and $229 for the three months ended September 30, 2023 and 2022, respectively. Interest expense related to Open Edge arrangements was $731 and $489 for the nine months ended September 30, 2023 and 2022, respectively.

Below is a summary of our financing obligations as of September 30, 2023 and December 31, 2022:


	September 30,			December 31,
	2023			2022
Financing obligations, current	$	9,234		$	6,346
Financing obligations, less current portion	13,030			13,784
Total financing obligations	$	22,264		$	20,130

Weighted-average remaining lease term	3.4 years			3.9 years

Weighted-average discount rate	5.50		%	4.97		%

As of September 30, 2023, future minimum payments under the Open Edge arrangements were as follows:


Remainder of 2023	$	5,771
2024	6,283
2025	5,656
2026	4,604
2027	1,886
Thereafter	297
Total minimum payments	24,497
Less: imputed interest	2,233
Total financing obligations	$	22,264

Purchase Commitments

We have long-term commitments for bandwidth usage and co-location with various networks and Internet service providers. The following summarizes our minimum non-cancellable commitments for future periods as of September 30, 2023:


Remainder of 2023	$	28,966
2024	60,561
2025	48,140
2026	42,711
2027	28,039
Thereafter	16,596
Total minimum payments (1)(2)	$	225,013

(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.

(2) Includes $103,333 of minimum commitments related to a cloud hosting agreement with Amazon Web Services, Inc. and Amazon Web Services EMEA SARL (collectively, “AWS”), effective August 30, 2023, for access to AWS's cloud services platform to support Edgio solutions over a five-year non-cancelable term, provided however, that either party may terminate the agreement if there is a material breach.

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Common Stock Contingent Consideration	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		134,337
Beginning balance at Dec. 31, 2021	$ 132,074	$ 134	$ 0	$ 576,807	$ (8,345)	$ (436,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(89,993)					(89,993)
Change in unrealized gain on available-for-sale investments, net of taxes	13				13
Foreign currency translation adjustment, net of taxes	(5,130)				(5,130)
Exercise of common stock options (in shares)		3,515
Exercise of common stock options	8,633	$ 4		8,629
Vesting of restricted stock units (in shares)		2,837
Vesting of restricted stock units	0	$ 3		(3)
Restricted stock units surrendered in lieu of withholding taxes (in shares)		(934)
Restricted stock units surrendered in lieu of withholding taxes	(3,371)			(3,371)
Issuance of common stock under employee stock purchase plan (in shares)		280
Issuance of common stock under employee stock purchase plan	728			728
Share-based compensation (in shares)		688
Share-based compensation	17,300			17,300
Capital Contributions	1,884			1,884
Issuance of common stock for business acquisition (in shares)		76,968
Issuance of common stock for business acquisition	189,385	$ 77		189,308
Common stock contingent consideration related to business acquisition	16,300		16,300
Issuance of common stock for employee compensation arrangements (in shares)		3,892
Issuance of common stock for employee compensation arrangements	9,419	$ 4		9,415
Ending balance (in shares) at Sep. 30, 2022		221,583
Ending balance at Sep. 30, 2022	277,242	$ 222	16,300	800,697	(13,462)	(526,515)
Beginning balance (in shares) at Dec. 31, 2021		134,337
Beginning balance at Dec. 31, 2021	132,074	$ 134	0	576,807	(8,345)	(436,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital Contributions	$ 5,484			2,271
Ending balance (in shares) at Dec. 31, 2022	222,232	222,232
Ending balance at Dec. 31, 2022	$ 239,323	$ 222	16,300	807,507	(11,665)	(573,041)
Beginning balance (in shares) at Jun. 30, 2022		219,706
Beginning balance at Jun. 30, 2022	322,284	$ 220	16,900	793,969	(11,413)	(477,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(49,123)					(49,123)
Change in unrealized gain on available-for-sale investments, net of taxes	46				46
Foreign currency translation adjustment, net of taxes	(2,095)				(2,095)
Exercise of common stock options (in shares)		320
Exercise of common stock options	590	$ 1		589
Vesting of restricted stock units (in shares)		1,315
Vesting of restricted stock units	0	$ 1		(1)
Restricted stock units surrendered in lieu of withholding taxes (in shares)		(446)
Restricted stock units surrendered in lieu of withholding taxes	(1,562)			(1,562)
Share-based compensation (in shares)		688
Share-based compensation	4,960			4,960
Issuance of common stock for business acquisition	2,742			2,742
Common stock contingent consideration related to business acquisition	(600)		(600)
Ending balance (in shares) at Sep. 30, 2022		221,583
Ending balance at Sep. 30, 2022	$ 277,242	$ 222	16,300	800,697	(13,462)	(526,515)
Beginning balance (in shares) at Dec. 31, 2022	222,232	222,232
Beginning balance at Dec. 31, 2022	$ 239,323	$ 222	16,300	807,507	(11,665)	(573,041)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(95,126)					(95,126)
Change in unrealized gain on available-for-sale investments, net of taxes	(6)				(6)
Foreign currency translation adjustment, net of taxes	(477)				(477)
Exercise of common stock options (in shares)		19
Exercise of common stock options	8			8
Vesting of restricted stock units (in shares)		3,356
Vesting of restricted stock units	0	$ 4		(4)
Restricted stock units surrendered in lieu of withholding taxes (in shares)		(854)
Restricted stock units surrendered in lieu of withholding taxes	(870)	$ (1)		(869)
Issuance of common stock under employee stock purchase plan (in shares)		780
Issuance of common stock under employee stock purchase plan	551	$ 1		550
Share-based compensation	$ 10,198			10,198
Ending balance (in shares) at Sep. 30, 2023	225,533	225,533
Ending balance at Sep. 30, 2023	$ 153,601	$ 226	16,300	817,390	(12,148)	(668,167)
Beginning balance (in shares) at Jun. 30, 2023		223,380
Beginning balance at Jun. 30, 2023	175,931	$ 223	16,300	814,405	(11,321)	(643,676)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24,491)					(24,491)
Change in unrealized gain on available-for-sale investments, net of taxes	0
Foreign currency translation adjustment, net of taxes	(827)				(827)
Exercise of common stock options (in shares)		13
Exercise of common stock options	5			5
Vesting of restricted stock units (in shares)		2,175
Vesting of restricted stock units	0	$ 3		(3)
Restricted stock units surrendered in lieu of withholding taxes (in shares)		(815)
Restricted stock units surrendered in lieu of withholding taxes	(676)	$ (1)		(675)
Issuance of common stock under employee stock purchase plan (in shares)		780
Issuance of common stock under employee stock purchase plan	551	$ 1		550
Share-based compensation	$ 3,108			3,108
Ending balance (in shares) at Sep. 30, 2023	225,533	225,533
Ending balance at Sep. 30, 2023	$ 153,601	$ 226	$ 16,300	$ 817,390	$ (12,148)	$ (668,167)

