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Balance Sheet Components - Intangible Assets Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2024	$ 9,472
2025	9,446
2026	8,891
2027	4,328
2028	4,225
Thereafter	9,079
Total future amortization expense	$ 45,441	$ 52,699

Related-Party Transactions (Details) - USD ($)	12 Months Ended
Related-Party Transactions (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 29, 2016
Related Party Transaction [Line Items]
Related party expenses	$ 252,620,000	$ 243,009,000	$ 122,137,000
Chief Executive Officer
Related Party Transaction [Line Items]
Notes receivable				$ 600,000
Proceeds from repayment of notes	300,000	600,000
Deposit liabilities	$ 0	300,000
Related Party \| Consultancy Services with Cathona Capital
Related Party Transaction [Line Items]
Related party expenses		100,000
Related Party \| Marketing Campaign Services With Annika Hulls
Related Party Transaction [Line Items]
Related party expenses		$ 6,500

Segment and Geographic Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 304,518	$ 228,305	$ 112,643
North America
Disaggregation of Revenue [Line Items]
Total revenue	272,727	207,746	104,740
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	19,159	12,044	4,144
Other international regions
Disaggregation of Revenue [Line Items]
Total revenue	$ 12,632	$ 8,515	$ 3,759

- Definition

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

+ References + Details

- Definition

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
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States, or (“GAAP”), are presented in U.S. dollars unless otherwise stated, and include the accounts of Life360, Inc. and subsidiaries, Jiobit, Tile, Tile Europe Ltd and Tile Network Canada ULC. All inter-company transactions and balances have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, the determination of revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple-performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery, allowance for credit losses, product returns, promotional and marketing allowances, inventory valuation, average useful customer life, stock-based compensation, legal contingencies, assessment of possible impairment of long-lived assets and goodwill, valuation of contingent consideration, convertible notes and embedded derivatives, useful lives of long lived assets and income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.

Recently adopted accounting pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires the use of the expected credit losses over the life impairment model of a broad scope of financial instruments including financial assets measured at amortized cost which includes loans, held-to-maturity debt securities and trade receivables, net investment in leases and certain off balance sheet credit exposures. The guidance requires immediate recognition of estimated expected credit losses over the life of the financial instrument. The Company adopted ASU 2016-13 in January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements and related disclosures.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The guidance is effective for the Company beginning January 1, 2024, and interim periods therein. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company elected to early adopt ASU 2021-08 on September 1, 2021, and the Company has recorded the acquired deferred revenue based on historical carrying value rather than fair value in the consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share, which will result in increased dilutive securities as the assumption of cash settlement of the notes will not be available for the purpose of calculating earnings per share. The provisions of ASU 2020-06 are effective for reporting periods beginning after December 15, 2021, with early adoption permitted for reporting periods beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. On January 1, 2022, the Company adopted ASU 2020-06, and the standard did not have a material impact on its consolidated financial statements and related disclosures.

Accounting pronouncements not yet adopted

In July 2023, the FASB issued ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU 2023-07 introduces a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM) and extends certain annual disclosures to interim periods. The ASU improve reportable segment disclosure requirement through enhanced disclosures about significant segment expenses. The effective date for this amendment is for the fiscal year beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. This guidance will be applied retrospectively and effective for the Company starting in its annual disclosures for 2024 and interim periods starting 2025. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.

Revenue Recognition

The Company recognizes revenue upon transfer of control of promised goods or services to customers at transaction price, an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns and sales incentives related to current period revenue. The Company determines revenue recognition through the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

Subscription Revenue

The Company’s subscription revenue includes related support and is comprised of Life360 mobile application subscriptions as well as subscription service plans for hardware tracking devices. The Company’s subscription contracts with customers are established at the point of mobile application download and purchase as indicated through acceptance of the Company’s Terms of Use. The Company’s subscription agreements generally have monthly or annual contractual terms and are billed and paid in advance.

The cloud-based subscriptions are considered single combined performance obligations, consisting of multiple features that can be purchased separately, but which are bundled together and delivered to the customer as a combined output. The Company provides its customers with technical support along with unspecified updates and upgrades to the platform on an if and when available basis.

The subscription service plan for hardware tracking device is a distinct and separate performance obligation from the hardware. Subscription fees are fixed and recognized on a straight-line basis over the non-cancellable contractual term of the agreement, generally beginning on the date that the Company’s service is made available to the customer. The Company recognizes revenues on a straight-line basis because the customer receives and consumes the benefits of the service ratably throughout the contractual period. The Company’s contracts are generally non-cancelable and do not provide for refunds to customers in the event of cancellations.

Hardware Revenue

The Company derives hardware revenue from sale of hardware tracking devices and related accessories. For hardware and accessories, revenue is recognized when control is transferred to the customer. The Company offers limited rights of return and estimates reserves based on historical experience and records the reserves as a reduction of revenue and an accrued liability. Amounts billed to customers for shipping and handling are classified as revenue, and the Company’s related shipping and handling costs incurred are classified as cost of revenue. The customers are billed upon shipment of hardware tracking devices. Sales taxes collected from customers and remitted to respective governmental authorities are recorded as liabilities and are not included in revenue.

The Company’s hardware and the embedded operating system are one distinct performance obligation and are separate and distinct from the subscription service plans for hardware tracking device. The Company’s embedded operating system is a component of the hardware that is integral to the functionality of the hardware and only together produce the essential functionality of the hardware.

Other Revenue

In January 2022, Life360 announced a new partnership agreement with a key Data Partner, a prominent provider of aggregated analytics for the retail ecosystem, in which executives of the Company have an immaterial ownership interest through a passive investment vehicle. As part of this partnership, the Data Partner will provide data processing and analytics services to Life360 and will have the right to commercialize aggregated data related to place visits during the term of the agreement. The partnership agreement includes fixed monthly revenue amounts for access to aggregated data for the duration of the three-year agreement. The Company has a stand ready obligation to provide aggregated user data over the term of the partnership agreement and recognizes revenue ratably based on the fixed monthly amounts. In connection with the agreement, the Data Partner issued the Company a warrant to purchase up to 5,100,167 shares of Series C Preferred Stock of the Data Partner at an exercise price of $4.90 per share (the “Investment”). The Company estimates and includes variable consideration related to the Investment, in the transaction price at contract inception to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The partnership agreement has standard payment terms that require payment within 30 days.

The grant of the warrant is considered non-cash consideration, which the Company measured at fair value on the date of issuance. The warrant was valued using a Black-Scholes option pricing model, and the fair value of approximately $5.4 million has been included as variable consideration in the transaction price of the data partnership agreement, and was included in prepaid expenses and other assets, noncurrent on the Company’s consolidated balance sheets. The warrant is amortized over the life of the agreement.

The Company’s data revenue also includes Life360 data monetization arrangements with certain third parties established through Data Master Service Agreements (collectively, “Data MSAs”), which outline specific terms governing the access and use of data and related fees. The Company determines a contract to exist upon the mutual execution of a Data MSA. Those customers historically had the ability to access certain portions of the Company’s user data over the contract term, in which certain customers pay a fee based on average active monthly users. In 2023, the Company has fully moved from Data MSAs to a single aggregated data sales model. The Company recognized fees for legacy data MSAs over time based on the fee per average active monthly user as the customer simultaneously received and consumed the benefit of the services that the Company provided over the term of the agreement.

Data revenue was $21.6 million, $23.2 million, and $18.7 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Partnership revenue includes agreements with third parties to provide access to advertising on the Company’s mobile platform. The Company receives a percentage of the advertising spend as a fee, which is recognized as revenue on a net basis. The variable amounts earned under partnership revenue arrangements are allocable to the month in which the advertising is placed, which is reset on a monthly basis. As such, the Company will recognize revenue monthly based on the advertising placed.

Partnership revenue was $3.9 million, $3.9 million, and $6.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Performance Obligations

Some of the Company’s contracts with customers contain multiple performance obligations, primarily hardware and subscription services for hardware tracking devices and hardware bundles (bundled Life360 subscription and hardware offerings). For these contracts, the Company accounts for individual performance obligations separately if they are distinct and distinct within the context of the contract. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price (“SSP”) basis with the amounts allocated to ongoing services deferred and recognized over a period of time and amounts allocated to hardware tracking devices recognized at a point-in time with a portion of the consideration being allocated to application usage (maintenance) and support. The Company determines SSP based on observable, if available, prices for those related goods and services when sold separately. When such observable prices are not available, the Company determines SSP based on multiple factors including consumer behaviors, the Company’s internal pricing model, and relative costs incurred plus a normal margin. The factors may vary depending upon the facts and circumstances related to each performance obligation.

Our hardware sales arrangements typically contain multiple performance obligations, consisting of the hardware sale, application usage, hardware support, and in some cases, subscriptions. The Company provides warranties of up to twelve months for products with manufacturing defects or hardware failures. As part of Tile Premium subscriptions, the Company offers warranties to end-users covering the contractual service period (up to 3 years) for products with manufacturing defects or hardware failures. The warranties are not sold separately and do not represent separate performance obligations. Payment terms and conditions vary by contract type and are billed either in advance or have a standard payment term generally requiring payment within 30 to 60 days. Therefore, such warranties are accounted for under ASC 460, Guarantees, and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded.

Variable Consideration

The Company recognizes hardware revenue at the net sales price, which includes certain estimates for variable consideration with its customers. The Company’s variable consideration is primarily in the form of promotional agreements and marketing development fund agreements in relation to the hardware tracking devices.

These agreements are designed to enhance the sale of the Company’s products and consist of incentives to the Company’s customers. The Company estimates variable consideration using the expected value method. All forms of variable consideration are recorded as contra-revenue and a corresponding liability in its consolidated balance sheets. These estimates are based on the Company’s incentive program experience, historical and projected sales data and current contractual terms. The remaining portion of this liability is based on contractual amounts and does not require estimation.

Remaining Performance Obligations

Remaining performance obligations represent the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue allocated to remaining performance obligations was $67.9 million as of December 31, 2023, of which the Company expects 85% to be recognized over the next twelve months.

Cost of Revenue

Cost of subscription revenue includes all direct costs to deliver the Company’s subscription services. These costs include personnel-related costs associated with the Company’s cloud-based infrastructure and the Company’s customer support organization, third-party hosting fees, software, and maintenance costs, outside services associated with the delivery of the Company’s subscription services, travel-related costs, amortization of acquired intangibles and allocated overhead, such as facilities, including rent, utilities, depreciation on equipment shared by all departments, credit card and transaction processing fees, and shared information technology costs. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel.

Cost of hardware revenue consists of product costs, including hardware production, contract manufacturers for production, shipping and handling, packaging, fulfillment, personnel-related expenses, manufacturing and equipment depreciation, warehousing, tariff costs, customer support costs, credit card and transaction processing fees, warranty replacement, and write-downs of excess and obsolete inventory. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel.

Cost of other revenue consists of cloud-based hosting costs, as well as costs of product operations functions and personnel-related costs associated with the Company’s data platform. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel.

Costs Capitalized to Obtain Contracts

Costs capitalized to obtain contracts comprise of revenue-share payments in connection with annual subscription sales of the Company’s mobile application on each respective third-party store platform as well as sales commissions paid to employees on hardware sales. Costs that are incremental and directly related to new customer sales contracts are accrued and capitalized upon execution of a non-cancelable customer contract, and subsequently expensed over an estimated period of benefit, which is currently estimated to be two to three years depending on the subscription type. The Company has elected the practical expedient under ASC 340-40 to expense incremental costs of obtaining a contract if the amortization periods is one year or less.

Accounts Receivable and Allowances

Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The allowance for credit losses is based on the Company’s assessment of the collectibility of accounts by considering the age of each outstanding invoice, the collection history of each customer, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable on an aggregated basis where similar characteristics exist and on an individual basis when specific customers with collectibility issues are identified.

The allowance for credit losses as of December 31, 2023 and December 31, 2022 and total bad debt expense for the years ended December 31, 2023, 2022 and 2021 was immaterial.

Inventory and Contract Manufacturing

Inventory is comprised of raw materials and finished goods related to hardware tracking devices and accessories. Inventory is stated at the lower of cost or net realizable value on a weighted average basis. The Company assesses the valuation of inventory and writes down the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions.

The Company outsources a significant portion of its manufacturing to independent contract manufacturers in Asia. A significant portion of its cost of revenue consists of inventory purchased from these manufacturers. The Company’s inventory is held at third party warehouses and contract manufacturer premises. The Company’s manufacturers procure components and manufacture the Company’s products based on the demand forecasts provided. These forecasts are based on estimates of future demand for the Company’s products, which are in turn based on historical trends and an analysis from the Company’s sales and marketing organizations, adjusted for overall market conditions. Shipments of inventory from the contract manufacturer are recorded as finished goods inventory upon shipment when title and the significant risks and reward of ownership have passed to the Company.

Concentrations of Risk and Significant Customers

The Company’s business, operations, and financial results are subject to various risks and uncertainties including adverse global economic conditions, and competition in the Company’s industry that could adversely affect the Company’s business, financial conditions, results of operations and cash flows. These important factors, among others, could cause actual results to differ materially from any future results.

Cash Deposits in Excess of Federally Insured Limits

The Company currently maintains its cash balances at multiple financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2023, the Company’s cash balances exceeded amounts insured by the FDIC. As a result, the Company may be impacted by adverse developments within the financial services industry which have in the past and may in the future threaten our ability to access our existing cash and cash equivalents and could have a material adverse effect on our business and financial condition. While the Company has not experienced any losses in such accounts, the recent failure of Silicon Valley Bank (“SVB”) exposed the Company to significant credit risk prior to the completion by the FDIC of the resolution of SVB in a manner that fully protected all depositors. As of December 31, 2023, the Company has transferred the majority of its accounts to one or more alternate depository institutions, the financial position of which management believes does not expose the Company to significant credit risk.

Major Customers

The Company’s customers primarily consist of individual consumers, who subscribe to the Company’s product offerings through market exchanges operated by our third-party platform providers (“Channel Partners”), data revenue customers and retail partners, who purchase hardware tracking devices from the Company and resell them directly to individual consumers. Any changes in customer preferences and trends or changes in terms of use of Channel Partners’ platforms could have an adverse impact on its results of operations and financial condition.

The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented.

The following tables set forth the information about the Company’s Channel Partners that processed our overall revenue transactions and retail partners who represented greater than 10% of our revenue and accounts receivable, respectively:


	Percentage of Revenue
	Year Ended December 31,
	2023		2022		2021
Channel Partner A	53	%	49	%	57	%
Channel Partner B	16	%	15	%	18	%
Retail Partner A	*		13	%	*

* Represents less than 10%


	Percentage of Gross Accounts Receivable
	As of December 31,
	2023		2022
Channel Partner A	50	%	33	%

Data Partner A	*		11	%
Retail Partner A	17	%	23	%

* Represents less than 10%

Supplier Concentration

The Company currently outsources the manufacturing of its hardware devices to a sole contract manufacturer. Although there are a limited number of manufacturers, management believes that other suppliers could provide similar manufacturing services on comparable terms.

Research and Development Costs

The Company charges costs related to research and development which primarily consist of personnel-related costs for our engineering, product, and design teams, material costs of building and developing prototypes for new products, mobile app development and allocated overhead.

Sales and Marketing Costs

Our sales and marketing expenses consist primarily of personnel-related costs, brand marketing costs, lead generation costs, sales incentives, sponsorships and amortization of acquired intangibles. Revenue-share payments to Channel Partners in connection with annual subscription sales of the Company’s mobile application on Channel Partner store platforms are considered to be incremental and recoverable costs of obtaining a contract with a customer and are deferred and typically amortized over an estimated period of benefit of two to three years depending on the subscription type.

Advertising Expense

Advertising expenses are recorded in the period in which cost is incurred, and are presented within sales and marketing expense on the consolidated statements of operations. Advertising expense was $28.6 million, $17.0 million, and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy.

Restricted Cash

Deposits of $1.7 million and $14.9 million were restricted from withdrawal as of December 31, 2023 and December 31, 2022, respectively. In April 2023, the Company released and paid $13.1 million of restricted cash which was previously held in indemnity escrow as part of the acquisition of Tile in January 2022 (the “Tile Acquisition”) for general representations and warranties, fifteen months after the acquisition date. Refer to Note 8, "Balance Sheet Components" for further details.

The restricted cash, noncurrent balance of $1.7 million as of December 31, 2023 relates to the letters of credit issued on behalf of the Company for indebtedness to trade creditors incurred in the ordinary course of business. The restricted cash, noncurrent balance of $1.6 million as of December 31, 2022 relates to funds placed in an indemnity escrow fund after the acquisition of Jiobit, and facility lease agreements.

Fair Value of Financial Instruments

The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of Inputs that may be used to measure fair value are as follows:

Level 1 – Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

The recorded carrying amounts of cash and cash equivalents, prepaid expenses, accounts payable, and accounts receivable as of December 31, 2023 and December 31, 2022, approximate fair value due to their short-term nature. Refer to Note 6, "Fair Value Measurements" for further details.

Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Equipment, computer software, furniture, and product manufacturing equipment, which includes construction-in-process that is capitalized and depreciated when placed into service, have estimated useful lives ranging from three to ten years. Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life or the term of the lease with expected renewals.

Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reported in other income (expense), net in the period realized.

Internal Use Software

For development costs related to internal use software projects, the Company capitalizes costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal use software is amortized on a straight-line basis over its estimated useful life of three years. The Company capitalized $1.7 million and $0.7 million during the years ended December 31, 2023 and 2022, respectively. Capitalized costs are included within intangible assets, net on the consolidated balance sheet.

Lease Obligations

Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives.

Certain operating lease agreements contain rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the straight-line single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancellable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the renewal option will be exercised.

In addition, certain of the Company’s operating lease agreements contain tenant improvement allowances from its landlords. These allowances are accounted for as lease incentives and decrease the Company’s right-of-use asset and reduce single lease cost over the lease term. Refer to Note 8, "Balance Sheet Components" for additional lease disclosures.

Restructuring and Other Charges

Restructuring generally includes significant actions involving employee-related severance charges, facilities consolidation and contract termination costs. Employee-related severance charges are largely based upon substantive severance plans, while some are mandated requirements in certain foreign jurisdictions. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. These charges are reflected in the period when both the actions are probable, at the balance sheet date, and the amounts are reasonably estimable. Right-of-use asset impairments are recognized on the date the premises have been vacated or the Company have ceased-use of the leased facilities.

On January 12, 2023, the Company announced a workforce restructure which resulted in a reduction of the Company’s workforce of approximately 14%. The Company incurred $4.0 million in non-recurring personnel and severance related expenses in connection with the restructuring during the year ended December 31, 2023. As of December 31, 2023, all expenses incurred had been paid.

The restructuring costs are recognized in the consolidated statements of operations for the year ended December 31, 2023 as follows (in thousands):


	Personnel and Severance Related Expenses
	Year Ended December 31, 2023
Cost of subscription revenue	$	64
Cost of hardware revenue	94
Research and development	1,824
Sales and marketing	872
General and administrative	1,170
Total	$	4,024

Business Combinations

The Company uses best estimates and assumptions to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized but are tested for impairment at least annually during the fourth quarter, or more frequently if indicators of impairment exist. The Company tests for goodwill impairment annually as of October 31 of each year. There was no impairment of goodwill during the years ended December 31, 2023, 2022 and 2021.

Intangible Assets, net

Intangible assets, including acquired, trade names, customer relationships, acquired developed technology, and internal use software are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of the Company’s intangible assets by measuring the expected cash flows of acquired assets. There was no impairment of intangible assets recorded during the years ended December 31, 2023, 2022 and 2021.

Impairment of Long-Lived Assets

The Company assesses the impairment of long-lived assets, such as property and equipment subject to depreciation and acquired intangibles subject to amortization, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.

The Company reviews long-lived assets for impairment at least annually, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. There was no impairment of long-lived assets recognized during the years ended December 31, 2023, 2022 and 2021.

