Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-39965 | |
Entity Registrant Name | ON24, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3292599 | |
Entity Address, Address Line One | 50 Beale Street, 8th Floor | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 415 | |
Local Phone Number | 369-8000 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | ONTF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,849,344 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001110611 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 97,500 | $ 164,948 |
Marketable securities | 261,527 | 217,609 |
Accounts receivable, net of allowances and reserves of $2,702 and $2,677 as of March 31, 2022 and December 31, 2021, respectively | 42,078 | 46,117 |
Deferred contract acquisition costs, current | 14,345 | 11,921 |
Prepaid expenses and other current assets | 11,759 | 8,467 |
Total current assets | 427,209 | 449,062 |
Property and equipment, net | 8,672 | |
Property and equipment, net | 8,780 | |
Operating right-of-use asset | 6,755 | |
Deferred contract acquisition costs, non-current | 18,023 | 20,887 |
Other long-term assets | 1,469 | 1,760 |
Total assets | 462,128 | 480,489 |
Current liabilities | ||
Accounts payable | 5,149 | 3,123 |
Accrued and other current liabilities | 18,707 | 19,011 |
Deferred revenue | 92,127 | 96,225 |
Finance lease liabilities, current | 1,768 | |
Finance lease liabilities, current | 1,637 | |
Operating lease liabilities, current | 2,462 | |
Total current liabilities | 120,082 | 120,127 |
Finance lease liabilities, non-current | 1,648 | |
Finance lease liabilities, non-current | 1,377 | |
Operating lease liabilities, non-current | 6,744 | |
Other long-term liabilities | 1,379 | 3,624 |
Total liabilities | 129,582 | 125,399 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value per share; 500,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 47,408,846 and 47,727,346 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 5 | 5 |
Additional paid-in capital | 545,144 | 550,839 |
Accumulated deficit | (210,998) | (195,519) |
Accumulated other comprehensive loss | (1,605) | (235) |
Total stockholders’ equity (deficit) | 332,546 | 355,090 |
Total liabilities and stockholders’ equity | $ 462,128 | $ 480,489 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances and reserves | $ 2,702 | $ 2,677 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 47,408,846 | 47,727,346 |
Common stock, outstanding (in shares) | 47,408,846 | 47,727,346 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Total revenue | $ 48,492 | $ 50,099 |
Cost of revenue: | ||
Total cost of revenue | 12,944 | 10,694 |
Gross profit | 35,548 | 39,405 |
Operating expenses: | ||
Sales and marketing | 29,193 | 23,925 |
Research and development | 10,644 | 7,946 |
General and administrative | 10,877 | 9,768 |
Total operating expenses | 50,714 | 41,639 |
Loss from operations | (15,166) | (2,234) |
Interest expense | 54 | 231 |
Other (income) expense, net | 177 | 116 |
Loss before provision for income taxes | (15,397) | (2,581) |
Provision for income taxes | 82 | 249 |
Net loss | (15,479) | (2,830) |
Cumulative preferred dividends allocated to preferred stockholders | 0 | (558) |
Net loss attributable to common stockholders | $ (15,479) | $ (3,388) |
Net income (loss) per share attributable to common stockholders: | ||
Basic (in dollars per share) | $ (0.32) | $ (0.10) |
Diluted (in dollars per share) | $ (0.32) | $ (0.10) |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | ||
Basic (in shares) | 47,631,813 | 32,615,648 |
Diluted (in shares) | 47,631,813 | 32,615,648 |
Subscription and other platform | ||
Revenue: | ||
Total revenue | $ 43,477 | $ 42,910 |
Cost of revenue: | ||
Total cost of revenue | 9,602 | 7,485 |
Professional services | ||
Revenue: | ||
Total revenue | 5,015 | 7,189 |
Cost of revenue: | ||
Total cost of revenue | $ 3,342 | $ 3,209 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (15,479) | $ (2,830) |
Other comprehensive income (loss) | ||
Foreign currency translation adjustment, net of tax | 21 | (6) |
Unrealized loss on available for sale debt securities, net of tax | (1,391) | 0 |
Total other comprehensive loss | (1,370) | (6) |
Total comprehensive loss | $ (16,849) | $ (2,836) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Convertible Preferred Stock | Redeemable Convertible Preferred Stock |
Beginning balance, shares at Dec. 31, 2020 | 21,683,548 | 5,543,918 | |||||
Beginning balance at Dec. 31, 2020 | $ 83,857 | $ 70,000 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering (in shares) | (21,683,548) | (5,543,918) | |||||
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering | $ (83,857) | $ (70,000) | |||||
Ending balance, shares at Mar. 31, 2021 | 0 | 0 | |||||
Ending balance at Mar. 31, 2021 | $ 0 | $ 0 | |||||
Beginning balance, shares at Dec. 31, 2020 | 10,896,137 | ||||||
Beginning balance at Dec. 31, 2020 | $ (143,656) | $ 1 | $ 27,512 | $ (171,263) | $ 94 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering (in shares) | 27,227,466 | ||||||
Conversion of convertible preferred stock and redeemable convertible preferred stock to common stock upon initial public offering | 153,857 | $ 3 | 153,854 | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs (in shares) | 7,599,928 | ||||||
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs | 348,014 | $ 1 | 348,013 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 598,253 | ||||||
Issuance of common stock upon exercise of stock options | 1,411 | 1,411 | |||||
Payment for employee tax withholding upon net share settlement on equity awards | (2,001) | (2,001) | |||||
Stock-based compensation expense | 4,994 | 4,994 | |||||
Other comprehensive loss | (6) | (6) | |||||
Net loss | (2,830) | (2,830) | |||||
Ending balance, shares at Mar. 31, 2021 | 46,321,784 | ||||||
Ending balance at Mar. 31, 2021 | $ 359,783 | $ 5 | 533,783 | (174,093) | 88 | ||
Beginning balance, shares at Dec. 31, 2021 | 0 | 0 | |||||
Beginning balance at Dec. 31, 2021 | $ 0 | $ 0 | |||||
Ending balance, shares at Mar. 31, 2022 | 0 | 0 | |||||
Ending balance at Mar. 31, 2022 | $ 0 | $ 0 | |||||
Beginning balance, shares at Dec. 31, 2021 | 47,727,346 | 47,727,346 | |||||
Beginning balance at Dec. 31, 2021 | $ 355,090 | $ 5 | 550,839 | (195,519) | (235) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Repurchase of common stock (in shares) | (964,895) | (964,895) | |||||
Repurchase of common stock | $ (14,293) | (14,293) | |||||
Issuance of common stock upon exercise of stock options (in shares) | 545,248 | 415,918 | |||||
Issuance of common stock upon exercise of stock options | $ 847 | 847 | |||||
Issuance of common stock upon release of restricted stock units (in shares) | 230,477 | ||||||
Issuance of common stock upon release of restricted stock units | 0 | ||||||
Payment for employee tax withholding upon net share settlement on equity awards | (1,756) | (1,756) | |||||
Stock-based compensation expense | 9,507 | 9,507 | |||||
Other comprehensive loss | (1,370) | (1,370) | |||||
Net loss | $ (15,479) | (15,479) | |||||
Ending balance, shares at Mar. 31, 2022 | 47,408,846 | 47,408,846 | |||||
Ending balance at Mar. 31, 2022 | $ 332,546 | $ 5 | $ 545,144 | $ (210,998) | $ (1,605) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (15,479) | $ (2,830) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,207 | 1,160 |
Stock-based compensation expense | 9,507 | 4,994 |
Amortization of deferred contract acquisition costs | 4,067 | 3,674 |
Provision for allowance for doubtful accounts and billing reserve | 260 | 517 |
Non-cash lease expense | 519 | 0 |
Other | 254 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,779 | 2,522 |
Deferred contract acquisition costs | (3,627) | (5,450) |
Prepaid expenses and other assets | (3,555) | (5,053) |
Accounts payable | 1,742 | 601 |
Accrued liabilities | (752) | 373 |
Deferred revenue | (4,098) | 3,322 |
Other non-current liabilities | (594) | (126) |
Net cash (used in) provided by operating activities | (6,770) | 3,704 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (984) | (520) |
Purchase of marketable securities | (60,271) | 0 |
Proceeds from maturities and paydowns of marketable securities | 14,708 | 0 |
Net cash used in investing activities | (46,547) | (520) |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of underwriting discounts | 0 | 353,397 |
Proceeds from exercise of stock options | 1,157 | 1,411 |
Payment of tax withholding obligations related to net share settlements on equity awards | (1,756) | (2,001) |
Payment for repurchase of common stock | (13,074) | 0 |
Repayments of long-term debt | (66) | (22,407) |
Repayment of capital lease obligations | (417) | (577) |
Payments of offering costs | 0 | (2,305) |
Net cash (used in) provided by financing activities | (14,156) | 327,518 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 27 | (6) |
Net increase in cash, cash equivalents and restricted cash | (67,446) | 330,696 |
Cash, cash equivalents and restricted cash, beginning of period | 165,043 | 58,345 |
Cash, cash equivalents and restricted cash, end of period | 97,597 | 389,041 |
Supplemental disclosures of cash flow information: | ||
Cash paid for taxes, net of refunds | 31 | 11 |
Cash paid for interest | 46 | 256 |
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets (in thousands): | ||
Cash and cash equivalents | 97,500 | 388,940 |
Restricted cash included in other assets, non-current | 97 | 101 |
Total cash, cash equivalent, and restricted cash | $ 97,597 | $ 389,041 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies Description of Business ON24, Inc. and its subsidiaries (together, ON24 or the Company) provides a leading, cloud-based platform for digital engagement that enables businesses to convert customer engagement into revenue through interactive webinar experiences, virtual event experiences and multimedia content experiences. The Company’s platform offers a portfolio of interactive, personalized and content-rich digital experience products that creates and captures actionable, real-time data at scale from millions of professionals every month to provide businesses with buying signals and behavioral insights to efficiently convert prospects into customers. The Company was incorporated in the state of Delaware in January 1998 as NewsDirect, Inc. and in December 1998 changed its name to ON24, Inc. The Company is headquartered in San Francisco, California. Initial Public Offering On February 5, 2021, the Company closed its initial public offering (IPO) of 7,599,928 shares of its common stock at a public offering price of $50 per share for net proceeds of approximately $347.8 million, after deducting the underwriting discount of approximately $26.6 million and other offering costs of approximately $5.6 million. The shares of common stock sold in the IPO and the net proceeds from the IPO included the full exercise of the underwriters’ option to purchase additional shares. Upon the closing of the IPO, all of the Company's outstanding shares of Class A-1 and Class A-2 convertible preferred stock and Class B and Class B-1 redeemable convertible preferred stock were automatically converted into an aggregate of 27,227,466 shares of common stock on a one-for-one basis. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature and necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results anticipated for the full year. Certain prior period amounts have been reclassified on the condensed consolidated balance sheets and in Note 5 to conform to the current year's presentation. Prior to the adoption of Accounting Standard Update (ASU) No. 2016-02 Leases (Topic 842) on January 1, 2022 (as further discussed below), capital leases and equipment loans were reported together as long-term debt, current and non-current, on the condensed consolidated balance sheets. Upon the adoption of the new lease standard, capital leases are now presented separately as finance leases, current and non-current, on the condensed consolidated balance sheets. The current and non-current portion of equipment loans have been reclassified to accrued and other current liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the estimated expected benefit period for deferred contract acquisition costs, the determination of standalone selling price for the Company’s performance obligations, the allowance for doubtful accounts and billing reserve, the useful lives of long-lived assets, the assumptions used to measure stock-based compensation, the valuation of deferred income tax assets and uncertain tax positions. Actual results could differ from those estimates. Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021. Other than the changes to the accounting policy for leases related to the adoption of ASC 842 on January 1, 2022 discussed below, there has been no material change to the Company’s significant accounting policies during the three months ended March 31, 2022. Leases The Company determines if an arrangement is a lease at inception. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate because the interest rate implicit in its leases is not readily determinable. Right-of-use asset (ROU) asset is determined based on the lease liability initially established and reduced for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise the option. Variable lease payments are expensed as incurred and are not included in the ROU assets and lease liabilities Leases with an initial term of 12 months or less are recognized in the condensed consolidated statements of operations on a straight-line basis over the lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components and non-lease components as a single lease component for its new or modified office facility operating leases entered into on or after January 1, 2022. Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments Topic 326: Credit Losses Measurement of Credit Losses on Financial Instruments (Topic 326), as amended, which requires an entity to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts utilizing a new impairment model known as the current expected credit loss (CECL) model. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, ASU No. 2016-13, is effective for the annual periods in fiscal years beginning after December 15, 2019, and interim periods therein. For all other entities ASU No. 2016-13, is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal year. The Company has elected to use the extended transition period that allows the Company to delay adoption of new or revised accounting pronouncements until such pronouncements are made applicable to private companies under the Jumpstart Our Business Startups Act of 2012. The Company is currently evaluating the impact of adopting this standard and does not expect the adoption to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as amended, to supersede existing guidance on accounting for leases in Topic 840, Leases . Topic 842 generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new lease standard effective January 1, 2022 on a modified retrospective basis using the effective date transition method, which applied the provisions of the new guidance at the effective date without adjusting the comparative periods presented. On the adoption date, the Company recognized on its condensed consolidated balance sheets $7.2 million of additional right-of-use assets, $9.6 million additional lease liabilities, and derecognized existing deferred rent and lease incentives totaling $2.4 million. The Company’s accounting for finance leases remained substantially unchanged. The Company elected a number of the practical expedients permitted under the transition guidance within the new standard. This included the election to apply the practical expedient package upon transition, which comprised the following: • The Company did not reassess whether expired or existing contracts are or contain a lease; • The Company did not reassess the classification of existing leases; and • The Company did not reassess the accounting treatment for initial direct costs. The Company also elected to apply the hindsight practical expedient which allows the Company to use hindsight in determining the lease term. In addition, the Company elected the practical expedient related to short-term leases, which allows the Company not to recognize a ROU asset and lease liability for leases with an initial expected term of 12 months or less. The Company also elected to account for lease and non-lease components as a single lease component for operating facility leases. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following table depicts the disaggregation of revenue by geographic region based on the shipping address of customers (in thousands): Three Months Ended March 31, 2022 2021 United States $ 36,549 $ 36,954 EMEA 8,147 9,496 Other 3,796 3,649 Total revenue $ 48,492 $ 50,099 The following table summarizes the foreign countries which contributed 10% or more of the total revenue (in thousands) : Three Months Ended March 31, 2022 2021 United Kingdom * 12 % * Represent less than 10% of total revenue No single customer accounted for 10% or more of the total revenue during the three months ended March 31, 2022 and 2021. Additionally, no single customer accounted for 10% or more of accounts receivable as of March 31, 2022 and December 31, 2021. Contract Balances Accounts receivable : The Company records accounts receivable when the Company has a contractual right to consideration. In some arrangements, a right to consideration for the Company’s performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled receivable. As of March 31, 2022 and December 31, 2021, unbilled receivables were included within accounts receivable, net of allowance for doubtful accounts and billing reserves on the condensed consolidated balance sheets and were not material. Contract assets: The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration. Contract assets are included in prepaid expenses and other current assets in the condensed consolidated balance sheets and were not material as of March 31, 2022 and December 31, 2021. Contract liabilities : The Company defers its revenue when the Company has the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized during the following 12-month period and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the condensed consolidated balance sheet. The amount of revenue recognized in the three months ended March 31, 2022 that was included in deferred revenue at the beginning of the period was $40.0 million. Remaining Performance Obligations The terms of the Company’s subscription agreements are primarily annual and, to a lesser extent, multi-year. The Company may bill for the full term in advance or on an annual, quarterly or monthly basis, depending on the terms of the agreement. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $146.5 million, which consists of both billed consideration in the amount of $92.8 million and unbilled consideration in the amount of $53.7 million that the Company expects to recognize as revenue. As of March 31, 2022, the Company expects to recognize 81% of its remaining performance obligations as revenue over the subsequent 12 months and the remainder thereafter. Costs to Obtain a Contract The Company capitalizes sales commissions and associated payroll taxes paid to internal sales personnel and third-party referral fees that are incremental costs resulting from obtaining a contract with a customer. These costs are recorded as deferred contract acquisition costs on the condensed consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Sales commissions paid upon the initial acquisition of a customer contract are amortized over an estimated period of benefit of five years as the Company specifically anticipates renewals of customer contracts and commissions paid on renewal contracts are not commensurate with commissions paid on new customer contracts. Sales commissions paid upon renewal of customer contracts are amortized over the contractual renewal term. Amortization is recognized on a straight-line basis commensurate with the pattern of revenue recognition. Sales commissions paid related to professional services are amortized over the expected service period. The Company determines the period of benefit for commissions paid for the acquisition of the initial customer contract by taking into consideration the initial estimated customer life and the technological life of its platform and related significant features. Amortization of deferred contract acquisition costs was $4.1 million and $3.7 million for the three months ended March 31, 2022 and 2021, respectively. and is included in sales and marketing expense in the condensed consolidated statements of operations. The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. The Company has no impairment losses relating to deferred contract acquisition costs during the periods presented. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Marketable Securities [Abstract] | |
Marketable Securities | Marketable Securities M arketable securities consisted of the following as of the periods presented (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities U.S. Treasury securities $ 196,282 $ 1 $ (1,544) $ 194,739 Certificates of deposit 14,273 4 (43) 14,234 Corporate debt securities 32,979 — (267) 32,712 Commercial paper 14,712 — (48) 14,664 Asset-backed securities 5,187 — (9) 5,178 Total marketable securities $ 263,433 $ 5 $ (1,911) $ 261,527 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities U.S. Treasury securities $ 157,681 $ — $ (404) $ 157,277 Certificates of deposit 6,495 — (5) 6,490 Corporate debt securities 36,422 — (95) 36,327 Commercial papers 11,624 2 (6) 11,620 Asset-backed securities 5,901 1 (7) 5,895 Total marketable securities $ 218,123 $ 3 $ (517) $ 217,609 The Company’s marketable securities have been classified as available for sale. All available for sale debt securities are available for use in current operations. Accordingly, they have been classified as current. Marketable securities in an unrealized loss position for less than 12 months consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss U.S. Treasury securities $ 179,056 $ (1,544) $ 143,590 $ (404) Certificates of deposit 11,727 (43) 6,490 (5) Corporate debt securities 31,990 (267) 36,327 (95) Commercial paper 14,663 (48) 6,984 (6) Asset-backed securities 5,007 (9) 4,967 (7) Total $ 242,443 $ (1,911) $ 198,358 $ (517) As of March 31, 2022 and December 31, 2021, the Company had no marketable securities in a continuous loss position for 12 months or more. The Company reviews the individual securities that have unrealized losses on a regular basis to evaluate whether any security has experienced other-than-temporary decline in fair value below amortized cost. The Company evaluates, among other factors, whether the Company has the intention to sell any of these marketable securities and whether it is more likely than not that the Company will be required to sell any securities before recovery of the amortized cost basis. Since the Company has the ability to hold its investments until maturity, and the decline in fair value was not due to any credit-related factor, no decline was deemed to be other-than-temporary. The Company had no realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2022 and 2021. The following summarizes the remaining contractual maturities of the Company’s marketable securities as of March 31, 2022: Fair Value One year or less $ 240,174 Over one year through five years 21,353 Total marketable securities $ 261,527 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following tables summarize the Company’s financial instruments recorded at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented March 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds $ 94,358 $ — $ — $ 94,358 Marketable Securities U.S. Treasury securities — 194,739 — 194,739 Certificates of deposit — 14,234 — 14,234 Corporate debt securities — 32,712 — 32,712 Commercial paper — 14,664 — 14,664 Asset-backed securities — 5,178 — 5,178 Total cash equivalents and marketable securities $ 94,358 $ 261,527 $ — $ 355,885 December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds $ 151,079 $ — $ — $ 151,079 Marketable Securities U.S. Treasury securities — 157,277 — 157,277 Certificates of deposit — 6,490 — 6,490 Corporate debt securities — 36,327 — 36,327 Commercial paper — 11,620 — 11,620 Asset-backed securities — 5,895 — 5,895 Total cash equivalents and marketable securities $ 151,079 $ 217,609 $ — $ 368,688 |