Debt - Convertible Debt (Details) - Convertible debt - Convertible Senior Notes due 2025 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Liability component:
Principal	$ 125,000		$ 125,000		$ 125,000
Unamortized transaction costs	(1,708)		(1,708)		(2,369)
Net carrying amount	123,292		123,292		$ 122,631
Interest Expense
Contractual interest expense	1,095	$ 1,093	3,371	$ 3,281
Amortization of transaction costs	222	214	661	634
Total	$ 1,317	$ 1,307	$ 4,032	$ 3,915

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized (in shares)	7,500,000	7,500,000
Convertible preferred stock, shares issued (in shares)	0	0
Convertible preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	225,533,000	222,232,000
Common stock, shares outstanding (in shares)	225,533,000	222,232,000

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Legal Matters We are subject to various legal proceedings and claims, either asserted or unasserted, arising from time to time, in the ordinary course of business. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. We have not recorded any accruals related to any legal matters. No assurances can be given with respect to the extent or outcome of any such litigation in the future. On July 18, 2022, a stockholder filed a verified class action captioned George Assad v. Walter Amaral, Edgio, Inc. et al.; Diane Botelho v. Walter Amaral, Edgio, Inc. et al. Delaware Chancery Court (Case No. 2022-0626); Delaware Chancery Court (Case No. 2022-0624). The class action complaint alleges that the Edgio board of Directors violated its fiduciary duties in entering into the stockholders' agreement as part of the Edgecast Acquisition. The plaintiffs challenge certain provisions of the stockholders’ agreement alleging that the defensive measures in the agreement create a significant and enduring stockholder block designed to entrench the board of Directors and protect it from stockholder activism. The complaint seeks injunctive relief in the form of an injunction enjoining the enforcement of the challenged provisions. Edgio filed a motion to dismiss and the matter was heard on October 12, 2022 in the Delaware Chancery Court. The Vice Chancellor granted Edgio's motion to dismiss on the record; however on December 8, 2022, the court requested supplemental briefing on certain issues raised at oral arguments. Supplemental briefs and answering briefs were filed in January 2023. On May 2, 2023, the Delaware Chancery Court issued a memorandum opinion reversing its order on the record and denying the company’s motion to dismiss. On May 12, 2023, the parties entered into an interim arrangement to avoid the costs and burdens of expedited litigation where the company agreed not to enforce the provisions of the stockholders’ agreement that the plaintiffs challenged in the suit in connection with the company’s 2023 annual meeting. On September 29, 2023, the parties executed and filed with the Delaware Chancery Court a Stipulation and Agreement of Settlement, Compromise, and Release. The settlement itself does not involve any monetary payment to class members, but plaintiffs are expected to seek an award of attorney’s fees and expenses. Under the settlement, the company would agree to revise the Stockholders Agreement to conform to the following terms: (i) College Parent LP will be free to vote for any candidates it chooses for director, subject to the continuing standstill agreement; (ii) on all matters unrelated to the election of directors, College Parent LP will vote 25% of its shares to mirror the vote of the public stockholders and will, at its option, vote the remaining 75% of its shares either in favor of the board’s recommendation or to mirror the vote of the public stockholders; and (iii) the transfer restrictions will be amended to effectively eliminate the restrictions on the “SharkWatch 50” list. On October 23, 2023, the Delaware Court of Chancery issued an order preliminarily approving the proposed settlement. The settlement is subject to final consideration at a hearing to be held in person before the Delaware Court of Chancery on January 3, 2024 at 11:00 am. The award of attorney’s fees and expenses are probable; however, the amount or the range of possible amounts cannot be reasonably estimated at this time. Indirect Tax Matters We are subject to indirect taxation in various states and foreign jurisdictions. Laws and regulations that apply to communications and commerce conducted over the Internet are becoming more prevalent, both in the United States and internationally, and may impose additional burdens on us conducting business online or providing Internet-related services. Increased regulation could negatively affect our business directly, as well as the businesses of our clients, which could reduce their demand for our services. For example, tax authorities in various states and abroad may impose taxes on the Internet-related revenue we generate based on regulations currently being applied to similar but not directly comparable industries. There are many transactions and calculations where the ultimate tax determination is uncertain. In addition, domestic and international taxation laws are subject to change. In the future, we may come under audit, which could result in changes to our tax estimates. We believe we have maintained adequate tax reserves to offset potential liabilities that may arise upon audit. Our reserve for indirect tax matters was immaterial as of September 30, 2023 and December 31, 2022. Although we believe our tax estimates and associated reserves are reasonable, the final determination of tax audits and any related litigation could be materially different than the amounts established for tax contingencies. To the extent these estimates ultimately prove to be inaccurate, the associated reserves would be adjusted, resulting in the recording of a benefit or expense in the period in which a change in estimate or a final determination is made.

Segment Reporting and Geographic Information - Long-lived Assets by Geographical Area (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-lived assets by geographical area
Total long-lived assets	$ 70,170	$ 73,467
Americas
Long-lived assets by geographical area
Total long-lived assets	61,279	65,190
International
Long-lived assets by geographical area
Total long-lived assets	$ 8,891	$ 8,277

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

We have recorded goodwill as a result of past business acquisitions. We review goodwill for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may exceed their fair value. We concluded that we have one reporting unit and assigned the entire balance of goodwill to this reporting unit as of September 30, 2023.

For the three months ended September 30, 2023, no indicators of goodwill impairment were identified by management. Management will continue to monitor the relevant goodwill impairment indicators to determine whether a goodwill impairment charge to earnings is appropriate, and such impairment charge, if any, could be material.