Deferred Revenue

Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s subscription arrangements. The Company primarily invoices its customers for its subscription services arrangements in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, noncurrent in the consolidated balance sheets.

Investment

Investment relates to non-marketable equity securities held in a privately held company without a readily determinable market value. Non-marketable equity securities consist of warrants held to purchase shares of preferred stock of a Data Revenue Partner, refer to “Revenue Recognition” section above for additional information regarding the Company’s Data Revenue Partner. Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as a non-operating expense to the Company’s consolidated statements of operations and comprehensive loss. There have been no adjustments to the basis of the Company’s Investment to date. The carrying value of the Company’s Investment is included in prepaid expenses and other assets, noncurrent in the consolidated balance sheets. As of December 31, 2023 and 2022, the Company’s Investment was $5.5 million and $5.5 million, respectively.

Common Stock Warrants

The Company has issued freestanding warrants to purchase shares of common stock in connection with certain debt financing transactions. The warrants are recorded as equity instruments at the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet date.

In addition, the Company has issued warrants in connection with the convertible note agreements. The warrants are recorded as equity instruments at the grant date fair value using the Black-Scholes option pricing model. The fair value has been recorded as a debt discount that is being amortized to interest expense under the straight-line method over the term of respective convertible notes.

Stock-Based Compensation

The Company has an equity incentive plan under which various types of equity-based awards including, but not limited to, incentive stock options, non-qualified stock options, restricted stock units, and restricted stock awards, may be granted to employees, nonemployee directors, and nonemployee consultants.

For all equity awards granted to employees, nonemployees and directors, the Company recognizes compensation expense based on the grant-date estimated fair values. The fair value of stock options is determined using the Black-Scholes option pricing model. For restricted stock units and restricted stock awards, the fair value is based on the grant date fair value of the award. The Company recognizes compensation expense for stock option awards, restricted stock units, and restricted stock awards on a straight-line basis over the requisite service period of the award, generally three to four years. Forfeitures are recorded as they occur.

In 2022 and 2021, the Company issued stock options and restricted stock that have performance-based vesting conditions. For awards that include a performance condition, if the performance condition is determined to be probable of being satisfied, the Company recognizes compensation expense related to such awards using the accelerated attribution method over the required performance period. If a performance condition is not probable of being met, no compensation cost is recognized. The Company did not issue any stock options or restricted stock that had performance based vesting conditions for the year ended December 31, 2023. Refer to Note 14, "Equity Incentive Plan" for further details.

Foreign Currency

The functional currency of the Company’s foreign subsidiary is the respective local currency. Translation adjustments arising from the use of a differing exchange rate from period to period are included in accumulated other comprehensive income (loss) within the consolidated statements of stockholders’ equity. Foreign currency transaction gains and losses are included in interest and other, net in the consolidated statements of operations and were not material during the years ended December 31, 2023, 2022 or 2021. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.

Income Taxes

The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s statements of operations and comprehensive loss become deductible expenses under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized.

The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. The assessment of whether a valuation allowance is required often requires significant judgment including current and historical operating results, the forecast of future taxable income and on-going prudent and feasible tax planning initiatives.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company did not accrue any interest or penalties related to income tax positions during the years ended December 31, 2023, 2022, and 2021. Refer to Note 11, "Commitments and Contingencies" for more details.

Net Loss Per Share

The Company computes basic and diluted net loss per share in conformity with ASC 260, “Earnings per Share.” Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period without consideration for potentially dilutive securities as they do not share in losses. Under the if-converted method, shares related to convertible notes, to the extent dilutive, are assumed to be converted into common stock at the beginning of the period. For purposes of this calculation, options to purchase common stock, common stock warrants, and unvested restricted stock units are considered common stock equivalents but have been excluded from the calculation of diluted net loss per share as the effect is antidilutive. Refer to Note 18, "Net Loss Per Share" for further details.

Summary of Significant Accounting Policies - Property and Equipment Net (Details)	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years

Net Loss Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (28,171)	$ (91,629)	$ (33,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic (in shares)	66,748,542	62,209,545	51,656,195
Net loss per share, basic (in usd per share)	$ (0.42)	$ (1.47)	$ (0.65)
Numerator:
Net loss	$ (28,171)	$ (91,629)	$ (33,557)
Adjusted net loss for diluted earnings per share	$ (28,171)	$ (94,195)	$ (33,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic (in shares)	66,748,542	62,209,545	51,656,195
Effect of dilutive securities:
Weighted-average shares used in computing net loss per share, diluted (in shares)	66,748,542	62,839,593	51,656,195
Net loss per share, diluted (in usd per share)	$ (0.42)	$ (1.50)	$ (0.65)
Convertible notes
Numerator:
Interest attributable to July 2021 and September 2021 Convertible Notes	$ 0	$ 515	$ 0
Convertible notes \| September 2021 Convertible Notes
Numerator:
(Gain)/loss attributable to Convertible Notes	$ 0	$ (1,786)	$ 0
Effect of dilutive securities:
Convertible Notes (in shares)	0	453,626	0
Convertible notes \| July 2021 Convertible Notes
Numerator:
(Gain)/loss attributable to Convertible Notes	$ 0	$ (1,295)	$ 0
Effect of dilutive securities:
Convertible Notes (in shares)	0	176,422	0

Equity Incentive Plan - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Balance (in shares)	6,779,892
RSU granted (in shares)	3,779,399
RSU vested and settled (in shares)	(3,123,054)
RSU cancelled/forfeited (in shares)	(1,253,694)
Balance (in shares)	6,182,543	6,779,892
Weighted average grant date fair value
Balance (in usd per share)	$ 11.58
RSU granted (in usd per share)	13.15	$ 12.13	$ 14.86
RSU vested and settled (in usd per share)	12.54
RSU cancelled/forfeited (in usd per share)	11.89
Balance (in usd per share)	$ 12.67	$ 11.58

Summary of Significant Accounting Policies - Restructuring Costs (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 12, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Percent reduction in workforce	14.00%
Restructuring charges		$ 4,024
Cost of revenue \| Subscription
Restructuring Cost and Reserve [Line Items]
Restructuring charges		64
Cost of revenue \| Hardware
Restructuring Cost and Reserve [Line Items]
Restructuring charges		94
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1,824
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		872
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1,170

- 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

Common Stock - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
Common Stock - Narrative (Details) - USD ($) $ in Millions	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock subject to repurchase (in shares)		108,592	108,592
Shares issued (in shares)	2,645,503
Proceeds before issuance costs	$ 33.3

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
State tax rate	(3.00%)	0.00%	0.00%
Research and development tax credits	5.00%	0.00%	2.00%
Stock-based compensation	1.00%	(2.00%)	6.00%
Fair value adjustment	(1.00%)	2.00%	(3.00%)
Permanent differences	(1.00%)	(2.00%)	(1.00%)
Officer Compensation	(10.00%)	0.00%	0.00%
Change in valuation allowance	(14.00%)	(19.00%)	(25.00%)
Effective tax rate	(2.00%)	0.00%	0.00%

Balance Sheet Components - Prepaid Expenses and Other Assets, Non-Current (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses, noncurrent	$ 1,353	$ 1,524
Investment	5,474	5,474
Other assets	21	136
Total prepaid expenses and other assets, noncurrent	$ 6,848	$ 7,134

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The Company has historically incurred net operating losses only in the United States since its inception. During the year ended December 31, 2023, the Company incurred $27.1 million of net operating losses in the United States and $0.3 million of net operating income internationally.

An income tax provision of $0.6 million and $0.1 million and an income tax benefit of $0.1 million were recorded for the years ended December 31, 2023, 2022 and 2021, respectively. In accordance with ASC 805, a change in the acquirer’s valuation allowance that stems from a business combination should be recognized as an element of the acquirer’s income tax expense or benefit in the period of the acquisition. Accordingly, for the years ended December 31, 2022 and 2021, the Company recorded a $27.4 thousand partial release of its valuation allowance stemming from the Tile Acquisition and $0.1 million partial release of its valuation allowance stemming from the Jiobit Acquisition.

The reconciliation of the Company’s effective tax rate to the U.S. statutory federal income tax rate was as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory federal income tax rate	21	%	21	%	21	%
State tax rate	(3)	%	—	%	—	%
Research and development tax credits	5	%	—	%	2	%
Stock-based compensation	1	%	(2)	%	6	%
Fair value adjustment	(1)	%	2	%	(3)	%
Permanent differences	(1)	%	(2)	%	(1)	%
Officer Compensation	(10)	%	—	%	—	%
Change in valuation allowance	(14)	%	(19)	%	(25)	%
Effective tax rate	(2)	%	—	%	—	%

The significant components of net deferred income tax assets were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Deferred tax assets:
Reserves and allowances	$	1,002	$	2,534
Lease liability	259		213
Depreciable assets	162		281
Net operating loss carryforward	46,877		62,565
Stock-based compensation	4,359		6,353
Capitalized research and development	39,112		21,170
Credits carryforward	12,651		9,569
Total deferred tax assets	104,422		102,685
Deferred tax liabilities:
Operating lease right-of-use asset	(250)		(210)
Acquired intangibles	(10,073)		(12,829)
Total deferred tax liabilities	(10,323)		(13,039)
Less: Valuation allowance and other reserves	(94,099)		(89,646)
Net deferred tax asset	$	—	$	—

The Company has provided a full valuation allowance on the net deferred tax assets. The valuation allowance increased by $4.5 million during 2023 and $42.7 million during 2022.

At December 31, 2023 the Company had approximately $197.5 million and $81.0 million of federal and state net operating loss carryforwards, respectively, available to offset future taxable income. Such carryforwards expire in varying amounts beginning in 2027. The federal net operating loss carryforwards of $145.6 million arising after December 31, 2017 do not expire.

The Company also had federal and state research and development credit carryforwards of $10.7 million and $13.8 million, respectively. The federal tax credits expire in varying amounts beginning in 2034. The state tax credits do not expire. Additionally, the Company has approximately $1.9 million of tax credits in Canada, which are expected to expire in varying amounts beginning 2032.

The Tax Reform Act of 1986 limits the use of net operating loss carryforwards in certain situations where changes occur in the stock ownership of a Company. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company performed a Section 382 analysis through December 31, 2023. The Company does not expect any previous ownership changes (as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended) to result in a limitation that will materially reduce the total amount of net operating loss carryforwards and credits that can be utilized. Subsequent ownership changes may affect the limitation in future years.

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and Canada. In the normal course of business, the Company is subject to examination by taxing authorities throughout the nation. The Company is not currently under audit by the Internal Revenue Service or other similar state and local authorities. All tax years remain open to examination by major taxing jurisdictions to which the Company is subject.

As of December 31, 2023 and 2022, the Company had $12.1 million and $11.1 million, respectively, of gross unrecognized tax benefits related to federal and state research credits. As of December 31, 2023 all unrecognized tax benefits, if recognized, will not affect the Company’s effective tax rate. The Company does not anticipate any unrecognized tax benefits in the next 12 months that would result in a material change to its financial position.

The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands):


Balance as of December 31, 2021	$	4,588
Additions based on tax positions related to 2022	1,327
Additions for tax positions of prior years	5,176
Balance as of December 31, 2022	11,091
Additions based on tax positions related to 2023	968
Additions for tax positions of prior years	—
Balance as of December 31, 2023	$	12,059

- 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

Business Combinations - Fair Value Assumptions (Details) - September 2021 Convertible Notes $ / shares in Units, $ in Thousands	Dec. 31, 2023 USD ($) year $ / shares	Dec. 31, 2022 USD ($) year $ / shares	Sep. 01, 2021 USD ($) year $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Conversion price per share (in usd per share)			$ 22.50
Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Principal \| $	$ 3,365	$ 6,730	$ 11,206
Interest rate	5.70%	6.60%	4.50%
Common stock fair value per share (usd per share)	$ 15.46	$ 9.94	$ 20.49
Conversion price per share (in usd per share)	$ 22.50	$ 22.50	$ 22.50
Risk-free interest rate \| Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible notes, measurement input	0.0496	0.0450	0.0045
Time to exercise \| Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible notes, measurement input \| year	0.7	1.7	3
Volatility \| Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible notes, measurement input	0.29	0.53	0.37
Annual dividend yield \| Convertible notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Convertible notes, measurement input	0	0	0

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,514	$ 1,009
Less: accumulated depreciation	(784)	(616)
Total property and equipment, net	730	393
Depreciation	100	500	$ 500
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	297	276
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	100	100
Production manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	839	624
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	249	0
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 29	$ 9

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net operating losses in the United States	$ 27,100,000
Net operating income internationally	300,000
Provision (benefit) for income taxes	600,000	$ 100,000	$ (100,000)
Income tax benefit, partial release of valuation allowance		27,400	100,000
Increase in valuation allowance	(4,500,000)	42,700,000
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	12,059,000	$ 11,091,000	$ 4,588,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	197,500,000
Net operating loss carryforwards, not subject to expiration	145,600,000
Research and development credit carryforwards	10,700,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	81,000,000
Research and development credit carryforwards	13,800,000
Canada
Operating Loss Carryforwards [Line Items]
Research and development credit carryforwards	$ 1,900,000

Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 30.1	$ 13.9

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	34	243
Auditor Name	Deloitte & Touche LLP	BDO USA, LLP
Auditor Location	San Francisco, California	San Francisco, California

Business Combinations - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Jan. 05, 2022	Sep. 01, 2021
Jiobit
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 8,400
Jiobit \| Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 4,030
Estimated Useful Life (in years)		5 years
Jiobit \| Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 3,380
Estimated Useful Life (in years)		10 years
Jiobit \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 990
Estimated Useful Life (in years)		10 years
Tile
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 52,700
Tile \| Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 18,400
Estimated Useful Life (in years)	5 years
Tile \| Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 20,000
Estimated Useful Life (in years)	10 years
Tile \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 14,300
Estimated Useful Life (in years)	8 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of effective tax rate

The reconciliation of the Company’s effective tax rate to the U.S. statutory federal income tax rate was as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory federal income tax rate	21	%	21	%	21	%
State tax rate	(3)	%	—	%	—	%
Research and development tax credits	5	%	—	%	2	%
Stock-based compensation	1	%	(2)	%	6	%
Fair value adjustment	(1)	%	2	%	(3)	%
Permanent differences	(1)	%	(2)	%	(1)	%
Officer Compensation	(10)	%	—	%	—	%
Change in valuation allowance	(14)	%	(19)	%	(25)	%
Effective tax rate	(2)	%	—	%	—	%

Significant components of net deferred income tax assets

The significant components of net deferred income tax assets were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Deferred tax assets:
Reserves and allowances	$	1,002	$	2,534
Lease liability	259		213
Depreciable assets	162		281
Net operating loss carryforward	46,877		62,565
Stock-based compensation	4,359		6,353
Capitalized research and development	39,112		21,170
Credits carryforward	12,651		9,569
Total deferred tax assets	104,422		102,685
Deferred tax liabilities:
Operating lease right-of-use asset	(250)		(210)
Acquired intangibles	(10,073)		(12,829)
Total deferred tax liabilities	(10,323)		(13,039)
Less: Valuation allowance and other reserves	(94,099)		(89,646)
Net deferred tax asset	$	—	$	—

Aggregate changes in the balance of gross unrecognized tax benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands):


Balance as of December 31, 2021	$	4,588
Additions based on tax positions related to 2022	1,327
Additions for tax positions of prior years	5,176
Balance as of December 31, 2022	11,091
Additions based on tax positions related to 2023	968
Additions for tax positions of prior years	—
Balance as of December 31, 2023	$	12,059

Derivative Liability (Details) - USD ($) $ in Thousands	12 Months Ended
Derivative Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative liability	$ 217	$ 101	$ 700
Derivative liability, location not disclosed	derivative liability	derivative liability

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Fair Value and Classification of Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2021
Assets:
Money market funds	$ 41,981	$ 61,227
Total assets	41,981	61,227
Liabilities:
Derivative liability (Note 10)	217	101	$ 700
Convertible notes (Note 9)	3,449	6,938
Total liabilities	3,666	7,039
Level 1
Assets:
Money market funds	41,981	61,227
Total assets	41,981	61,227
Liabilities:
Derivative liability (Note 10)	0	0
Convertible notes (Note 9)	0	0
Total liabilities	0	0
Level 2
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Derivative liability (Note 10)	0	0
Convertible notes (Note 9)	0	0
Total liabilities	0	0
Level 3
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Derivative liability (Note 10)	217	101
Convertible notes (Note 9)	3,449	6,938
Total liabilities	$ 3,666	$ 7,039

Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Fair value assumptions

The estimated fair value of the September 2021 Convertible Notes is determined using a combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows:


	As of December 31,			As of December 31,			As of September 1,
	2023			2022			2021
Principal	$	3,365		$	6,730		$	11,206
Interest rate	5.7		%	6.6		%	4.5		%
Common stock fair value per share	15.46			9.94			20.49
Conversion price per share	22.50			22.50			22.50
Risk-free interest rate	4.96		%	4.50		%	0.45		%
Time to exercise (in years)	0.7			1.7			3
Volatility	29		%	53		%	37		%
Annual dividend yield	0		%	0		%	0		%

The fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:


	Warrants Tranche 1			Warrants Tranche 2			Warrants Tranche 3
Fair market value of common stock	$	15.36		$	15.36		$	15.36
Expected dividend yield	0		%	0		%	0		%
Risk-free interest rate	0.09		%	0.89		%	0.89		%
Expected volatility	52.00		%	47.40		%	47.40		%
Expected term (in years)	1			5			5

Convertible notes

Convertible notes, current and noncurrent consist of the following (in thousands):


	As of December 31,
	2023		2022

Convertible notes, current:
September 2021 Convertible Notes	$	3,449	$	3,455
Revesting Notes	—		58
Convertible notes, noncurrent:	—		—
July 2021 Convertible Notes	1,056		635
September 2021 Convertible Notes	—		3,396
Revesting Notes	—		29
Total convertible notes	$	4,505	$	7,573

Contractual future principal payments

The contractual future principal payments for all convertible notes as of December 31, 2023 were as follows (in thousands):


	Amount

2024	$	3,365
2025	—
2026	2,110
2027	—
2028	—
Thereafter	—
Total principal outstanding	5,475
Fair value adjustment	(970)
Total convertible notes	$	4,505

Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Capitalized software development costs	$ 1.7	$ 0.7
Internal use software
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

Consolidated Statements of Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 1,050	$ 5,757

Summary of Significant Accounting Policies - Sales and Marketing Costs (Details)	Dec. 31, 2023
Minimum
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amortization period	2 years
Maximum
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amortization period	3 years

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	17. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all employees over the age of 21 years. Contributions made by the Company are voluntary and are determined annually by the Board of Directors on an individual basis subject to the maximum allowable amount under federal tax regulations. Employer contributions to the plan were $1.1 million for the year ended December 31, 2023. There were immaterial employer contributions to the plan for the years ended December 31, 2022 and 2021.

