Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HUBS | ||
Entity Registrant Name | HubSpot, Inc. | ||
Entity Central Index Key | 0001404655 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 47,569,390 | ||
Entity Public Float | $ 25,969,281,583 | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-36680 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-2632791 | ||
Entity Address, Address Line One | 25 First Street | ||
Entity Address, City or Town | Cambridge | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02141 | ||
City Area Code | 888 | ||
Local Phone Number | 482-7768 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for its 2021 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K. | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 377,013 | $ 378,123 |
Short-term investments | 820,962 | 873,073 |
Accounts receivable - net of allowance for doubtful accounts of $1,768 and $1,993 at December 31, 2021 and 2020, respectively | 157,362 | 126,433 |
Deferred commission expense | 59,849 | 44,576 |
Prepaid expenses and other current assets | 38,388 | 34,716 |
Total current assets | 1,453,574 | 1,456,921 |
Long-term investments | 174,895 | 30,697 |
Property and equipment, net | 96,134 | 101,123 |
Capitalized software development costs, net | 39,858 | 24,943 |
Right-of-use assets | 280,828 | 275,893 |
Deferred commission expense, net of current portion | 42,681 | 28,296 |
Other assets | 29,244 | 13,893 |
Intangible assets, net | 10,565 | 10,282 |
Goodwill | 47,075 | 31,318 |
Total assets | 2,174,854 | 1,973,366 |
Current liabilities: | ||
Accounts payable | 2,773 | 13,540 |
Accrued compensation costs | 63,836 | 44,054 |
Accrued expenses and other current liabilities | 74,457 | 37,184 |
Convertible senior notes | 19,630 | 7,837 |
Operating lease liabilities | 26,364 | 30,020 |
Deferred revenue | 430,414 | 312,866 |
Total current liabilities | 617,474 | 445,501 |
Operating lease liabilities, net of current portion | 283,873 | 279,664 |
Deferred revenue, net of current portion | 4,473 | 3,636 |
Other long-term liabilities | 12,134 | 10,811 |
Convertible senior notes, net of current portion | 383,101 | 471,099 |
Total liabilities | 1,301,055 | 1,210,711 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value - 500,000 shares authorized; 48,000 and 46,115 shares issued; 47,390 and 46,115 shares outstanding at December 31, 2021 and 2020, respectively | 47 | 46 |
Additional paid-in capital | 1,436,089 | 1,241,167 |
Accumulated other comprehensive (loss) income | (1,339) | 4,603 |
Accumulated deficit | (560,998) | (483,161) |
Total stockholders’ equity | 873,799 | 762,655 |
Total liabilities and stockholders’ equity | $ 2,174,854 | $ 1,973,366 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 1,768 | $ 1,993 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 48,300,000 | 46,115,000 |
Common stock, shares outstanding | 47,390,000 | 46,115,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 1,300,658 | $ 883,026 | $ 674,860 |
Cost of Revenue: | |||
Total cost of revenue | 258,857 | 166,959 | 129,958 |
Gross profit | 1,041,801 | 716,067 | 544,902 |
Operating expenses: | |||
Research and development | 301,970 | 205,589 | 158,237 |
Sales and marketing | 649,681 | 452,081 | 340,685 |
General and administrative | 144,949 | 109,225 | 92,971 |
Total operating expenses | 1,096,600 | 766,895 | 591,893 |
Loss from operations | (54,799) | (50,828) | (46,991) |
Other expense: | |||
Interest income | 1,173 | 7,773 | 19,429 |
Interest expense | (30,282) | (37,049) | (22,818) |
Other income (expense) | 10,090 | (711) | (393) |
Total other expense | (19,019) | (29,987) | (3,782) |
Loss before income tax expense | (73,818) | (80,815) | (50,773) |
Income tax expense | (4,019) | (4,216) | (2,973) |
Net loss | $ (77,837) | $ (85,031) | $ (53,746) |
Net loss per common share, basic and diluted | $ (1.66) | $ (1.90) | $ (1.28) |
Weighted average common shares used in computing basic and diluted net loss per common share: | 46,891 | 44,757 | 42,025 |
Subscription [Member] | |||
Revenue: | |||
Total revenue | $ 1,258,319 | $ 853,025 | $ 646,266 |
Cost of Revenue: | |||
Total cost of revenue | 211,132 | 130,685 | 98,510 |
Professional Services and Other [Member] | |||
Revenue: | |||
Total revenue | 42,339 | 30,001 | 28,594 |
Cost of Revenue: | |||
Total cost of revenue | $ 47,725 | $ 36,274 | $ 31,448 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (77,837) | $ (85,031) | $ (53,746) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | (4,712) | 4,790 | (213) |
Changes in unrealized (loss) gain on investments, net of income taxes of ($44) in 2021, ($116) in 2020, and $156 in 2019. | (1,230) | 149 | 600 |
Comprehensive loss | $ (83,779) | $ (80,092) | $ (53,359) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Changes in unrealized gain (loss) on investments, income taxes | $ (44) | $ (116) | $ 156 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | 0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Common Stock [Member] | Common Stock [Member]0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | Additional Paid-In Capital [Member]0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning Balance, Amount at Dec. 31, 2018 | $ 244,641 | $ 40 | $ 589,708 | $ (723) | $ (344,384) | ||||||
Beginning Balance, Shares at Dec. 31, 2018 | 39,300 | ||||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 16,861 | $ 2 | 16,859 | ||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 1,504 | ||||||||||
Stock-based compensation | 99,185 | 99,185 | |||||||||
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365 | 342,630 | $ 2 | 342,628 | ||||||||
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365, Shares | 2,151 | ||||||||||
Cumulative translation adjustment | (213) | (213) | |||||||||
Unrealized gain on investments, net of income taxes of 156, ($116) and ($44) | 600 | 600 | |||||||||
Net loss | (53,746) | (53,746) | |||||||||
Ending Balance, Amount at Dec. 31, 2019 | 649,958 | $ 44 | 1,048,380 | (336) | (398,130) | ||||||
Ending Balance, Shares at Dec. 31, 2019 | 42,955 | ||||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 22,174 | 22,174 | |||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 1,565 | ||||||||||
Equity component of notes payable, net of issuance costs & repayment | $ 96,610 | $ 613 | $ 2 | $ 96,610 | $ 611 | ||||||
Equity component of notes payable, net of issuance costs & repayment, Shares | 1,595 | ||||||||||
Purchase of Capped Call Options | (50,600) | (50,600) | |||||||||
Stock-based compensation | 123,102 | 123,102 | |||||||||
Equity component of the 2022 Notes conversion | (172) | (172) | |||||||||
Settlement of Convertible Note Hedges | 1,062 | 1,062 | |||||||||
Settlement of Convertible Note Hedges, Shares | 12 | ||||||||||
Cumulative translation adjustment | 4,790 | 4,790 | |||||||||
Unrealized gain on investments, net of income taxes of 156, ($116) and ($44) | 149 | 149 | |||||||||
Net loss | (85,031) | (85,031) | |||||||||
Ending Balance, Amount at Dec. 31, 2020 | 762,655 | $ 46 | 1,241,167 | 4,603 | (483,161) | ||||||
Ending Balance, Shares at Dec. 31, 2020 | 46,115 | 12 | |||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 27,489 | $ 1 | 27,488 | ||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 1,275 | ||||||||||
Stock-based compensation | 169,727 | 169,727 | |||||||||
Equity component of the 2022 Notes conversion | $ (11,277) | $ 1 | $ (11,278) | ||||||||
Equity component of the 2022 Notes conversions, Shares | 898 | ||||||||||
Settlement of Convertible Note Hedges | 8,984 | $ (1) | 8,985 | ||||||||
Settlement of Convertible Note Hedges, Shares | (898) | 898 | |||||||||
Cumulative translation adjustment | (4,712) | (4,712) | |||||||||
Unrealized gain on investments, net of income taxes of 156, ($116) and ($44) | (1,230) | (1,230) | |||||||||
Net loss | (77,837) | (77,837) | |||||||||
Ending Balance, Amount at Dec. 31, 2021 | $ 873,799 | $ 47 | $ 1,436,089 | $ (1,339) | $ (560,998) | ||||||
Ending Balance, Shares at Dec. 31, 2021 | 47,390 | 910 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Offering costs incurred | $ 365 | ||
Unrealized gain (loss) on investments, tax | $ (44) | $ (116) | $ 156 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net loss | $ (77,837) | $ (85,031) | $ (53,746) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities: | |||
Depreciation and amortization | 45,159 | 37,060 | 28,793 |
Stock-based compensation | 166,761 | 121,488 | 97,754 |
Loss on early extinguishment of 2022 Convertible Notes | 4,892 | 10,507 | |
Repayment of 2022 Convertible Notes attributable to the debt discount | (26,428) | (49,048) | |
Gain on termination of operating leases | (4,276) | ||
Loss on disposal of fixed assets | 6,468 | ||
Gain on strategic investments | (11,741) | ||
Benefit from deferred income taxes | (2,869) | (2,185) | (799) |
Amortization of debt discount and issuance costs | 23,507 | 24,890 | 21,790 |
Amortization (accretion) of bond discount | 4,275 | (3,657) | (14,160) |
Unrealized currency translation | 1,304 | (952) | (156) |
Changes in assets and liabilities, net of acquisition | |||
Accounts receivable | (34,107) | (29,971) | (15,428) |
Prepaid expenses and other assets | (1,077) | (17,026) | (3,296) |
Deferred commission expense | (32,560) | (19,288) | (9,666) |
Right-of-use assets | 31,418 | 31,406 | 22,657 |
Accounts payable | (10,608) | 3,697 | 3,927 |
Accrued expenses and other current liabilities | 58,209 | 26,020 | 7,819 |
Operating lease liabilities | (29,478) | (31,621) | (15,781) |
Deferred revenue | 127,716 | 72,624 | 49,265 |
Net cash and cash equivalents provided by operating activities | 238,728 | 88,913 | 118,973 |
Investing Activities: | |||
Purchases of investments | (1,484,762) | (1,517,357) | (1,304,847) |
Maturities of investments | 1,387,498 | 1,352,231 | 1,066,366 |
Sale of investments | 10,932 | ||
Purchases of property and equipment | (28,726) | (37,274) | (40,372) |
Capitalization of software development costs | (33,139) | (21,599) | (13,474) |
Acquisition of a business, net of cash acquired | (16,810) | (23,314) | |
Proceeds from sale of strategic investments | 12,620 | ||
Equity method investment | (3,100) | ||
Purchase of strategic investments | (13,089) | (2,500) | (553) |
Net cash and cash equivalents used in investing activities | (179,508) | (215,567) | (316,194) |
Financing Activities: | |||
Proceeds from issuance of 2025 Convertible Notes, net of issuance costs paid of $9.9 million | 450,123 | ||
Proceeds from settlement of Convertible Note Hedges related to the 2022 Convertible Notes | 8,985 | 363,554 | |
Payments for settlement of Warrants related to the 2022 Convertible Notes | (327,543) | ||
Repayment of 2022 Convertible Notes attributable to the principal | (89,525) | (235,993) | |
Payments for Capped Call Options related to the 2025 Convertible Notes | (50,600) | ||