The changes in the carrying amount of goodwill for the nine months ended September 30, 2023, were as follows:


Balance, December 31, 2022	$	169,156





Foreign currency translation adjustment	(609)
Balance, September 30, 2023	$	168,547

Other intangible assets consisted of the following as of September 30, 2023:


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	91	$	(63)	$	28
Client relationships	48,090		(10,457)		37,633
Technology	57,480		(19,549)		37,931
Total other intangible assets	$	105,661	$	(30,069)	$	75,592

Cost of revenue related to amortization of other intangible assets for the three and nine months ended September 30, 2023 was $3,516 and $10,549, respectively. Operating expense related to amortization of other intangible assets for the three and nine months ended September 30, 2023 was $1,840 and $5,520, respectively. There were no impairment charges incurred in the three and nine months ended September 30, 2023.

As of September 30, 2023, the weighted-average remaining useful lives of our acquired intangible assets were 0.9 years for trade name, 5.4 years for client relationships, and 2.7 years for technology, and 4.0 years in total, for all acquired intangible assets.

Other 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

Cost of revenue related to amortization of other intangible assets for the three and nine months ended September 30, 2022 was $4,166 and $5,354, respectively. Operating expense related to amortization of other intangible assets for the three and nine months ended September 30, 2022 was $751 and $1,521, respectively. There were no impairment charges incurred in the three and nine months ended September 30, 2022.

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

As of September 30, 2023, future amortization expense related to our other intangible assets is expected to be recognized as follows:


Remainder of 2023	$	5,356
2024	21,415
2025	21,394
2026	13,141
2027	5,911
Thereafter	8,375
Total	$	75,592

Consolidated Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 27,633

$ 55,275

Marketable securities

18,734

Accounts receivable, net

^[1]

66,746

84,627

Income taxes receivable

1,339

105

Prepaid expenses and other current assets

^[1]

33,682

36,374

Total current assets

129,400

195,115

Property and equipment, net

70,170

73,467

Operating lease right of use assets

4,614

5,290

Deferred income taxes

2,759

2,338

Goodwill

168,547

169,156

Intangible assets, net

75,592

91,661

Other assets

^[1]

2,191

5,353

Total assets

453,273

542,380

Current liabilities:

Accounts payable

^[1]

78,252

52,776

Deferred revenue

8,972

9,286

Operating lease liability obligations

2,769

4,557

Income taxes payable

2,944

3,133

Financing obligations

9,234

6,346

Other current liabilities

^[1]

49,877

76,160

Total current liabilities

152,048

152,258

Convertible senior notes, net

123,292

122,631

Operating lease liability obligations, less current portion

7,465

9,181

Deferred income taxes

1,427

596

Deferred revenue, less current portion

1,555

2,949

Financing obligations, less current portion

13,030

13,784

Other long-term liabilities

855

1,658

Total liabilities

299,672

303,057

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock, $0.001 par value; 7,500 shares authorized; no shares issued and outstanding

Common stock, $0.001 par value; 300,000 shares authorized; 225,533 and 222,232 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively

226

222

Common stock contingent consideration

16,300

Additional paid-in capital

817,390

807,507

Accumulated other comprehensive loss

(12,148)

(11,665)

Accumulated deficit

(668,167)

(573,041)

Total stockholders’ equity

153,601

239,323

Total liabilities and stockholders’ equity

$ 453,273

$ 542,380

[1]	Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details.

Restructuring Charges - Activity of Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 5,726	$ 4,498	$ 6,184	$ 3,849	$ 287	$ 415	$ 6,184	$ 415
Restructuring charges	72	3,336	500	4,070	4,368	698	3,908	9,136
Cash disbursements	(3,365)	(2,108)	(2,186)	(5,305)	(806)	(829)
Noncash charges				(1,661)		3
Ending balance	2,433	5,726	4,498	953	3,849	287	2,433	953
Employee Severance and Related Benefits
Restructuring Reserve [Roll Forward]
Beginning balance	3,618	1,784	2,772	3,715	0	235	2,772	235
Restructuring charges	72	3,336	500	1,511	3,715	(93)
Cash disbursements	(2,947)	(1,502)	(1,488)	(4,897)	0	(142)
Noncash charges				92		0
Ending balance	743	3,618	1,784	421	3,715	0	743	421
Share-Based Compensation
Restructuring Reserve [Roll Forward]
Beginning balance	240	240	240	0	0	0	240	0
Restructuring charges	0	0	0	397	0	0
Cash disbursements	0	0	0	0	0	0
Noncash charges				(157)		0
Ending balance	240	240	240	240	0	0	240	240
Facilities Related Charges
Restructuring Reserve [Roll Forward]
Beginning balance	1,868	2,474	3,172	134	287	180	3,172	180
Restructuring charges	0	0	0	2,162	653	791
Cash disbursements	(418)	(606)	(698)	(408)	(806)	(687)
Noncash charges				(1,596)		3
Ending balance	$ 1,450	$ 1,868	$ 2,474	$ 292	$ 134	$ 287	$ 1,450	$ 292

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Investments

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


			Fair Value Measurements at Reporting Date Using
Description	Total		Quoted Prices In Active Markets for Identical Assets (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	11,379		—		11,379		—
Treasury bills	985		—		985		—
Total marketable securities	18,774		—		18,774		—
Total assets measured at fair value	$	74,049	$	51,458	$	22,591	$	—

(1) Classified in other assets.