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (28,171,000)	$ (91,629,000)	$ (33,557,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,141,000	9,199,000	876,000
Amortization of costs capitalized to obtain contracts	2,125,000	2,928,000	4,014,000
Amortization of operating lease right-of-use asset	842,000	0	0
Stock-based compensation expense	38,512,000	34,680,000	11,754,000
Compensation expense in connection with revesting notes	73,000	(87,000)	184,000
Non-cash interest expense, net	462,000	474,000	166,000
Convertible notes fair value adjustment	684,000	(1,786,000)	511,000
Derivative liability fair value adjustment	116,000	(1,295,000)	733,000
(Gain)/loss on revaluation of contingent consideration	0	(5,279,000)	3,600,000
Non-cash revenue from investment	(1,608,000)	(1,504,000)	0
Inventory write-off	916,000	0	0
Adjustment in connection with membership benefit	(2,172,000)	0	0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(9,055,000)	6,474,000	(2,689,000)
Prepaid expenses and other assets	(6,667,000)	10,629,000	(943,000)
Inventory	5,811,000	(497,000)	(859,000)
Costs capitalized to obtain contracts, net	(1,905,000)	(3,343,000)	(1,713,000)
Accounts payable	(7,895,000)	(12,654,000)	559,000
Accrued expenses and other current liabilities	2,193,000	(7,722,000)	4,720,000
Deferred revenue	4,620,000	4,660,000	1,671,000
Other liabilities, noncurrent	(498,000)	(303,000)	(1,180,000)
Net cash provided by (used in) operating activities	7,524,000	(57,055,000)	(12,153,000)
Cash Flows from Investing Activities:
Cash paid for acquisitions, net of cash acquired	0	(110,933,000)	(2,983,000)
Internal use software	(1,715,000)	(701,000)	0
Purchase of property and equipment	(506,000)	0	(81,000)
Cash advance on convertible note receivable	0	0	(4,000,000)
Net cash used in investing activities	(2,221,000)	(111,634,000)	(7,064,000)
Cash Flows from Financing Activities:
Indemnity escrow payment in connection with an acquisition	(13,128,000)	0	0
Proceeds from the exercise of options	5,811,000	2,394,000	3,543,000
Taxes paid related to net settlement of equity awards	(14,033,000)	(4,077,000)	(4,725,000)
Proceeds from repayment of notes due from affiliates	314,000	648,000	0
Payments on borrowings	0	0	(41,000)
Proceeds from capital raise, net of $0, $1,050, and $5,757 of transaction costs, respectively	0	32,215,000	193,064,000
Repayment of convertible notes	(3,919,000)	(3,471,000)	0
Cash received in advance of the issuance of convertible notes	0	0	2,110,000
Net cash provided by (used in) financing activities	(24,955,000)	27,709,000	193,951,000
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	(19,652,000)	(140,980,000)	174,734,000
Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period	90,365,000	231,345,000	56,611,000
Cash, Cash Equivalents, and Restricted Cash at the End of the Period	70,713,000	90,365,000	231,345,000
Supplemental disclosure:
Cash paid during the period for taxes	697,000	0	33,000
Cash paid during the period for interest	640,000	514,000	24,000
Non-cash investing and financing activities:
Fair value of stock issued in connection with an acquisition	0	15,409,000	13,821,000
Fair value of warrants held as investment	0	5,474,000	0
Fair value of stock issued in settlement of contingent consideration	0	4,221,000	0
Right of use asset recognized in connection with lease modification	1,054,000	0	0
Operating lease liability recognized in connection with lease modification	1,054,000	0	0
Fair value of convertible debt issued in connection with an acquisition	0	0	11,597,000
Fair value of contingent consideration issued in connection with an acquisition	0	0	5,900,000
Fair value of vested options assumed in connection with an acquisition	0	0	533,000
Relative fair value of warrants issue with convertible debt	0	0	844,000
Forgiveness of convertible debt receivable in connection with an acquisition	0	0	4,023,000
Beneficial conversion feature related to convertible debt	0	0	603,000
Fair value of bifurcated derivative related to convertible debt	0	0	663,000
Total non-cash investing and financing activities:	2,108,000	25,104,000	37,984,000
Cash, cash equivalents and restricted cash
Cash and cash equivalents	68,964,000	75,444,000	230,990,000
Restricted cash, current	0	13,274,000	0
Restricted cash, noncurrent	1,749,000	1,647,000	355,000
Total cash, cash and cash equivalents, and restricted cash	$ 70,713,000	$ 90,365,000	$ 231,345,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Convertible notes, current, measured at fair value	$ 3,449	$ 3,513
Convertible notes, noncurrent, measured at fair value	$ 0	$ 3,425
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	68,155,830	65,239,843
Common stock, outstanding (in shares)	68,155,830	65,239,843

Convertible Notes - Contractual Future Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 3,365
2025	0
2026	2,110
2027	0
2028	0
Thereafter	0
Total principal outstanding	5,475
Fair value adjustment	(970)
Total convertible notes	$ 4,505

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States, or (“GAAP”), are presented in U.S. dollars unless otherwise stated, and include the accounts of Life360, Inc. and subsidiaries, Jiobit, Tile, Tile Europe Ltd and Tile Network Canada ULC. All inter-company transactions and balances have been eliminated.
Consolidation	Basis of Presentation and Consolidation The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States, or (“GAAP”), are presented in U.S. dollars unless otherwise stated, and include the accounts of Life360, Inc. and subsidiaries, Jiobit, Tile, Tile Europe Ltd and Tile Network Canada ULC. All inter-company transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, the determination of revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple-performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery, allowance for credit losses, product returns, promotional and marketing allowances, inventory valuation, average useful customer life, stock-based compensation, legal contingencies, assessment of possible impairment of long-lived assets and goodwill, valuation of contingent consideration, convertible notes and embedded derivatives, useful lives of long lived assets and income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.
Recently adopted accounting pronouncements and Accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires the use of the expected credit losses over the life impairment model of a broad scope of financial instruments including financial assets measured at amortized cost which includes loans, held-to-maturity debt securities and trade receivables, net investment in leases and certain off balance sheet credit exposures. The guidance requires immediate recognition of estimated expected credit losses over the life of the financial instrument. The Company adopted ASU 2016-13 in January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The guidance is effective for the Company beginning January 1, 2024, and interim periods therein. Early adoption is permitted, including in interim periods, for any financial statements that have not yet been issued. The Company elected to early adopt ASU 2021-08 on September 1, 2021, and the Company has recorded the acquired deferred revenue based on historical carrying value rather than fair value in the consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share, which will result in increased dilutive securities as the assumption of cash settlement of the notes will not be available for the purpose of calculating earnings per share. The provisions of ASU 2020-06 are effective for reporting periods beginning after December 15, 2021, with early adoption permitted for reporting periods beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. On January 1, 2022, the Company adopted ASU 2020-06, and the standard did not have a material impact on its consolidated financial statements and related disclosures. Accounting pronouncements not yet adopted In July 2023, the FASB issued ASU No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU 2023-07 introduces a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM) and extends certain annual disclosures to interim periods. The ASU improve reportable segment disclosure requirement through enhanced disclosures about significant segment expenses. The effective date for this amendment is for the fiscal year beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. This guidance will be applied retrospectively and effective for the Company starting in its annual disclosures for 2024 and interim periods starting 2025. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.
Revenue Recognition, Remaining Performance Obligations, Cost of Revenue and Deferred Revenue	Revenue Recognition The Company recognizes revenue upon transfer of control of promised goods or services to customers at transaction price, an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns and sales incentives related to current period revenue. The Company determines revenue recognition through the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Subscription Revenue The Company’s subscription revenue includes related support and is comprised of Life360 mobile application subscriptions as well as subscription service plans for hardware tracking devices. The Company’s subscription contracts with customers are established at the point of mobile application download and purchase as indicated through acceptance of the Company’s Terms of Use. The Company’s subscription agreements generally have monthly or annual contractual terms and are billed and paid in advance. The cloud-based subscriptions are considered single combined performance obligations, consisting of multiple features that can be purchased separately, but which are bundled together and delivered to the customer as a combined output. The Company provides its customers with technical support along with unspecified updates and upgrades to the platform on an if and when available basis. The subscription service plan for hardware tracking device is a distinct and separate performance obligation from the hardware. Subscription fees are fixed and recognized on a straight-line basis over the non-cancellable contractual term of the agreement, generally beginning on the date that the Company’s service is made available to the customer. The Company recognizes revenues on a straight-line basis because the customer receives and consumes the benefits of the service ratably throughout the contractual period. The Company’s contracts are generally non-cancelable and do not provide for refunds to customers in the event of cancellations. Hardware Revenue The Company derives hardware revenue from sale of hardware tracking devices and related accessories. For hardware and accessories, revenue is recognized when control is transferred to the customer. The Company offers limited rights of return and estimates reserves based on historical experience and records the reserves as a reduction of revenue and an accrued liability. Amounts billed to customers for shipping and handling are classified as revenue, and the Company’s related shipping and handling costs incurred are classified as cost of revenue. The customers are billed upon shipment of hardware tracking devices. Sales taxes collected from customers and remitted to respective governmental authorities are recorded as liabilities and are not included in revenue. The Company’s hardware and the embedded operating system are one distinct performance obligation and are separate and distinct from the subscription service plans for hardware tracking device. The Company’s embedded operating system is a component of the hardware that is integral to the functionality of the hardware and only together produce the essential functionality of the hardware. Other Revenue In January 2022, Life360 announced a new partnership agreement with a key Data Partner, a prominent provider of aggregated analytics for the retail ecosystem, in which executives of the Company have an immaterial ownership interest through a passive investment vehicle. As part of this partnership, the Data Partner will provide data processing and analytics services to Life360 and will have the right to commercialize aggregated data related to place visits during the term of the agreement. The partnership agreement includes fixed monthly revenue amounts for access to aggregated data for the duration of the three-year agreement. The Company has a stand ready obligation to provide aggregated user data over the term of the partnership agreement and recognizes revenue ratably based on the fixed monthly amounts. In connection with the agreement, the Data Partner issued the Company a warrant to purchase up to 5,100,167 shares of Series C Preferred Stock of the Data Partner at an exercise price of $4.90 per share (the “Investment”). The Company estimates and includes variable consideration related to the Investment, in the transaction price at contract inception to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The partnership agreement has standard payment terms that require payment within 30 days. The grant of the warrant is considered non-cash consideration, which the Company measured at fair value on the date of issuance. The warrant was valued using a Black-Scholes option pricing model, and the fair value of approximately $5.4 million has been included as variable consideration in the transaction price of the data partnership agreement, and was included in prepaid expenses and other assets, noncurrent on the Company’s consolidated balance sheets. The warrant is amortized over the life of the agreement. The Company’s data revenue also includes Life360 data monetization arrangements with certain third parties established through Data Master Service Agreements (collectively, “Data MSAs”), which outline specific terms governing the access and use of data and related fees. The Company determines a contract to exist upon the mutual execution of a Data MSA. Those customers historically had the ability to access certain portions of the Company’s user data over the contract term, in which certain customers pay a fee based on average active monthly users. In 2023, the Company has fully moved from Data MSAs to a single aggregated data sales model. The Company recognized fees for legacy data MSAs over time based on the fee per average active monthly user as the customer simultaneously received and consumed the benefit of the services that the Company provided over the term of the agreement. Data revenue was $21.6 million, $23.2 million, and $18.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Partnership revenue includes agreements with third parties to provide access to advertising on the Company’s mobile platform. The Company receives a percentage of the advertising spend as a fee, which is recognized as revenue on a net basis. The variable amounts earned under partnership revenue arrangements are allocable to the month in which the advertising is placed, which is reset on a monthly basis. As such, the Company will recognize revenue monthly based on the advertising placed. Partnership revenue was $3.9 million, $3.9 million, and $6.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Performance Obligations Some of the Company’s contracts with customers contain multiple performance obligations, primarily hardware and subscription services for hardware tracking devices and hardware bundles (bundled Life360 subscription and hardware offerings). For these contracts, the Company accounts for individual performance obligations separately if they are distinct and distinct within the context of the contract. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price (“SSP”) basis with the amounts allocated to ongoing services deferred and recognized over a period of time and amounts allocated to hardware tracking devices recognized at a point-in time with a portion of the consideration being allocated to application usage (maintenance) and support. The Company determines SSP based on observable, if available, prices for those related goods and services when sold separately. When such observable prices are not available, the Company determines SSP based on multiple factors including consumer behaviors, the Company’s internal pricing model, and relative costs incurred plus a normal margin. The factors may vary depending upon the facts and circumstances related to each performance obligation. Our hardware sales arrangements typically contain multiple performance obligations, consisting of the hardware sale, application usage, hardware support, and in some cases, subscriptions. The Company provides warranties of up to twelve months for products with manufacturing defects or hardware failures. As part of Tile Premium subscriptions, the Company offers warranties to end-users covering the contractual service period (up to 3 years) for products with manufacturing defects or hardware failures. The warranties are not sold separately and do not represent separate performance obligations. Payment terms and conditions vary by contract type and are billed either in advance or have a standard payment term generally requiring payment within 30 to 60 days. Therefore, such warranties are accounted for under ASC 460, Guarantees, and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded. Variable Consideration The Company recognizes hardware revenue at the net sales price, which includes certain estimates for variable consideration with its customers. The Company’s variable consideration is primarily in the form of promotional agreements and marketing development fund agreements in relation to the hardware tracking devices. These agreements are designed to enhance the sale of the Company’s products and consist of incentives to the Company’s customers. The Company estimates variable consideration using the expected value method. All forms of variable consideration are recorded as contra-revenue and a corresponding liability in its consolidated balance sheets. These estimates are based on the Company’s incentive program experience, historical and projected sales data and current contractual terms. The remaining portion of this liability is based on contractual amounts and does not require estimation. Remaining Performance Obligations Remaining performance obligations represent the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue allocated to remaining performance obligations was $67.9 million as of December 31, 2023, of which the Company expects 85% to be recognized over the next twelve months. Cost of Revenue Cost of subscription revenue includes all direct costs to deliver the Company’s subscription services. These costs include personnel-related costs associated with the Company’s cloud-based infrastructure and the Company’s customer support organization, third-party hosting fees, software, and maintenance costs, outside services associated with the delivery of the Company’s subscription services, travel-related costs, amortization of acquired intangibles and allocated overhead, such as facilities, including rent, utilities, depreciation on equipment shared by all departments, credit card and transaction processing fees, and shared information technology costs. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel. Cost of hardware revenue consists of product costs, including hardware production, contract manufacturers for production, shipping and handling, packaging, fulfillment, personnel-related expenses, manufacturing and equipment depreciation, warehousing, tariff costs, customer support costs, credit card and transaction processing fees, warranty replacement, and write-downs of excess and obsolete inventory. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel. Cost of other revenue consists of cloud-based hosting costs, as well as costs of product operations functions and personnel-related costs associated with the Company’s data platform. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel. Deferred Revenue Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s subscription arrangements. The Company primarily invoices its customers for its subscription services arrangements in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, noncurrent in the consolidated balance sheets.
Costs Capitalized to Obtain Contracts	Costs Capitalized to Obtain Contracts Costs capitalized to obtain contracts comprise of revenue-share payments in connection with annual subscription sales of the Company’s mobile application on each respective third-party store platform as well as sales commissions paid to employees on hardware sales. Costs that are incremental and directly related to new customer sales contracts are accrued and capitalized upon execution of a non-cancelable customer contract, and subsequently expensed over an estimated period of benefit, which is currently estimated to be two to three years depending on the subscription type. The Company has elected the practical expedient under ASC 340-40 to expense incremental costs of obtaining a contract if the amortization periods is one year or less.
Accounts Receivable and Allowances	Accounts Receivable and Allowances Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The allowance for credit losses is based on the Company’s assessment of the collectibility of accounts by considering the age of each outstanding invoice, the collection history of each customer, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable on an aggregated basis where similar characteristics exist and on an individual basis when specific customers with collectibility issues are identified.
Inventory and Contract Manufacturing	Inventory and Contract Manufacturing Inventory is comprised of raw materials and finished goods related to hardware tracking devices and accessories. Inventory is stated at the lower of cost or net realizable value on a weighted average basis. The Company assesses the valuation of inventory and writes down the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions. The Company outsources a significant portion of its manufacturing to independent contract manufacturers in Asia. A significant portion of its cost of revenue consists of inventory purchased from these manufacturers. The Company’s inventory is held at third party warehouses and contract manufacturer premises. The Company’s manufacturers procure components and manufacture the Company’s products based on the demand forecasts provided. These forecasts are based on estimates of future demand for the Company’s products, which are in turn based on historical trends and an analysis from the Company’s sales and marketing organizations, adjusted for overall market conditions. Shipments of inventory from the contract manufacturer are recorded as finished goods inventory upon shipment when title and the significant risks and reward of ownership have passed to the Company.
Concentrations of Risk and Major Customers, and Supplier Concentration	Concentrations of Risk and Significant Customers The Company’s business, operations, and financial results are subject to various risks and uncertainties including adverse global economic conditions, and competition in the Company’s industry that could adversely affect the Company’s business, financial conditions, results of operations and cash flows. These important factors, among others, could cause actual results to differ materially from any future results. Cash Deposits in Excess of Federally Insured Limits The Company currently maintains its cash balances at multiple financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2023, the Company’s cash balances exceeded amounts insured by the FDIC. As a result, the Company may be impacted by adverse developments within the financial services industry which have in the past and may in the future threaten our ability to access our existing cash and cash equivalents and could have a material adverse effect on our business and financial condition. While the Company has not experienced any losses in such accounts, the recent failure of Silicon Valley Bank (“SVB”) exposed the Company to significant credit risk prior to the completion by the FDIC of the resolution of SVB in a manner that fully protected all depositors. As of December 31, 2023, the Company has transferred the majority of its accounts to one or more alternate depository institutions, the financial position of which management believes does not expose the Company to significant credit risk. Major Customers The Company’s customers primarily consist of individual consumers, who subscribe to the Company’s product offerings through market exchanges operated by our third-party platform providers (“Channel Partners”), data revenue customers and retail partners, who purchase hardware tracking devices from the Company and resell them directly to individual consumers. Any changes in customer preferences and trends or changes in terms of use of Channel Partners’ platforms could have an adverse impact on its results of operations and financial condition. The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented. Supplier Concentration The Company currently outsources the manufacturing of its hardware devices to a sole contract manufacturer. Although there are a limited number of manufacturers, management believes that other suppliers could provide similar manufacturing services on comparable terms.
Research and Development Costs	Research and Development Costs The Company charges costs related to research and development which primarily consist of personnel-related costs for our engineering, product, and design teams, material costs of building and developing prototypes for new products, mobile app development and allocated overhead.
Sales and Marketing Costs	Sales and Marketing Costs Our sales and marketing expenses consist primarily of personnel-related costs, brand marketing costs, lead generation costs, sales incentives, sponsorships and amortization of acquired intangibles. Revenue-share payments to Channel Partners in connection with annual subscription sales of the Company’s mobile application on Channel Partner store platforms are considered to be incremental and recoverable costs of obtaining a contract with a customer and are deferred and typically amortized over an estimated period of benefit of two to three years depending on the subscription type.
Advertising Expense	Advertising Expense Advertising expenses are recorded in the period in which cost is incurred, and are presented within sales and marketing expense on the consolidated statements of operations. Advertising expense was $28.6 million, $17.0 million, and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy.
Restricted Cash	Restricted Cash Deposits of $1.7 million and $14.9 million were restricted from withdrawal as of December 31, 2023 and December 31, 2022, respectively. In April 2023, the Company released and paid $13.1 million of restricted cash which was previously held in indemnity escrow as part of the acquisition of Tile in January 2022 (the “Tile Acquisition”) for general representations and warranties, fifteen months after the acquisition date. Refer to Note 8, "Balance Sheet Components" for further details. The restricted cash, noncurrent balance of $1.7 million as of December 31, 2023 relates to the letters of credit issued on behalf of the Company for indebtedness to trade creditors incurred in the ordinary course of business. The restricted cash, noncurrent balance of $1.6 million as of December 31, 2022 relates to funds placed in an indemnity escrow fund after the acquisition of Jiobit, and facility lease agreements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of Inputs that may be used to measure fair value are as follows: Level 1 – Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. The recorded carrying amounts of cash and cash equivalents, prepaid expenses, accounts payable, and accounts receivable as of December 31, 2023 and December 31, 2022, approximate fair value due to their short-term nature.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Equipment, computer software, furniture, and product manufacturing equipment, which includes construction-in-process that is capitalized and depreciated when placed into service, have estimated useful lives ranging from three to ten years. Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life or the term of the lease with expected renewals. Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reported in other income (expense), net in the period realized.
Internal Use Software	Internal Use Software For development costs related to internal use software projects, the Company capitalizes costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal use software is amortized on a straight-line basis over its estimated useful life of three years. The Company capitalized $1.7 million and $0.7 million during the years ended December 31, 2023 and 2022, respectively. Capitalized costs are included within intangible assets, net on the consolidated balance sheet.
Lease Obligations	Lease Obligations Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives. Certain operating lease agreements contain rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the straight-line single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancellable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the renewal option will be exercised. In addition, certain of the Company’s operating lease agreements contain tenant improvement allowances from its landlords. These allowances are accounted for as lease incentives and decrease the Company’s right-of-use asset and reduce single lease cost over the lease term.
Restructuring and Other Charges	Restructuring and Other Charges Restructuring generally includes significant actions involving employee-related severance charges, facilities consolidation and contract termination costs. Employee-related severance charges are largely based upon substantive severance plans, while some are mandated requirements in certain foreign jurisdictions. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. These charges are reflected in the period when both the actions are probable, at the balance sheet date, and the amounts are reasonably estimable. Right-of-use asset impairments are recognized on the date the premises have been vacated or the Company have ceased-use of the leased facilities.
Business Combinations	Business Combinations The Company uses best estimates and assumptions to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.
Goodwill	Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized but are tested for impairment at least annually during the fourth quarter, or more frequently if indicators of impairment exist. The Company tests for goodwill impairment annually as of October 31 of each year.
Intangible Assets, net	Intangible Assets, net Intangible assets, including acquired, trade names, customer relationships, acquired developed technology, and internal use software are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of the Company’s intangible assets by measuring the expected cash flows of acquired assets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets, such as property and equipment subject to depreciation and acquired intangibles subject to amortization, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company reviews long-lived assets for impairment at least annually, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value.
Investment	Investment Investment relates to non-marketable equity securities held in a privately held company without a readily determinable market value. Non-marketable equity securities consist of warrants held to purchase shares of preferred stock of a Data Revenue Partner, refer to “Revenue Recognition” section above for additional information regarding the Company’s Data Revenue Partner. Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as a non-operating expense to the Company’s consolidated statements of operations and comprehensive loss. There have been no adjustments to the basis of the Company’s Investment to date. The carrying value of the Company’s Investment is included in prepaid expenses and other assets, noncurrent in the consolidated balance sheets.
Common Stock Warrants	Common Stock Warrants The Company has issued freestanding warrants to purchase shares of common stock in connection with certain debt financing transactions. The warrants are recorded as equity instruments at the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet date. In addition, the Company has issued warrants in connection with the convertible note agreements. The warrants are recorded as equity instruments at the grant date fair value using the Black-Scholes option pricing model. The fair value has been recorded as a debt discount that is being amortized to interest expense under the straight-line method over the term of respective convertible notes.
Stock-Based Compensation	Stock-Based Compensation The Company has an equity incentive plan under which various types of equity-based awards including, but not limited to, incentive stock options, non-qualified stock options, restricted stock units, and restricted stock awards, may be granted to employees, nonemployee directors, and nonemployee consultants. For all equity awards granted to employees, nonemployees and directors, the Company recognizes compensation expense based on the grant-date estimated fair values. The fair value of stock options is determined using the Black-Scholes option pricing model. For restricted stock units and restricted stock awards, the fair value is based on the grant date fair value of the award. The Company recognizes compensation expense for stock option awards, restricted stock units, and restricted stock awards on a straight-line basis over the requisite service period of the award, generally three to four years. Forfeitures are recorded as they occur. In 2022 and 2021, the Company issued stock options and restricted stock that have performance-based vesting conditions. For awards that include a performance condition, if the performance condition is determined to be probable of being satisfied, the Company recognizes compensation expense related to such awards using the accelerated attribution method over the required performance period. If a performance condition is not probable of being met, no compensation cost is recognized.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiary is the respective local currency. Translation adjustments arising from the use of a differing exchange rate from period to period are included in accumulated other comprehensive income (loss) within the consolidated statements of stockholders’ equity. Foreign currency transaction gains and losses are included in interest and other, net in the consolidated statements of operations and were not material during the years ended December 31, 2023, 2022 or 2021. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s statements of operations and comprehensive loss become deductible expenses under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized. The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. The assessment of whether a valuation allowance is required often requires significant judgment including current and historical operating results, the forecast of future taxable income and on-going prudent and feasible tax planning initiatives. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Net Loss Per Share	Net Loss Per Share The Company computes basic and diluted net loss per share in conformity with ASC 260, “Earnings per Share.” Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period without consideration for potentially dilutive securities as they do not share in losses. Under the if-converted method, shares related to convertible notes, to the extent dilutive, are assumed to be converted into common stock at the beginning of the period. For purposes of this calculation, options to purchase common stock, common stock warrants, and unvested restricted stock units are considered common stock equivalents but have been excluded from the calculation of diluted net loss per share as the effect is antidilutive.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Transaction costs	$ 0	$ 1,050	$ 5,757