Balance Sheets Components
Balance Sheets Components | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheets Components | Balance Sheets Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Prepaid expenses $ 9,315 $ 5,617 Other receivables 2,245 2,786 Other 199 64 Prepaid expenses and other current assets $ 11,759 $ 8,467 Property and Equipment, Net Property and equipment, net consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Computer, equipment and software (1) $ 29,312 $ 28,227 Furniture and fixtures 1,118 1,118 Leasehold improvements 3,772 3,776 Property and equipment, gross 34,202 33,121 Less: Accumulated depreciation and amortization (2) (25,530) (24,341) Property and equipment, net $ 8,672 $ 8,780 (1) Includes assets recorded under finance leases of $5.3 million as of March 31, 2022 and December 31, 2021. (2) Includes amount for assets recorded under finance leases of $2.6 million and $2.2 million as of March 31, 2022 and December 31, 2021, respectively . Depreciation and amortization expense was $1.2 million for the three months ended March 31, 2022 and 2021. The following table presents the property and equipment, net of depreciation and amortization, by geographic region as of the periods presented (in thousands): March 31, 2022 December 31, 2021 United States $ 7,761 $ 7,899 EMEA 848 816 Other 63 65 Total property and equipment, net $ 8,672 $ 8,780 Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Accrued bonus $ 2,000 $ 3,922 Accrued vacation 3,843 3,473 Accrued commissions 2,100 2,633 Other accrued compensation and benefits 2,112 2,474 Accrued ESPP 958 392 Sales and other tax liabilities 1,295 1,204 Accrued professional service fees 1,561 647 Other 4,838 4,266 Accrued and other current liabilities $ 18,707 $ 19,011 Other Long-term Liabilities Other long-term liabilities consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Deferred rent liabilities $ — $ 1,988 Deferred revenue 714 937 Other 665 699 Other long-term liabilities $ 1,379 $ 3,624 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company entered into operating leases primarily for office facilities and finance leases primarily for computer and network equipment purchases. These leases have terms generally ranging from 3 year to 12 years. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. The balance sheet classification of the Company’s right-of-use assets and lease liabilities as of the period presented was as follows (in thousands): Leases Classification March 31, 2022 Non-Current Assets Finance lease assets Property, plant and equipment, net $ 2,622 Operating lease assets Operating right-of-use asset 6,755 Total leased assets $ 9,377 Current Liabilities Finance Finance lease liabilities, current $ 1,637 Operating Operating lease liabilities, current 2,462 Non-Current Liabilities Finance Finance lease liabilities 1,377 Operating Operating lease liabilities 6,744 Total leased liabilities $ 12,220 The components of lease cost were as follows (in thousands): Lease Cost Classification Three Months Ended Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 438 Interest on finance lease liabilities Interest expense 45 Total finance lease cost $ 483 Operating lease cost Selling, general and administrative expenses $ 683 The undiscounted future lease payments under the lease liabilities as of March 31, 2022 were as follows (in thousands): Maturity of Lease Liabilities Finance Lease Operating Lease Remainder of 2022 $ 1,449 $ 2,039 2023 1,607 2,832 2024 80 2,777 2025 — 2,169 Total lease payments 3,136 9,817 Less imputed interest (122) (611) Present value of lease liabilities $ 3,014 $ 9,206 The undiscounted future lease payments as of December 31, 2021 prior to the Company’s adoption of the new lease standard were as follows (in thousands): Finance Lease Operating Lease 2022 $ 1,888 $ 2,633 2023 1,607 2,844 2024 80 2,789 2025 — 2,272 Total payments 3,575 10,538 Less: Amount representing interest (159) — Total payments, net of interest $ 3,416 $ 10,538 Under ASC 840, the previous lease standard, rent expense, including common area maintenance charges, related to operating leases was $2.9 million, $2.8 million and $3.0 million, for 2021, 2020 and 2019, respectively. The weighted-average lease term and discount rate as of March 31, 2022 were as follows: Finance Lease Operating Lease Weighted-average remaining lease term 1.7 years 3.6 years Weighted-average discount rate 4.45 % 3.76 % Supplemental cash flow information was as follows (in thousands): Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used by operating leases $ 470 Financing cash used by finance leases 417 Right of use assets obtained in exchange for new lease liabilities: Operating leases - adoption 7,246 Operating leases - three months ended March 31, 2022 — Finance leases — |
Leases | Leases The Company entered into operating leases primarily for office facilities and finance leases primarily for computer and network equipment purchases. These leases have terms generally ranging from 3 year to 12 years. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants. The balance sheet classification of the Company’s right-of-use assets and lease liabilities as of the period presented was as follows (in thousands): Leases Classification March 31, 2022 Non-Current Assets Finance lease assets Property, plant and equipment, net $ 2,622 Operating lease assets Operating right-of-use asset 6,755 Total leased assets $ 9,377 Current Liabilities Finance Finance lease liabilities, current $ 1,637 Operating Operating lease liabilities, current 2,462 Non-Current Liabilities Finance Finance lease liabilities 1,377 Operating Operating lease liabilities 6,744 Total leased liabilities $ 12,220 The components of lease cost were as follows (in thousands): Lease Cost Classification Three Months Ended Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 438 Interest on finance lease liabilities Interest expense 45 Total finance lease cost $ 483 Operating lease cost Selling, general and administrative expenses $ 683 The undiscounted future lease payments under the lease liabilities as of March 31, 2022 were as follows (in thousands): Maturity of Lease Liabilities Finance Lease Operating Lease Remainder of 2022 $ 1,449 $ 2,039 2023 1,607 2,832 2024 80 2,777 2025 — 2,169 Total lease payments 3,136 9,817 Less imputed interest (122) (611) Present value of lease liabilities $ 3,014 $ 9,206 The undiscounted future lease payments as of December 31, 2021 prior to the Company’s adoption of the new lease standard were as follows (in thousands): Finance Lease Operating Lease 2022 $ 1,888 $ 2,633 2023 1,607 2,844 2024 80 2,789 2025 — 2,272 Total payments 3,575 10,538 Less: Amount representing interest (159) — Total payments, net of interest $ 3,416 $ 10,538 Under ASC 840, the previous lease standard, rent expense, including common area maintenance charges, related to operating leases was $2.9 million, $2.8 million and $3.0 million, for 2021, 2020 and 2019, respectively. The weighted-average lease term and discount rate as of March 31, 2022 were as follows: Finance Lease Operating Lease Weighted-average remaining lease term 1.7 years 3.6 years Weighted-average discount rate 4.45 % 3.76 % Supplemental cash flow information was as follows (in thousands): Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used by operating leases $ 470 Financing cash used by finance leases 417 Right of use assets obtained in exchange for new lease liabilities: Operating leases - adoption 7,246 Operating leases - three months ended March 31, 2022 — Finance leases — |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility In September 2021, the Company amended its revolving line of credit with a financial institution effective August 2021, which increased the Company's borrowing capacity to a maximum of $50.0 million with a letter of credit sublimit of $4.0 million and a credit card sublimit of $1.0 million. The amendment allows the Company to borrow up to $50.0 million if the Company maintains at least $100.0 million on deposit at the institution. If such deposit is less than $100.0 million, the Company may borrow up to the lesser of $50.0 million or an amount determined by the Company's trailing five months of recurring revenue, annualized renewal rate and annualized monthly churn rate, as defined by the agreement. As of March 31, 2022, the Company did not draw down on its line of credit and has a borrowing capacity of $50.0 million. The terms of the agreement permit voluntary prepayment without premium or penalty. The revolving credit facility matures in August 2024 and is secured by substantially all of the Company’s assets. The outstanding principal balance on the revolving line of credit, if any, is due at maturity. The Company is required to pay quarterly in arrears a commitment fee of 0.15% per annum on the undrawn portion available under the revolving line of credit. As of March 31, 2022, the Company had an outstanding standby letter of credit of $1.2 million as a guarantee for a leased space. Interest on the revolving credit facility is payable monthly in arrears at a rate equal to the lender’s prime referenced rate as defined in the agreement. Prior to this amendment, interest on the revolving line of credit was the prime rate, as published by the Wall Street Journal (Prime Rate), plus 0.75% effective July 31, 2020, and Prime Rate plus 0.50% prior to July 31, 2020. The referenced prime rate was 3.50% as of March 31, 2022 and the Prime Rate was 3.25% as of March 31, 2021, respectively. The revolving credit facility is subject to certain restrictions and financial covenants, including the requirement of maintaining a minimum debt to EBITDA ratio when the Company’s current portion of the total borrowing exceeds $5.0 million and the Company fails to maintain $100.0 million on deposits. In addition, the revolving line of credit agreement restricts the Company from paying dividends without prior approval from the financing institution. The Company was not subject to the financial covenants as of March 31, 2022. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | Commitment and Contingencies Purchase Obligations The Company has non-cancelable purchase commitments of $5.1 million as of March 31, 2022, primarily related to software license fees and co-location facilities and services, of which $2.7 million is expected to be paid in remainder of 2022, $2.3 million in 2023 and $0.1 million in 2024. Contingencies The Company has agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable the Company to recover a portion of any future amounts paid. FASB ASC 450-20, Contingencies , sets forth the rules for accounting for uncertain tax positions for taxes not based on income. When a loss contingency exists, the likelihood of the incurrence of the liability can range from probable to remote. The Company believes it is reasonably possible that a loss will result from the sales and use tax assessments in the range of zero to $0.4 million. The Company has not recorded an accrual as of March 31, 2022 and 2021. Legal Proceedings The Company, its Chief Executive Officer, its Chief Financial Officer, the members of its Board of Directors and the underwriters that participated in the Company’s IPO are named as defendants in a consolidated putative class action, captioned In re ON24, Inc. Securities Litigation, 4:21-cv-08578-YGR (filed November 3, 2021), that is currently pending in the United States District Court for the Northern District of California. The consolidated complaint purports to assert claims under Sections 11 and 15 of the Securities Act of 1933 on behalf of all persons and entities that purchased, or otherwise acquired, the Company’s common stock issued in connection with the Company’s IPO. The complaints allege that the Company’s registration statement and prospectus contained untrue statements of material fact and/or omitted material facts about ON24’s growth and customer base. Plaintiffs seek, among other things, an award of damages and attorneys’ fees and costs. The Company believes the allegations in the lawsuits are without merit. The Company is unable to reasonably estimate a possible loss or range of possible loss, if any, arising from this matter at this early stage. Accordingly, no accrued litigation expense has been recorded in the accompanying condensed consolidated financial statements. In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes or claims. Although the Company cannot predict with assurance the outcome of any litigation, the Company does not believe there are currently any actions, other than those described in the prior paragraph, that if resolved unfavorably, would have a material impact on its financial condition, results of operations or cash flows. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) and Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity (Deficit) and Equity Incentive Plan | Stockholders’ Equity (Deficit) and Equity Incentive Plan Preferred Stock The Company’s amended and restated certificate of incorporation authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share. The Company’s board of directors is authorized to designate the rights, preferences, privileges and restrictions of the preferred stock from time to time. Common Stock The Company’s amended and restated certificate of incorporation authorized the issuance of 500,000,000 shares of common stock, $0.0001 par value per share. Holders of common stock are entitled to one vote per share. Common Stock Reserved for Future Issuance As of March 31, 2022, the Company had the following shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan: Stock options outstanding 8,643,616 Restricted stock units outstanding 3,855,788 Remaining shares available for future grant under 2021 Equity Incentive Plan (1) 7,066,086 Remaining shares available for future issuance under ESPP (2) 1,702,246 Total shares of common stock reserved as of March 31, 2022 21,267,736 (1) Includes the automatic annual increase of 2,386,367 additional shares under 2021 Equity Incentive Plan on January 1, 2022. (2) Includes the automatic annual increase of 477,273 ad ditional shares under ESPP on January 1, 2021. Grant Activities Stock Options A summary of stock option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Number of Shares Weighted- Weighted- Aggregate Balance as of December 31, 2021 9,341,242 $ 6.83 Granted — — Exercised (545,248) 2.45 $ 7,414 Cancelled and forfeited (152,378) 13.32 Balance as of March 31, 2022 8,643,616 $ 6.99 6.47 $ 68,121 Vested and exercisable 5,677,728 $ 4.32 5.49 $ 54,332 Restricted Stock Units A summary of RSU activity under the Company’s equity incentive plans and related information is as follows: RSUs Outstanding Number of Shares Weighted-Average Grant Date Fair Value Unvested balance as of December 31, 2021 3,737,565 $ 20.01 Granted 564,350 15.00 Vested (235,333) 23.30 Cancelled and forfeited (210,794) 19.78 Unvested balance as of March 31, 2022 3,855,788 $ 19.09 The total fair value of RSUs vested in the three months ended March 31, 2022 was $5.5 million. There were no RSUs vested in the three months ended March 31, 2021. Fair Value Determination The Black-Scholes assumptions used to value the employee stock purchase rights at the grant dates are as follows: Employee Stock Purchase Rights under ESPP Three Months Ended March 31, 2022 2021 Expected term 0.50 years 0.63 years Expected volatility 49.31 % 61.00 % Risk-free interest rate 0.07 % 0.06 % Dividend yield — % — % Stock-Based Compensation The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue Subscription and other platform $ 868 $ 237 Professional services 174 62 Total cost of revenue 1,042 299 Sales and marketing 3,692 1,692 Research and development 1,981 782 General and administrative 2,792 2,221 Total stock-based compensation expense $ 9,507 $ 4,994 As of March 31, 2022, unrecognized stock-based compensation expense by award type and their weighted-average recognition periods are as follows (in thousands, except years): Stock Option RSU ESPP Unrecognized stock-based compensation expense $ 38,290 $ 67,929 $ 96 Weighted-average amortization period 2.64 years 3.18 years 0.12 years Repurchase of Common Stock On December 1, 2021, the Company’s Board of Directors authorized a $50.0 million share repurchase program. The timing and number of shares repurchased under the program will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The share repurchase program may be modified, suspended or discontinued at any time at the company’s discretion. When the Company has repurchased shares under the program, it reduced the common stock component of stockholder’s equity by the par value of the repurchased shares. The excess of the repurchase price over par value of the shares was charged to additional paid in capital as the Company is in an accumulated deficit position. All repurchased shares were retired and became authorized and unissued shares. As of March 31, 2022, the Company had $28.5 million available for future share buybacks under the repurchase program. The following table presents certain information regarding shares repurchased under the program during the three months ended March 31, 2022: Number of shares repurchased 964,895 Average price per share (including commissions) $ 14.81 Total repurchase costs (in million) $ 14.3 In the second quarter of 2022, the Company repurchased an additional 566,314 shares of common stock at an average per share price of $13.27 (including commissions). As of May 3, 2022, the Company has $21.0 million remaining for future share buyback under the repurchase program. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s provision for income taxes were as follows (in thousands): Three Months Ended March 31, 2022 2021 Provision for income taxes $ 82 $ 249 The Company’s provision for income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision quarterly. Provision for income taxes for the three months ended March 31, 2022 decreased $0.2 million, compared to the three months ended March 31, 2021. The change in provision for income taxes was primarily driven by the tax benefits associated with stock-based compensation benefit in a foreign jurisdiction. The Company regularly performs an assessment of the likelihood of realizing benefits of its deferred tax assets. As of March 31, 2022, the Company recorded a valuation allowance against its U.S. deferred tax assets based on available evidence. However, if there are favorable changes to actual operating results or to projections of future income, the Company may determine that it is more likely than not that such deferred tax assets may be realizable. Utilization of net operating loss carryforwards, tax credits and other attributes may be subject to future annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following tables set forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except share and per share data): Three Months Ended March 31, Basic and diluted net loss per share 2022 2021 Net loss $ (15,479) $ (2,830) Cumulative preferred dividends allocated to preferred stockholders — (558) Net loss attributable to common stockholders (15,479) (3,388) Net loss per share of common stock, basic and diluted $ (0.32) $ (0.10) Weighted-average common stock outstanding, basic and diluted 47,631,813 32,615,648 T he following table sets forth the potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2022 2021 Stock options 8,643,616 11,703,351 Restricted stock units 3,855,788 214,300 ESPP purchase rights 112,568 79,273 Total antidilutive securities 12,611,972 11,996,924 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company incurred engineering and quality assurance costs from a third-party vendor in the three months ended March 31, 2022 and 2021. The chief executive officer of the third-party vendor is considered an immediate family member of the Company’s chief technology officer. The Company recorded $0.7 million and $0.5 million in the three months ended March 31, 2022 and 2021, respectively, in research and development expense relating to this third-party vendor on the condensed consolidated statements of operations. The Company recorded $0.5 million in accounts payable and accrued liabilities as of March 31, 2022 and $0.3 million in accounts payable as of December 31, 2021 on the condensed consolidated balance sheets for the amount owed to this third-party vendor. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event In April 2022, the Company acquired Vibbio AS (Vibbio), a privately-held cloud video software company in Norway, for approximately $3.0 million in cash. The integration of Vibbio’s video capabilities across the ON24 platform will allow customers to produce video content that creates more engagement, generates first-party data, and drives further personalization. |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the condensed consolidated financial statements reflect all adjustments that are normal and recurring in nature and necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results anticipated for the full year. |