Business Acquisitions - Pro Forma Information (Details) - Edgecast, Inc. - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 110,832	$ 376,289
Net loss	$ (38,941)	$ (101,431)

Share-Based Compensation - Components of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of share-based compensation expense
Total share-based compensation expense	$ 3,687	$ 8,353	$ 12,246	$ 22,656
Cost of services
Components of share-based compensation expense
Total share-based compensation expense	395	855	1,395	1,589
General and administrative expense
Components of share-based compensation expense
Total share-based compensation expense	1,100	2,200	3,667	6,469
Sales and marketing expense
Components of share-based compensation expense
Total share-based compensation expense	430	727	1,422	3,284
Research and development expense
Components of share-based compensation expense
Total share-based compensation expense	1,762	4,571	5,762	11,314
Stock options and warrants
Components of share-based compensation expense
Total share-based compensation expense	384	340	1,283	1,510
Restricted stock units
Components of share-based compensation expense
Total share-based compensation expense	2,339	5,589	7,882	13,921
Financial-based performance restricted stock units
Components of share-based compensation expense
Total share-based compensation expense	964	2,261	2,638	6,697
ESPP
Components of share-based compensation expense
Total share-based compensation expense	$ 0	$ 163	$ 443	$ 528

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Components of Share-based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Share-based compensation expense by type:
Stock options and warrants	$	384	$	340	$	1,283	$	1,510
Restricted stock units	2,339		5,589		7,882		13,921
Financial-based performance restricted stock units	964		2,261		2,638		6,697
ESPP	—		163		443		528
Total share-based compensation expense	$	3,687	$	8,353	$	12,246	$	22,656
Share-based compensation expense:
Cost of services	$	395	$	855	$	1,395	$	1,589
General and administrative expense	1,100		2,200		3,667		6,469
Sales and marketing expense	430		727		1,422		3,284
Research and development expense	1,762		4,571		5,762		11,314

Total share-based compensation expense	$	3,687	$	8,353	$	12,246	$	22,656

Accounts Receivable, net

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts Receivable, net

Accounts receivable, net include:


	September 30,		December 31,
	2023		2022
Accounts receivable	$	72,221	$	90,046
Less: credit allowance	(1,022)		(1,514)
Less: allowance for doubtful accounts	(4,453)		(3,905)
Total accounts receivable, net	$	66,746	$	84,627

The following is a roll-forward of the allowance for doubtful accounts related to trade accounts receivable for the nine months ended September 30, 2023 and the twelve months ended December 31, 2022:


	Nine Months Ended		Twelve Months Ended
	September 30, 2023		December 31, 2022
Beginning of period	$	3,905	$	1,500
Provision for credit losses	1,300		2,413
Recoveries/write-offs	(752)		(8)
End of period	$	4,453	$	3,905

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities Exchange Commission (the “SEC”). They do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. Such interim financial information is unaudited but reflects all adjustments that are, in the opinion of management, necessary for the fair presentation of the interim periods presented and of a normal recurring nature. This quarterly report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and footnotes included in our annual report on Form 10-K for the fiscal year ended December 31, 2022. All information is presented in thousands, except per share amounts and where specifically noted.

The consolidated financial statements include accounts of Edgio and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

Corrections of prior period presentation

In the third quarter of 2023, the company corrected its prior period presentation of amortization of acquired technology and reclassified amounts recorded for amortization of acquired technology from total operating expenses within the caption "depreciation and amortization” to cost of revenue within the caption "amortization - technology" in the consolidated statements of operations. The company's management believes that acquired technology directly relates to technology used to provide services to its customers, and therefore, it is appropriate to be included in cost of revenue within the consolidated statements of operations. The correction of its prior period presentation of amortization of acquired technology did not impact operating loss, net loss, or loss per share for any historical periods. These resulting reclassifications also did not impact the consolidated balance sheets, consolidated statements of stockholders’ equity, or consolidated statements of cash flows for any historical periods.

The impact of the reclassifications for prior comparable periods are as follows:


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	Prior presentation		Amounts reclassified		Revised presentation		Prior presentation		Amounts reclassified		Revised presentation
Revenue	$	110,832	$	—	$	110,832	$	229,757	$	—	$	229,757
Cost of revenue:
Cost of services	67,140		—		67,140		138,531		—		138,531
Depreciation — network	10,903		—		10,903		23,542		—		23,542
Amortization — technology	—		4,166		4,166		—		5,354		5,354
Total cost of revenue	78,043		4,166		82,209		162,073		5,354		167,427
Gross profit	32,789		(4,166)		28,623		67,684		(5,354)		62,330
Operating expenses:
General and administrative	22,138		—		22,138		64,783		—		64,783
Sales and marketing	14,448		—		14,448		32,909		—		32,909
Research and development	32,462		—		32,462		54,211		—		54,211
Depreciation and amortization	5,943		(4,166)		1,777		8,483		(5,354)		3,129
Restructuring charges	4,070		—		4,070		9,136		—		9,136
Total operating expenses	79,061		(4,166)		74,895		169,522		(5,354)		164,168
Operating loss	$	(46,272)	$	—	$	(46,272)	$	(101,838)	$	—	$	(101,838)

Use of Estimates

The preparation of the consolidated financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results and outcomes may differ from those estimates. The results of operations presented in this quarterly report on Form 10-Q are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any future periods.

In accordance with its accounting policies, the company reviews the estimated useful lives of its property and equipment on an ongoing basis. In January 2023, we completed an assessment of the useful lives of our network equipment and concluded to adjust our estimate of the useful life of our network equipment from three to five years due to advances in technology and improvements in how we operate our network equipment. The effect of this change in estimate, effective January 1, 2023, was a reduction of $2,692 and $9,826, primarily in depreciation - network expense in cost of services within our consolidated statement of operations, a decrease in net loss by approximately $2,622 and $9,472, and a decrease in basic and diluted loss per share by $0.01 and $0.04, for the three and nine months ended September 30, 2023, respectively.

Restatement of Previously Issued Consolidated Financial Statements

The company restated the consolidated financial statements for the years ended December 31, 2021 and 2020 presented in its Annual Report on Form 10-K for the year ended December 31, 2022, necessary to correct for the following errors: (i) accounting for certain financing arrangements (as failed sale leasebacks), (ii) accounting treatment for certain transitional services, and (iii) other immaterial adjustments. In addition, the company restated its unaudited quarterly financial data for the periods ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021. Such restated and unaudited quarterly financial data and related impacted amounts were presented in the company's Annual Report on Form 10-K for the year ended December 31, 2022. The discussion of financial results presented in this quarterly report on Form 10-Q reflects such restated amounts. There were no restatement related expenses for the three months ended September 30, 2023. For the nine months ended September 30, 2023, we incurred restatement related expenses of $4,763, included in general and administrative within our unaudited consolidated statement of operations.

Adopted Accounting Standards

None.

Recently Issued Accounting Standards applicable to Edgio, Inc.

None.