Business Combinations - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Jiobit
Business Acquisition [Line Items]
Revenues		$ 116,330
Net loss		(37,356)
Tile
Business Acquisition [Line Items]
Revenues	$ 228,305	218,236
Net loss	$ (91,629)	$ (78,448)

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The fair value of these instruments as of December 31, 2023 and December 31, 2022 are classified as follows (in thousands):


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total

Assets:
Money market funds	$	41,981	$	—	$	—	$	41,981
Total assets	$	41,981	$	—	$	—	$	41,981
Liabilities:
Derivative liability (Note 10)	$	—	$	—	$	217	$	217
Convertible notes (Note 9)	—		—		3,449		3,449
Total liabilities	$	—	$	—	$	3,666	$	3,666


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	61,227	$	—	$	—	$	61,227
Total assets	$	61,227	$	—	$	—	$	61,227
Liabilities:
Derivative liability (Note 10)	$	—	$	—	$	101	$	101
Convertible notes (Note 9)	—		—		6,938		6,938
Total liabilities	$	—	$	—	$	7,039	$	7,039

The change in fair value of the Level 3 instruments were as follows (in thousands):


	As of December 31, 2023
	Derivative liability (Note 10)		Convertible notes (Note 9)

Fair value, beginning of the year	$	101	$	6,938
Vesting of revesting notes	—		72
Changes in fair value	116		684
Forfeiture of convertible notes	—		(326)
Repayment of convertible notes (Note 9)	—		(3,919)
Fair value, end of period	$	217	$	3,449


	As of December 31, 2022
	Derivative liability (Note 10)		Convertible notes (Note 9)		Contingent consideration
Fair value, beginning of the year	$	1,396	$	12,293	$	9,500
Vesting of revesting notes	—		137		—
Forfeiture of revesting notes	—		(235)		—
Repayment of convertible notes (Note 9)	—		(3,471)		—
Changes in fair value	(1,295)		(1,786)		(5,279)
Issuance of common stock in settlement of contingent consideration	—		—		(4,221)
Fair value, end of period	$	101	$	6,938	$	—

For the year ended December 31, 2023, the Company recorded a loss associated with the change in fair value of the derivative liability and convertible notes of $0.1 million and $0.7 million, respectively. For the year ended December 31, 2022, the Company had recorded a gain associated with the change in fair value of the derivative liability and convertible notes of $1.3 million and $1.8 million, respectively. The amounts have been recorded in other income (expense), net in the consolidated statement of operations and comprehensive loss.

For the year ended December 31, 2022, the Company had recorded a gain associated with the change in fair value of the contingent consideration of $5.3 million. The amounts have been recorded in general and administrative expense in the consolidated statement of operations and comprehensive loss.

- 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

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 11,091	$ 4,588
Additions based on tax positions related to current year	968	1,327
Additions for tax positions of prior years	0	5,176
Ending balance	$ 12,059	$ 11,091

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Channel and retail partners who represented greater than 10% of revenue or accounts receivable


	Percentage of Revenue
	Year Ended December 31,
	2023		2022		2021
Channel Partner A	53	%	49	%	57	%
Channel Partner B	16	%	15	%	18	%
Retail Partner A	*		13	%	*

* Represents less than 10%


	Percentage of Gross Accounts Receivable
	As of December 31,
	2023		2022
Channel Partner A	50	%	33	%

Data Partner A	*		11	%
Retail Partner A	17	%	23	%

* Represents less than 10%

Restructuring costs are recognized in the consolidated statements of operations

The restructuring costs are recognized in the consolidated statements of operations for the year ended December 31, 2023 as follows (in thousands):


	Personnel and Severance Related Expenses
	Year Ended December 31, 2023
Cost of subscription revenue	$	64
Cost of hardware revenue	94
Research and development	1,824
Sales and marketing	872
General and administrative	1,170
Total	$	4,024

Balance Sheet Components - Escrow Liability (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 05, 2022	Sep. 01, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Business Acquisition [Line Items]
Restricted cash, current			$ 13,274	$ 0	$ 0
Tile
Business Acquisition [Line Items]
Consideration, indemnity escrow, term	15 months		15 months
Tile \| Indemnity escrow fund
Business Acquisition [Line Items]
Restricted cash, current			$ 13,100
Jiobit
Business Acquisition [Line Items]
Consideration, indemnity escrow, term		18 months	18 months
Jiobit \| Indemnity escrow fund
Business Acquisition [Line Items]
Restricted cash, current			$ 200

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts receivable, net

Accounts receivable, net consists of the following (in thousands):


	As of December 31,
	2023		2022

Accounts receivable	$	42,274	$	33,219
Allowance for credit losses	(94)		(94)
Accounts receivable, net	$	42,180	$	33,125

Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2023		2022

Raw materials	$	298	$	3,063
Finished goods	3,801		7,763
Total inventory	$	4,099	$	10,826

Prepaid expenses and other assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of December 31,
	2023		2022

Prepaid expenses	$	14,520	$	6,925
Other receivables	654		1,623
Total prepaid expenses and other current assets	$	15,174	$	8,548

Prepaid expenses and other assets, noncurrent consist of the following (in thousands):


	As of December 31,
	2023		2022

Prepaid expenses, noncurrent	$	1,353	$	1,524
Investment	5,474		5,474
Other assets	21		136
Total prepaid expenses and other assets, noncurrent	$	6,848	$	7,134

Property and equipment, net

Property and equipment, net consists of the following (in thousands):


	As of December 31,
	2023		2022

Computer equipment	$	297	$	276
Leasehold improvements	100		100
Production manufacturing equipment	839		624
Construction in progress	249		—
Furniture and fixtures	29		9
Total property and equipment, gross	1,514		1,009
Less: accumulated depreciation	(784)		(616)
Total property and equipment, net	$	730	$	393

Operating lease costs

Operating lease costs were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021

Operating lease cost (1)	$	924	$	2,345	$	1,470

(1) Amounts include short-term leases, which are immaterial.

Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term):


	As of December 31,		As of December 31,
	2023		2022
Operating lease right-of-use asset	$	1,014	$	802
Operating lease liability, current (included in accrued expenses and other current liabilities)	335		813
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	723		—
Weighted-average remaining term for operating lease (in years)	2.9		0.8

Maturities of operating lease liabilities

Maturities of the Company’s operating lease liabilities as of December 31, 2023, were as follows (in thousands):


	Operating leases
2024	$	379
2025	390
2026	367
2027	—
2028	—
Thereafter	—
Total future minimum lease payments	1,136
Less imputed interest	(78)
Total operating lease liability	$	1,058

Intangibles, net

Intangible assets, net consists of the following (in thousands):


	As of December 31 2023,
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(4,762)	$	18,618
Technology	22,430		(9,191)		13,239
Customer relationships	15,290		(3,782)		11,508
Internal use software	2,416		(340)		2,076
Total	$	63,516	$	(18,075)	$	45,441


	As of December 31 2022,
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(2,424)	$	20,956
Technology	22,430		(4,705)		17,725
Customer relationships	15,290		(1,895)		13,395
Internal use software	701		(78)		623
Total	$	61,801	$	(9,102)	$	52,699

The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows:


	Weighted-Average Remaining Useful Life
	As of December 31,
	2023	2022

Trade name	8.0 years	9.0 years
Technology	2.9 years	3.9 years
Customer relationships	6.1 years	7.1 years
Internal use software	3.6 years	2.8 years

Estimated remaining amortization expense for intangible assets

As of December 31, 2023, estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands):


	Amount


2024	$	9,472
2025	9,446
2026	8,891
2027	4,328
2028	4,225
Thereafter	9,079
Total future amortization expense	$	45,441

Accrued expenses and other current liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	As of December 31,
	2023		2022

Accrued vendor expenses	$	10,020	$	4,868
Accrued compensation	3,349		3,900
Customer related promotions and discounts	9,049		10,871
Operating lease liability	335		813
Sales return reserves	3,285		2,952
Other current liabilities	1,500		3,611
Total accrued expenses and other current liabilities	$	27,538	$	27,015

Other non-current liabilities

Other noncurrent liabilities consist of the following (in thousands):


	As of December 31,
	2023		2022

Deposit liabilities	$	—	$	78
Other liabilities, noncurrent	—		498
Operating lease liability	723		—
Total other liabilities, noncurrent	$	723	$	576

Convertible Notes - Fair Value Assumptions (Details)	Jul. 31, 2021 $ / shares
Warrants Tranche 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	1 year
Warrants Tranche 1 \| Fair market value of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	15.36
Warrants Tranche 1 \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Warrants Tranche 1 \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0009
Warrants Tranche 1 \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.5200
Warrants Tranche 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	5 years
Warrants Tranche 2 \| Fair market value of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	15.36
Warrants Tranche 2 \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Warrants Tranche 2 \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0089
Warrants Tranche 2 \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.4740
Warrants Tranche 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	5 years
Warrants Tranche 3 \| Fair market value of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	15.36
Warrants Tranche 3 \| Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Warrants Tranche 3 \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0089
Warrants Tranche 3 \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.4740

Convertible Notes

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Convertible Notes

9. Convertible Notes

July 2021 Convertible Notes

In July 2021, the Company issued the July 2021 Convertible Notes to investors with an underlying principal amount of $2.1 million. The July 2021 Convertible Notes accrue simple interest at an annual rate of 4% and mature on July 1, 2026. The July 2021 Convertible Notes may be settled under the following scenarios at the option of the holder: (i) at any time into common shares equal to the conversion amount of outstanding principal and any accrued but unpaid interest divided by the conversion price of $11.96; (ii) at the option of the holder upon a liquidation event a) paid in cash equal to the outstanding principal and any accrued but unpaid interest or b) into common shares equal to the conversion amount of outstanding principal and any accrued but unpaid interest divided by the conversion price of $11.96; or (iii) upon maturity, settlement in cash at the outstanding accrued interest and principal amount.

Certain conversion and redemption features of the July 2021 Convertible Notes were determined to not be clearly and closely associated with the risk of the debt-type host instrument and were required to be separately accounted for as derivative financial instruments. The Company bifurcated these embedded conversion and redemption (“Embedded Derivatives”) features and classified these as liabilities measured at fair value. The fair value of the derivative liability of $0.7 million was recorded separate from the July 2021 Convertible Notes with an offsetting amount recorded as a debt discount. The debt discount is amortized over the estimated life of the debt using the straight-line method, as the value attributable to the July 2021 Convertible Notes was zero upon issuance.

As of December 31, 2023 the unamortized amount and net carrying value of the July 2021 Convertible Notes is $1.1 million and $1.1 million, respectively. The amount by which July 2021 Convertible Notes if-converted value exceeds its principal is $0.6 million as of December 31, 2023.

As of December 31, 2022 the unamortized amount and net carrying value of the July 2021 Convertible Notes was $1.5 million and $0.6 million, respectively. The amount by which July 2021 Convertible Notes if-converted value exceeds its principal was $0.4 million as of December 31, 2022.

In connection with the July 2021 Convertible Notes, the Company issued warrants to purchase 88,213 shares of the Company’s common stock with an exercise price of $0.01 per share and a term of one year (Warrant Tranche 1), 44,106 shares of the Company’s common stock with an exercise price of $11.96 per share and a term of five years (Warrant Tranche 2), and 44,106 shares of the Company’s common stock which is exercisable starting twelve months from the issuance date with an exercise price of $11.96 per share and a term of five years (Warrant Tranche 3).

The fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:


	Warrants Tranche 1			Warrants Tranche 2			Warrants Tranche 3
Fair market value of common stock	$	15.36		$	15.36		$	15.36
Expected dividend yield	0		%	0		%	0		%
Risk-free interest rate	0.09		%	0.89		%	0.89		%
Expected volatility	52.00		%	47.40		%	47.40		%
Expected term (in years)	1			5			5

The warrants were recorded to additional paid-in capital during the year ended December 31, 2021. The relative fair value of the warrants issued in connection with the July 2021 Convertible Notes was $0.8 million and was recorded as a debt discount that is being amortized to interest expense under the straight-line method over the term of respective convertible notes.

As a result of the beneficial conversion feature associated with the July 2021 Convertible Notes, $0.6 million was added to additional paid-in capital during the year ended December 31, 2021. The beneficial conversion feature was recorded as a debt discount and is being amortized to interest expense under the straight-line method over the term of the respective notes.

The Company recognized a total of $0.4 million, $0.4 million, and $0.2 million in non-cash interest expense related to the July 2021 Convertible Notes for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company has also issued convertible notes, September 2021 Convertible Notes, in connection with an acquisition. Refer to Note 7, "Business Combinations" for further details.

Convertible notes, current and noncurrent consist of the following (in thousands):


	As of December 31,
	2023		2022

Convertible notes, current:
September 2021 Convertible Notes	$	3,449	$	3,455
Revesting Notes	—		58
Convertible notes, noncurrent:	—		—
July 2021 Convertible Notes	1,056		635
September 2021 Convertible Notes	—		3,396
Revesting Notes	—		29
Total convertible notes	$	4,505	$	7,573

The contractual future principal payments for all convertible notes as of December 31, 2023 were as follows (in thousands):


	Amount

2024	$	3,365
2025	—
2026	2,110
2027	—
2028	—
Thereafter	—
Total principal outstanding	5,475
Fair value adjustment	(970)
Total convertible notes	$	4,505

- 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))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

18. Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the fiscal period. Diluted net loss per share is computed by giving effect to potential convertible securities. The dilutive effect of the outstanding September 2021 Convertible Notes and July 2021 Convertible Notes are reflected in diluted net loss per share by application of the if-converted method.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2023		2022		2021

Numerator:
Net loss	$	(28,171)	$	(91,629)	$	(33,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic	66,748,542		62,209,545		51,656,195
Net loss per share, basic	$	(0.42)	$	(1.47)	$	(0.65)


	Year Ended December 31,
	2023		2022		2021

Numerator:
Net loss	$	(28,171)	$	(91,629)	$	(33,557)
(Gain)/loss attributable to September 2021 Convertible Notes	—		(1,786)		—
(Gain)/loss attributable to July 2021 Convertible Notes	—		(1,295)		—
Interest attributable to July 2021 and September 2021 Convertible Notes	—		515		—
Adjusted net loss for diluted earnings per share	(28,171)		(94,195)		(33,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic	66,748,542		62,209,545		51,656,195
Effect of dilutive securities:
September 2021 Convertible Notes	—		453,626		—
July 2021 Convertible Notes	—		176,422		—
Adjusted weighted-average shares used in computing net loss per share, diluted	66,748,542		62,839,593		51,656,195
Net loss per share, diluted	$	(0.42)	$	(1.50)	$	(0.65)

The potential shares of common stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive are as follows:


	Year Ended December 31,
	2023	2022	2021

Issuances under stock incentive plan	6,625,812	8,180,840	6,972,376
Issuances upon exercise of common stock warrants	137,658	137,658	272,001
Issuances upon vesting of restricted stock units	6,182,543	6,779,892	2,523,122
Issuances of convertible notes	325,981	—	686,926
	13,271,994	15,098,390	10,454,425

Common Stock - Shares Reserved for Issuance (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	30,154,209	16,011,495
Issuances under stock incentive plan
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	6,625,812	8,180,840
Issuances upon exercise of common stock warrants
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	137,658	137,658
Issuances upon vesting of restricted stock units
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	6,182,543	6,779,892
Issuances of convertible notes
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	325,981	516,758
Shares reserved for shares available to be granted but not granted yet
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	16,882,215	396,347

- 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/exampleRef
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-Subparagraph (h)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Balance Sheet Components - Inventory (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 298,000	$ 3,063,000
Finished goods	3,801,000	7,763,000
Total inventory	4,099,000	10,826,000
Inventory write-off	$ 916,000	$ 0	$ 0

Equity Incentive Plan

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

14. Equity Incentive Plan

2011 Equity Incentive Plan

The Company’s 2011 Stock Plan was originally adopted by the Company’s Board of Directors on July 27, 2011 and the Company’s stockholders on October 11, 2011, and most recently amended and restated, and adopted by the Board of Directors on March 10, 2020 and the Company’s stockholders on July 21, 2020 (as restated, the “Plan”). The Plan allows the Company to grant restricted stock units, restricted stock and stock options to employees and consultants of the Company and any of the Company’s parent, subsidiaries, or affiliates, and to the members of the Board of Directors. Options granted under the Plan may be either incentive stock options or nonqualified stock options. Incentive stock options (“ISOs”), may be granted only to employees of the Company or any of the Company’s parent or subsidiaries (including officers and directors who are also employees). Nonqualified stock options (“NSOs”), may be granted to any person eligible for grants under the Plan.