Prior Period Reclassification Adjustment | Certain prior period amounts have been reclassified on the condensed consolidated balance sheets and in Note 5 to conform to the current year's presentation. Prior to the adoption of Accounting Standard Update (ASU) No. 2016-02 Leases (Topic 842) on January 1, 2022 (as further discussed below), capital leases and equipment loans were reported together as long-term debt, current and non-current, on the condensed consolidated balance sheets. Upon the adoption of the new lease standard, capital leases are now presented separately as finance leases, current and non-current, on the condensed consolidated balance sheets. The current and non-current portion of equipment loans have been reclassified to accrued and other current liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheets. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the estimated expected benefit period for deferred contract acquisition costs, the determination of standalone selling price for the Company’s performance obligations, the allowance for doubtful accounts and billing reserve, the useful lives of long-lived assets, the assumptions used to |
Leases | Leases The Company determines if an arrangement is a lease at inception. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate because the interest rate implicit in its leases is not readily determinable. Right-of-use asset (ROU) asset is determined based on the lease liability initially established and reduced for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise the option. Variable lease payments are expensed as incurred and are not included in the ROU assets and lease liabilities Leases with an initial term of 12 months or less are recognized in the condensed consolidated statements of operations on a straight-line basis over the lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease components and non-lease components as a single lease component for its new or modified office facility operating leases entered into on or after January 1, 2022. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments Topic 326: Credit Losses Measurement of Credit Losses on Financial Instruments (Topic 326), as amended, which requires an entity to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts utilizing a new impairment model known as the current expected credit loss (CECL) model. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. For public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, ASU No. 2016-13, is effective for the annual periods in fiscal years beginning after December 15, 2019, and interim periods therein. For all other entities ASU No. 2016-13, is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal year. The Company has elected to use the extended transition period that allows the Company to delay adoption of new or revised accounting pronouncements until such pronouncements are made applicable to private companies under the Jumpstart Our Business Startups Act of 2012. The Company is currently evaluating the impact of adopting this standard and does not expect the adoption to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as amended, to supersede existing guidance on accounting for leases in Topic 840, Leases . Topic 842 generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new lease standard effective January 1, 2022 on a modified retrospective basis using the effective date transition method, which applied the provisions of the new guidance at the effective date without adjusting the comparative periods presented. On the adoption date, the Company recognized on its condensed consolidated balance sheets $7.2 million of additional right-of-use assets, $9.6 million additional lease liabilities, and derecognized existing deferred rent and lease incentives totaling $2.4 million. The Company’s accounting for finance leases remained substantially unchanged. The Company elected a number of the practical expedients permitted under the transition guidance within the new standard. This included the election to apply the practical expedient package upon transition, which comprised the following: • The Company did not reassess whether expired or existing contracts are or contain a lease; • The Company did not reassess the classification of existing leases; and • The Company did not reassess the accounting treatment for initial direct costs. The Company also elected to apply the hindsight practical expedient which allows the Company to use hindsight in determining the lease term. In addition, the Company elected the practical expedient related to short-term leases, which allows the Company not to recognize a ROU asset and lease liability for leases with an initial expected term of 12 months or less. The Company also elected to account for lease and non-lease components as a single lease component for operating facility leases. |
Revenue Recognition | Accounts receivable: The Company records accounts receivable when the Company has a contractual right to consideration. In some arrangements, a right to consideration for the Company’s performance under the customer contract may occur before invoicing to the customer, resulting in an unbilled receivable.Contract assets: The Company records a contract asset when the Company has satisfied a performance obligation but does not yet have an unconditional right to consideration.Contract liabilities: The Company defers its revenue when the Company has the right to invoice in advance of performance under a customer contract. The current portion of deferred revenue balances is recognized during the following 12-month period and the remaining portion is recorded as noncurrent, which is included in other long-term liabilities on the condensed consolidated balance sheet. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Disaggregation of Revenue by Geographic Region | The following table depicts the disaggregation of revenue by geographic region based on the shipping address of customers (in thousands): Three Months Ended March 31, 2022 2021 United States $ 36,549 $ 36,954 EMEA 8,147 9,496 Other 3,796 3,649 Total revenue $ 48,492 $ 50,099 |
Geographic Concentration Risk | Revenue | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Foreign Countries Which Contributed 10% or More of Total Revenue | The following table summarizes the foreign countries which contributed 10% or more of the total revenue (in thousands) : Three Months Ended March 31, 2022 2021 United Kingdom * 12 % * Represent less than 10% of total revenue |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Marketable Securities [Abstract] | |
Summary of Marketable Securities | M arketable securities consisted of the following as of the periods presented (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities U.S. Treasury securities $ 196,282 $ 1 $ (1,544) $ 194,739 Certificates of deposit 14,273 4 (43) 14,234 Corporate debt securities 32,979 — (267) 32,712 Commercial paper 14,712 — (48) 14,664 Asset-backed securities 5,187 — (9) 5,178 Total marketable securities $ 263,433 $ 5 $ (1,911) $ 261,527 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities U.S. Treasury securities $ 157,681 $ — $ (404) $ 157,277 Certificates of deposit 6,495 — (5) 6,490 Corporate debt securities 36,422 — (95) 36,327 Commercial papers 11,624 2 (6) 11,620 Asset-backed securities 5,901 1 (7) 5,895 Total marketable securities $ 218,123 $ 3 $ (517) $ 217,609 |
Summary of Marketable Securities in an Unrealized Loss Position | Marketable securities in an unrealized loss position for less than 12 months consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss U.S. Treasury securities $ 179,056 $ (1,544) $ 143,590 $ (404) Certificates of deposit 11,727 (43) 6,490 (5) Corporate debt securities 31,990 (267) 36,327 (95) Commercial paper 14,663 (48) 6,984 (6) Asset-backed securities 5,007 (9) 4,967 (7) Total $ 242,443 $ (1,911) $ 198,358 $ (517) |
Summary of Remaining Contractual Maturities of Marketable Securities | The following summarizes the remaining contractual maturities of the Company’s marketable securities as of March 31, 2022: Fair Value One year or less $ 240,174 Over one year through five years 21,353 Total marketable securities $ 261,527 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Recorded at Fair Value on Recurring Basis | The following tables summarize the Company’s financial instruments recorded at fair value on a recurring basis by level within the fair value hierarchy as of the periods presented March 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds $ 94,358 $ — $ — $ 94,358 Marketable Securities U.S. Treasury securities — 194,739 — 194,739 Certificates of deposit — 14,234 — 14,234 Corporate debt securities — 32,712 — 32,712 Commercial paper — 14,664 — 14,664 Asset-backed securities — 5,178 — 5,178 Total cash equivalents and marketable securities $ 94,358 $ 261,527 $ — $ 355,885 December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents Money market mutual funds $ 151,079 $ — $ — $ 151,079 Marketable Securities U.S. Treasury securities — 157,277 — 157,277 Certificates of deposit — 6,490 — 6,490 Corporate debt securities — 36,327 — 36,327 Commercial paper — 11,620 — 11,620 Asset-backed securities — 5,895 — 5,895 Total cash equivalents and marketable securities $ 151,079 $ 217,609 $ — $ 368,688 |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Prepaid expenses $ 9,315 $ 5,617 Other receivables 2,245 2,786 Other 199 64 Prepaid expenses and other current assets $ 11,759 $ 8,467 |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Computer, equipment and software (1) $ 29,312 $ 28,227 Furniture and fixtures 1,118 1,118 Leasehold improvements 3,772 3,776 Property and equipment, gross 34,202 33,121 Less: Accumulated depreciation and amortization (2) (25,530) (24,341) Property and equipment, net $ 8,672 $ 8,780 (1) Includes assets recorded under finance leases of $5.3 million as of March 31, 2022 and December 31, 2021. (2) Includes amount for assets recorded under finance leases of $2.6 million and $2.2 million as of March 31, 2022 and December 31, 2021, respectively . |
Schedule of Property and Equipment, Net of Depreciation and Amortization, by Geographic Region | The following table presents the property and equipment, net of depreciation and amortization, by geographic region as of the periods presented (in thousands): March 31, 2022 December 31, 2021 United States $ 7,761 $ 7,899 EMEA 848 816 Other 63 65 Total property and equipment, net $ 8,672 $ 8,780 |
Summary of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Accrued bonus $ 2,000 $ 3,922 Accrued vacation 3,843 3,473 Accrued commissions 2,100 2,633 Other accrued compensation and benefits 2,112 2,474 Accrued ESPP 958 392 Sales and other tax liabilities 1,295 1,204 Accrued professional service fees 1,561 647 Other 4,838 4,266 Accrued and other current liabilities $ 18,707 $ 19,011 |
Summary of Other Long-Term Liabilities | Other long-term liabilities consisted of the following as of the periods presented (in thousands): March 31, 2022 December 31, 2021 Deferred rent liabilities $ — $ 1,988 Deferred revenue 714 937 Other 665 699 Other long-term liabilities $ 1,379 $ 3,624 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Classification | The balance sheet classification of the Company’s right-of-use assets and lease liabilities as of the period presented was as follows (in thousands): Leases Classification March 31, 2022 Non-Current Assets Finance lease assets Property, plant and equipment, net $ 2,622 Operating lease assets Operating right-of-use asset 6,755 Total leased assets $ 9,377 Current Liabilities Finance Finance lease liabilities, current $ 1,637 Operating Operating lease liabilities, current 2,462 Non-Current Liabilities Finance Finance lease liabilities 1,377 Operating Operating lease liabilities 6,744 Total leased liabilities $ 12,220 |