Significant Accounting Policies

There have been no changes in the significant accounting policies from those that were disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Revenue Recognition

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

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

As of September 30, 2023, we had approximately $57,167 of remaining unsatisfied performance obligations for contracts with terms over one year. Of the remaining unsatisfied performance obligations, we expect to recognize 13% in 2023, 40% in 2024, 21% in 2025, 8% 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 three and nine months ended September 30, 2023 from amounts included in deferred revenue at the beginning of the period was $1,344 and $5,580, respectively. Revenue recognized in the three and nine months ended September 30, 2022 from amounts included in deferred revenue at the beginning of the period was $479 and $3,320, respectively.

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, amortization of technology used to provide services to its customers, 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.

General and Administrative

General and administrative expenses primarily consist of costs for corporate functions, including payroll and related employee costs, including share-based compensation, professional fess and outside services, acquisition and legal related expenses and other costs, such as fees and licenses.

Sales and marketing

Sales and marketing costs include marketing programs, including advertising and trade show costs, payroll and related expenses and share-based compensation for personnel engaged in marketing and selling activities, and other costs, including fees and licenses.

Depreciation and amortizationThe company records client relationships and trade name intangible assets in connection with its business combinations. Client relationships intangible assets primarily relate to the sales and marketing of the company’s products and services. Trade name intangible assets represent the name recognition value associated with acquired businesses. Both the client relationships and trade name intangible assets are a component of and integral to its sales processes and accordingly the company records amortization of its client relationships and trade name acquired intangible assets, along with depreciation expenses, within operating expenses as “depreciation and amortization” within the consolidated statements of operations.

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 175,931	$ 322,284	$ 239,323	$ 132,074
Other comprehensive gain (loss) before reclassifications			(483)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive loss	(827)	(2,049)	(483)	(5,117)
Ending balance	153,601	277,242	153,601	277,242
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11,321)	(11,413)	(11,665)	(8,345)
Ending balance	(12,148)	$ (13,462)	(12,148)	$ (13,462)
Foreign Currency
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(11,640)
Other comprehensive gain (loss) before reclassifications			(477)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive loss			(477)
Ending balance	(12,117)		(12,117)
Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(25)
Other comprehensive gain (loss) before reclassifications			(6)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive loss			(6)
Ending balance	$ (31)		$ (31)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On March 14, 2017, our board of directors authorized a $25,000 share repurchase program. Any shares repurchased under this program will be canceled and returned to authorized but unissued status. We did not purchase any shares during the three and nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there remained $21,200 under this share repurchase program. Amended and Restated Equity Incentive Plan We established the 2007 Equity Incentive Plan (the “2007 Plan”), which allows for the grant of equity, including stock options and restricted stock unit awards. In June 2016, our stockholders approved the Amended and Restated Equity Incentive Plan (the “Restated 2007 Plan”), which amended and restated the 2007 Plan. Approval of the Restated 2007 Plan replaced the terms and conditions of the 2007 Plan with the terms and conditions of the Restated 2007 Plan and extended the term of the Restated 2007 Plan to April 2026. There was no increase in the aggregate amount of shares available for issuance. The total number of shares available to be issued under the Restated 2007 Plan as of September 30, 2023 was approximately 18,269. 2017 Moov Corporation Equity Incentive Plan In connection with our acquisition of Moov, we assumed each outstanding and unvested option to purchase Moov common stock granted pursuant to the Moov Corporation 2017 Equity Incentive Plan and such options became exercisable to purchase shares of our common stock, subject to appropriate adjustments to the number of shares and the exercise price of each such option. 2021 Inducement Plan In November 2021, we adopted the Inducement Plan pursuant to which we reserved 11,000 shares of common stock, to be used exclusively for grants of equity-based awards to highly qualified prospective officers and employees as an inducement material to the individual's entry into employment with us within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan provides for the grant of equity-based awards in the form of non-statutory stock options, stock appreciation rights, restricted stock awards, and restricted stock unit awards. The Inducement Plan was adopted by our board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. We have issued 10,389 shares under the Inducement Plan as of September 30, 2023. Employee Stock Purchase Plan In June 2013, our stockholders approved our 2013 Employee Stock Purchase Plan (ESPP), authorizing the issuance of 4,000 shares. In May 2019, our stockholders approved the adoption of Amendment 1 to the ESPP. Amendment 1 increased the number of shares authorized to 9,000 shares (an increase of 5,000 shares) and amended the maximum number of shares of common stock that an eligible employee may be permitted to purchase during each offering period to be 5 shares. The ESPP allows participants to purchase our common stock at a 15% discount of the lower of the beginning or end of the offering period using the closing price on that day. During the three and nine months ended September 30, 2023, we issued 780 shares, under the ESPP. Total cash proceeds from the purchase of shares under the ESPP was approximately $551. As of September 30, 2023, no shares were reserved for issuance to employees, and we held no employee contributions 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 September 30, 2023. The preferred stock may be issued in one or more series pursuant to a resolution or resolutions providing for such issuance duly adopted by the board of directors. As of September 30, 2023, the board of directors had not adopted any resolutions for the issuance of preferred stock. In connection with the New Credit Agreement (as described and defined in Note 23 “Subsequent Events”, the company will also be required to comply with certain negative covenants customary for loans of this type, including restrictions on the issuance of preferred stock.

- Definition

The entire disclosure for equity.

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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss per Share

The following table sets forth the components used in the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(24,491)	$	(49,123)	$	(95,126)	$	(89,993)
Basic weighted-average outstanding shares of common stock	223,657		220,194		223,011		169,166
Basic weighted-average outstanding shares of common stock	223,657		220,194		223,011		169,166
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	223,657		220,194		223,011		169,166
Basic net loss per share	$	(0.11)	$	(0.22)	$	(0.43)	$	(0.53)
Diluted net loss per share	$	(0.11)	$	(0.22)	$	(0.43)	$	(0.53)

Summary of Antidilutive Securities Excluded from Computation

For the three and nine months ended September 30, 2023 and 2022, respectively, the following potentially dilutive common stock, including awards granted under our equity incentive compensation plans were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Employee stock purchase plan	—	266	—	266
Stock options and warrants	63	1,081	44	2,044
Restricted stock units	3,252	4,170	1,915	5,250
Convertible senior notes	14,654	14,654	14,654	14,654
Contingently issuable shares (1)	12,685	12,685	12,685	12,685
	30,654	32,856	29,298	34,899

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

Leases and Commitments (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Right-of-use Assets and Lease Liabilities

Below is a summary of our right of use assets and liabilities as of September 30, 2023 and December 31, 2022.