The Board of Directors determines the period over which options vest and become exercisable. Options issued under the Plan generally are exercisable for periods not to exceed ten years and generally vest over a 4-year period with 25% vesting after one year and the remainder vesting monthly thereafter in equal installments.

The Board of Directors also determines the term of options, provided the maximum term for ISOs granted to a 10% stockholder must be no longer than 5 years from date of grant and the maximum term for all other options must be no longer than 10 years from date of grant. If an option holder’s service terminates, options generally terminate 3 months from the date of termination except under certain circumstances such as death or disability.

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2022	8,180,840	$	7.05	5.61	$	40,827

Options granted	—	—
Options exercised	(935,045)	6.25
Options cancelled/forfeited	(619,983)	13.15
Balance as of December 31, 2023	6,625,812	6.57		4.68	59,957
Exercisable as of December 31, 2023	5,506,657	$	5.54	4.65	$	55,258

As of December 31, 2023, there was total unrecognized compensation cost for outstanding stock options of $4.1 million to be recognized over a period of approximately 1.9 years.

As of December 31, 2023, the Company had 23,246,474 shares reserved for issuance and 16,882,215 shares available for issuance under the Plan. There were no stock options granted during the year ended December 31, 2023. Stock options granted during the years ended December 31, 2022 and 2021 had a weighted average grant date fair value of $8.33, and $12.65 per share, respectively.

The intrinsic values of outstanding, vested, and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2023, 2022, and 2021 of $15.46, $9.94, and 21.16 per share, respectively. The intrinsic value of the options exercised represents the difference between the exercise price and the fair market value on the date of exercise. The total intrinsic value of the options exercised during the years ended December 31, 2023, 2022, and 2021 was $7.7 million $4.1 million, and $15.1 million, respectively. The total intrinsic value of the vested options based on the market value of the common stock as of December 31, 2023, 2022, and 2021 was $5.8 million, $29.3 million, and $80.6 million, respectively.

The following summary of Restricted Stock Units (“RSU”) activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2022	6,779,892	$	11.58
RSU granted	3,779,399	13.15
RSU vested and settled	(3,123,054)	12.54
RSU cancelled/forfeited	(1,253,694)	11.89
Balance as of December 31, 2023	6,182,543	$	12.67

As of December 31, 2023, there was unrecognized compensation cost for outstanding restricted stock units of $61.3 million to be recognized over a period of approximately 2.8 years.

The number of RSUs vested and settled includes shares of common stock that the Company withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs granted during the years ended December 31, 2023, 2022, and 2021 had a weighted average grant date fair value of $13.15, $12.13, and $14.86 per share, respectively. The total fair value of shares vested during the years ended December 31, 2023, 2022, and 2021 was $39.2 million, $12.0 million, and $14.0 million, respectively.

Stock Options Granted to Employees

The fair value of the employee stock options granted is estimated using the Black-Scholes option-pricing model, based on the following assumptions:


	Year Ended December 31,
	2023	2022		2021

Expected terms (in years)	N/A	3.87		4.24
Expected volatility	N/A	65	%	49	%
Risk-free interest rate	N/A	2.22	%	0.68	%
Expected dividend rate	N/A	0	%	0	%

Fair Value of Common Stock: Since the listing of our CDIs on the ASX, the fair value of common stock is based on the closing price of our CDIs on the ASX as reported in Australian dollars, adjusted to reflect the CDI/per share of common stock ratio in effect, and translated to U.S. dollars based on the date of grant of our common stock.

Expected Term: The expected term for employees is based on the simplified method, as the Company’s stock options have the following characteristics: (i) granted at-the-money; (ii) exercisability is conditional upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable, or “plain vanilla” options, and the Company has limited history of exercise data. The expected term for non-employees is based on the remaining contractual term.

Expected Volatility: Since we have limited trading history of CDIs, interests in our common stock, the expected volatility is determined based on the historical stock volatilities of our comparable companies, and the Company’s trading data since listing on the ASX. Comparable companies consist of public companies in our industry, which are similar in size, stage of life cycle and financial leverage. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available.

Risk-Free Interest Rate: The risk-free interest rate is based on U.S. Treasury constant maturity rates with remaining terms similar to the expected term of the options.

Expected Dividend Rate: The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, an expected dividend rate of zero is used in the valuation model.

Equity Awards Issued in Connection with Business Combinations

Jio, Inc.

In connection with the Jiobit Acquisition in September 2021, the Company issued 91,217 shares of restricted common stock with an aggregate fair value of $1.9 million to be recognized as post combination stock-based compensation ratably with continuous employment of certain employees over a 3-year period.

As of December 31, 2023, there was zero unrecognized compensation expense related to the restricted common stock, as a result of the termination of certain employees. As of December 31, 2022, there was $0.2 million of unrecognized compensation expense related to this restricted common stock which is expected to be recognized over the remaining weighted average life of 1.7 years.

Additionally, the Company granted 43,083 service-based stock options under the Plan to certain Jiobit employees with an aggregate fair value of $0.5 million which vests ratably over the requisite service period. As of December 31, 2023, there was $0.1 million of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 1 year. As of December 31, 2022, there was $0.2 million of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 1.8 years.

Tile, Inc.

In connection with the Tile Acquisition in January 2022, the Company issued 1,499,349 shares of retention restricted stock units with an aggregate fair value of $29.6 million. Of the 1,499,349 shares of retention restricted stock units, 787,446 shares valued at $15.6 million contained performance vesting criteria based on the achievement of certain company milestones during the three months ended March 31, 2022, and vest over a two year period. As of March 31, 2022, the vesting criteria had not been met and all 787,446 restricted stock units were forfeited. The remaining 711,903 retention restricted stock units vest over a two to four year period. As of December 31, 2023, there was $0.7 million of unrecognized compensation expense related to the retention restricted stock units which is expected to be recognized over the remaining weighted average life of 1.9 years. As of December 31, 2022, there was $5.6 million of unrecognized compensation expense related to the retention restricted stock units which is expected to be recognized over the remaining weighted average life of 1.5 years.

The Company also issued 38,730 vested common stock options to Tile employees as stock-based compensation on the acquisition date. The aggregate fair value of $0.4 million was recognized as compensation expense on the date of acquisition.

A total of 694,672 shares of common stock with an aggregate fair value of $13.7 million were issued to Tile shareholders as part of purchase consideration. All $13.7 million was included within purchase consideration.

A total of 1,561 shares of common stock with an aggregate fair value of $30.8 thousand were issued to a key employee, the vesting of which is subject to continued employment over a 30-month period. As of December 31, 2023 and 2022, there was an immaterial amount of unrecognized compensation expense related to unvested restricted stock units which is expected to be recognized over the remaining 0.5 years and 1.6 years, respectively.

A total of 84,524 shares of common stock were issued as part of consideration transferred and were placed in an indemnity escrow fund to be held for fifteen months after the acquisition date for general representations and warranties. The aggregate fair value of $1.7 million was included within purchase consideration. All 84,524 shares of common stock were released from escrow in April 2023 as scheduled.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021

Cost of revenue
Subscription costs	$	651	$	684	$	444
Hardware costs	1,096		514		13
Other costs	43		237		65
Total cost of revenue	1,790		1,435		522
Research and development	22,015		19,431		7,457
Sales and marketing	3,059		3,834		752
General and administrative	11,648		9,980		3,207
Total stock-based compensation expense	$	38,512	$	34,680	$	11,938

There was an immaterial amount of capitalized stock-based compensation costs during the years ended December 31, 2023 and 2022.

Balance Sheet Components - Accrued Expenses and Current Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued vendor expenses	$ 10,020	$ 4,868
Accrued compensation	3,349	3,900
Customer related promotions and discounts	9,049	10,871
Operating lease liability	335	813
Sales return reserves	3,285	2,952
Other current liabilities	1,500	3,611
Total accrued expenses and other current liabilities	$ 27,538	$ 27,015

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

7. Business Combinations

Jio, Inc.

On September 1, 2021, the Company completed the acquisition of Jiobit, a privately held consumer electronics company that specializes in the production of low powered sensors and wearables. The company is based in Chicago, Illinois and was founded in 2015. Jiobit has developed a small and long-lasting tracking solution. The mobile app, which is run through a wireless subscription service, offers a comprehensive set of monitoring and notification features. The addition of Jiobit is expected to strengthen and extend the Company’s market leadership position by leveraging Jiobit’s developed technology and customer relationships to accelerate the Company’s own product development and augment the Company with a critical mass of talent with strong tracking/wearables experience. The aggregate purchase consideration was $43.2 million, of which $7.3 million was paid in cash, $5.9 of contingent consideration was payable upon reaching certain operational goals for 2021 and 2022, $11.6 million representing the fair value of the September 2021 Convertible Notes, $4.0 million representing forgiveness of Jiobit’s convertible debt held by the Company, $0.6 million comprised of 25,245 vested common stock options issued to Jiobit employees, and $13.8 million comprised of 674,516 shares of the Company’s common stock. Of the consideration transferred, $0.2 million in cash was placed in an indemnity escrow fund to be held for eighteen months after the acquisition date for general representations and warranties.

The September 2021 Convertible Notes issued as part of the purchase consideration can be converted to common stock at any time subsequent to the acquisition at a fixed conversion price of $22.50 per share. On each of the first three annual anniversaries of the issuance date of the September 2021 Convertible Notes, the Company will repay 1/3rd of the unconverted principal plus accrued interest to the holders of such notes. Upon a change of control, the holder may elect to either convert at the fixed conversion price of $22.50 per share or be repaid in full. The Company has elected the fair value option and will remeasure the September 2021 Convertible Notes at their fair value on each reporting date and reflect the changes in fair value in earnings. The estimated fair value of the September 2021 Convertible Notes is determined using a combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows:


	As of December 31,			As of December 31,			As of September 1,
	2023			2022			2021
Principal	$	3,365		$	6,730		$	11,206
Interest rate	5.7		%	6.6		%	4.5		%
Common stock fair value per share	15.46			9.94			20.49
Conversion price per share	22.50			22.50			22.50
Risk-free interest rate	4.96		%	4.50		%	0.45		%
Time to exercise (in years)	0.7			1.7			3
Volatility	29		%	53		%	37		%
Annual dividend yield	0		%	0		%	0		%

A total of $6.2 million was excluded from purchase consideration which consists of $1.9 million comprised of 91,217 shares of the Company’s common stock (“Revesting Stock” – Note 14) and $1.6 million comprised of convertible notes (“Revesting Notes”) issued to key employees, retention bonuses of $1.0 million, and $0.5 million comprised of 43,083 unvested common stock options issued to Jiobit employees (“Unvested Replacement Awards” – Note 14). The Company incurred transaction related expenses of $1.0 million, which were expensed as incurred and recorded under general and administrative expenses in the consolidated statements of operations and comprehensive loss.

The Revesting Stock and Revesting Notes are restricted and vest with continuous employment of certain key employees over a 3-year period subsequent to the acquisition. The Revesting Stock is recognized in general and administrative expense as the Revesting Stock vests. In April 2022, one of the key employees exited the Company, and so the entirety of their Revesting Notes and Revesting Stock were forfeited. The Company recorded $0.3 million credit to stock-based compensation included in general and administrative expense related to the forfeiture of their Revesting Stock and $0.3 million credit to compensation included in general and administrative expense related to the forfeiture of their Revesting Notes. In January 2023, the other key employee exited the Company. As part of such employee’s separation agreement, the Company recorded $0.2 million to compensation included in general and administrative expense related to their Revesting Stock. Additionally, in accordance with their separation agreement, their Revesting Notes are due in their entirety at the maturity date and the Company recorded $0.1 million of compensation expense included in general and administrative expense.

The Company recorded $0.2 million, $0.2 million and $0.2 million as stock-based compensation included in general and administrative expense related to the vesting of the Revesting Stock for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company records the Revesting Notes at fair value and will remeasure the Revesting Notes at fair value on each reporting date. The Revesting Notes are recognized in general and administrative expense. As the Revesting Notes vest, the changes in fair value are recorded as general and administrative expense with a corresponding entry to convertible notes. The estimated fair value of the Revesting Notes is determined using a combination of the present value of the Revesting Notes cash flows and the Black-Scholes option pricing model. The terms of the Revesting Notes are consistent with the terms of the September 2021 Convertible Notes. The Company recorded $0.1 million, $0.2 million and $0.2 million as general and administrative and expense related to the changes in fair value of Revesting Notes during the years ended December 31, 2023, 2022 and 2021, respectively.

The retention bonuses are recognized in prepaid expenses and other assets, noncurrent in the consolidated balance sheet and vest monthly over a period of 24 months and require continuous employment. The expense associated with the Unvested Replacement Awards is recognized as stock-based compensation ratably over the remaining service period. As of December 31, 2023, all retention bonuses have been recognized and none remain outstanding on the consolidated balance sheets.

The 2021 and 2022 contingent consideration is based on the achievement of a Qualifying Units Sold Target for the period January 1, 2021 through December 31, 2021 (“2021 Contingent Consideration”) and for the period January 1, 2022 through December 31, 2022 (“2022 Contingent Consideration,” collectively, “Contingent Consideration”). The Contingent Consideration consists of 301,261 and 451,891 shares for 2021 and 2022, respectively, with the amount paid equal to the attainment relative to target in each year and settled in shares of the Company’s common stock. The Contingent Consideration shares payable is determined based on the percentage achievement relative to the target in each period, respectively, with greater than 100% attainment resulting in 100% payment, 90% to 100% attainment resulting in the number of shares equal to the percentage attainment, and less than 90% attainment equal to no consideration. The Contingent Consideration is held at fair value with changes in fair value recognized in general and administrative expense. The estimated fair value of the Contingent Consideration is determined by using a Monte Carlo simulation scenario-based analysis that estimates the fair value of the Contingent Consideration based on the probability-weighted present value of the expected future cash flows, considering possible outcomes based on actual and forecasted results. The estimated fair value of the 2021 and 2022 Contingent Consideration upon issuance was $0.1 million and $5.8 million, respectively. The estimated fair value of the 2021 and 2022 Contingent Consideration as of December 31, 2021 was $6.3 million and $3.1 million, respectively. The Company recorded a $5.3 million gain and $3.6 million loss within general and administrative expense related to the change in the fair value of the Contingent Consideration during the years ended December 31, 2022 and 2021, respectively. The 2021 and 2022 Contingent Consideration was settled during the year ended December 31, 2022.

In April 2022, the Board of Directors and previous Jiobit shareholders approved an amendment to the 2021 Contingent Consideration. The 2021 Contingent Consideration was amended to 50% of the total potential amount of which 376,573 shares of the Company’s common stock were issued to shareholders. The fair value of the common stock of $4.2 million was recorded to additional paid-in capital and the contingent consideration liability was reversed. As of December 31, 2022, the Contingent Consideration was zero as it was fully settled in April 2022.

The acquisition was accounted for as a business combination. The total purchase price of $43.2 million was allocated to the net tangible and intangible assets and liabilities based on their estimated fair values on the acquisition date and the excess was recorded to goodwill.

The assets acquired and liabilities assumed in connection with the acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):


	Fair Value
Net tangible assets	$	5,986
Intangible assets	8,400
Goodwill	30,363
Liabilities assumed	(1,551)
Total acquisition consideration	$	43,198

The following table sets forth the components of identifiable intangible assets acquired (in thousands) and their estimated useful lives as of the date of acquisition:


	Fair Value		Estimated Useful Life (in years)
Developed technology	$	4,030	5
Trade name	3,380		10
Customer relationships	990		10
Total identified intangible assets	$	8,400

Goodwill represents the future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce of Jiobit. In addition, goodwill represents the future benefits as a result of the acquisition that will enhance the Company’s product available to both new and existing customers and increase the Company’s competitive position. The goodwill is not deductible for tax purposes.

In 2022, the Company estimated and recorded a net deferred tax liability of $0.1 million after offsetting the acquired available tax attributes with the intangible assets shown in the table above. Refer to Note 15 “Income Taxes” for discussion of the partial release of the Company’s valuation allowance relating to the deferred tax liability.

The results of operations of Jiobit are included in the accompanying consolidated statements of operations and comprehensive loss from the date of acquisition.

Jio, Inc. Pro Forma Financial Information (Unaudited)

The following table presents unaudited supplemental pro forma financial information as if the acquisition of Jio, Inc. had occurred on January 1, 2021. The unaudited pro forma results set forth below are for informational purposes only and are based on estimates and assumptions that have been made solely for purposes of developing such pro forma results, including: (i) amortization associated with acquired intangible assets and (ii) the inclusion of acquisition costs as of the period presented. The unaudited pro forma results do not give effect to management adjustments, including the potential impact of current financial conditions or any anticipated revenue enhancements, cost savings or operating synergies that may have resulted from the transaction. The unaudited pro forma results set forth below are not necessarily indicative of what results would have been had the acquisition been consummated on January 1, 2021.


	Year Ended December 31,
	2021
	(unaudited, in thousands)
Revenues	$	116,330
Net loss	$	(37,356)

Tile, Inc.

On January 5, 2022, the Company completed the acquisition of Tile, Inc., a privately held consumer electronics company. The company is based in San Mateo, California and was founded in 2012. Tile is a smart location company whose products include a Bluetooth enabled device and related accessories that work in tandem with the Tile application (the “Application”), to enable its customers to locate lost or misplaced objects. Tile offers a comprehensive list of products to use with the application, along with optional subscription services to enhance features offered for Tile products. The addition of Tile is expected to strengthen and extend Life360’s market leadership position by leveraging Tile’s developed technology and customer relationships to accelerate the Company’s own product development and augment the Life360 team with a critical mass of talent. The aggregate purchase consideration was $173.5 million, of which $158.1 million was paid in cash and $15.4 million paid in equity. The $15.4 million in equity was comprised of 780,593 shares of the Company’s common stock valued on the date of acquisition and 534,465 shares of common stock contingent consideration which was promised upon reaching certain operational goals. Of the consideration transferred, $14.1 million in cash and 84,524 common shares were placed in an indemnity escrow fund to be held for fifteen months after the acquisition date for general representations and warranties.

A total of $35.0 million was excluded from purchase consideration which consists of retention compensation of 1,499,349 shares of retention restricted stock units valued at $29.6 million, $0.4 million related to 38,730 vested common stock options issued to Tile employees as stock-based compensation on the acquisition date and change in control bonuses of $3.0 million which were recognized as compensation expense on the consolidated statements of operations on the acquisition date. The Company incurred transaction related expenses of $1.7 million, which were recorded under general and administrative expenses in the consolidated statements of operations. The remaining costs excluded from purchase consideration were a result of 1,561 shares granted to key employee and vested based continued employment and 4,784 shares of contingent consideration granted to a key employee and vested based on continued employment.