Proceeds from common stock offering, net of offering costs paid of $365 | 342,628 | ||
Repayment of debt | (333) | ||
Employee taxes paid related to the net share settlement of stock-based awards | (17,439) | (7,424) | (6,247) |
Proceeds related to the issuance of common stock under stock plans | 46,510 | 30,371 | 23,578 |
Repayment of finance lease obligations | (28) | (284) | |
Net cash and cash equivalents (used) provided by financing activities | (51,469) | 222,460 | 359,342 |
Effect on exchange rate changes on cash and cash equivalents | (8,861) | 6,831 | (720) |
Net increase in cash, cash equivalents and restricted cash | (1,110) | 102,637 | 161,401 |
Cash, cash equivalents and restricted cash, beginning of year | 381,152 | 278,515 | 117,114 |
Cash, cash equivalents and restricted cash, end of year | 380,042 | 381,152 | 278,515 |
Supplemental cash flow disclosure: | |||
Cash paid for interest | 1,843 | 1,512 | 1,014 |
Cash paid for income taxes | 6,970 | 2,306 | 3,090 |
Right-of-use assets obtained in exchange for operating lease facilities | 92,131 | 65,340 | 105,496 |
Right-of-use asset reductions related to operating lease terminations | (46,587) | ||
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not yet paid | 470 | 1,038 | 4,606 |
Asset retirement obligations | 71 | 773 | $ 2,014 |
Issuance of common stock for repayment of 2022 Convertible Notes | $ 493,172 | $ 336,289 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement Of Cash Flows [Abstract] | |
Convertible notes, issuance costs | $ 9,900 |
Offering costs paid | $ 365 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations HubSpot, Inc. (the “Company”) provides a cloud-based CRM Platform, that enables companies to attract, engage, and delight customers throughout the customer experience. The Company’s CRM Platform, comprised of Marketing Hub, Sales Hub, Service Hub, CMS Hub, and Operations Hub features integrated applications, tools, and a native payment solution, that enable businesses to create a cohesive and adaptable customer experience. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation —The consolidated financial statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Operating Segments —The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. Loss Per Share — Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), shares issued pursuant to the Employee Stock Purchase Plan (“ESPP”), the Warrants (defined below), the Conversion Option of the 2022 Notes, and the Conversion Option of the 2025 Notes (the “Conversion Options”) (Note 9) are considered to be potential common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows: Year Ended December 31, 2021 2020 2019 (in thousands, except per share amounts) Net loss $ ( 77,837 ) $ ( 85,031 ) $ ( 53,746 ) Weighted-average common shares outstanding—basic 46,891 44,757 42,025 Dilutive effect of share equivalents resulting from stock — — — Weighted-average common shares outstanding-diluted 46,891 44,757 42,025 Net loss per common share, basic and diluted $ ( 1.66 ) $ ( 1.90 ) $ ( 1.28 ) Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options, RSUs, and shares issuable under the ESPP, as well as the Warrants and Conversion Options were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive. The Company expects to settle the principal amount of the Notes (Note 9) in cash, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the Warrants and Conversion Options on diluted net income per share, if applicable. As a result, only the amount by which the conversion cost of the Notes, if settled in shares, exceeds the aggregated principal amount of the Notes (the “Conversion Spread”) is considered in the diluted earnings per share computation. The Conversion Spread has a dilutive impact on net income per share when the average market price of the Company’s common stock for a given period of time exceeds the initial conversion price of $ 94.77 per share for the 2022 Notes and $ 282.52 for the 2025 Notes. The average stock price for the year ended December 31, 2021 was $ 592.48 . Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2021 was equal to or greater than 130 % of the conversion price of $ 94.77 on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof on the business day immediately preceding February 1, 2022. In 2021, the Company settled approximately $ 106.5 million of the principal balance of the 2022 Notes in cash. On or after February 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. As of February 11, 2022, the Company has no t received additional conversion notices. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below. As the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2021 was equal to or greater than 130 % of the conversion price of $ 282.52 on each applicable trading day, the 2025 Notes are convertible at the option of the holders thereof during the calendar quarter ended March 31, 2022. Between the end of the most recently completed fiscal quarter and February 11, 2022, the Company settled $ 0.9 million of principal balance of the 2025 Notes in cash in response to conversion notices received prior to December 31, 2021. As of February 11, 2022, the Company has no t received additional conversion notices. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below. The following table contains all potentially dilutive common stock equivalents. Year Ended December 31, 2021 2020 2019 (in thousands) Options to purchase common shares 584 1,020 1,489 RSUs 1,239 1,561 1,207 Conversion Option of the 2022 Notes and Warrants 1,326 1,873 3,104 Conversion Option of the 2025 Notes 1,020 318 — ESPP 13 21 2 Cash and Cash Equivalents — The Company considers all highly liquid investments purchased with original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid investments with remaining maturities of three months or less at the date of purchase, consisting primarily of money-market funds. Investments — Investments consist of commercial paper, corporate debt securities, U.S. Treasury securities, and U.S. Government agency securities. Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheets are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. The Company classifies its debt investments with readily determinable market values as available-for-sale. These investments are classified as investments on the consolidated balance sheets and are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive loss, a separate component of stockholders’ equity. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. Investments are considered to be impaired when a decline in fair value below cost basis is determined to be other-than-temporary. The Company periodically evaluates whether a decline in fair value below cost basis is other-than-temporary by considering available evidence regarding these investments including, among other factors: the duration of the period that, and extent to which, the fair value is less than cost basis; the financial health of, and business outlook for the issuer, including industry and sector performance and operational and financing cash flow factors; overall market conditions and trends and the Company’s intent and ability to retain its investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Once a decline in fair value is determined to be other-than-temporary, a write-down is recorded and a new cost basis in the security is established. Strategic investments — Strategic investments consist of non-controlling equity investments in privately held companies. These investments without readily determinable fair values for which the Company does not have the ability to exercise significant influence are accounted for using the measurement alternative. Under the measurement alternative, the non-marketable securities are carried at cost less any impairments, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Equity method investments — Equity method investments generally consist of investments for which the Company has the ability to exercise significant influence, but does not have control and is not the primary beneficiary. Under the equity method of accounting, the Company's proportionate share of the net earnings or impairment charges on investments are reported in the consolidated statements of operations as other income (expense), net of tax, and increase or decrease the investment balance recorded on the balance sheet. Equity method investments are reviewed for indicators of other-than-temporary impairment on a quarterly basis. An equity method investment is written down to fair value if there is evidence of a loss in value which is other-than-temporary. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions and recent operating results. Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The probability of future collection is based on specific considerations of historical loss patterns and an assessment of the continuation of such patterns based on past collection trends and known or anticipated future economic events that may impact collectability. The probability of future collection is also assessed by geography. To date, losses resulting from uncollected receivables have not exceeded estimates. The following is a roll-forward of the Company’s allowance for doubtful accounts (in thousands): Balance Charged to Deductions (1) Balance at Allowance for doubtful accounts Year ended December 31, 2021 $ 1,993 $ 6,144 $ ( 6,369 ) $ 1,768 Year ended December 31, 2020 $ 1,584 $ 8,501 $ ( 8,092 ) $ 1,993 Year ended December 31, 2019 $ 1,317 $ 7,895 $ ( 7,628 ) $ 1,584 (1) Deductions include actual accounts written-off, net of recoveries. Restricted Cash —The Company had restricted cash of $ 3.0 million at December 31, 2021 and 2020 related to letters of credit for its leased facilities. The following table provides a reconciliation of the cash, cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the year ended December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 377,013 $ 378,123 Restricted cash, included in other assets 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 380,042 $ 381,152 Property and Equipment —Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to leasehold improvements. Depreciation is recorded over the following estimated useful lives: Estimated Useful Life Employee related computer equipment 2 - 3 years Computer equipment and purchased software 3 years Furniture and fixtures 5 years Internal use software 5 years Leasehold improvements Lesser of lease term or useful life The Company capitalizes certain payroll and stock compensation costs incurred to develop functionality for certain of the Company’s internally built software platforms. The costs incurred during the preliminary stages of development are expensed as incurred. Once a piece of incremental functionality has reached the development stage certain internal costs are capitalized until the functionality is ready for its intended use. Internal-use software is included within property and equipment on the balance sheet. The costs are generally amortized on a straight-line basis over an estimated useful life of approximately five years . Impairment of Long-Lived Assets — Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that the useful lives of those assets are no longer appropriate. Management considers the following potential indicators of impairment of its long-lived assets (asset group): a substantial decrease in the Company’s stock price, a significant adverse change in the extent or manner in which a long-lived asset (asset group) is being used, a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset (asset group), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group), and a current expectation that, more likely than not, a long lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there may be an impairment, the amount of the impairment is calculated as the difference between the carrying value and fair value. For the years presented, the Company did no t recognize an impairment charge. Intangible Assets — Intangible assets consist of acquired technology, trade name and customer relationships. The Company records acquired intangible assets at fair value on the date of acquisition and amortize such assets in a pattern reflective of the expected economic benefits consumption over the expected useful life of the asset. If this pattern cannot be reliably determined, a straight-line amortization method is used. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life. Goodwill —Goodwill represents the excess of cost over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not subject to amortization but is monitored annually for impairment or more frequently if there are indicators of impairment. Management considers the following potential indicators of impairment: significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of acquired assets or the strategy of the Company’s overall business, significant negative industry or economic trends and a significant decline in the Company’s stock price for a sustained period. The Company performs its annual impairment test on November 30. Currently, the Company’s goodwill is evaluated at the consolidated level as it has been determined there is one operating segment comprised of one reporting unit. When assessing goodwill for impairment the Company first performs a qualitative assessment to determine whether it is necessary to perform a quantitative analysis. If the Company determines it is unlikely that the reporting unit fair value is less than its carrying value then no quantitative assessment is performed. If the Company cannot determine that it is likely that the reporting unit fair value is more than its carrying value, then the Company performs a quantitative assessment. Based on the qualitative assessment performed on November 30, 2021 , the Company determined it was unlikely that its reporting unit fair value was less than its carrying value and no quantitative assessment was required. There were no indicators that the Company’s goodwill had become impaired since that date, and as such, there was no impairment of goodwill as of November 30, 2021 or December 31, 2021 . For the years ended December 31, 2021, 2020 and 2019 , the Company did no t recognize an impairment charge. Business Combinations — The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The purchase price allocation process requires management to make significant judgment with respect to intangible assets. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows attributable to the acquired intangible asset and appropriate discount rates used in computing present values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations. Advertising Expense —The Company expenses advertising as incurred, which is included in sales and marketing expense in the accompanying consolidated statements of operations. The Company incurred $ 37.3 million of advertising expense in 2021, $ 21.9 million in 2020, and $ 14.9 million in 2019 . Leases — The Company determines if an arrangement contains a lease at inception and does not separate lease and non-lease components of an arrangement determined to contain a lease. Operating leases are included in right-of-use ("ROU") assets, current operating lease liabilities and operating lease liabilities, net of current portion, on the Company’s consolidated balance sheet. Operating leases with a duration of 12 months or less are excluded from ROU assets and operating lease liabilities and related expense is recorded as incurred. ROU assets represent the Company's right to use an underlying asset for the lease term and the corresponding lease liabilities represent its obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. The lease ROU asset includes any initial direct costs incurred and is reduced for tenant incentives. As the Company’s operating leases do not provide an implicit rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. Lease expense for minimum lease payments for operating leases is recognized on a straight-line basis over the lease term. Improvement reimbursements from landlords are amortized through ROU assets on a straight-line basis as a reduction to rent expense over the terms of the corresponding leases. Asset retirement obligations (“ARO”) On the lease commencement date the Company establishes an ARO based on the present value of contractually required estimated future costs to retire long-lived assets at the termination or expiration of a lease. The asset associated with the ARO is amortized over the corresponding lease term to operating expense and the ARO is accreted to the end of lease obligation value over the same term. Revenue Recognition — The Company generates revenue from arrangements with multiple performance obligations, which typically include subscriptions to its online software products and professional services which include on-boarding, training and consulting services. The Company’s customers do not have the right to take possession of the online software products. The Company recognizes revenue from contracts with customers using a five-step model, which is described below: • Identify the customer contract; • Identify performance obligations that are distinct; • Determine the transaction price; • Allocate the transaction price to the distinct performance obligations; and • Recognize revenue as the performance obligations are satisfied. Identify the customer contract A customer contract is generally identified when the Company and a customer have executed an arrangement that calls for the Company to grant access to its online software products and provide professional services in exchange for consideration from the customer. Identify performance obligations that are distinct A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company has determined that subscriptions for its online software products are distinct because, once a customer has access to the online software product that it purchased, the online software product is fully functional and does not require any additional development, modification, or customization. Professional services sold are distinct because the customer benefits from the on-boarding, training and consulting to make better use of the online software products it purchased. Determine the transaction price The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding sales taxes that are collected on behalf of government agencies. The Company estimates any variable consideration to which it will be entitled at contract inception, and reassesses at each reporting date, when determining the transaction price. The Company does not include variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when any uncertainty associated with the variable consideration is resolved. Allocate the transaction price to the distinct performance obligations The transaction price is allocated to each performance obligation based on the relative standalone selling prices (“SSP”) of the goods or services being provided to the customer. The Company determines the SSP of its goods and services based upon the average sales prices for each type of online software product and professional services sold. In instances where there are not sufficient data points, or the selling prices for a particular online software product or professional service are disparate, the Company estimates the SSP using other observable inputs, such as similar products or services. Recognize revenue as the performance obligations are satisfied Revenues are recognized when or as control of the promised goods or services is transferred to customers. Revenue from online software products is recognized ratably over the subscription period beginning on the date the Company’s online software products are made available to customers. Most subscription contracts are one year or less . The Company recognizes revenue from on-boarding, training, and consulting services as the services are provided. Cash payments received in advance of providing subscription or services are recorded to deferred revenue until the performance obligation is satisfied. Solutions Partner Commissions The Company pays its Solutions Partners a commission based on the online software product sales price for sales to end-customers. The classification of the commission paid in the Company’s consolidated statements of operations depends on who purchases the online software product. In instances where an end-customer purchases from the Company, the commission paid to the Solutions Partner is recorded as sales and marketing expense. When a Solutions Partner purchases directly from the Company, the commission paid to the Solutions Partner is netted against the associated revenue recognized. Concentrations of Credit Risk and Significant Customers —Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, investments and accounts receivable. The Company's cash and cash equivalents are generally held with large financial institutions. Although the Company's deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of December 31, 2021, its risk relating to deposits exceeding federally insured limits was not significant. The Company’s investments consist of highly rated corporate debt securities and U.S. Treasury securities. The Company limits the amount of investments in any single issuer, except U.S. Treasuries. The Company believes that, as of December 31, 2021, its concentration of credit risk related to investments was not significant. The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements. The Company generally does not require collateral from its customers and generally requires payment 30 days from the invoice date. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. Credit risk arising from accounts receivable is mitigated as a result of transacting with a large number of geographically dispersed customers spread across various industries. At December 31, 2021 and 2020 , there were no customers that represented more than 10% of the net accounts receivable balance. There were no customers that individually exceeded 10% of the Company’s revenue in any of the periods presented. Foreign Currency —The functional currency of the Company’s foreign subsidiaries is the local currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at the weighted-average exchange rates during the period. Foreign currency transaction gains and losses are recorded in other expense. Research and Development —Research and development expenses include payroll, employee benefits and other expenses associated with product development. Also included is a benefit related to an Irish research and development tax credit, under which the Company is able to obtain a refundable credit of up to 25 % of eligible research and development expenses incurred. The credit is recorded as a reduction of research and development expenses in the period in which the eligible expenses are recorded in the consolidated financial statements. Capitalized Software Development Costs —Certain payroll and stock compensation costs incurred to develop functionality for the Company’s software and internally built software platforms, as well as certain upgrades and enhancements that are expected to result in enhanced functionality are capitalized. Certain implementation costs, including external direct costs, incurred during the development stage of cloud computing arrangements are also capitalized. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, the Company capitalizes certain software development costs for new offerings as well as upgrades to existing software platforms. Capitalized software development costs are amortized on a straight-line basis over their estimated useful life of two to five years . Management evaluates the useful lives of these assets on a quarterly basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. The Company determines the amount of internal software costs to be capitalized based on the amount of time spent by the developers on projects in the application stage of development. There is judgment involved in estimating time allocated to a particular project in the application stage. Costs associated with building or significantly enhancing the CRM Platform and internally built software platforms are capitalized, while costs associated with planning new developments and maintaining the CRM Platform software and internally built software platforms are expensed as incurred. Capitalized software development costs, exclusive of those costs recorded within property and equipment, consisted of the following: December 31, 2021 December 31, 2020 (in thousands) Gross capitalized software development costs $ 122,592 $ 85,630 Accumulated amortization ( 82,734 ) ( 60,687 ) Capitalized software development costs, net $ 39,858 $ 24,943 Amortization of capitalized software development costs, exclusive of costs recorded within property and equipment, was $ 23.0 million in 2021, $ 16.0 million in 2020, and $ 11.6 million in 2019 . Amortization expense is included in cost of revenue in the consolidated statements of operations. Income Taxes —Deferred tax assets and liabilities are recognized for the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities using tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with authoritative accounting guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. Stock-Based Compensation — The Company accounts for all stock options and awards granted to employees and nonemployees using a fair value method. The measurement date for awards is generally the date of the grant. The fair value of the Company’s common stock is the closing price of the stock on the date of the grant. For stock options, the Black-Scholes option pricing model is used to measure the fair value of the grant. The expected term of options granted to employees was calculated usi |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 3. Revenues Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 10) and based on the subscription versus professional services and other classification on the consolidated statements of operations as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Deferred Revenue and Deferred Commission Expense Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the year ended December 31, 2021 increased by $ 118.4 million resulting from $ 1.4 billion of calculated billings and was offset by revenue recognized of $ 1.3 billion during the same period. $ 312.2 million of revenue was recognized during the year ended December 31, 2021 that was included in deferred revenue at the beginning of the period. As of December 31, 2021, approximately $ 376.6 million of revenue is expected to be recognized from remaining performance obligations for contracts with original performance obligations that exceed one year . The Company expects to recognize revenue on app roximately 93 % of these remaining performance obligations over the next 24 months, with the balance recognized thereafter. Additional contract liabilities $ 2.5 million and $ 1.7 million were included in accrued expenses and other current liabilities as of December 31, 2021 and December 31, 2020. The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years . The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense. Deferred commission expense during the year ended December 31, 2021 increased by $ 29.7 million as a result of deferring incremental costs of obtaining a contract of $ 96.5 million and was offset by amortization of $ 66.8 million during the same period. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases The Company leases office facilities under non-cancelable operating leases that expire at various dates through February 2035. Operating lease expense costs were $ 47.5 in 2021, $ 44.6 million in 2020, and $ 32.2 million in 2019. The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements is as follows: Year ended December 31, 2021 2020 2019 (in thousands) Operating sublease income $ 4,954 $ 5,000 $ 2,498 The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2021 : Operating leases Lease commitments (Note 11) $ 385,997 Less: Legally binding minimum lease payments for — Less: Present value discount 75,760 Total lease liabilities $ 310,237 During the year ended December 31, 2021, the Company terminated a lease for certain office facilities in Cambridge, Massachusetts and recorded a gain of $ 4.3 million. In connection with the lease termination, the Company recorded a loss of $ 6.5 million for the disposal of fixed assets. The net loss of $ 2.2 million is reported in the consolidated statements of operations as operating expense. Lease Term and Discount Rate The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. The following table provides weighted average remaining lease terms and weighted average discount rate for operating and finance leases as of December 31, 2021: Weighted-average remaining lease term: 9.6 years Weighted-average discount rate: 4.5 % Other Information Cash payments related to operating lease liabilities were $ 49.5 million in 2021, $ 48.8 million in 2020, and $ 28.8 million in 2019 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at December 31, 2021 and December 31, 2020 : December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 125,940 $ — $ — $ 125,940 Commercial paper — 28,337 — 28,337 Corporate bonds — 249,846 — 249,846 U.S. Government agency securities — 22,466 — 22,466 U.S. Treasury securities — 698,300 — 698,300 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 125,940 $ 1,001,978 $ — $ 1,127,918 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 172,485 $ — $ — $ 172,485 Commercial paper — 12,233 — 12,233 Corporate bonds — 116,371 — 116,371 U.S. Treasury securities — 774,772 — 774,772 Certificates of deposit — 394 — 394 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 172,485 $ 906,799 $ — $ 1,079,284 The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents, and restricted cash (within other long-term assets) on the consolidated balance sheets. At December 31, 2021 and 2020, Level 2 securities were priced by pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. As of December 31, 2021, the fair value of the 2022 Notes was $ 135.0 million and the fair value of the 2025 Notes was $ 1.1 billion (Note 9). The fair value was determined based on the quoted price of the 2022 and 2025 Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 within the fair value hierarchy. For certain other financial instruments, including accounts receivable, accounts payable, and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. Restricted cash is comprised of money market funds related to landlord guarantees for leased facilities. These restricted cash balances have been excluded from our cash and cash equivalents balance on our consolidated balance sheets. Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the statement of operations. The Company held $ 17.8 million of strategic investments without readily determinable fair values at December 31, 2021 and $ 6.7 million of strategic investments without readily determinable fair values at December 31, 2020. These investments are included in prepaid and other current assets and other assets on the consolidated balance sheets. During the year ended December 31, 2021 , two strategic investments had observable price changes and the Company adjusted the fair value of these investments by recording a gain of $ 11.7 million in the consolidated statements of operations as other income. For the year ended December 31, 2020, the Company recorded an impairment of $ 250 thousand. There were no adjustments to the carrying value of the strategic investments in 2019. The Company also holds an equity method investment which represents an investment in a non-controlled company without a readily determinable market value. See Note 12 for more information on the equity method investment. The following tables summarize the composition of our short- and long-term investments at December 31, 2021 and 2020: December 31, 2021 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 25,245 $ — $ — $ 25,245 Corporate bonds 250,443 9 ( 606 ) 249,846 U.S. Government agency securities 22,504 — ( 38 ) 22,466 U.S. Treasury securities 698,446 2 ( 148 ) 698,300 Total $ 996,638 $ 11 $ ( 792 ) $ 995,857 December 31, 2020 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 12,233 $ — $ — $ 12,233 Corporate bonds 115,983 427 ( 39 ) 116,371 U.S. Treasury securities 774,667 105 — 774,772 Certificates of deposit 394 — — 394 Total $ 903,277 $ 532 $ ( 39 ) $ 903,770 For all of our securities for which the amortized cost basis was greater than the fair value at December 31, 2021 and 2020, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. In making the determination as to whether the unrealized loss is other-than-temporary, the Company considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity. Contractual Maturities The contractual maturities of short-term and long-term investments held as follows: December 31, 2021 December 31, 2020 Amortized Aggregate Amortized Aggregate ( in thousands) Due within one year $ 821,101 $ 820,962 $ 872,637 $ 873,073 Due after 1 year and within 2 years 175,537 174,895 30,640 30,697 Total $ 996,638 $ 995,857 $ 903,277 $ 903,770 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following: December 31. 