	September 30,			December 31,
	2023			2022
Right-of-use assets	$	4,614		$	5,290

Lease liability obligations, current	$	2,769		$	4,557
Lease liability obligations, less current portion	7,465			9,181
Total lease liability obligations	$	10,234		$	13,738

Weighted-average remaining lease term	5.7 years			4.8 years

Weighted-average discount rate	5.05		%	5.05		%

Summary of 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 September 30, 2023, are as follows:


Remainder of 2023	$	1,199
2024	2,360
2025	1,440
2026	1,468
2027	1,497
Thereafter	3,864
Total minimum payments	11,828
Less: amount representing interest	1,594
Total	$	10,234

Summary of Financing Obligations

Below is a summary of our financing obligations as of September 30, 2023 and December 31, 2022:


	September 30,			December 31,
	2023			2022
Financing obligations, current	$	9,234		$	6,346
Financing obligations, less current portion	13,030			13,784
Total financing obligations	$	22,264		$	20,130

Weighted-average remaining lease term	3.4 years			3.9 years

Weighted-average discount rate	5.50		%	4.97		%

Summary of Financing Leases, Future Minimum Lease Payments Over Remaining Lease Periods

As of September 30, 2023, future minimum payments under the Open Edge arrangements were as follows:


Remainder of 2023	$	5,771
2024	6,283
2025	5,656
2026	4,604
2027	1,886
Thereafter	297
Total minimum payments	24,497
Less: imputed interest	2,233
Total financing obligations	$	22,264

Summary of Minimum Purchase Commitments

The following summarizes our minimum non-cancellable commitments for future periods as of September 30, 2023:


Remainder of 2023	$	28,966
2024	60,561
2025	48,140
2026	42,711
2027	28,039
Thereafter	16,596
Total minimum payments (1)(2)	$	225,013

Contingencies (Details)	Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Voting percentage of public stockholders	25.00%
Remaining voting percentage of shares	75.00%

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating activities
Net loss	$ (24,491)	$ (49,123)	$ (95,126)	$ (89,993)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			28,304	32,025
Share-based compensation			12,246	22,656
Foreign currency remeasurement loss			649	614
Deferred income taxes			0	(19,117)
Gain on sale of property and equipment			(33)	(47)
Accounts receivable charges			1,300	671	$ 2,413
(Accretion) amortization of (discount) premium on marketable securities			(258)	526
Noncash interest expense			661	634
Noncash capital contribution from parent			0	3,189
Changes in operating assets and liabilities:
Accounts receivable			16,581	(22,391)
Prepaid expenses and other current assets			(3,194)	(3,475)
Income taxes receivable			(1,234)	(721)
Other assets			334	(200)
Accounts payable and other current liabilities			(5,058)	51,537
Deferred revenue			645	4,754
Income taxes payable			(2,132)	(424)
Other long term liabilities			(801)	(57)
Net cash used in operating activities			(47,116)	(19,819)
Investing activities
Purchases of marketable securities			(9,579)	(19,781)
Sale and maturities of marketable securities			28,565	45,191
Purchases of property and equipment			(6,620)	(30,212)
Proceeds from sale of property and equipment			33	47
Cash acquired from acquisition of business			0	29,829
Net cash provided by investing activities			12,399	25,074
Financing activities
Proceeds from capital contributions			2,135	0
Proceeds from financing obligations			1,733	12,604
Proceeds from related parties			6,027	0
Repayment of financing obligations			(2,910)	(3,807)
Payments of employee tax withholdings related to restricted stock vesting			(870)	(3,371)
Proceeds from employee stock plans			559	9,361
Net cash provided by financing activities			6,674	14,787
Effect of exchange rate changes on cash and cash equivalents			401	(2,654)
Net (decrease) increase in cash and cash equivalents			(27,642)	17,388
Cash and cash equivalents, beginning of period			55,275	41,918	41,918
Cash and cash equivalents, end of period	$ 27,633	$ 59,306	27,633	59,306	$ 55,275
Supplemental disclosure of cash flow information
Cash paid during the period for interest			2,804	4,748
Cash paid during the period for income taxes, net of refunds			1,838	1,202
Common stock issued in connection with acquisition of business			0	186,196
Common stock contingent consideration related to business combination			0	16,300
Common stock issued for employee compensation arrangements			0	9,419
Noncash additions to financing receivables			4,558	11,865
Noncash additions to short-term financing liabilities			1,958	2,919
Noncash additions to long-term financing liabilities			2,600	8,946
Property and equipment remaining in accounts payable and other current liabilities			$ 6,262	$ 1,323

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (24,491)	$ (49,123)	$ (95,126)	$ (89,993)

- Definition

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

+ References

+ Details

Property and Equipment, net - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property and equipment, net
Total property and equipment	$ 188,620	$ 187,935
Less: accumulated depreciation	(118,450)	(114,468)
Total property and equipment, net	70,170	73,467
Network equipment
Property and equipment, net
Total property and equipment	177,977	176,899
Computer equipment and software
Property and equipment, net
Total property and equipment	3,339	3,680
Furniture and fixtures
Property and equipment, net
Total property and equipment	1,305	1,322
Leasehold improvements
Property and equipment, net
Total property and equipment	5,984	6,017
Other equipment
Property and equipment, net
Total property and equipment	$ 15	$ 17

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

Net Loss Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

We calculate basic and diluted net loss per weighted-average share. We use the weighted-average number of shares of common stock outstanding during the period for the computation of basic net loss per share. Diluted net loss per share includes the dilutive effect of all potentially dilutive common stock, including awards granted under our equity incentive compensation plans in the weighted-average number of shares of common stock outstanding.