Of the 1,499,349 shares of retention restricted stock units, 787,446 shares valued at $15.6 million contained performance vesting criteria based on the achievement of certain company milestones, and were scheduled to vest over a two year period. As of March 31, 2022, the vesting criteria had not been met and all 787,446 restricted stock units were forfeited. The remaining retention restricted stock units of 711,903 shares vest over a two to four year period.

The contingent consideration was based on the Company’s achievement of certain targets for revenue and earnings before interest, taxes, depreciation, and amortization for the three months ended December 31, 2021 and the three months ended March 31, 2022. The Company ascribed no value to the contingent consideration.

The acquisition was accounted for as a business combination and the total purchase consideration was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date and the excess was recorded to goodwill. The provisional values assigned to the assets acquired and liabilities assumed were based on estimates of fair value available and were finalized as of January 5, 2023.

During the year ended December 31, 2022, the Company made a measurement period adjustment to the preliminary purchase price allocation which included: (i) a decrease to goodwill of $0.5 million, (ii) an increase to deferred revenue of $1.3 million, and (iii) an increase to inventory of $0.8 million. The measurement period adjustment was made to reflect facts and circumstances that existed as of the acquisition date and is reflected in the table below.

The assets acquired and liabilities assumed in connection with the acquisition were recorded at their fair value on the date of acquisition, inclusive of the measurement period adjustments, as follows (in thousands):


	Fair Value
Cash	$	32,997
Restricted cash	1,050
Accounts receivable	27,826
Prepaid expenses and other current assets	5,004
Inventory	8,320
Property and equipment	570
Prepaid expenses and other assets, noncurrent	482
Intangible assets	52,700
Goodwill	102,547
Accounts payable	(23,197)
Accrued expenses and other current liabilities	(24,613)
Deferred revenue	(10,203)
Total acquisition consideration	$	173,483

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


	Fair Value (in thousands)		Estimated Useful Life (in years)
Developed technology	$	18,400	5
Trade name	20,000		10
Customer relationships	14,300		8
Total identified intangible assets	$	52,700

Goodwill represents the future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce of Tile. In addition, goodwill represents the future benefits as a result of the acquisition that will enhance the Company’s product available to both new and existing customers and increase the Company’s competitive position. The goodwill is not deductible for tax purposes.

The results of operations of Tile are included in the accompanying consolidated statements of operations and comprehensive loss from the date of acquisition.

Tile, Inc. Pro Forma Financial Information (Unaudited)

The following table presents unaudited supplemental pro forma financial information as if the acquisition of Tile, Inc. had occurred on January 1, 2021. The unaudited pro forma results set forth below are for informational purposes only and are based on estimates and assumptions that have been made solely for purposes of developing such pro forma results, including: (i) amortization associated with acquired intangible assets; (ii) to adjust for amortization expense recorded by Tile, Inc. associated with deferred costs of revenue which were not acquired by the Company; (iii) recognition of post-combination stock-based compensation expense; (iv) the inclusion of acquisition costs as of the period presented; and (v) the associated tax impact of the acquisition and the unaudited pro forma adjustments. The unaudited pro forma results do not give effect to management adjustments, including the potential impact of current financial conditions or any anticipated revenue enhancements, cost savings or operating synergies that may have resulted from the transaction and are not necessarily indicative of what results would have been had the acquisition been consummated on January 1, 2021. Given the acquisition of Tile, Inc. took place on January 5, 2022, substantially all of the financial results of Tile, Inc. have been incorporated into the consolidated financial results for the year ended December 31, 2022. The difference between actual financial results and pro forma results is immaterial for the year ended December 31, 2022. The results are consolidated for December 31, 2023, hence there is no difference between pro forma and actual results.


	Year Ended December 31,
	2022		2021
	(unaudited, in thousands)
Revenues	$	228,305	$	218,236
Net loss	$	(91,629)	$	(78,448)

Equity Incentive Plan - Fair Value Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected terms (in years)	3 years 10 months 13 days	4 years 2 months 26 days
Expected volatility	65.00%	49.00%
Risk-free interest rate	2.22%	0.68%
Expected dividend rate	0.00%	0.00%

- 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
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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

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of basic and diluted net loss per share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2023		2022		2021

Numerator:
Net loss	$	(28,171)	$	(91,629)	$	(33,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic	66,748,542		62,209,545		51,656,195
Net loss per share, basic	$	(0.42)	$	(1.47)	$	(0.65)


	Year Ended December 31,
	2023		2022		2021

Numerator:
Net loss	$	(28,171)	$	(91,629)	$	(33,557)
(Gain)/loss attributable to September 2021 Convertible Notes	—		(1,786)		—
(Gain)/loss attributable to July 2021 Convertible Notes	—		(1,295)		—
Interest attributable to July 2021 and September 2021 Convertible Notes	—		515		—
Adjusted net loss for diluted earnings per share	(28,171)		(94,195)		(33,557)
Denominator:
Weighted-average shares used in computing net loss per share, basic	66,748,542		62,209,545		51,656,195
Effect of dilutive securities:
September 2021 Convertible Notes	—		453,626		—
July 2021 Convertible Notes	—		176,422		—
Adjusted weighted-average shares used in computing net loss per share, diluted	66,748,542		62,839,593		51,656,195
Net loss per share, diluted	$	(0.42)	$	(1.50)	$	(0.65)

Antidilutive common shares excluded from computation


	Year Ended December 31,
	2023	2022	2021

Issuances under stock incentive plan	6,625,812	8,180,840	6,972,376
Issuances upon exercise of common stock warrants	137,658	137,658	272,001
Issuances upon vesting of restricted stock units	6,182,543	6,779,892	2,523,122
Issuances of convertible notes	325,981	—	686,926
	13,271,994	15,098,390	10,454,425

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Notes Due from Affiliates	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		50,035,408
Beginning balance at Dec. 31, 2020	$ 64,189	$ 50	$ 196,852	$ (927)	$ (131,786)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,056,352
Exercise of stock options	3,543	$ 1	3,542
Exercise of warrants (in shares)		37,410
Vesting of restricted stock units (in shares)		547,882
Vesting of restricted stock units	0	$ 1	(1)
Taxes paid related to net settlement of equity awards	(4,725)		(4,725)
Issuance of warrants with convertible note (Note 9)	844		844
Beneficial conversion feature associated with convertible note (Note 9)	603		603
Issuance of common stock in connection with an acquisition (in shares)		765,733
Issuance of common stock in connection with an acquisition	13,821	$ 1	13,820
Issuance of common stock net of issuance costs (in shares)		7,779,014
Issuance of common stock net of issuance costs	193,064	$ 8	193,056
Vested option awards assumed in connection with an acquisition	533		533
Stock-based compensation expense	11,754		11,754
Interest accrued relating to notes due from affiliates	(24)			(24)
Change in foreign currency translation adjustment	0
Net loss	(33,557)				(33,557)
Ending balance (in shares) at Dec. 31, 2021		60,221,799
Ending balance at Dec. 31, 2021	250,045	$ 61	416,278	(951)	(165,343)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		458,422
Exercise of stock options	2,394	$ 1	2,393
Exercise of warrants (in shares)		87,795
Exercise of warrants	1		1
Vesting of restricted stock units (in shares)		762,488
Vesting of restricted stock units	0	$ 1	(1)
Taxes paid related to net settlement of equity awards	(4,077)		(4,077)
Issuance of common stock in connection with an acquisition (in shares)		763,183
Issuance of common stock in connection with an acquisition	15,409	$ 1	15,408
Issuance of common stock net of issuance costs (in shares)		2,645,503
Issuance of common stock net of issuance costs	32,215	$ 3	32,212
Repayment of notes due from affiliate	1,296		648	648
Issuance of common stock in settlement of contingent consideration (in shares)		376,573
Issuance of common stock in settlement of contingent consideration	4,221		4,221
Stock-based compensation expense	34,680		34,680
Interest accrued relating to notes due from affiliates	(11)			(11)
Cancellation of revesting stock (in shares)		(75,920)
Change in foreign currency translation adjustment	(6)					(6)
Net loss	$ (91,629)				(91,629)
Ending balance (in shares) at Dec. 31, 2022	65,239,843	65,239,843
Ending balance at Dec. 31, 2022	$ 244,538	$ 67	501,763	(314)	(256,972)	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	935,045	935,007
Exercise of stock options	$ 5,811	$ 1	5,810
Vesting of restricted stock units (in shares)		1,980,980
Vesting of restricted stock units	0	$ 2	(2)
Taxes paid related to net settlement of equity awards	(14,033)		(14,033)
Repayment of notes due from affiliate	352		78	274
Stock-based compensation expense	38,512		38,512
Interest accrued relating to notes due from affiliates	40			40
Change in foreign currency translation adjustment	15					15
Net loss	$ (28,171)				(28,171)
Ending balance (in shares) at Dec. 31, 2023	68,155,830	68,155,830
Ending balance at Dec. 31, 2023	$ 247,064	$ 70	$ 532,128	$ 0	$ (285,143)	$ 9

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenue	$ 304,518	$ 228,305	$ 112,643
Total cost of revenue	81,881	79,707	22,768
Gross profit	222,637	148,598	89,875
Operating expenses:
Research and development	100,965	102,480	50,994
Sales and marketing	99,072	92,419	47,473
General and administrative	52,583	48,110	23,670
Total operating expenses	252,620	243,009	122,137
Loss from operations	(29,983)	(94,411)	(32,262)
Other income (expense):
Convertible notes fair value adjustment	(684)	1,786	(511)
Derivative liability fair value adjustment	(116)	1,295	(733)
Other income (expense), net	3,228	13	(178)
Total other income (expense), net	2,428	3,094	(1,422)
Loss before income taxes	(27,555)	(91,317)	(33,684)
Provision for (benefit from) income taxes	616	312	(127)
Net loss	$ (28,171)	$ (91,629)	$ (33,557)
Net loss per share, basic (in usd per share)	$ (0.42)	$ (1.47)	$ (0.65)
Net loss per share, diluted (in usd per share)	$ (0.42)	$ (1.50)	$ (0.65)
Weighted-average shares used in computing net loss per share, basic (in shares)	66,748,542	62,209,545	51,656,195
Weighted-average shares used in computing net loss per share, diluted (in shares)	66,748,542	62,839,593	51,656,195
Comprehensive loss
Net loss	$ (28,171)	$ (91,629)	$ (33,557)
Change in foreign currency translation adjustment	15	(6)	0
Total comprehensive loss	(28,156)	(91,635)	(33,557)
Subscription
Total revenue	220,794	153,287	86,551
Total cost of revenue	30,975	30,659	17,807
Hardware
Total revenue	58,178	47,884	952
Total cost of revenue	47,384	45,441	1,340
Other
Total revenue	25,546	27,134	25,140
Total cost of revenue	$ 3,522	$ 3,607	$ 3,621

Deferred Revenue - Roll forward of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 32,762	$ 13,929
Acquired deferred revenue	0	10,203
Additions to deferred revenue	229,871	213,748
Recognized revenue in the period	(226,859)	(205,118)
Ending balance	$ 35,774	$ 32,762

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 68,964	$ 75,444
Restricted cash, current	0	13,274
Accounts receivable, net	42,180	33,125
Inventory	4,099	10,826
Costs capitalized to obtain contracts, net	1,010	1,438
Prepaid expenses and other current assets	15,174	8,548
Total current assets	131,427	142,655
Restricted cash, noncurrent	1,749	1,647
Property and equipment, net	730	393
Costs capitalized to obtain contracts, noncurrent	834	626
Prepaid expenses and other assets, noncurrent	6,848	7,134
Operating lease right-of-use asset	1,014	802
Intangible assets, net	45,441	52,699
Goodwill	133,674	133,674
Total Assets	321,717	339,630
Current Liabilities:
Accounts payable	5,896	13,791
Accrued expenses and other current liabilities	27,538	27,015
Escrow liability	0	13,274
Convertible notes, current ($3,449 and $3,513 measured at fair value, respectively)	3,449	3,513
Deferred revenue, current	33,932	30,056
Total current liabilities	70,815	87,649
Convertible notes, noncurrent ($0 and $3,425 measured at fair value, respectively)	1,056	4,060
Derivative liability, noncurrent	217	101
Deferred revenue, noncurrent	1,842	2,706
Other liabilities, noncurrent	723	576
Total Liabilities	74,653	95,092
Commitments and Contingencies (Note 11)
Stockholders’ Equity
Common Stock, $0.001 par value; 100,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 68,155,830 and 65,239,843 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	70	67
Additional paid-in capital	532,128	501,763
Notes due from affiliates	0	(314)
Accumulated deficit	(285,143)	(256,972)
Accumulated other comprehensive income (loss)	9	(6)
Total stockholders’ equity	247,064	244,538
Total Liabilities and Stockholders’ Equity	$ 321,717	$ 339,630

Deferred Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4. Deferred Revenue

The following table represents a roll forward of the Company’s deferred revenue (in thousands):


	Year Ended December 31,
	2023		2022
Deferred revenue, beginning of period	$	32,762	$	13,929
Acquired deferred revenue	—		10,203
Additions to deferred revenue	229,871		213,748
Recognized revenue in the period	(226,859)		(205,118)
Deferred revenue, end of period	$	35,774	$	32,762

During the year ended December 31, 2023, the Company recognized $30.1 million of revenue that was included in the deferred revenue balance as of December 31, 2022. During the year ended December 31, 2022, the Company recognized $13.9 million of revenue that was included in the deferred revenue balance as of December 31, 2021.

5. Costs Capitalized to Obtain Contracts

The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands):


	Year Ended December 31,
	2023		2022
Capitalized costs to obtain contracts, beginning of period	$	2,064	$	1,649
Acquired costs capitalized to obtain contracts	—		1,184
Additions to capitalized costs to obtain contracts	1,905		2,159
Amortization of capitalized costs to obtain contracts	(2,125)		(2,928)
Capitalized costs to obtain contracts, end of period	$	1,844	$	2,064

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock

12. Common Stock

As of December 31, 2023 and December 31, 2022, the Company had 108,592 shares of common stock subject to the Company’s right to repurchase.

In November 2022, the Company issued a total of 2,645,503 common shares raising proceeds before issuance costs of $33.3 million.

The Company has reserved shares of common stock, on an as if converted basis, for issuance as follows:


	As of December 31,
	2023	2022

Issuances under stock incentive plan	6,625,812	8,180,840
Issuances upon exercise of common stock warrants	137,658	137,658
Issuances upon vesting of restricted stock units	6,182,543	6,779,892
Issuances of convertible notes	325,981	516,758
Shares reserved for shares available to be granted but not granted yet	16,882,215	396,347
	30,154,209	16,011,495

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Balance Sheet Components- Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 42,274	$ 33,219
Allowance for credit losses	(94)	(94)
Accounts receivable, net	$ 42,180	$ 33,125

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-56424
Entity Registrant Name	Life360, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0197666
Entity Address, Address Line One	1900 South Norfolk Street
Entity Address, Address Line Two	Suite 310
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	415
Local Phone Number	484-5244
Title of 12(g) Security	Common Stock, par value $0.001 per share
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 915
Entity Common Stock, Shares Outstanding		68,290,623
Documents Incorporated by Reference	Portions of the definitive proxy statement for the 2024 Annual Meeting of Stockholders of the Registrant (the “Proxy Statement”), are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001581760
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Net Loss Per Share - Antidilutive Shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	13,271,994	15,098,390	10,454,425
Issuances under stock incentive plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	6,625,812	8,180,840	6,972,376
Issuances upon exercise of common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	137,658	137,658	272,001
Issuances upon vesting of restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	6,182,543	6,779,892	2,523,122
Issuances of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	325,981	0	686,926

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 05, 2022	Sep. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 133,674	$ 133,674
Jiobit
Business Acquisition [Line Items]
Net tangible assets				$ 5,986
Intangible assets				8,400
Goodwill				30,363
Liabilities assumed				(1,551)
Total acquisition consideration				$ 43,198
Tile
Business Acquisition [Line Items]
Cash			$ 32,997
Restricted cash			1,050
Accounts receivable			27,826
Prepaid expenses and other current assets			5,004
Inventory			8,320
Property and equipment			570
Prepaid expenses and other assets, noncurrent			482
Intangible assets			52,700
Goodwill			102,547
Accounts payable			(23,197)
Accrued expenses and other current liabilities			(24,613)
Deferred revenue			(10,203)
Total acquisition consideration			$ 173,483

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 14,520	$ 6,925
Other receivables	654	1,623
Total prepaid expenses and other current assets	$ 15,174	$ 8,548

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Partnership agreement term	3 years
Number of shares to purchase under warrants (in shares)		137,658	137,658
Total revenue		$ 304,518	$ 228,305	$ 112,643
Warranty term (up to)		3 years
Remaining performance obligation, amount		$ 67,900
Remaining performance obligation, percentage		85.00%
Preferred Warrant
Disaggregation of Revenue [Line Items]
Exercise price or warrants (in usd per share)	$ 4.90
Fair value of warrant	$ 5,400
Preferred Warrant \| Series C Preferred Stock
Disaggregation of Revenue [Line Items]
Number of shares to purchase under warrants (in shares)	5,100,167
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction		12 months
Minimum
Disaggregation of Revenue [Line Items]
Exercise price or warrants (in usd per share)		$ 2.28
Capitalized contract costs, amortization period		2 years
Maximum
Disaggregation of Revenue [Line Items]
Exercise price or warrants (in usd per share)		$ 11.96
Capitalized contract costs, amortization period		3 years
Data
Disaggregation of Revenue [Line Items]
Total revenue		$ 21,600	23,200	18,700
Partnership
Disaggregation of Revenue [Line Items]
Total revenue		$ 3,900	$ 3,900	$ 6,400

Convertible Notes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Derivative liability	$ 700	$ 217	$ 101
Carrying amount		4,505
Beneficial conversion feature		0	0	$ 603
Warrants Tranche 1
Debt Instrument [Line Items]
Warrants (in shares)	88,213
Exercise price or warrants (in usd per share)	$ 0.01
Term of warrants	1 year
Warrants Tranche 2
Debt Instrument [Line Items]
Warrants (in shares)	44,106
Exercise price or warrants (in usd per share)	$ 11.96
Term of warrants	5 years
Warrants Tranche 3
Debt Instrument [Line Items]
Warrants (in shares)	44,106
Exercise price or warrants (in usd per share)	$ 11.96
Term of warrants	5 years
Restriction period of warrants	12 months
July 2021 Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 2,100
Annual interest rate	4.00%
Conversion price per share (in usd per share)	$ 11.96
Unamortized amount		1,100	1,500
Carrying amount		1,100	600
Amount by which if-converted value (does not exceed)/exceeds principal		600	400
Debt discount	$ 800
Beneficial conversion feature	$ 600
Interest expense		$ 400	$ 400	$ 200