Components of Lease Cost | The components of lease cost were as follows (in thousands): Lease Cost Classification Three Months Ended Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 438 Interest on finance lease liabilities Interest expense 45 Total finance lease cost $ 483 Operating lease cost Selling, general and administrative expenses $ 683 |
Operating Lease Maturity | The undiscounted future lease payments under the lease liabilities as of March 31, 2022 were as follows (in thousands): Maturity of Lease Liabilities Finance Lease Operating Lease Remainder of 2022 $ 1,449 $ 2,039 2023 1,607 2,832 2024 80 2,777 2025 — 2,169 Total lease payments 3,136 9,817 Less imputed interest (122) (611) Present value of lease liabilities $ 3,014 $ 9,206 |
Financing Lease Maturity | The undiscounted future lease payments under the lease liabilities as of March 31, 2022 were as follows (in thousands): Maturity of Lease Liabilities Finance Lease Operating Lease Remainder of 2022 $ 1,449 $ 2,039 2023 1,607 2,832 2024 80 2,777 2025 — 2,169 Total lease payments 3,136 9,817 Less imputed interest (122) (611) Present value of lease liabilities $ 3,014 $ 9,206 |
Operating Lease Maturity - 840 | The undiscounted future lease payments as of December 31, 2021 prior to the Company’s adoption of the new lease standard were as follows (in thousands): Finance Lease Operating Lease 2022 $ 1,888 $ 2,633 2023 1,607 2,844 2024 80 2,789 2025 — 2,272 Total payments 3,575 10,538 Less: Amount representing interest (159) — Total payments, net of interest $ 3,416 $ 10,538 |
Finance Lease Maturity - 840 | The undiscounted future lease payments as of December 31, 2021 prior to the Company’s adoption of the new lease standard were as follows (in thousands): Finance Lease Operating Lease 2022 $ 1,888 $ 2,633 2023 1,607 2,844 2024 80 2,789 2025 — 2,272 Total payments 3,575 10,538 Less: Amount representing interest (159) — Total payments, net of interest $ 3,416 $ 10,538 |
Weighted-Average Lease Term and Discount Rate | The weighted-average lease term and discount rate as of March 31, 2022 were as follows: Finance Lease Operating Lease Weighted-average remaining lease term 1.7 years 3.6 years Weighted-average discount rate 4.45 % 3.76 % |
Supplemental Cash Flow Information | Supplemental cash flow information was as follows (in thousands): Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used by operating leases $ 470 Financing cash used by finance leases 417 Right of use assets obtained in exchange for new lease liabilities: Operating leases - adoption 7,246 Operating leases - three months ended March 31, 2022 — Finance leases — |
Stockholders_ Equity (Deficit_2
Stockholders’ Equity (Deficit) and Equity Incentive Plan - (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Stock Reserved for Future Issuance | As of March 31, 2022, the Company had the following shares of common stock reserved for future issuance under its equity incentive plan and employee share purchase plan: Stock options outstanding 8,643,616 Restricted stock units outstanding 3,855,788 Remaining shares available for future grant under 2021 Equity Incentive Plan (1) 7,066,086 Remaining shares available for future issuance under ESPP (2) 1,702,246 Total shares of common stock reserved as of March 31, 2022 21,267,736 (1) Includes the automatic annual increase of 2,386,367 additional shares under 2021 Equity Incentive Plan on January 1, 2022. (2) Includes the automatic annual increase of 477,273 ad ditional shares under ESPP on January 1, 2021. |
Summary of Stock Options | A summary of stock option activity under the Company’s equity incentive plans and related information is as follows: Options Outstanding Number of Shares Weighted- Weighted- Aggregate Balance as of December 31, 2021 9,341,242 $ 6.83 Granted — — Exercised (545,248) 2.45 $ 7,414 Cancelled and forfeited (152,378) 13.32 Balance as of March 31, 2022 8,643,616 $ 6.99 6.47 $ 68,121 Vested and exercisable 5,677,728 $ 4.32 5.49 $ 54,332 |
Summary of RSU Activity Under Equity Incentive Plans and Related Information | A summary of RSU activity under the Company’s equity incentive plans and related information is as follows: RSUs Outstanding Number of Shares Weighted-Average Grant Date Fair Value Unvested balance as of December 31, 2021 3,737,565 $ 20.01 Granted 564,350 15.00 Vested (235,333) 23.30 Cancelled and forfeited (210,794) 19.78 Unvested balance as of March 31, 2022 3,855,788 $ 19.09 |
Schedule of Black-Scholes Assumptions Used to Value the ESPP | Employee Stock Purchase Rights under ESPP Three Months Ended March 31, 2022 2021 Expected term 0.50 years 0.63 years Expected volatility 49.31 % 61.00 % Risk-free interest rate 0.07 % 0.06 % Dividend yield — % — % |
Summary of Share-based Compensation Expense by line item in the Condensed Consolidated Statements of Operations | The stock-based compensation expense by line item in the accompanying condensed consolidated statements of operations is summarized as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue Subscription and other platform $ 868 $ 237 Professional services 174 62 Total cost of revenue 1,042 299 Sales and marketing 3,692 1,692 Research and development 1,981 782 General and administrative 2,792 2,221 Total stock-based compensation expense $ 9,507 $ 4,994 |
Summary of Unrecognized Stock-Based Compensation Expenses | As of March 31, 2022, unrecognized stock-based compensation expense by award type and their weighted-average recognition periods are as follows (in thousands, except years): Stock Option RSU ESPP Unrecognized stock-based compensation expense $ 38,290 $ 67,929 $ 96 Weighted-average amortization period 2.64 years 3.18 years 0.12 years |
Schedule of Repurchase Agreements | The following table presents certain information regarding shares repurchased under the program during the three months ended March 31, 2022: Number of shares repurchased 964,895 Average price per share (including commissions) $ 14.81 Total repurchase costs (in million) $ 14.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The Company’s provision for income taxes were as follows (in thousands): Three Months Ended March 31, 2022 2021 Provision for income taxes $ 82 $ 249 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following tables set forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except share and per share data): Three Months Ended March 31, Basic and diluted net loss per share 2022 2021 Net loss $ (15,479) $ (2,830) Cumulative preferred dividends allocated to preferred stockholders — (558) Net loss attributable to common stockholders (15,479) (3,388) Net loss per share of common stock, basic and diluted $ (0.32) $ (0.10) Weighted-average common stock outstanding, basic and diluted 47,631,813 32,615,648 |
Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share | T he following table sets forth the potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2022 2021 Stock options 8,643,616 11,703,351 Restricted stock units 3,855,788 214,300 ESPP purchase rights 112,568 79,273 Total antidilutive securities 12,611,972 11,996,924 |
Description of Business and S_3
Description of Business and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 05, 2021USD ($)$ / sharesshares | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($)shares | Jan. 01, 2022USD ($) |
Description of Business and Significant Accounting Policies [Line Items] | ||||
Proceeds from initial public offering, net of underwriting discounts | $ 0 | $ 353,397 | ||
Payments of offering costs | 0 | $ 2,305 | ||
Operating right-of-use asset | 6,755 | |||
Operating Lease, Liability | $ 9,206 | |||
Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | ||||
Description of Business and Significant Accounting Policies [Line Items] | ||||
Operating right-of-use asset | $ 7,200 | |||
Operating Lease, Liability | 9,600 | |||
Deferred rent and lease incentives | $ 2,400 | |||
Common Stock | ||||
Description of Business and Significant Accounting Policies [Line Items] | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs (in shares) | shares | 7,599,928 | |||
Convertible preferred stock converted into shares of common stock (in shares) | shares | 27,227,466 | |||
Common Stock | IPO | ||||
Description of Business and Significant Accounting Policies [Line Items] | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and other offering costs (in shares) | shares | 7,599,928 | |||
Offering price (in dollars per share) | $ / shares | $ 50 | |||
Proceeds from initial public offering, net of underwriting discounts | $ 347,800 | |||
Payments of offering costs | 26,600 | |||
Other offering costs | $ 5,600 | |||
Convertible preferred stock converted into shares of common stock (in shares) | shares | 27,227,466 | |||
Conversion of convertible preferred stock to common stock, ratio | 1 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 48,492 | $ 50,099 |
United States | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 36,549 | 36,954 |
EMEA | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 8,147 | 9,496 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 3,796 | $ 3,649 |
Revenue - Foreign Countries Whi
Revenue - Foreign Countries Which Contributed 10% or more of Total Revenue (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Geographic Concentration Risk | Revenue | United Kingdom | |
Disaggregation Of Revenue [Line Items] | |
Percentage of concentration risk | 12.00% |
Revenue - Contract Balances and
Revenue - Contract Balances and Costs To Obtain A Contract (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capitalized Contract Cost [Line Items] | ||
Revenue recognized related to deferred revenue | $ 40,000,000 | |
Capitalized contract cost, amortization period | 5 years | |
Amortization of deferred contract acquisition costs | $ 4,067,000 | $ 3,674,000 |
Impairment losses of deferred contract acquisition costs | 0 | 0 |
Sales and Marketing Expense | ||
Capitalized Contract Cost [Line Items] | ||
Amortization of deferred contract acquisition costs | $ 4,100,000 | $ 3,700,000 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2022USD ($) |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligation | $ 146.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligation percentage | 81.00% |
Revenue remaining performance obligation, expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue remaining performance obligation, expected timing of satisfaction period | |
Billed Consideration | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligation | $ 92.8 |
Unbilled Consideration | |
Disaggregation Of Revenue [Line Items] | |
Remaining performance obligation | $ 53.7 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Total marketable securities, Amortized Cost | $ 263,433 | $ 218,123 |
Total marketable securities, Gross Unrealized Gains | 5 | 3 |
Total marketable securities, Gross Unrealized Losses | (1,911) | (517) |
Total marketable securities, fair value | 261,527 | 217,609 |
U.S. Treasury securities | ||
Marketable Securities [Line Items] | ||
Total marketable securities, Amortized Cost | 196,282 | 157,681 |
Total marketable securities, Gross Unrealized Gains | 1 | 0 |
Total marketable securities, Gross Unrealized Losses | (1,544) | (404) |
Total marketable securities, fair value | 194,739 | 157,277 |
Certificates of deposit | ||
Marketable Securities [Line Items] | ||