The following table sets forth the components used in the computation of basic and diluted net loss per share for the periods indicated (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(24,491)	$	(49,123)	$	(95,126)	$	(89,993)
Basic weighted-average outstanding shares of common stock	223,657		220,194		223,011		169,166
Basic weighted-average outstanding shares of common stock	223,657		220,194		223,011		169,166
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	223,657		220,194		223,011		169,166
Basic net loss per share	$	(0.11)	$	(0.22)	$	(0.43)	$	(0.53)
Diluted net loss per share	$	(0.11)	$	(0.22)	$	(0.43)	$	(0.53)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Employee stock purchase plan	—	266	—	266
Stock options and warrants	63	1,081	44	2,044
Restricted stock units	3,252	4,170	1,915	5,250
Convertible senior notes	14,654	14,654	14,654	14,654
Contingently issuable shares (1)	12,685	12,685	12,685	12,685
	30,654	32,856	29,298	34,899

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

Investments in Marketable Securities - Marketable Securities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 18,790
Gross Unrealized Losses	16
Estimated Fair Value	18,774
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	486
Gross Unrealized Losses	0
Estimated Fair Value	486
Certificate of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40
Gross Unrealized Losses	0
Estimated Fair Value	40
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,884
Gross Unrealized Losses	0
Estimated Fair Value	5,884
Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,395
Gross Unrealized Losses	16
Estimated Fair Value	11,379
Treasury bills
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	985
Gross Unrealized Losses	0
Estimated Fair Value	$ 985

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2023

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

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets include:


	September 30,		December 31,
	2023		2022
Prepaid bandwidth and backbone	$	7,475	$	7,431
VAT receivable	6,107		5,805
Prepaid expenses and insurance	2,588		5,352
Financing receivables	5,975		3,218

Related party receivable	1,792		7,962
Vendor deposits and other	9,745		6,606
Total prepaid expenses and other current assets	$	33,682	$	36,374

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation — network	$ 3,965	$ 10,903	$ 11,363	$ 23,542
Operating expense depreciation	$ 286	$ 1,026	$ 872	$ 1,608

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

Sep. 30, 2023

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Accrued compensation and benefits

$ 19,943

$ 19,982

Accrued cost of revenue

15,893

27,422

Accrued interest payable

808

1,823

Related party payable

9,931

Restructuring charges and accrued legal fees

2,433

6,184

Other accrued expenses

10,702

10,818

Total other current liabilities

^[1]

$ 49,877

$ 76,160

[1]	Includes amounts due to/from related parties. See Notes 6, 9, and 20 for further details.

Investments in Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

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


	Amortized Cost		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		16		11,379
Treasury bills	985		—		985

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

Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity

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


	Amortized Cost		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
Total marketable securities	$	18,790	$	16	$	18,774

(1) Classified in other assets.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Restructuring Charges - Narrative (Details) $ in Thousands	3 Months Ended						9 Months Ended
Restructuring Charges - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) employee	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 72	$ 3,336	$ 500	$ 4,070	$ 4,368	$ 698	$ 3,908	$ 9,136
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected number of positions eliminated \| employee	134
Restructuring and related cost, expected number of positions eliminated percentage	12.00%
Restructuring charges	$ 72						3,908
Restructuring plan long term growth and reduction in workforce
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	$ 0						$ 500

- Definition

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

+ References + Details

Stockholders' Equity (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Stockholders' Equity (Details) - USD ($)	May 31, 2019	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Nov. 30, 2021	Mar. 14, 2017	Jun. 30, 2013
Equity, Class of Treasury Stock [Line Items]
Issuance of preferred stock authorized (in shares)		7,500,000		7,500,000		7,500,000
Employee Stock Purchase Plan
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized for issuance (in shares)	9,000,000								4,000,000
Increase in shares available for issuance (in shares)	5,000,000
Maximum number of shares permitted to purchase per period (in shares)	5,000
Discount from market price for employees (as percent)				15.00%
Issuance of common stock under employee stock purchase plan (in shares)		780,000		780,000
Proceeds received for stock issued				$ 551,000
Common stock reserved for future options and restricted stock awards (in shares)		0		0
Employee funds held by company for future purchase of shares		$ 0		$ 0
2007 Equity Incentive Plan
Equity, Class of Treasury Stock [Line Items]
Common stock reserved for future issuance (in shares)		18,269,000		18,269,000
2021 Inducement Plan
Equity, Class of Treasury Stock [Line Items]
Common stock reserved for future issuance (in shares)							11,000,000
Shares issued during period				10,389,000
2017 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase amount authorized								$ 25,000,000
Shares repurchased and retired during period (in shares)		0	0	0	0
Remaining authorized repurchase amount		$ 21,200,000		$ 21,200,000