2021 2020 (in thousands) Computer equipment and purchased software $ 15,524 $ 15,128 Employee related computer equipment 32,230 20,802 Furniture and fixtures 20,180 20,204 Leasehold improvements 90,070 89,850 Internal-use software 20,616 12,528 Construction in progress 4,141 10,014 Total property and equipment 182,761 168,526 Less accumulated depreciation ( 86,627 ) ( 67,403 ) Property and equipment, net $ 96,134 $ 101,123 Depreciation and amortization expense was $ 23.9 million in 2021, $ 20.6 million in 2020, and $ 15.0 million in 2019. Refer to Note 4 regarding the disposal of certain property and equipment associated with a lease termination. The Company capitalized asset retirement costs of $ 4.1 million at December 31, 2021 and $ 4.4 million at December 31, 2020 within leasehold improvements and the related liability is within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheet. These costs represent future lease restoration obligations as required by Company’s leases. The changes in the asset retirement obligation balance during the year ending December 31, 2021 and December 31, 2020 are as follows: Year Ended December 31, 2021 2020 (in thousands) Beginning balance $ 4,884 $ 3,533 Additions 72 750 Accretion 267 236 Updates to estimated cash flows ( 323 ) 365 Ending balance $ 4,900 $ 4,884 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | 7. Business Acquisitions Hustle Con Media, Inc. On February 9, 2021 , the Company acquired 100 % of the equity interests of Hustle Con Media, Inc. (the “Hustle”), a media company that produces a newsletter, podcast, and premium research content for innovative professionals. The Hustle will enable the Company to better meet the needs of scaling companies by delivering educational, business and technology trend content in their preferred formats. The total cash purchase price for the acquisition was $ 17.2 million, net of cash acquired, which included an upward working capital adjustment of $ 0.4 million. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition: Fair value (in thousands) Cash $ 3,089 Accounts receivable 1,153 Other current and noncurrent assets 835 Current backlog asset 677 Customer relationships 2,400 Goodwill 16,987 Accounts payable, accrued expenses, and other liabilities ( 2,975 ) Deferred revenue ( 825 ) Deferred tax liability ( 1,042 ) Total purchase price $ 20,299 As part of the purchase price allocation, the Company recorded a net deferred tax liability for approximately $ 1.0 million related to the difference between the tax basis and fair value of the acquired intangible assets. This net deferred tax liability provided a source of additional income to support the realizability of the Company’s pre-existing, U.S. deferred tax assets. As the Company has recorded a full valuation allowance against its U.S. deferred tax assets, the Company released a portion of its valuation allowance and recorded a corresponding income tax benefit of $ 1.0 million in the consolidated statement of operations. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets and liabilities acquired was recorded as goodwill. The Company believes the goodwill is attributable to the significant value obtained from the Company utilizing the advertising space within the Hustle’s newsletter and podcast, as well as the market influence of the premium research content to promote its products to the Hustle’s customer base and acquire new customers. The goodwill recognized is not deductible for U.S. or foreign income tax purposes. The Company applied an income approach to estimate the fair values of the intangible assets acquired. The primary intangible asset acquired in the business acquisition was customer relationships and the fair value of $ 2.4 million was determined based on the estimated present value of expected after-tax cash flows attributable to subscribers using an excess earnings method. The Company applied various estimates and assumptions with respect to forecasted revenue growth rates, the revenue attributable to the existing customers over time and the discount rate. The fair values assigned to the other tangible and identifiable intangible assets acquired and liabilities assumed as part of the business combination were based on management’s estimates and assumptions. The Company began amortizing the customer relationships on the date of acquisition over a period of seven years based on expected future cash flow attributable to existing customers. The amortization expense is recorded to sales and marketing expense in the consolidated statements of operations. The Company has included the operating results of the Hustle in its consolidated financial statements since the date of the acquisition. The acquisition did not have a material effect on the revenue or earnings in the consolidated income statement for the reporting periods presented. The pro forma results of the Company as if the acquisition had taken place on the first day of 2019 were not materially different from the amounts reflected in the accompanying consolidated financial statements. P i e S y n c On October 31, 2019 , the Company acquired 100 % of the equity interests of PieSync, a Belgian-based technology company that operates an integration platform as a service (“iPaaS”) solution which continuously syncs customer data bi-directionally across various software applications. PieSync is one of the only iPaaS technologies that provides both a current and historical two-way sync of customer data that operates in the background, which will offer customers a more efficient way of managing multiple applications. The total cash purchase price for the acquisition was $ 23.3 million, net of cash acquired, which includes a working capital settlement of $ 0.3 million. There was approximately $ 2.7 million of consideration that was not included in the purchase price allocation as it is not associated with pre-combination services. As of December 31, 2021, the consideration was earned in full and the Company recorded operating expenses of $ 1.1 million in 2021 and $ 1.6 million in 2020. The transaction costs associated with the acquisition were approximately $ 527 thousand and were recorded in general and administrative expense. The following table summarizes the fair value of assets acquired and liabilities assum ed as of the date of acquisition: Fair value (in thousands) Cash $ 646 Accounts receivable 133 Other current and noncurrent assets 218 Acquired developed technology 9,800 Other intangible assets 70 Goodwill 15,219 Accounts payable, accrued expenses, and other liabilities ( 731 ) Deferred revenue ( 210 ) Deferred tax liability ( 1,324 ) Total purchase price $ 23,821 The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets and liabilities acquired was recorded as goodwill. The Company will derive significant value from this acquisition through synergies such as cross selling opportunities and a stronger platform that offers a suite of products not directly matched by competitors. The goodwill recognized is not deductible for foreign income tax purposes. The Company applied variations of the income approach to estimate the fair values of the intangible assets acquired. The primary intangible asset acquired in the business combination was developed technology and the fair value of the developed technology of $ 9.8 million was determined based on the estimated present value of expected after-tax cash flows attributable to the technology using an excess earnings method. The Company applied significant estimates and assumptions with respect to forecasted revenue growth rates, the revenue attributable to the acquired intangible asset over its estimated economic life, and the discount rate. The fair values assigned to the other tangible and identifiable intangible assets acquired and liabilities assumed as part of the business combination were based on management’s estimates and assumptions. The Company began amortizing the acquired technology on the date of acquisition. The acquired technology is being amortized over seven years using a method reflective of the expected economic benefit consumption over the expected useful life of the asset. The am ortization expense is recorded to cost of subscription revenue in the consolidated statements of operations. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 8. Intangible Assets and Goodwill Intangible assets acquired through business combinations Intangible assets as of December 31, 2021 and 2020 consist of the following: Weighted December 31, 2021 2020 (in thousands) Acquired technology 32 Months $ 17,569 $ 18,383 Customer relationships 36 Months 2,450 50 Trade name 2 Months 20 20 Accumulated amortization ( 9,474 ) ( 8,171 ) Total $ 10,565 $ 10,282 The estimated useful life of acquired technology is two to seven years and estimated useful life of customer relationships is four to seven years . The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Amortization expense related to intangible assets was $ 1.3 million in 2021, $ 2.6 million in 2020, and $ 3.2 million in 2019. Amortization expense of acquired technology is included in cost of subscription revenue and amortization expense of customer relationships is included in sales and marketing expense in the consolidated statements of operations. Estimated future amortization expense for intangible assets as of December 31, 2021 is as follows: Years ended December 31, Amortization (in thousands) 2022 $ 1,644 2023 2,048 2024 2,331 2025 2,309 2026 1,890 Thereafter 343 Total $ 10,565 Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired and is generally not deductible for tax purposes. Goodwill amounts are not amortized, but rather tested for impairment annually. The changes in the carrying amounts of goodwill consist of the following: (in thousands) Balance as of December 31, 2019 $ 30,250 Effect of foreign currency translation 1,431 Measurement period adjustments ( 363 ) Balance as of December 31, 2020 31,318 The Hustle acquisition 16,987 Effect of foreign currency translation ( 1,230 ) Balance as of December 31, 2021 $ 47,075 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 9. Convertible Senior Notes 2025 Convertible Senior Notes and Capped Call Options In June 2020, the Company issued $ 400 million aggregate principal amount of 0.375 % convertible senior notes due June 1, 2025 (the “2025 Notes”) in a private offering and an additional $ 60 million aggregate principal amount of the 2025 Notes pursuant to the exercise in full of the over-allotment options of the initial purchasers. The interest rate is fixed at 0.375% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $ 450.1 million. Each $ 1,000 of principal amount of the 2025 Notes will initially be convertible into 3.5396 shares of the Company’s common stock (the “Conversion Option of the 2025 Notes”), which is equivalent to an initial conversion price of approximately $ 282.52 per share, subject to adjustment upon the occurrence of certain specified events. On or after March 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time. The 2025 Notes will be convertible at the option of the holders prior to the close of business on the business day immediately preceding March 1, 2025 under certain circumstances as described in the indenture governing the 2025 Notes (the “Indenture”). Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company expects to settle the principal amount of the 2025 Notes in cash. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2021 was equal to or greater than 130 % of the applicable conversion price on each applicable trading day, the 2025 Notes are convertible at the option of the holders thereof during the calendar quarter ending March 31, 2022. Between the end of the most recently completed fiscal quarter and February 11, 2022, the Company settled $ 0.9 million of principal balance of the 2025 Notes in cash in response to conversion notices received prior to December 31, 2021. As of February 11, 20 22, the Company has no t received additional conversion notices. The 2025 Notes are classified as long-term debt, except for $ 0.7 million classified as current as of December 31, 2021 for conversion notices received prior to year-end, for which the principal amount is expected to be cash-settled during the quarter ended March 31, 2022. The equity component of the 2025 Notes is classified as additional paid-in capital as the Company has the option to settle the principal amount in shares and the maturity date of the 2025 Notes is more than 12 months away. However, it is the Company’s intent to settle the principal amount of the 2025 Notes in cash. In accounting for the issuance of the 2025 Notes, the Company separated the 2025 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the Conversion Option was $ 98.7 million and was determined by deducting the fair value of the liability component from the par value of the 2025 Notes. The equity component is recorded in additional paid-in capital in the consolidated balance sheets and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (the "Debt Discount") is amortized to interest expense at an effective interest rate of 5.71 % over the contractual term of the 2025 Notes. In accounting for the debt issuance costs of $ 9.9 million related to the 2025 Notes, the Company allocated the total amount incurred to the liability and equity components of the 2025 Notes based on their relative values. Issuance costs attributable to the liability component were $ 7.8 million and will be amortized to interest expense using the effective interest method over the contractual terms of the 2025 Notes. Issuance costs attributable to the equity component were $ 2.1 million and are netted with the equity component of the 2025 Notes in stockholders’ equity. The difference in the book and tax allocation between the liability and equity components of the 2025 Notes resulted in a difference between the carrying amount and tax basis of the 2025 Notes. This taxable temporary difference resulted in the Company recognizing a deferred tax liability and a corresponding reduction in the Company's valuation allowance on its US deferred tax assets, resulting in no net deferred tax impact. The net carrying amount of the liability component of the 2025 Notes is as follows: As of December 31, As of December 31, (in thousands) Principal $ 459,999 $ 460,000 Unamortized debt discount ( 70,594 ) ( 88,756 ) Unamortized issuance costs ( 5,544 ) ( 6,973 ) Net carrying amount $ 383,861 $ 364,271 The net carrying amount of the equity component of the 2025 Notes is as follows: As of December 31, As of December 31, (in thousands) Debt discount for conversion option $ 98,730 $ 98,730 Issuance costs ( 2,120 ) ( 2,120 ) Net carrying amount $ 96,610 $ 96,610 Interest expense related to the 2025 Notes is as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Contractual interest expense $ 1,725 $ 987 $ — Amortization of debt discount 18,171 9,974 — Amortization of issuance costs 1,428 784 — Total interest expense $ 21,324 $ 11,745 $ — In connection with the offering of the 2025 Notes, the Company purchased capped call options (“Capped Call Options”) with respect to its common stock for $ 50.6 million. The Capped Call Options are purchased call options that give the Company the option to purchase up to approximately 1.6 million shares of its common stock for $ 282.52 per share, which corresponds to the approximate initial conversion price of the 2025 Notes. The Capped Call Options were purchased in order to offset potential dilution to the Company’s common stock upon any conversion of the 2025 Notes, subject to a cap of $ 426.44 per share, and expire concurrently with the 2025 Notes. The Capped Call Options automatically settle in components commencing on April 16, 2025 and are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event; a tender offer; and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Call Options are subject to certain specified additional disruption events that may give rise to a termination of the Capped Call Options, including changes in law, insolvency filings, and hedging disruptions. Since the transaction meets certain accounting criteria, the $ 50.6 million paid for the Capped Call Options is recorded in stockholders’ equity as a reduction in additional paid-in capital and are not accounted for as separate derivative financial instruments. 2022 Convertible Senior Notes, Convertible Note Hedge and Warrant In May 2017, the Company issued $ 350.0 million aggregate principal amount of 0.25 % convertible senior notes due June 1, 2022 (the “2022 Notes”) in a private offering and an additional $ 50 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the initial purchasers of the 2022 Notes. The interest rate is fixed at 0.25% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $ 389.2 million. Each $ 1,000 principal amount of the 2022 Notes are currently convertible into 10.5519 shares of the Company’s common stock (the “Conversion Option of the 2022 Notes”), which is equivalent to an initial conversion price of approximately $ 94.77 per share, subject to adjustment upon the occurrence of specified events. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2021 was equal to or greater than 130 % of the applicable conversion price on each applicable trading day, the 2022 Notes are convertible at the option of the holders on the business day immediately preceding February 1, 2022. On or after February 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company expects to settle the principal amount of the 2022 Notes in cash. In 2021, the Company settled $ 106.5 million of principal balance of the 2022 Notes in cash. The Company compared the consideration attributed to the fair value of the debt component with the carrying value of the debt component, which includes the proportionate amounts of the unamortized debt discount and the remaining unamortized debt issuance costs and recorded a loss on early extinguishment of $ 4.9 million for the year ended December 31, 2021 within interest expense on the Company’s statements of operations. As of February 11, 2022, the Company has no t received any conversion notices. In connection with the offering of the 2022 Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedges”) with certain counterparties in which the Company has the option to purchase (subject to adjustment for certain specified events) up to approximately 4.2 million shares of the Company’s common stock at a price of approximately $ 94.77 per share. The Convertible Note Hedges will be settled in cash or shares, or any combination thereof, in accordance with the settlement method of the 2022 Notes in excess of the par amount, and are expected to settle concurrently with the conversion of the 2022 Notes. The total cost of the Convertible Note Hedges was $ 78.9 million. In addition, the Company sold warrants (the “Warrants”) to certain bank counterparties whereby the holders of the Warrants have the option to initially purchase (subject to adjustment for certain specified events) a total of approximately 4.2 million shares of the Company’s common stock at a price of $ 115.8 per share. The amount by which the settlement price exceeds the strike price may be settled in shares or cash at the Company’s election. The Warrants are expected to settle three business days from each trading day commencing on September 1, 2022 and ending on the 79th trading day thereafter. The Company received $ 58.9 million in cash proceeds, net of issuance costs of $ 200 thousand, from the sale of these Warrants. The purchase of the Convertible Note Hedges and the sale of Warrants is intended to effectively increase the overall conversion price from $ 94.77 to $ 115.83 per share. As these transactions meet certain accounting criteria, the net $ 20.0 million paid for the Convertible Note Hedges and Warrants is recorded in stockholders’ equity and are not accounted for as separate derivative financial instruments. In June 2020, the Company used part of the net proceeds from the issuance of the 2025 Notes for the partial repurchase of the 2022 Notes, which consisted of a repurchase of $ 272.1 million aggregate principal amount of the 2022 Notes for an aggregate purchase price of approximately $ 283.0 in cash and approximately 1.6 million shares of its common stock at $ 207.17 per share. Of the $ 613.5 million in aggregate consideration, $ 248.7 million was allocated to the fair value of the debt component of the repurchase, and $ 364.8 million was allocated to the equity component (the associated Conversion Option of the 2022 Notes) of the repurchases, utilizing a discount rate of 4.9 % to determine the fair value of the liability component. As of the partial repurchase date, the carrying value of the 2022 Notes subject to the 2022 Notes partial repurchase, net of unamortized debt discount and issuance costs, was $ 238.2 million. The 2022 Notes partial