Total marketable securities, Amortized Cost | 14,273 | 6,495 |
Total marketable securities, Gross Unrealized Gains | 4 | 0 |
Total marketable securities, Gross Unrealized Losses | (43) | (5) |
Total marketable securities, fair value | 14,234 | 6,490 |
Corporate debt securities | ||
Marketable Securities [Line Items] | ||
Total marketable securities, Amortized Cost | 32,979 | 36,422 |
Total marketable securities, Gross Unrealized Gains | 0 | 0 |
Total marketable securities, Gross Unrealized Losses | (267) | (95) |
Total marketable securities, fair value | 32,712 | 36,327 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Total marketable securities, Amortized Cost | 14,712 | 11,624 |
Total marketable securities, Gross Unrealized Gains | 0 | 2 |
Total marketable securities, Gross Unrealized Losses | (48) | (6) |
Total marketable securities, fair value | 14,664 | 11,620 |
Asset-backed securities | ||
Marketable Securities [Line Items] | ||
Total marketable securities, Amortized Cost | 5,187 | 5,901 |
Total marketable securities, Gross Unrealized Gains | 0 | 1 |
Total marketable securities, Gross Unrealized Losses | (9) | (7) |
Total marketable securities, fair value | $ 5,178 | $ 5,895 |
Marketable Securities - Marketa
Marketable Securities - Marketable Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Fair Value | $ 242,443 | $ 198,358 |
Gross Unrealized Loss | (1,911) | (517) |
U.S. Treasury securities | ||
Marketable Securities [Line Items] | ||
Fair Value | 179,056 | 143,590 |
Gross Unrealized Loss | (1,544) | (404) |
Certificates of deposit | ||
Marketable Securities [Line Items] | ||
Fair Value | 11,727 | 6,490 |
Gross Unrealized Loss | (43) | (5) |
Corporate debt securities | ||
Marketable Securities [Line Items] | ||
Fair Value | 31,990 | 36,327 |
Gross Unrealized Loss | (267) | (95) |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Fair Value | 14,663 | 6,984 |
Gross Unrealized Loss | (48) | (6) |
Asset-backed securities | ||
Marketable Securities [Line Items] | ||
Fair Value | 5,007 | 4,967 |
Gross Unrealized Loss | $ (9) | $ (7) |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Marketable Securities (Available For Sale) [Line Items] | |||
Marketable securities in a continuous loss position for 12 months or more | $ 0 | $ 0 | |
Decline deemed to be other-than-temporary | 0 | ||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | |||
Marketable Securities (Available For Sale) [Line Items] | |||
Realized gains (losses) from marketable securities | $ 0 | $ 0 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Remaining Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities (Available For Sale) Maturities [Abstract] | ||
One year or less | $ 240,174 | |
Over one year through five years | 21,353 | |
Total marketable securities | $ 261,527 | $ 217,609 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Instruments Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | $ 261,527 | $ 217,609 |
U.S. Treasury securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 194,739 | 157,277 |
Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 14,234 | 6,490 |
Corporate debt securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 32,712 | 36,327 |
Commercial paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 14,664 | 11,620 |
Asset-backed securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 5,178 | 5,895 |
Fair Value Measurements Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents and marketable securities | 355,885 | 368,688 |
Fair Value Measurements Recurring | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents and marketable securities | 94,358 | 151,079 |
Fair Value Measurements Recurring | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents and marketable securities | 261,527 | 217,609 |
Fair Value Measurements Recurring | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Fair Value Measurements Recurring | Money market mutual funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Money market funds, fair value | 94,358 | 151,079 |
Fair Value Measurements Recurring | Money market mutual funds | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Money market funds, fair value | 94,358 | 151,079 |
Fair Value Measurements Recurring | Money market mutual funds | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Money market funds, fair value | 0 | 0 |
Fair Value Measurements Recurring | Money market mutual funds | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Money market funds, fair value | 0 | 0 |
Fair Value Measurements Recurring | U.S. Treasury securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 194,739 | 157,277 |
Fair Value Measurements Recurring | U.S. Treasury securities | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | U.S. Treasury securities | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 194,739 | 157,277 |
Fair Value Measurements Recurring | U.S. Treasury securities | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 14,234 | 6,490 |
Fair Value Measurements Recurring | Certificates of deposit | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Certificates of deposit | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 14,234 | 6,490 |
Fair Value Measurements Recurring | Certificates of deposit | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Corporate debt securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 32,712 | 36,327 |
Fair Value Measurements Recurring | Corporate debt securities | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Corporate debt securities | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 32,712 | 36,327 |
Fair Value Measurements Recurring | Corporate debt securities | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Commercial paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 14,664 | 11,620 |
Fair Value Measurements Recurring | Commercial paper | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Commercial paper | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 14,664 | 11,620 |
Fair Value Measurements Recurring | Commercial paper | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Asset-backed securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 5,178 | 5,895 |
Fair Value Measurements Recurring | Asset-backed securities | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 0 | 0 |
Fair Value Measurements Recurring | Asset-backed securities | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | 5,178 | 5,895 |
Fair Value Measurements Recurring | Asset-backed securities | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total marketable securities, fair value | $ 0 | $ 0 |
Balance Sheets Components - Sum
Balance Sheets Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid expenses | $ 9,315 | $ 5,617 |
Other receivables | 2,245 | 2,786 |
Other | 199 | 64 |
Prepaid expenses and other current assets | $ 11,759 | $ 8,467 |
Balance Sheets Components - S_2
Balance Sheets Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross, finance lease | $ 34,202 | |
Property and equipment, gross | $ 33,121 | |
Less: Accumulated depreciation and amortization | (25,530) | |
Less: Accumulated depreciation and amortization | (24,341) | |
Property and equipment, finance lease, net | 8,672 | |
Property and equipment, net | 8,780 | |
Computer, equipment and software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross, finance lease | 29,312 | |
Property and equipment, gross | 28,227 | |
Property and equipment, finance leases | 5,300 | |
Accumulated amortization, finance lease | 2,600 | |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,118 | 1,118 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 3,772 | $ 3,776 |
Balance Sheets Components - Add
Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | $ 33,121 | ||
Accumulated depreciation and amortization | 24,341 | ||
Depreciation and amortization | $ 1,207 | $ 1,160 | |
Computer, equipment and software | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, finance leases | 5,300 | ||
Property and equipment, gross | 28,227 | ||
Accumulated amortization, finance lease | $ 2,600 | ||
Assets Held under Capital Leases | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 5,300 | ||
Accumulated depreciation and amortization | $ 2,200 |
Balance Sheets Components - Sch
Balance Sheets Components - Schedule of Property and Equipment, Net of Depreciation and Amortization, by Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, net | $ 8,780 | |
Total property and equipment, finance lease, net | $ 8,672 | |
United States | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, net | 7,899 | |
Total property and equipment, finance lease, net | 7,761 | |
EMEA | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, net | 816 | |
Total property and equipment, finance lease, net | 848 | |
Other | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, net | $ 65 | |
Total property and equipment, finance lease, net | $ 63 |
Balance Sheets Components - S_3
Balance Sheets Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued bonus | $ 2,000 | $ 3,922 |
Accrued vacation | 3,843 | 3,473 |
Accrued commissions | 2,100 | 2,633 |
Other accrued compensation and benefits | 2,112 | 2,474 |
Accrued ESPP | 958 | 392 |
Sales and other tax liabilities | 1,295 | 1,204 |
Accrued professional service fees | 1,561 | 647 |
Other | 4,838 | 4,266 |
Accrued and other current liabilities | $ 18,707 | $ 19,011 |
Balance Sheets Components - S_4
Balance Sheets Components - Summary of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred rent liabilities | $ 0 | $ 1,988 |
Deferred revenue | 714 | 937 |
Other | 665 | 699 |
Other long-term liabilities | $ 1,379 | $ 3,624 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Rent expense | $ 2.9 | $ 2.8 | $ 3 | |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of contract | 3 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of contract | 12 years |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Non-Current Assets | |
Finance lease assets | $ 2,622 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net |
Operating right-of-use asset | $ 6,755 |
Total leased assets | 9,377 |
Current liabilities | |
Finance lease liabilities, current | 1,637 |
Operating lease liabilities, current | 2,462 |
Non-Current Liabilities | |
Finance lease liabilities, non-current | 1,377 |
Operating lease liabilities, non-current | 6,744 |
Total leased liabilities | $ 12,220 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Finance lease cost | |
Amortization of right-of-use assets | $ 438 |
Interest on finance lease liabilities | 45 |
Total finance lease cost | 483 |
Operating lease cost | $ 683 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Finance Lease | |
Remainder of 2022 | $ 1,449 |
2023 | 1,607 |
2024 | 80 |
2025 | 0 |
Total lease payments | 3,136 |
Less imputed interest | (122) |
Present value of lease liabilities | 3,014 |
Operating Lease | |
Remainder of 2022 | 2,039 |
2023 | 2,832 |
2024 | 2,777 |
2025 | 2,169 |
Total lease payments | 9,817 |
Less imputed interest | (611) |
Present value of lease liabilities | $ 9,206 |
Leases - Maturity of Lease Li_2
Leases - Maturity of Lease Liabilities Under ASC 840 (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Finance Lease | |
2022 | $ 1,888 |
2023 | 1,607 |
2024 | 80 |
2025 | 0 |
Total payments | 3,575 |
Less: Amount representing interest | (159) |
Total payments, net of interest | 3,416 |
Operating Lease | |
2022 | 2,633 |
2023 | 2,844 |
2024 | 2,789 |