Business Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 15, 2022 USD ($) tradingDay $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022
Business Acquisition [Line Items]
Share-based compensation expense		$ 3,687	$ 8,353	$ 12,246	$ 22,656
Unrecognized compensation expense		18,488		$ 18,488
Acquired intangible assets, weighted average useful life (in years)				4 years		4 years 8 months 12 days
Client relationships
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)				5 years 4 months 24 days		6 years 1 month 6 days
Technology
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)				2 years 8 months 12 days		3 years 4 months 24 days
Cost of services
Business Acquisition [Line Items]
Share-based compensation expense		395	855	$ 1,395	1,589
General and administrative expense
Business Acquisition [Line Items]
Share-based compensation expense		1,100	2,200	3,667	6,469
Sales and marketing expense
Business Acquisition [Line Items]
Share-based compensation expense		430	727	1,422	3,284
Research and development expense
Business Acquisition [Line Items]
Share-based compensation expense		1,762	4,571	5,762	11,314
Edgecast, Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of interests acquired	100.00%
Consideration transferred	$ 199,837
Shares of our common stock allocated in consideration (in shares) \| shares	75,842,000
Business acquisition, expected equity interest (in shares) \| shares	79,734,000
Business acquisition, share price (in dollars per share) \| $ / shares	$ 2.42
Consideration transferred, equity	$ 192,956
Issuance of common stock for employee compensation arrangements (in shares) \| shares	3,892,000
Common stock - contingent consideration	$ 16,300
Consideration allocated to employee compensation arrangements	9,419
Prepaid expense and other current assets recognized	6,573
Other assets recognized	$ 2,846
Share-based compensation expense		522	3,865	2,032	4,863
Unrecognized compensation expense		664		664
Unrecognized compensation expense, to be recognized remainder of the year		405		405
Unrecognized compensation expense, to be recognized in year one		405		405
Estimated useful lives of assets (in years)	3 years
Deferred income taxes	$ 22,237
Business acquisition, transaction costs		0	4,520	0	23,902
Edgecast, Inc. \| Acquisition-related Costs
Business Acquisition [Line Items]
Business acquisition, transaction costs			1,090		4,804
Edgecast, Inc. \| Client relationships
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)	7 years
Edgecast, Inc. \| Technology
Business Acquisition [Line Items]
Acquired intangible assets, weighted average useful life (in years)	4 years
Edgecast, Inc. \| Cost of services
Business Acquisition [Line Items]
Share-based compensation expense		82	674	375	880
Edgecast, Inc. \| General and administrative expense
Business Acquisition [Line Items]
Share-based compensation expense		103	184	270	362
Edgecast, Inc. \| Sales and marketing expense
Business Acquisition [Line Items]
Share-based compensation expense		11	292	102	333
Edgecast, Inc. \| Research and development expense
Business Acquisition [Line Items]
Share-based compensation expense		$ 326	$ 2,715	$ 1,285	$ 3,288
Edgecast, Inc. \| College Parent L P
Business Acquisition [Line Items]
Consideration , equity interest (in shares) \| shares	7,287,000
Consideration transferred, equity	$ 30,000
Contingent consideration, equity (in shares) \| shares	12,685,000
Earnout period, threshold trading days \| tradingDay	10
Earnout period, consecutive threshold trading days \| tradingDay	30
Edgecast, Inc. \| College Parent L P \| Contingent Consideration Stock Price Trigger One
Business Acquisition [Line Items]
Contingent consideration, equity (in shares) \| shares	5,398,000
Earnout period, stock trigger price (in dollars per share) \| $ / shares	$ 6.1752
Edgecast, Inc. \| College Parent L P \| Contingent Consideration Stock Price Trigger Two
Business Acquisition [Line Items]
Contingent consideration, equity (in shares) \| shares	4,048,000
Earnout period, stock trigger price (in dollars per share) \| $ / shares	$ 8.2336
Edgecast, Inc. \| College Parent L P \| Contingent Consideration Stock Price Trigger Three
Business Acquisition [Line Items]
Contingent consideration, equity (in shares) \| shares	3,239,000
Earnout period, stock trigger price (in dollars per share) \| $ / shares	$ 10.2920

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Impact of the Reclassifications

The impact of the reclassifications for prior comparable periods are as follows:


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	Prior presentation		Amounts reclassified		Revised presentation		Prior presentation		Amounts reclassified		Revised presentation
Revenue	$	110,832	$	—	$	110,832	$	229,757	$	—	$	229,757
Cost of revenue:
Cost of services	67,140		—		67,140		138,531		—		138,531
Depreciation — network	10,903		—		10,903		23,542		—		23,542
Amortization — technology	—		4,166		4,166		—		5,354		5,354
Total cost of revenue	78,043		4,166		82,209		162,073		5,354		167,427
Gross profit	32,789		(4,166)		28,623		67,684		(5,354)		62,330
Operating expenses:
General and administrative	22,138		—		22,138		64,783		—		64,783
Sales and marketing	14,448		—		14,448		32,909		—		32,909
Research and development	32,462		—		32,462		54,211		—		54,211
Depreciation and amortization	5,943		(4,166)		1,777		8,483		(5,354)		3,129
Restructuring charges	4,070		—		4,070		9,136		—		9,136
Total operating expenses	79,061		(4,166)		74,895		169,522		(5,354)		164,168
Operating loss	$	(46,272)	$	—	$	(46,272)	$	(101,838)	$	—	$	(101,838)

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Accumulated Other Comprehensive Loss

Changes in the components of accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2023, were as follows:




	Foreign		Available for
	Currency		Sale Securities		Total
Balance, December 31, 2022	$	(11,640)	$	(25)	$	(11,665)
Other comprehensive gain (loss) before reclassifications	(477)		(6)		(483)
Amounts reclassified from accumulated other comprehensive loss	—		—		—
Net current period other comprehensive gain (loss)	(477)		(6)		(483)
Balance, September 30, 2023	$	(12,117)	$	(31)	$	(12,148)

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	$ 74,049
Cash and Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	55,275
Cash
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	49,422
Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	5,853
Money market funds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	2,036
Commercial paper
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	5,884
Commercial paper \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	1,195
Yankee bond \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	1,000
Agency bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	486
Certificate of deposit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	40
Corporate notes and bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	11,379
Corporate notes and bonds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	1,622
Treasury bills
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	985
Total marketable securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	18,774
Quoted Prices In Active Markets for Identical Assets (Level 1)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	51,458
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash and Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	51,458
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	49,422
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	2,036
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Money market funds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	2,036
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Commercial paper
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Commercial paper \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Yankee bond \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Agency bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Certificate of deposit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Corporate notes and bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Corporate notes and bonds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Treasury bills
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Quoted Prices In Active Markets for Identical Assets (Level 1) \| Total marketable securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Other Observable Inputs (Level 2)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	22,591
Significant Other Observable Inputs (Level 2) \| Cash and Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	3,817
Significant Other Observable Inputs (Level 2) \| Cash
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Other Observable Inputs (Level 2) \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	3,817
Significant Other Observable Inputs (Level 2) \| Money market funds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Other Observable Inputs (Level 2) \| Commercial paper
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	5,884
Significant Other Observable Inputs (Level 2) \| Commercial paper \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	1,195
Significant Other Observable Inputs (Level 2) \| Yankee bond \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	1,000
Significant Other Observable Inputs (Level 2) \| Agency bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	486
Significant Other Observable Inputs (Level 2) \| Certificate of deposit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	40
Significant Other Observable Inputs (Level 2) \| Corporate notes and bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	11,379
Significant Other Observable Inputs (Level 2) \| Corporate notes and bonds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	1,622
Significant Other Observable Inputs (Level 2) \| Treasury bills
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	985
Significant Other Observable Inputs (Level 2) \| Total marketable securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	18,774
Significant Unobservable Inputs (Level 3)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Cash and Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Cash
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Money market funds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Commercial paper
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Commercial paper \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Yankee bond \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Agency bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Certificate of deposit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Corporate notes and bonds
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Corporate notes and bonds \| Cash Equivalents
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Treasury bills
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Total marketable securities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total assets measured at fair value	$ 0