Equity Incentive Plan - Narrative (Details) - USD ($)					1 Months Ended	12 Months Ended
Equity Incentive Plan - Narrative (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2022	Jan. 05, 2022	Sep. 01, 2021	Apr. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period						10 years
Shares authorized for issuance (in shares)	23,246,474					23,246,474
Shares available for issuance (in shares)	16,882,215					16,882,215
Stock options granted, weighted average grant date fair value (in usd per share)							$ 8.33	$ 12.65
Intrinsic value (in usd per share)	$ 15.46					$ 15.46	$ 9.94	$ 21.16
Options exercised, intrinsic value						$ 7,700,000	$ 4,100,000	$ 15,100,000
Options vested, intrinsic value						$ 5,800,000	$ 29,300,000	$ 80,600,000
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period						3 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period						4 years
Jiobit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Consideration, indemnity escrow, term				18 months			18 months
Transaction related expenses				$ 1,000,000
Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Excluded consideration, share-based compensation (in shares)			1,499,349
Awards forfeited (in shares)		787,446
Purchase consideration (in shares)			694,672
Purchase consideration			$ 13,700,000
Excluded consideration, shares granted (in shares)			1,561
Consideration, indemnity escrow (in shares)			84,524
Consideration, indemnity escrow, term			15 months				15 months
Transaction related expenses			$ 1,700,000
Indemnity escrow shares released (in shares)					84,524
10% Stockholder
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period						5 years
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						4 years
Expiration period						10 years
Unrecognized compensation expense, stock options	$ 4,100,000					$ 4,100,000
Unrecognized compensation expense, period for recognition						1 year 10 months 24 days
Stock options \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						1 year
Vesting percentage						25.00%
Stock options \| Jiobit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, stock options	100,000					$ 100,000	$ 200,000
Unrecognized compensation expense, period for recognition						1 year	1 year 9 months 18 days
Excluded consideration, share-based compensation (in shares)				43,083
Excluded consideration, share-based compensation				$ 500,000
Stock options \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Excluded consideration, share-based compensation (in shares)			38,730
Excluded consideration, share-based compensation			$ 400,000
Terminated stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period						3 months
Restricted stock \| Jiobit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
Unrecognized compensation expense, period for recognition							1 year 8 months 12 days
Unrecognized compensation expense, other awards	0					$ 0	$ 200,000
Excluded consideration, revesting stock (in shares)				91,217
Excluded consideration, revesting stock				$ 1,900,000
Restricted stock \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition						6 months	1 year 7 months 6 days
Grants in period, aggregate fair value						$ 30,800
Service period						30 months
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition						2 years 9 months 18 days
Unrecognized compensation expense, other awards	61,300,000					$ 61,300,000
RSU granted, weighted average grant date fair value (in usd per share)						$ 13.15	$ 12.13	$ 14.86
Award vested, fair value						$ 39,200,000	$ 12,000,000	$ 14,000,000
Awards forfeited (in shares)						1,253,694
Restricted stock units \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition						1 year 10 months 24 days	1 year 6 months
Unrecognized compensation expense, other awards	$ 700,000					$ 700,000	$ 5,600,000
Excluded consideration, share-based compensation (in shares)	711,903		1,499,349			711,903
Excluded consideration, share-based compensation			$ 29,600,000
Restricted stock units \| Tile \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			2 years			2 years
Restricted stock units \| Tile \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years			4 years
Performance shares \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			2 years
Excluded consideration, share-based compensation (in shares)			787,446
Excluded consideration, share-based compensation			$ 15,600,000

Segment and Geographic Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenue by geographic area

The following table sets forth revenue by geographic region (in thousands):


	Year Ended December 31,
	2023		2022		2021

North America	$	272,727	$	207,746	$	104,740
Europe, Middle East and Africa	19,159		12,044		4,144
Other international regions	12,632		8,515		3,759
Total revenue	$	304,518	$	228,305	$	112,643

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock option activity

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2022	8,180,840	$	7.05	5.61	$	40,827

Options granted	—	—
Options exercised	(935,045)	6.25
Options cancelled/forfeited	(619,983)	13.15
Balance as of December 31, 2023	6,625,812	6.57		4.68	59,957
Exercisable as of December 31, 2023	5,506,657	$	5.54	4.65	$	55,258

Restricted stock units activity

The following summary of Restricted Stock Units (“RSU”) activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2022	6,779,892	$	11.58
RSU granted	3,779,399	13.15
RSU vested and settled	(3,123,054)	12.54
RSU cancelled/forfeited	(1,253,694)	11.89
Balance as of December 31, 2023	6,182,543	$	12.67

Fair value assumptions

The fair value of the employee stock options granted is estimated using the Black-Scholes option-pricing model, based on the following assumptions:


	Year Ended December 31,
	2023	2022		2021

Expected terms (in years)	N/A	3.87		4.24
Expected volatility	N/A	65	%	49	%
Risk-free interest rate	N/A	2.22	%	0.68	%
Expected dividend rate	N/A	0	%	0	%

Stock-based compensation expense

Stock-based compensation expense was allocated as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021

Cost of revenue
Subscription costs	$	651	$	684	$	444
Hardware costs	1,096		514		13
Other costs	43		237		65
Total cost of revenue	1,790		1,435		522
Research and development	22,015		19,431		7,457
Sales and marketing	3,059		3,834		752
General and administrative	11,648		9,980		3,207
Total stock-based compensation expense	$	38,512	$	34,680	$	11,938

Summary of Significant Accounting Policies - Channel and Retail Partners Greater Than 10% (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue benchmark \| Channel Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	53.00%	49.00%	57.00%
Revenue benchmark \| Channel Partner B
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	15.00%	18.00%
Revenue benchmark \| Retail Partner A
Concentration Risk [Line Items]
Concentration risk, percentage		13.00%
Accounts receivable \| Channel Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	50.00%	33.00%
Accounts receivable \| Retail Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	23.00%
Accounts receivable \| Data Partner A
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Fair value assumptions


	As of December 31,			As of December 31,			As of September 1,
	2023			2022			2021
Principal	$	3,365		$	6,730		$	11,206
Interest rate	5.7		%	6.6		%	4.5		%
Common stock fair value per share	15.46			9.94			20.49
Conversion price per share	22.50			22.50			22.50
Risk-free interest rate	4.96		%	4.50		%	0.45		%
Time to exercise (in years)	0.7			1.7			3
Volatility	29		%	53		%	37		%
Annual dividend yield	0		%	0		%	0		%

The fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:


	Warrants Tranche 1			Warrants Tranche 2			Warrants Tranche 3
Fair market value of common stock	$	15.36		$	15.36		$	15.36
Expected dividend yield	0		%	0		%	0		%
Risk-free interest rate	0.09		%	0.89		%	0.89		%
Expected volatility	52.00		%	47.40		%	47.40		%
Expected term (in years)	1			5			5

Assets acquired and liabilities assumed

The assets acquired and liabilities assumed in connection with the acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):


	Fair Value
Net tangible assets	$	5,986
Intangible assets	8,400
Goodwill	30,363
Liabilities assumed	(1,551)
Total acquisition consideration	$	43,198


	Fair Value
Cash	$	32,997
Restricted cash	1,050
Accounts receivable	27,826
Prepaid expenses and other current assets	5,004
Inventory	8,320
Property and equipment	570
Prepaid expenses and other assets, noncurrent	482
Intangible assets	52,700
Goodwill	102,547
Accounts payable	(23,197)
Accrued expenses and other current liabilities	(24,613)
Deferred revenue	(10,203)
Total acquisition consideration	$	173,483

Identifiable intangible assets acquired

The following table sets forth the components of identifiable intangible assets acquired (in thousands) and their estimated useful lives as of the date of acquisition:


	Fair Value		Estimated Useful Life (in years)
Developed technology	$	4,030	5
Trade name	3,380		10
Customer relationships	990		10
Total identified intangible assets	$	8,400

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:


	Fair Value (in thousands)		Estimated Useful Life (in years)
Developed technology	$	18,400	5
Trade name	20,000		10
Customer relationships	14,300		8
Total identified intangible assets	$	52,700

Pro forma financial information

The unaudited pro forma results set forth below are not necessarily indicative of what results would have been had the acquisition been consummated on January 1, 2021.


	Year Ended December 31,
	2021
	(unaudited, in thousands)
Revenues	$	116,330
Net loss	$	(37,356)


	Year Ended December 31,
	2022		2021
	(unaudited, in thousands)
Revenues	$	228,305	$	218,236
Net loss	$	(91,629)	$	(78,448)

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 05, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 14,900	$ 1,700
Restricted cash, current		13,274	0	$ 0
Restricted cash, noncurrent		$ 1,647	$ 1,749	$ 355
Tile
Restricted Cash and Cash Equivalents Items [Line Items]
Consideration, indemnity escrow, term	15 months	15 months
Indemnity escrow fund \| Tile
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash, current		$ 13,100

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Gain) loss on change in fair value of contingent consideration	$ 0	$ (5,279)	$ 3,600
Derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) for change in fair value of derivative liability	(116)	1,295
Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) for change in fair value of derivative liability	$ (684)	1,786
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Gain) loss on change in fair value of contingent consideration		$ 5,279

Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

8. Balance Sheet Components

Accounts receivable, net

Accounts receivable, net consists of the following (in thousands):


	As of December 31,
	2023		2022

Accounts receivable	$	42,274	$	33,219
Allowance for credit losses	(94)		(94)
Accounts receivable, net	$	42,180	$	33,125

Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2023		2022

Raw materials	$	298	$	3,063
Finished goods	3,801		7,763
Total inventory	$	4,099	$	10,826

The Company recorded a raw materials inventory write-off of $0.9 million for the year ended December 31, 2023. The write-off resulted from a decision made during the three months ended March 31, 2023 to discontinue a product line in the Company’s product roadmap. The raw materials have no alternative use and have been fully written off for the year ended December 31, 2023. There were no additional inventory write-offs for the year ended December 31, 2023, and there were no inventory write-offs recorded for the year ended December 31, 2022.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of December 31,
	2023		2022

Prepaid expenses	$	14,520	$	6,925
Other receivables	654		1,623
Total prepaid expenses and other current assets	$	15,174	$	8,548

Prepaid expenses primarily consist of certain cloud platform and customer service program costs. Other receivables primarily consist of refunds owed to the Company and other amounts which the Company may receive in future months.

Property and Equipment, net

Property and equipment, net consists of the following (in thousands):


	As of December 31,
	2023		2022

Computer equipment	$	297	$	276
Leasehold improvements	100		100
Production manufacturing equipment	839		624
Construction in progress	249		—
Furniture and fixtures	29		9
Total property and equipment, gross	1,514		1,009
Less: accumulated depreciation	(784)		(616)
Total property and equipment, net	$	730	$	393

Depreciation expense was $0.1 million, $0.5 million, and $0.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Prepaid Expenses and Other Assets, noncurrent

Prepaid expenses and other assets, noncurrent consist of the following (in thousands):


	As of December 31,
	2023		2022

Prepaid expenses, noncurrent	$	1,353	$	1,524
Investment	5,474		5,474
Other assets	21		136
Total prepaid expenses and other assets, noncurrent	$	6,848	$	7,134

Prepaid expenses, noncurrent primarily consist of cloud platform costs. Investment relates to warrants to purchase shares of preferred stock of a current Data Revenue Partner. Refer to Note 2, "Summary of Significant Accounting Policies" for additional information.

Leases

The Company leases office space under a non-cancelable operating lease with a remaining lease term of up to 2.9 years, includes the option to extend the lease. In May 2023, the Company amended its lease agreement for its headquarter office space located in San Mateo, California. The amendment extended the lease term to November 2026, reduced the Company’s leased office space and reduced the monthly lease payments. As a result, the associated right-of-use asset and lease liability were remeasured and the right-of-use asset and lease liability increased by $1.1 million and $1.1 million, respectively, upon the remeasurement date.

The Company has recognized an operating lease right-of-use (ROU) asset and short term lease liabilities of $1.0 million and $0.3 million in “Operating lease right-of-use asset” and “Accrued expenses and other current liabilities,” respectively, on the Company’s consolidated balance sheet as of December 31, 2023. The Company has recognized a long-term lease liability of $0.7 million in “Other liabilities, noncurrent” on the Company’s consolidated balance sheet as of December 31, 2023.

The Company has recognized an operating lease ROU asset, and short term lease liabilities of $0.8 million and $0.8 million in “Operating lease right-of-use asset” and “Accrued expenses and other current liabilities,” respectively, on the Company’s consolidated balance sheet as of December 31, 2022. No long-term lease liabilities were recorded within “Other liabilities, noncurrent,” on the Company’s consolidated balance sheet as of December 31, 2022.

The Company did not have any finance leases as of December 31, 2023 or December 31, 2022.

Operating lease costs were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021

Operating lease cost (1)	$	924	$	2,345	$	1,470

(1) Amounts include short-term leases, which are immaterial.

For the years ended December 31, 2023, 2022, and 2021, payments for operating leases included in cash from operating activities were $0.9 million, $2.4 million and $1.6 million, respectively.

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term):


	As of December 31,		As of December 31,
	2023		2022
Operating lease right-of-use asset	$	1,014	$	802
Operating lease liability, current (included in accrued expenses and other current liabilities)	335		813
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	723		—
Weighted-average remaining term for operating lease (in years)	2.9		0.8

The weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.0%, respectively.

Maturities of the Company’s operating lease liabilities as of December 31, 2023, were as follows (in thousands):


	Operating leases
2024	$	379
2025	390
2026	367
2027	—
2028	—
Thereafter	—
Total future minimum lease payments	1,136
Less imputed interest	(78)
Total operating lease liability	$	1,058

Intangible Assets, net

Intangible assets, net consists of the following (in thousands):


	As of December 31 2023,
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(4,762)	$	18,618
Technology	22,430		(9,191)		13,239
Customer relationships	15,290		(3,782)		11,508
Internal use software	2,416		(340)		2,076
Total	$	63,516	$	(18,075)	$	45,441


	As of December 31 2022,
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(2,424)	$	20,956
Technology	22,430		(4,705)		17,725
Customer relationships	15,290		(1,895)		13,395
Internal use software	701		(78)		623
Total	$	61,801	$	(9,102)	$	52,699

Amortization expense was $9.0 million, $8.7 million, and $0.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

As of December 31, 2023, estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands):


	Amount


2024	$	9,472
2025	9,446
2026	8,891
2027	4,328
2028	4,225
Thereafter	9,079
Total future amortization expense	$	45,441

The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows:


	Weighted-Average Remaining Useful Life
	As of December 31,
	2023	2022

Trade name	8.0 years	9.0 years
Technology	2.9 years	3.9 years
Customer relationships	6.1 years	7.1 years
Internal use software	3.6 years	2.8 years

Accrued Expenses and Other Current Liabilities

Accrued expenses and other liabilities consist of the following (in thousands):


	As of December 31,
	2023		2022

Accrued vendor expenses	$	10,020	$	4,868
Accrued compensation	3,349		3,900
Customer related promotions and discounts	9,049		10,871
Operating lease liability	335		813
Sales return reserves	3,285		2,952
Other current liabilities	1,500		3,611
Total accrued expenses and other current liabilities	$	27,538	$	27,015

Other current liabilities primarily relate to warranty liabilities related to the Company’s hardware tracking devices, inventory received not yet billed, and sales tax payable.

Escrow Liability

The escrow liability as of December 31, 2022 relates to restricted cash associated with the Tile Acquisition, $13.1 million, and Jiobit Acquisition, $0.2 million, placed in an indemnity escrow fund to be held for fifteen months and eighteen months, respectively, after the acquisition date for general representations and warranties. The initial balances were included within total consideration transferred. As of December 31, 2023, all escrow liabilities had been released and paid as scheduled.

Other Liabilities, noncurrent

Other noncurrent liabilities consist of the following (in thousands):


	As of December 31,
	2023		2022

Deposit liabilities	$	—	$	78
Other liabilities, noncurrent	—		498
Operating lease liability	723		—
Total other liabilities, noncurrent	$	723	$	576

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Roll forward of deferred revenue

The following table represents a roll forward of the Company’s deferred revenue (in thousands):


	Year Ended December 31,
	2023		2022
Deferred revenue, beginning of period	$	32,762	$	13,929
Acquired deferred revenue	—		10,203
Additions to deferred revenue	229,871		213,748
Recognized revenue in the period	(226,859)		(205,118)
Deferred revenue, end of period	$	35,774	$	32,762

Costs Capitalized to Obtain Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Roll Forward]
Capitalized costs to obtain contracts, beginning of period	$ 2,064	$ 1,649
Acquired costs capitalized to obtain contracts	0	1,184
Additions to capitalized costs to obtain contracts	1,905	2,159
Amortization of capitalized costs to obtain contracts	(2,125)	(2,928)	$ (4,014)
Capitalized costs to obtain contracts, end of period	$ 1,844	$ 2,064	$ 1,649

Convertible Notes - Current and Non-Current (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Convertible notes, current:	$ 3,449	$ 3,513
Convertible notes, noncurrent:	1,056	4,060
Total convertible notes	4,505	7,573
July 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes, noncurrent:	1,056	635
September 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes, current:	3,449	3,455
Convertible notes, noncurrent:	0	3,396
Revesting Notes
Debt Instrument [Line Items]
Convertible notes, current:	0	58
Convertible notes, noncurrent:	$ 0	$ 29

- 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 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 1
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Costs Capitalized to Obtain Contracts

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Costs Capitalized to Obtain Contracts

4. Deferred Revenue

The following table represents a roll forward of the Company’s deferred revenue (in thousands):


	Year Ended December 31,
	2023		2022
Deferred revenue, beginning of period	$	32,762	$	13,929
Acquired deferred revenue	—		10,203
Additions to deferred revenue	229,871		213,748
Recognized revenue in the period	(226,859)		(205,118)
Deferred revenue, end of period	$	35,774	$	32,762

5. Costs Capitalized to Obtain Contracts

The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands):


	Year Ended December 31,
	2023		2022
Capitalized costs to obtain contracts, beginning of period	$	2,064	$	1,649
Acquired costs capitalized to obtain contracts	—		1,184
Additions to capitalized costs to obtain contracts	1,905		2,159
Amortization of capitalized costs to obtain contracts	(2,125)		(2,928)
Capitalized costs to obtain contracts, end of period	$	1,844	$	2,064

- Definition

+ References

+ Details

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross	$ 63,516	$ 61,801
Accumulated Amortization	(18,075)	(9,102)
Total future amortization expense	45,441	52,699
Amortization expense	9,000	8,700	$ 400
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	23,380	23,380
Accumulated Amortization	(4,762)	(2,424)
Total future amortization expense	18,618	20,956
Technology
Finite-Lived Intangible Assets [Line Items]
Gross	22,430	22,430
Accumulated Amortization	(9,191)	(4,705)
Total future amortization expense	13,239	17,725
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	15,290	15,290
Accumulated Amortization	(3,782)	(1,895)
Total future amortization expense	11,508	13,395
Internal use software
Finite-Lived Intangible Assets [Line Items]
Gross	2,416	701
Accumulated Amortization	(340)	(78)
Total future amortization expense	$ 2,076	$ 623

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	16. Related-Party Transactions The Company has entered into secondary financing transactions and other transactions with certain executive officers and Board members of the Company. A summary of the transactions is detailed below: Notes Due From Affiliates (Contra Equity) In February 2016, the Company issued an aggregate of $0.6 million in secured partial recourse promissory notes (“Partially Secured Loan”) to the Chief Executive Officer, Non-Executive Director (Previously President), Chief Operating Officer and another executive of the Company. The Company accounted for the Partially Secured Loan as consideration received for the exercise of the related equity award, because even after the original options are exercised or the shares are purchased, an employee could decide not to repay the loan if the value of the shares declines below the outstanding loan amount and could instead choose to return the shares in satisfaction of the loan. The result would be similar to an employee electing not to exercise an option whose exercise price exceeds the current share price. When shares are exchanged for a Partially Secured Loan, the principal and interest are viewed as part of the exercise price of the “option” and no interest income is recognized. Additionally, compensation cost is recognized over any requisite service period, with an offsetting credit to additional paid-in capital. Periodic principal and interest payments, if any, are treated as deposit liabilities until the note is paid off, at which time, the note balance is settled and the deposit liability balance is transferred to additional paid-in capital. During the year ended December 31, 2022, the Company received proceeds from the repayment of the Partially Secured Loans of $0.6 million. During the year ended December 31, 2023, the Company received proceeds from the repayment of the partially secured loan that remained outstanding of $0.3 million. As of December 31, 2023 and 2022, the Company had deposit liability balances of zero and $0.3 million, respectively, in connection with the Partially Secured Loan and other early exercises of equity awards. Principal amounts due under the Partially Secured Loan are included in Notes Due From Affiliates as a reduction in stockholders’ equity on the consolidated balance sheets. Other Related Party Transactions Non-executive director, James Synge, is a Principal and Partner of Carthona Capital. During the year ended December 31, 2022, Carthona Capital received consideration of $0.1 million for consultancy services to the Company in relation to capital raising matters. Annika Hulls is the spouse of the CEO and Executive Director, Chris Hulls. During the year ended December 31, 2022, a cash payment of $6.5 thousand was paid to Annika Hulls for services relating to a marketing campaign.