2025 | 2,272 |
Total payments | $ 10,538 |
Leases - Weighted-Average Lease
Leases - Weighted-Average Lease Term (Details) | Mar. 31, 2022 |
Leases [Abstract] | |
Weighted-average remaining lease term, finance lease | 1 year 8 months 12 days |
Weighted-average discount rate, finance lease | 4.45% |
Weighted-average remaining lease term, operating lease | 3 years 7 months 6 days |
Weighted-average discount rate, operating lease | 3.76% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Mar. 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used by operating leases | $ 470 | |
Financing cash used by finance leases | 417 | |
Right of use assets obtained in exchange for new lease liabilities: | ||
Operating leases - adoption | $ 7,246 | |
Operating leases | 0 | |
Finance leases | $ 0 |
Credit Facility- Revolving Line
Credit Facility- Revolving Line of Credit (Details) - USD ($) | Jul. 31, 2020 | Jul. 30, 2020 | Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 50,000,000 | ||||
Cash to be maintained per agreement | $ 100,000,000 | ||||
Deferred revenue trailing period | 5 months | ||||
Borrowing capacity | $ 50,000,000 | ||||
Percentage of unused facility fee to be paid quarterly | 0.15% | ||||
Current portion of total borrowing amount, subject to maximum debt to EBITDA ratio, financial covenant | $ 5,000,000 | ||||
Revolving Line of Credit | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Margin on interest rate | 0.75% | 0.50% | |||
Debt instrument, interest rate | 3.50% | 3.25% | |||
Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 4,000,000 | ||||
Letter of Credit | Property Lease Guarantee | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding, amount | $ 1,200,000 | ||||
Credit Card Sublimit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,000,000 |
Commitment and Contingencies -
Commitment and Contingencies - Purchase Obligations (Details) - Software License Fees And Co-Location Facilities And Services $ in Millions | Mar. 31, 2022USD ($) |
Loss Contingencies [Line Items] | |
Non-cancelable purchase commitments | $ 5.1 |
Non-cancelable purchase commitments, due remainder of 2022 | 2.7 |
Non-cancelable purchase commitments, due 2023 | 2.3 |
Non-cancelable purchase commitments, due 2024 | $ 0.1 |
Commitment and Contingencies _2
Commitment and Contingencies - Contingencies and Legal Proceedings (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Consolidated Putative Class Action | Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Accrued litigation expense | $ 0 | |
Sales and Use Tax Assessments | ||
Loss Contingencies [Line Items] | ||
Loss contingency, range of possible loss, portion not accrued | 0 | $ 0 |
Sales and Use Tax Assessments | Minimum | ||
Loss Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | 0 | |
Sales and Use Tax Assessments | Maximum | ||
Loss Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 400,000 |
Stockholders_ Equity (Deficit_3
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Preferred Stock (Details) - Undesignated Preferred Stock - IPO | Feb. 05, 2021$ / sharesshares |
Class Of Stock [Line Items] | |
Undesignated preferred stock shares authorized (in shares) | shares | 10,000,000 |
Undesignated referred stock par value (in dollars per share) | $ / shares | $ 0.0001 |
Stockholders_ Equity (Deficit_4
Stockholders’ Equity (Deficit) and Equity Incentive Plan- Common Stock (Details) | Feb. 05, 2021Vote$ / sharesshares | Mar. 31, 2022$ / sharesshares | Dec. 31, 2021$ / sharesshares |
Class Of Stock [Line Items] | |||
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of votes per share | Vote | 1 | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock, authorized (in shares) | 500,000,000 |
Stockholders_ Equity (Deficit_5
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options outstanding (in shares) | 8,643,616 | 9,341,242 | ||
Number of shares available for future issuance (in shares) | 21,267,736 | |||
2021 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, shares available for grant (in shares) | 7,066,086 | |||
Number of additional shares authorized (in shares) | 2,386,367 | |||
2021 Employee Stock Purchase Plan | Employee Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, shares available for grant (in shares) | 1,702,246 | |||
Number of additional shares authorized (in shares) | 477,273 | |||
Restricted Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock units outstanding (in shares) | 3,855,788 |
Stockholders_ Equity (Deficit_6
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 9,341,242 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (545,248) |
Cancelled and forfeited (in shares) | shares | (152,378) |
Ending balance (in shares) | shares | 8,643,616 |
Vested and exercisable (in shares) | shares | 5,677,728 |
Weighted- Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 6.83 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 2.45 |
Cancelled and forfeited (in dollars per share) | $ / shares | 13.32 |
Ending Balance (in dollars per share) | $ / shares | 6.99 |
Vested and exercisable (in dollars per share) | $ / shares | $ 4.32 |
Ending balance, Weighted Average Remaining Contractual Life | 6 years 5 months 19 days |
Vested and exercisable, Weighted Average Remaining Contractual Life | 5 years 5 months 26 days |
Exercise, aggregate intrinsic value | $ | $ 7,414 |
Outstanding ending balance, aggregate intrinsic value | $ | 68,121 |
Vested and exercisable, aggregate intrinsic value | $ | $ 54,332 |
Stockholders_ Equity (Deficit_7
Stockholders’ Equity (Deficit) and Equity Incentive Plan- Summary of RSU Activity Under Equity Incentive Plans and Related Information (Details) - Restricted stock units - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Shares | ||
Unvested beginning balance (in shares) | 3,737,565 | |
Granted (in shares) | 564,350 | |
Vested (in shares) | (235,333) | 0 |
Cancelled and forfeited (in shares) | (210,794) | |
Unvested ending balance (in shares) | 3,855,788 | |
Weighted-Average Grant Date Fair Value | ||
Unvested beginning balance (in dollars per share) | $ 20.01 | |
Granted (in dollars per share) | 15 | |
Vested (in dollars per share) | 23.30 | |
Cancelled and forfeited (in dollars per share) | 19.78 | |
Unvested ending balance (in dollars per share) | $ 19.09 |
Stockholders_ Equity (Deficit_8
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Restricted Stock Unit (Details) - Restricted stock units - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total fair value of RSU vested | $ 5.5 | |
Number of shares vested (in shares) | 235,333 | 0 |
Stockholders_ Equity (Deficit_9
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Schedule of Black-Scholes Assumptions Used to Value the ESPP (Detail) - Employee Stock | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class Of Stock [Line Items] | ||
Expected term | 6 months | 7 months 17 days |
Expected volatility | 49.31% | 61.00% |
Risk-free interest rate | 0.07% | 0.06% |
Dividend yield | 0.00% | 0.00% |
Stockholders_ Equity (Defici_10
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of Share-based Compensation Expense by line item in the Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class Of Stock [Line Items] | ||
Stock-based compensation expense | $ 9,507 | $ 4,994 |
Cost of revenue | ||
Class Of Stock [Line Items] | ||
Stock-based compensation expense | 1,042 | 299 |
Cost of revenue | Subscription and other platform | ||
Class Of Stock [Line Items] | ||
Stock-based compensation expense | 868 | 237 |
Cost of revenue | Professional services | ||
Class Of Stock [Line Items] | ||
Stock-based compensation expense | 174 | 62 |
Sales and marketing | ||
Class Of Stock [Line Items] | ||
Stock-based compensation expense | 3,692 | 1,692 |
Research and development | ||
Class Of Stock [Line Items] | ||
Stock-based compensation expense | 1,981 | 782 |
General and administrative | ||
Class Of Stock [Line Items] | ||
Stock-based compensation expense | $ 2,792 | $ 2,221 |
Stockholders_ Equity (Defici_11
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Summary of Unrecognized Stock-based Compensation Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Stock options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 38,290 |
Weighted-average amortization period | 2 years 7 months 20 days |
Restricted stock units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 67,929 |
Weighted-average amortization period | 3 years 2 months 4 days |
Employee Stock | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 96 |
Weighted-average amortization period | 1 month 13 days |
Stockholders_ Equity (Defici_12
Stockholders’ Equity (Deficit) and Equity Incentive Plan - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 05, 2022 | Mar. 31, 2022 | May 03, 2022 | Dec. 01, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share repurchase program, authorized amount | $ 50,000 | |||
Amount available for future share repurchases | $ 28,500 | |||
Number of shares repurchased (in shares) | 964,895 | |||
Average price per share (including commissions) (dollars per share) | $ 14.81 | |||
Total repurchase costs (in million) | $ 14,293 | |||
Subsequent Event | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Amount available for future share repurchases | $ 21,000 | |||
Number of shares repurchased (in shares) | 566,314 | |||
Average price per share (including commissions) (dollars per share) | $ 13.27 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 82 | $ 249 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Income Tax Disclosure [Abstract] | |
Decrease in benefit from income taxes | $ 200 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic net income (loss) per share | ||
Net loss | $ (15,479) | $ (2,830) |
Cumulative preferred dividends allocated to preferred stockholders | 0 | (558) |
Net loss attributable to common stockholders | $ (15,479) | $ (3,388) |
Net income (loss) per share of common stock, basic (in dollars per share) | $ (0.32) | $ (0.10) |
Weighted-average common stock outstanding, basic (in shares) | 47,631,813 | 32,615,648 |
Diluted net income (loss) per share | ||
Net loss | $ (15,479) | $ (2,830) |
Cumulative preferred dividends allocated to preferred stockholders | 0 | (558) |
Net loss attributable to common stockholders | $ (15,479) | $ (3,388) |
Net income (loss) per share of common stock, diluted (in dollars per share) | $ (0.32) | $ (0.10) |
Weighted-average common stock outstanding, diluted (in shares) | 47,631,813 | 32,615,648 |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total antidilutive securities | 12,611,972 | 11,996,924 |
Stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total antidilutive securities | 8,643,616 | 11,703,351 |
Restricted stock units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total antidilutive securities | 3,855,788 | 214,300 |
Employee Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total antidilutive securities | 112,568 | 79,273 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Chief Executive Officer of Third-party Vendor - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities | |||
Related Party Transaction [Line Items] | |||
Related party transactions, amounts owed | $ 0.5 | $ 0.3 | |
Research and development | |||
Related Party Transaction [Line Items] | |||
Engineering and quality assurance costs | $ 0.7 | $ 0.5 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Apr. 08, 2022USD ($) |
Vibbio | Subsequent Event | |
Subsequent Event [Line Items] | |
Purchase price | $ 3 |