- 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
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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-Paragraph 1
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-Topic 850
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+ Details

Fair Value Measurements - Change in Fair Value of Convertible Notes and Contingent Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	$ 101	$ 1,396
Vesting/Issuances	0
Changes in fair value	116	(1,295)
Forfeiture of convertible notes	0
Settlements	0
Fair value, end of period	217	101
Convertible notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	6,938	12,293
Vesting/Issuances	72	137
Changes in fair value	684	(1,786)
Forfeiture of convertible notes	(326)
Settlements	(3,919)
Fair value, end of period	3,449	6,938
Convertible notes \| Revesting Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Settlements		(235)
Convertible notes \| Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Settlements		(3,471)
Contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	$ 0	9,500
Settlements		(4,221)
Fair value, end of period		$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Future Non-cancellable Contractual Commitments

As of December 31, 2023, future non-cancellable commitments under these arrangements were as follows (in thousands):


	Amount
2024	$	29,727
2025	25,000
2026	25,500
2027	26,000


Total purchase commitments	$	106,227

Income Taxes - Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Reserves and allowances	$ 1,002	$ 2,534
Lease liability	259	213
Depreciable assets	162	281
Net operating loss carryforward	46,877	62,565
Stock-based compensation	4,359	6,353
Capitalized research and development	39,112	21,170
Credits carryforward	12,651	9,569
Total deferred tax assets	104,422	102,685
Deferred tax liabilities:
Operating lease right-of-use asset	(250)	(210)
Acquired intangibles	(10,073)	(12,829)
Total deferred tax liabilities	(10,323)	(13,039)
Less: Valuation allowance and other reserves	(94,099)	(89,646)
Net deferred tax asset	$ 0	$ 0

Summary of Significant Accounting Policies - Other Narrative Sections (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 28.6	$ 17.0	$ 7.1
Impairment of goodwill	0.0	0.0	0.0
Impairment of intangible assets	0.0	0.0	0.0
Impairment of long-lived assets	0.0	0.0	$ 0.0
Investment in affiliate	$ 5.5	$ 5.5

- Definition

Cost of the investment.

+ References

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+ Details

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Reserved shares of common stock

The Company has reserved shares of common stock, on an as if converted basis, for issuance as follows:


	As of December 31,
	2023	2022

Issuances under stock incentive plan	6,625,812	8,180,840
Issuances upon exercise of common stock warrants	137,658	137,658
Issuances upon vesting of restricted stock units	6,182,543	6,779,892
Issuances of convertible notes	325,981	516,758
Shares reserved for shares available to be granted but not granted yet	16,882,215	396,347
	30,154,209	16,011,495

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Balance Sheet Components - Intangible Assets, Weighted-Average Remaining Useful Life (Details)	Dec. 31, 2023	Dec. 31, 2022
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	8 years	9 years
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 10 months 24 days	3 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	6 years 1 month 6 days	7 years 1 month 6 days
Internal use software
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	3 years 7 months 6 days	2 years 9 months 18 days

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 29,727
2025	25,000
2026	25,500
2027	26,000
Total purchase commitments	$ 106,227

Business Combinations - Tile Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
	Dec. 31, 2023	Mar. 31, 2022	Jan. 05, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of stock issued in connection with an acquisition				$ 0	$ 15,409	$ 13,821
Restricted stock units
Business Acquisition [Line Items]
Awards forfeited (in shares)				1,253,694
Stock options
Business Acquisition [Line Items]
Vesting period				4 years
Tile
Business Acquisition [Line Items]
Aggregate purchase consideration			$ 173,500
Consideration paid in cash			158,100
Fair value of stock issued in connection with an acquisition			$ 15,400
Consideration, stock issued (in shares)			780,593
Contingent consideration (in shares)			534,465
Consideration, indemnity escrow			$ 14,100
Consideration, indemnity escrow (in shares)			84,524
Consideration, indemnity escrow, term			15 months		15 months
Excluded consideration			$ 35,000
Excluded consideration, share-based compensation (in shares)			1,499,349
Excluded consideration, retention bonuses			$ 3,000
Transaction related expenses			$ 1,700
Excluded consideration, shares granted (in shares)			1,561
Excluded consideration, contingent consideration, shares granted (in shares)			4,784
Awards forfeited (in shares)		787,446
Measurement period adjustment, decrease to goodwill					$ 500
Measurement period adjustment, increase to deferred revenue					1,300
Measurement period adjustment, increase to inventory					$ 800
Tile \| Restricted stock units
Business Acquisition [Line Items]
Excluded consideration, share-based compensation (in shares)	711,903		1,499,349	711,903
Excluded consideration, share-based compensation			$ 29,600
Tile \| Restricted stock units \| Minimum
Business Acquisition [Line Items]
Vesting period			2 years	2 years
Tile \| Restricted stock units \| Maximum
Business Acquisition [Line Items]
Vesting period			4 years	4 years
Tile \| Stock options
Business Acquisition [Line Items]
Excluded consideration, share-based compensation (in shares)			38,730
Excluded consideration, share-based compensation			$ 400
Tile \| Performance shares
Business Acquisition [Line Items]
Excluded consideration, share-based compensation (in shares)			787,446
Excluded consideration, share-based compensation			$ 15,600
Vesting period			2 years

Segment and Geographic Revenue

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Revenue

3. Segment and Geographic Revenue

The Company operates as a single operating segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. All material long-lived assets are based in the United States.

Revenue by geography is generally based on the address of the customer as defined in the contract with the customer. The following table sets forth revenue by geographic region (in thousands):


	Year Ended December 31,
	2023		2022		2021

North America	$	272,727	$	207,746	$	104,740
Europe, Middle East and Africa	19,159		12,044		4,144
Other international regions	12,632		8,515		3,759
Total revenue	$	304,518	$	228,305	$	112,643

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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+ Details

Defined Contribution Plan (Details) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) $ in Millions	Dec. 31, 2023 USD ($)
Retirement Benefits [Abstract]
Employer contributions	$ 1.1

Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares Underlying Outstanding Options
Balance (in shares)	8,180,840
Options granted (in shares)	0
Options exercised (in shares)	(935,045)
Options cancelled/forfeited (in shares)	(619,983)
Balance (in shares)	6,625,812	8,180,840
Exercisable (in shares)	5,506,657
Weighted Average Exercise Price per Share
Balance (in usd per share)	$ 7.05
Options granted (in usd per share)	0
Options exercised (in usd per share)	6.25
Options cancelled/forfeited (in usd per share)	13.15
Balance (in usd per share)	6.57	$ 7.05
Exercisable (in usd per share)	$ 5.54
Weighted Average Remaining Contractual Life, Balance	4 years 8 months 4 days	5 years 7 months 9 days
Weighted Average Remaining Contractual Life, Exercisable	4 years 7 months 24 days
Aggregate Intrinsic Value, Balance	$ 59,957	$ 40,827
Aggregate Intrinsic Value, Exercisable	$ 55,258

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Purchase Commitments

The Company has contractual commitments with our cloud platform provider and contract manufacturer that are non-cancellable. As of December 31, 2023, future non-cancellable commitments under these arrangements were as follows (in thousands):


	Amount
2024	$	29,727
2025	25,000
2026	25,500
2027	26,000


Total purchase commitments	$	106,227

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. The Company is not subject to any current pending legal matters or claims that the Company believes could have a material adverse effect on its financial position, results of operations or cash flows.

Indemnification

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.

The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. No amounts associated with such indemnifications have been recorded to date.

Litigation

Occasionally, the Company is involved in various legal proceedings, claims and government investigations in the ordinary course of business. The outcome of litigation and other legal matters is inherently uncertain, though the Company intends to vigorously defend the matters. In making a determination regarding accruals, using available information, the Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which the Company is a party and records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonable estimated. When the Company determines an unfavorable outcome is not probable or reasonably estimable the Company does not accrue for any potential litigation loss. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates.

On March 12, 2019, a former alleged competitor of Tile, Cellwitch, Inc, filed a patent infringement claim against Tile in the U.S. District Court, Northern District of California, seeking permanent injunction and damages. On December 18, 2019, Tile filed an inter partes review petition with the Patent Trial and Appeal Board (“PTAB”) challenging the validity of the patent. On May 13, 2021, the PTAB issued a Final Written Decision on Tile’s inter partes review petition (the “Final Written Decision”), finding a majority of the claims invalid. The Final Written Decision was affirmed by the U.S. Court of Appeals for the Federal Circuit on May 13, 2022. The case is currently in trial court. The claim construction hearing took place on January 18, 2024, and the parties currently await the court's order from that hearing. At this time, a loss is not probable nor estimable, so no legal accrual has been recorded on our consolidated balance sheets as of December 31, 2023.

A purported class action (E.S. v. Life360, Inc.) alleging a single cause of action for unjust enrichment was filed against Life360 on January 12, 2023 seeking equitable relief purportedly arising out of Life360’s historic data sales. Plaintiff dismissed these claims on November 3, 2023 and we settled the matter for an immaterial amount.

No additional litigation reserve was recorded on our consolidated balance sheets as of December 31, 2023. No litigation reserve was recorded on our consolidated balance sheets as of December 31, 2022.

Warrants	12 Months Ended
Warrants	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Warrants	13. Warrants As of December 31, 2023 and December 31, 2022, the Company had outstanding warrants to purchase 137,658 and 137,658 shares of Company common stock, respectively with exercise prices ranging from $2.28 to $11.96 and expiry dates ranging from 2024 to 2026. Refer to Note 9 “Convertible Notes” for further details.

Equity Incentive Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 38,512	$ 34,680	$ 11,938
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,790	1,435	522
Cost of revenue \| Subscription
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	651	684	444
Cost of revenue \| Hardware
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,096	514	13
Cost of revenue \| Other
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	43	237	65
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	22,015	19,431	7,457
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,059	3,834	752
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 11,648	$ 9,980	$ 3,207

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remaining lease terms		2 years 10 months 24 days
Increase in operating lease right-of-use asset	$ 1,100	$ 1,054	$ 0	$ 0
Increase in operating lease liability	$ 1,100	1,054	0	0
Operating lease right-of-use asset		1,014	802
Operating lease liability, current (included in accrued expenses and other current liabilities)		$ 335	$ 813
Operating lease liability, current location		Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease liability, noncurrent (included in other liabilities, noncurrent)		$ 723	$ 0
Operating lease liability, noncurrent location		Other liabilities, noncurrent	Other liabilities, noncurrent
Operating lease costs		$ 924	$ 2,345	1,470
Payments for operating leases		$ 900	$ 2,400	$ 1,600
Weighted-average remaining term for operating lease (in years)		2 years 10 months 24 days	9 months 18 days
Weighted-average discount rate		5.00%
Maturities of operating lease liabilities
2024		$ 379
2025		390
2026		367
2027		0
2028		0
Thereafter		0
Total future minimum lease payments		1,136
Less imputed interest		(78)
Total operating lease liability		$ 1,058

Balance Sheet Components - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deposit liabilities	$ 0	$ 78
Other liabilities, noncurrent	0	498
Operating lease liability	723	0
Total other liabilities, noncurrent	$ 723	$ 576

Nature of Business (Details)	12 Months Ended
Nature of Business (Details)	Dec. 31, 2023 subscriptionOption
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of membership subscription options	3

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Life360, Inc. is a leading technology platform used to locate the people, pets and things that matter most to families. The Company was incorporated in the State of Delaware in 2007. The Company’s core offering, the Life360 mobile application, includes features that range from communications to driving safety and location sharing. The Company operates under a “freemium” model where its core offering is available to users at no charge, with three membership subscription options that are available but not required. The Company also generates revenue through Jiobit and Tile subscription services and hardware tracking devices and monetization arrangements with certain commercial third parties (“Data Revenue Partners”) through Lead Generation and license agreements including aggregated insights into the data collected from the Company’s user base.

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period	3 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Service period	4 years

- Definition

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

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value and classification of instruments

The fair value of these instruments as of December 31, 2023 and December 31, 2022 are classified as follows (in thousands):


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total

Assets:
Money market funds	$	41,981	$	—	$	—	$	41,981
Total assets	$	41,981	$	—	$	—	$	41,981
Liabilities:
Derivative liability (Note 10)	$	—	$	—	$	217	$	217
Convertible notes (Note 9)	—		—		3,449		3,449
Total liabilities	$	—	$	—	$	3,666	$	3,666


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	61,227	$	—	$	—	$	61,227
Total assets	$	61,227	$	—	$	—	$	61,227
Liabilities:
Derivative liability (Note 10)	$	—	$	—	$	101	$	101
Convertible notes (Note 9)	—		—		6,938		6,938
Total liabilities	$	—	$	—	$	7,039	$	7,039

Change in fair value of convertible notes and contingent liability

The change in fair value of the Level 3 instruments were as follows (in thousands):


	As of December 31, 2023
	Derivative liability (Note 10)		Convertible notes (Note 9)

Fair value, beginning of the year	$	101	$	6,938
Vesting of revesting notes	—		72
Changes in fair value	116		684
Forfeiture of convertible notes	—		(326)
Repayment of convertible notes (Note 9)	—		(3,919)
Fair value, end of period	$	217	$	3,449


	As of December 31, 2022
	Derivative liability (Note 10)		Convertible notes (Note 9)		Contingent consideration
Fair value, beginning of the year	$	1,396	$	12,293	$	9,500
Vesting of revesting notes	—		137		—
Forfeiture of revesting notes	—		(235)		—
Repayment of convertible notes (Note 9)	—		(3,471)		—
Changes in fair value	(1,295)		(1,786)		(5,279)
Issuance of common stock in settlement of contingent consideration	—		—		(4,221)
Fair value, end of period	$	101	$	6,938	$	—

Business Combinations - Jiobit Narrative (Details) - USD ($)		1 Months Ended		12 Months Ended
	Sep. 01, 2021	Jan. 31, 2023	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Contingent consideration					$ 0
Fair value of stock issued in connection with an acquisition				$ 0	15,409,000	$ 13,821,000
Stock-based compensation				38,512,000	34,680,000	11,938,000
Convertible notes fair value adjustment				684,000	(1,786,000)	511,000
Retention bonuses, vesting period	24 months
(Gain)/loss on revaluation of contingent consideration				$ 0	(5,279,000)	3,600,000
Issuance of common stock in settlement of contingent consideration					$ 4,221,000
Contingent Consideration Target One
Business Acquisition [Line Items]
Continent consideration target percentage	100.00%
Contingent Consideration Target Two \| Minimum
Business Acquisition [Line Items]
Continent consideration target percentage	90.00%
Contingent Consideration Target Two \| Maximum
Business Acquisition [Line Items]
Continent consideration target percentage	100.00%
Contingent Consideration Target Three
Business Acquisition [Line Items]
Continent consideration target percentage	90.00%
2021 Contingent Consideration
Business Acquisition [Line Items]
Contingent consideration						6,300,000
2022 Contingent Consideration
Business Acquisition [Line Items]
Contingent consideration						3,100,000
September 2021 Convertible Notes
Business Acquisition [Line Items]
Convertible notes conversion price (in usd per share)	$ 22.50
Convertible notes, repayment of principal, percentage per year	33.33%
September 2021 Convertible Notes \| Convertible notes
Business Acquisition [Line Items]
Convertible notes conversion price (in usd per share)	$ 22.50			$ 22.50	$ 22.50
Stock options
Business Acquisition [Line Items]
Vesting period				4 years
Revesting Stock
Business Acquisition [Line Items]
Stock-based compensation		$ 200,000	$ 300,000	$ 200,000	$ 200,000	200,000
Revesting Notes
Business Acquisition [Line Items]
Stock-based compensation		$ 100,000	$ 300,000
Convertible notes fair value adjustment				$ 100,000	$ 200,000	$ 200,000
Jiobit
Business Acquisition [Line Items]
Aggregate purchase consideration	$ 43,200,000
Consideration paid in cash	7,300,000
Contingent consideration	5,900,000
Consideration, fair value of convertible notes	11,600,000
Consideration, forgiveness of convertible debt	4,000,000
Fair value of stock issued in connection with an acquisition	$ 13,800,000
Consideration, stock issued (in shares)	674,516
Consideration, indemnity escrow	$ 200,000
Consideration, indemnity escrow, term	18 months				18 months
Excluded consideration	$ 6,200,000
Excluded consideration, revesting convertible notes	1,600,000
Excluded consideration, retention bonuses	1,000,000
Transaction related expenses	1,000,000
Contingent consideration, amendment percentage			50.00%
Issuance of common stock in settlement of contingent consideration (in shares)			376,573
Issuance of common stock in settlement of contingent consideration			$ 4,200,000
Purchase price	43,198,000
Deferred tax liability					$ 100,000
Jiobit \| 2021 Contingent Consideration
Business Acquisition [Line Items]
Contingent consideration	$ 100,000
Contingent consideration (in shares)	301,261
Jiobit \| 2022 Contingent Consideration
Business Acquisition [Line Items]
Contingent consideration	$ 5,800,000
Contingent consideration (in shares)	451,891
Jiobit \| Convertible notes
Business Acquisition [Line Items]
Vesting period	3 years
Jiobit \| Stock options
Business Acquisition [Line Items]
Consideration, replacement awards	$ 600,000
Consideration, replacement awards (in shares)	25,245
Excluded consideration, share-based compensation	$ 500,000
Excluded consideration, share-based compensation (in shares)	43,083
Jiobit \| Restricted stock
Business Acquisition [Line Items]
Excluded consideration, revesting stock	$ 1,900,000
Excluded consideration, revesting stock (in shares)	91,217
Vesting period	3 years
Jiobit \| Revesting Stock
Business Acquisition [Line Items]
Vesting period	3 years

Warrants (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Number of shares to purchase under warrants (in shares)	137,658	137,658
Minimum
Class of Warrant or Right [Line Items]
Exercise price or warrants (in usd per share)	$ 2.28
Maximum
Class of Warrant or Right [Line Items]
Exercise price or warrants (in usd per share)	$ 11.96

Derivative Liability	12 Months Ended
Derivative Liability	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability	10. Derivative Liability The Company’s derivative liability represents embedded share-settled redemption features bifurcated from its July 2021 Convertible Notes and is carried at fair value. The changes in the fair value of the derivative liability are recorded in other income (expense), net of the Company’s consolidated statements of operations and comprehensive loss. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Since derivative financial instruments are initially and subsequently carried at fair value, the Company’s income will reflect the volatility in these estimate and assumption changes. The features embedded in the July 2021 Convertible Notes are combined into one compound Embedded Derivative. The fair value of the Embedded Derivative was estimated based on the present value of the redemption discount applied to the principal amount of the July 2021 Convertible Notes adjusted to reflect the weighted probability of exercise. The discount rate was based on the risk-free interest rate. Upon the issuance of the convertible notes, the Company recorded a derivative liability of $0.7 million at fair value using inputs classified as Level 3 in the fair value hierarchy. As of December 31, 2023 and 2022, the fair value of the derivative liability was $0.2 million and $0.1 million, respectively. Refer to Note 6, "Fair Value Measurements" for further details.

Costs Capitalized to Obtain Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Costs capitalized to obtain contracts

The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands):


	Year Ended December 31,
	2023		2022
Capitalized costs to obtain contracts, beginning of period	$	2,064	$	1,649
Acquired costs capitalized to obtain contracts	—		1,184
Additions to capitalized costs to obtain contracts	1,905		2,159
Amortization of capitalized costs to obtain contracts	(2,125)		(2,928)
Capitalized costs to obtain contracts, end of period	$	1,844	$	2,064