repurchase and issuance of the 2025 Notes were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange, and accordingly, the 2022 Notes partial repurchase was accounted for as a debt extinguishment. The 2022 Notes partial repurchase resulted in a $ 10.5 million loss on early extinguishment of debt, which is recorded within interest expense on the Company’s statements of operations in 2020. In connection with the partial repurchase of the 2022 Notes, the consideration allocated to the equity component of $ 364.8 million was recorded as a reduction to additional paid-in capital on the Company’s consolidated balance sheet. The Company also reversed a corresponding portion of the associated deferred tax liability and increased the Company’s valuation allowance on its US deferred tax assets, resulting in no net deferred tax impact. In connection with the partial repurchase of the 2022 Notes, the Company terminated Convertible Note Hedges corresponding to approximately 2.9 million shares of the Company’s common stock in exchange for cash consideration of $ 362.5 million, and certain counterparties terminated Warrants corresponding to approximately 2.9 million shares of the Company’s common stock in exchange for cash consideration of $ 327.6 million. The net proceeds of $ 34.9 million received from these transactions were recorded as an increase to additional paid-in capital. In the year ended December 31, 2021, the Company exercised and net-share-settled a portion of the Convertible Note Hedges, corresponding to approximately $ 106.5 million in principal amount of 2022 Notes and received approximately 0.9 million shares of common stock and a $ 9.0 million cash payment. As of December 31, 2021 , Convertible Note Hedges giving the Company the option to purchase approximately 0.2 million shares of the Company’s common stock and Warrants giving certain counterparties the option to acquire up to 1.3 million shares of the Company’s common stock remain outstanding. The 2022 Notes are classified as short-term debt and the equity component of the 2022 Notes is classified as additional paid-in capital. As of December 31, 2021, $ 19.4 million of principal remains outstanding on the 2022 Notes. The net carrying amount of the liability component of the 2022 Notes is as follows: As of December 31, As of December 31, (in thousands) Principal $ 19,382 $ 125,839 Unamortized debt discount ( 477 ) ( 10,397 ) Unamortized issuance costs ( 35 ) ( 777 ) Net carrying amount $ 18,870 $ 114,665 The net carrying amount of the equity component of the 2022 Notes is as follows: As of December 31, As of December 31, (in thousands) Debt discount for conversion option $ 5,136 $ 33,349 Issuance costs ( 138 ) ( 898 ) Net carrying amount $ 4,998 $ 32,451 Interest expense related to the 2022 Notes is as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Contractual interest expense $ 154 $ 614 $ 1,000 Amortization of debt discount 3,636 13,150 20,277 Amortization of issuance costs 272 982 1,513 Total interest expense $ 4,062 $ 14,746 $ 22,790 |
Segment Information and Geograp
Segment Information and Geographic Data | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | 10. Segment Information and Geographic Data As more fully described in the Company’s Summary of Significant Accounting Policies, the Company operates as one operating segment. Revenue and long-lived assets by geographic region, based on the physical location of the operations recording the revenue or the long-lived assets, respectively, are as follows: Revenues by geographical region: Year Ended December 31, 2021 2020 2019 (In thousands) Americas $ 797,986 $ 568,365 $ 456,568 Europe 390,379 243,811 168,452 Asia Pacific 112,293 70,850 49,840 Total $ 1,300,658 $ 883,026 $ 674,860 Percentage of revenues generated outside of the 39 % 36 % 32 % Revenue derived from customers outside the United States (international) was approximately 46 % of total revenue in 2021, 43 % of total revenue in 2020 and 40 % of total revenue in 2019. Total long-lived assets by geographical region: As of As of (In thousands) Americas $ 226,848 $ 206,789 Europe 139,846 159,338 Asia Pacific 10,268 10,889 Total long lived assets $ 376,962 $ 377,016 Percentage of long lived assets held outside of the 40 % 45 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company leases its office facilities under non-cancelable operating leases that expire at various dates through February 2035. Certain leases contain optional termination dates. The table below only includes payments up to the optional termination date. If the Company were to extend leases beyond the optional termination date the future commitments would increase by approximately $ 83.3 million. Included in the table below are operating lease commitments for leases that have not yet commenced of approximately $ 2.4 million for facilities with lease terms of approximately two to five years . Future minimum payments under all operating lease agreements as of December 31, 2021, are as follows: Operating (in thousands) 2022 $ 45,156 2023 43,908 2024 41,465 2025 41,451 2026 41,368 Thereafter 172,649 Total $ 385,997 In January 2022, the Company extended a lease for facilities with lease terms of approximately 5 years . The lease commences on or near April 2022 and the Company will pay an aggregate of approximately $ 3.4 million in incremental rent over the lease term. The Company has entered into certain non-cancelable arrangements (“Vendor Commitments”), which require the future purchase of goods or services. Future minimum payments under all Vendor Commitments as of December 31, 2021, are as follows: Product INBOUND (in thousands) 2022 $ 140,219 $ 1,507 2023 155,520 973 2024 176,093 4 2025 196,123 4 2026 220,000 — Thereafter 187,500 — Total 1,075,455 2,488 Legal Contingencies From time to time the Company may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these ordinary course matters will not have a material adverse effect on its business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. |
Equity method investment
Equity method investment | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity method investment | 12. Equity method investment During the year ended December 31, 2021 , the Company made contributions of $ 3.1 million in cash to the Black Economic Development Fund (the “Fund”) managed by the Local Initiatives Support Corporation for an aggregate of 5.0 % ownership interest and income s hare in the Fund. The Company has commitments to contribute additional capital of $ 9.4 million to the Fund by December 2023. Given the level of ownership interest in the Fund, which is a limited liability company, and the fact that the Fund maintains specific ownership accounts for investors, the Company accounts for this investment using the equity method of accounting. The Fund is included in other assets on the consolidated balance sheets and the Company's share of the Fund’s net earnings and impairment charges on investments are reported in the consolidated statements of operations as other income (expense), net of tax. The Company's proportionate share of the Fund's net loss for the year ended December 31, 2021 was recorded as other expense, net of tax, in the consolidated statements of operations. As of December 31, 2021 , the carrying amount of the Company’s investment in the Fund was $ 2.7 million. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | 13. Changes in Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the years ended December 31, 2021 and 2020: Cumulative Unrealized Gain Total (in thousands) Beginning balance at January 1, 2020 $ ( 610 ) $ 274 $ ( 336 ) Other comprehensive income before reclassifications 4,790 149 4,939 Amounts reclassified from accumulated other comprehensive loss — — — Ending balance at December 31, 2020 $ 4,180 $ 423 $ 4,603 Other comprehensive loss before reclassifications ( 4,712 ) ( 1,230 ) ( 5,942 ) Amounts reclassified from accumulated other comprehensive loss — — — Ending balance at December 31, 2021 $ ( 532 ) $ ( 807 ) $ ( 1,339 ) |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity And Stock Based Compensation [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | 14. Stockholders’ Equity and Stock-Based Compensation Common Stock Reserved — As of December 31, 2021 and 2020 , the Company has authorized 500 million shares of common stock. The number of shares of common stock reserved for the vesting of restricted stock units (“RSUs”), and exercise of common stock options are as follows (in thousands): December 31, December 31, RSUs 1,239 1,561 Common stock options 584 1,020 1,823 2,581 For shares reserved for issuance for the Conversion Options, Warrants and Capped Call Options of the Notes, see Note 9. Equity Incentive Plan —The Company’s 2007 Equity Incentive Plan (the “2007 Plan”) was terminated in connection with the IPO, and accordingly, no shares are available for issuance under the 2007 Plan. The 2007 Plan will continue to govern outstanding awards granted thereunder, the 2007 Plan provided for the grant of qualified incentive stock options and nonqualified stock options or other awards such as RSUs to the Company’s employees, officers, directors and outside consultants. The term of each option is fixed by the Company’s compensation committee and may not exceed 10 years from the date of grant. As of December 31, 2021, 165 thousand options to purchase common stock and no RSUs remained outstanding under the 2007 Plan. On September 25, 2014, the Company’s board of directors adopted and the Company’s stockholders approved the 2014 Stock Option and Incentive Plan (the “2014 Plan”). The 2014 Plan became effective upon the closing of the Company’s IPO in the fourth quarter of 2014. The Company initially reserved 1,973,551 shares of its common stock, or the Initial Limit, for the issuance of awards under the 2014 Plan. The 2014 Plan provides that the number of shares reserved and available for issuance under the plan automatically increases each January 1, by 5 % of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. The term of each option is fixed by the Company’s compensation committee and may not exceed 10 years from the date of grant. As of December 31, 2021, 419 thousand options to purchase common stock and 1.2 million RSUs remained outstanding under the 2014 Plan. Stock Compensation Expense —The Company’s equity compensation expense is comprised of awards of options to purchase common stock, RSUs, and stock issued under the Company’s employee stock purchase plan (“ESPP”). The following two tables show stock compensation expense by award type and where the stock compensation expense is recorded in the Company’s consolidated statements of operations: Year Ended December 31, 2021 2020 2019 ( in thousands) Options $ 6,253 $ 6,377 $ 5,078 ESPP 9,123 6,850 4,866 RSUs 151,385 108,261 87,810 Total stock-based compensation $ 166,761 $ 121,488 $ 97,754 2021 2020 2019 (in thousands) Cost of revenue, subscription $ 6,297 $ 4,408 $ 3,127 Cost of revenue, service 3,092 2,536 2,829 Research and development 61,614 39,366 33,748 Sales and marketing 67,413 50,552 36,599 General and administrative 28,345 24,626 21,451 Total stock-based compensation $ 166,761 $ 121,488 $ 97,754 Excluded from stock-based compensation expense is $ 6.0 million of capitalized software development costs in 2021, $ 3.6 million in 2020, and $ 2.4 million in 2019. Stock Options —The fair value of employee options is estimated on the date of each grant using the Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Risk-free interest rate (%) 0.53 - 1.36 0.47 - 1.66 1.95 - 2.55 Expected term (years) 5.2 - 6.4 5.50 - 6.24 5.50 - 6.02 Volatility (%) 42.97 - 44.70 38.15 - 40.63 39.46 - 41.41 Expected dividends — — — The weighted-average grant-date fair value of options granted was $ 221.86 per share in 2021, $ 70.98 per share in 2020, and $ 69.44 per share in 2019. The interest rate was based on the U.S. Treasury bond rate at the date of grant with a maturity approximately equal to the expected term. The expected term of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The expected volatility for the Company’s common stock was based on an average of the historical volatility of a peer group of similar public companies. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Forfeitures of share-based awards prior to vesting results in a reversal of previously recorded stock-compensation expense associated with such forfeited awards. The fair value of the Company’s common stock is the closing price of the stock on the date of grant. The stock option activity for the year ended December 31, 2021 is as follows: Options (in Weighted- Weighted- Aggregate Outstanding—January 1, 2021 1,020 $ 57.98 4.4 $ 345,144 Granted 63 480.08 Exercised ( 457 ) 35.57 Forfeited/expired ( 42 ) 174.03 Outstanding—December 31, 2021 584 $ 112.82 4.7 $ 320,882 Options vested or expected to vest—December 31, 2021 584 $ 112.82 4.7 $ 320,882 Options exercisable—December 31, 2021 458 $ 60.17 3.7 $ 274,155 Total unrecognized compensation cost related to the nonvested options was $ 14.7 million at December 31, 2021. That cost is expected to be recognized over a weighted-average period of 3.0 years as of December 31, 2021. Restricted Stock Units —RSUs vest upon achievement of a service condition. The service condition is a time-based condition met over a period of four years, with 25 % met after one year , and then in equal monthly or quarterly installments over the succeeding three years, or over a period of four years , with equal quarterly installments over those four years. As soo n as practicable following each vesting date, the Company will issue to the holder of the RSUs the number of shares of common stock equal to the aggregate number of RSUs that have vested. Notwithstanding the foregoing, the Company may, in its sole discretion, in lieu of issuing shares of common stock to the holder of the RSUs, pay the holder an amount in cash equal to the fair market value of such shares of common stock. The total stock-based compensation expense expected to be recorded over the remaining life of outstanding RSUs is approximately $ 351.0 million at December 31, 2021. That cost is expected to be recognized over a weighted-average period of 2.9 years. As of December 31, 2021, there are 1.2 million RSUs expected to vest with an aggregate intrinsic value of $ 816.0 million. The total fair value of RSUs vested was approximately $ 134.5 million in 2021, $ 101.2 million in 2020, and $ 85.2 million in 2019. The following table summarizes the activity related to RSUs for the year ended December 31, 2021: RSUs Outstanding Shares Weighted- Unvested and outstanding at January 1, 2021 1,561 $ 153.91 Granted 632 513.94 Vested ( 773 ) 174.01 Canceled ( 181 ) 206.81 Unvested and outstanding at December 31, 2021 1,239 $ 317.48 Employee Stock Purchase Plan (“ESPP”) — The ESPP authorizes the issuance of up to a total of 2,389,445 shares of common stock to participating employees and allows eligible employees to purchase shares of common stock at a 15 % discount from the fair market value of the stock as determined on specific dates at six-month intervals. The offering periods for the ESPP commence on June 1 and December 1 of each year. The fair value of employee options is estimated using the Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Risk-free interest rate (%) 0.04 - 0.10 0.14 - 1.60 2.56 Expected term (years) 0.50 0.50 0.50 Volatility (%) 42.73 - 45.67 34.75 - 67.22 41.32 - 45.07 Expected dividends — — — The interest rate was based on the U.S. Treasury bond rate at the date of grant with a maturity approximately equal to the expected term. The expected term is based on the offering period. The expected volatility for the Company’s common stock was based on an average of the historical volatility of a peer group of similar public companies. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. The fair value of the Company’s common stock is the closing price of the stock on the date the offering period starts. The following table summarizes the activity related to ESPP: Shares Issued Weighted- Total Cash 2021 77 $ 372.50 $ 28,667 2020 132 $ 149.23 $ 19,653 2019 116 $ 123.69 $ 14,383 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes Loss before provision for income taxes was as follows: Year Ended December 31, 2021 2020 2019 (in thousands) United States $ ( 89,000 ) $ ( 96,555 ) $ ( 63,200 ) Foreign 15,182 15,740 12,427 Total $ ( 73,818 ) $ ( 80,815 ) $ ( 50,773 ) The (provision) benefit for income taxes consists of the following: Year Ended December 31, 2021 2020 2019 (in thousands) Current income tax provision Federal $ ( 709 ) $ ( 406 ) $ ( 238 ) State ( 570 ) ( 487 ) ( 241 ) Foreign ( 5,609 ) ( 5,508 ) ( 3,293 ) Total current income tax provision ( 6,888 ) ( 6,401 ) ( 3,772 ) Deferred income tax benefit (expense) Federal 989 ( 116 ) 160 State — — — Foreign 1,880 2,301 639 Total deferred income tax benefit 2,869 2,185 799 Total income tax provision $ ( 4,019 ) $ ( 4,216 ) $ ( 2,973 ) The following reconciles the differences between income taxes computed at the federal statutory rate of 21 % for 2021, 2020 and 2019 and the provision for income taxes: Year Ended December 31, 2021 2020 2019 (in thousands) Expected income tax benefit at the federal statutory rate $ 15,459 $ 16,899 $ 10,665 State taxes net of federal benefit 13,975 4,618 3,700 Stock-based compensation 79,800 25,196 16,055 Executive compensation limitation ( 9,000 ) ( 3,004 ) ( 7,244 ) Difference in foreign tax rates 486 830 693 U.S. tax credits 15,995 11,529 24,170 GILTI inclusion — — ( 1,645 ) Meals and entertainment ( 450 ) ( 478 ) ( 1,208 ) Acquisition 1,033 — — Foreign withholding taxes ( 1,006 ) ( 536 ) ( 375 ) Change in valuation allowance ( 119,843 ) ( 62,182 ) ( 47,523 ) Other ( 468 ) 2,912 ( 261 ) Income tax provision $ ( 4,019 ) $ ( 4,216 ) $ ( 2,973 ) Deferred Tax Assets and Liabilities — Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows: Year Ended December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 295,430 $ 190,555 Research and investment credits 62,710 46,729 Accruals and reserves 17,508 15,278 Depreciation 2,532 2,223 Intangible assets — 164 Stock-based compensation 9,622 7,354 Interest expense 9,705 8,650 Total deferred tax assets 397,507 270,953 Deferred tax liabilities: Intangible assets ( 2,474 ) ( 2,546 ) Convertible debt ( 16,911 ) ( 21,873 ) Capitalized costs ( 27,665 ) ( 17,009 ) Depreciation ( 234 ) ( 231 ) Total deferred tax liabilities ( 47,284 ) ( 41,659 ) Valuation allowance ( 346,381 ) ( 227,062 ) Net deferred tax assets $ 3,842 $ 2,232 The Company reviews all available evidence to evaluate the realizability of its deferred tax assets, including its recent history of accumulated losses over the most recent three years as well as its ability to generate income in future periods. The Company has provided a valuation allowance against its U.S. net deferred tax assets as it is more likely than not that these assets will not be realized given the nature of the assets and the likelihood of future utilization. The valuation allowance increased by $ 119.3 million in 2021, $ 47.0 million in 2020 and $ 47.3 million in 2019 , primarily due to the increase in the U.S. net operating loss deferred tax asset. The Company does not expect any significant changes in its valuation allowance positions within the next 12 months. The Company had federal and state net operating loss carryforwards of $ 1.2 billion and $ 737.8 million at December 31, 2021 and $ 760.0 million and $ 507.7 million at December 31, 2020 . The Company also had international net operating loss carryforwards of $ 8.0 million at December 31, 2021 and 2020 . As a result of the Tax Cut and Jobs Act of 2017, enacted on 1/1/2018, all federal net operating losses, created after January 1, 2018, have an indefinite carryforward period. All federal net operating losses, created before January 1, 2018, are subject to a 20 year carryforward period and will begin to expire in 2027 . State net operating losses will begin to expire in 2023 . The Company has a federal interest expense carryforward of $ 39.9 million at December 31, 2021 , and $ 35.2 million at December 31, 2020, which have an indefinite carryforward period. The Company had federal research and development credit carryforwards of $ 44.8 million, net of UTP, at December 31, 2021 that begin to expire in 2027 . The Company also has state research and investment tax credit carryforwards of $ 17.9 million, net of UTP, that begin to expire in 2022 . Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in the Company's ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. Any such annual limitation may significantly reduce the utilization of net operating loss carryforwards before they expire. Uncertain Tax Positions —The Company accounts for uncertainty in income taxes using a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination by a tax authority, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50 % likely of being realized upon ultimate settlement. The following summarizes activity related to unrecognized tax benefits: Year Ended December 31, 2021 2020 2019 (in thousands) Unrecognized benefit—beginning of the year $ 8,448 $ 5,445 $ 3,925 Gross increases—current period positions 4,375 3,003 2,387 Gross decrease—prior period positions — — ( 867 ) Unrecognized benefit—end of period $ 12,823 $ 8,448 $ 5,445 All of the gross unrecognized tax benefits represent a reduction to the research and development tax credit carryforward. The gross decrease to prior period positions is a result of the Company completing its documentation of credits generated between 2015 and 2018. All of the unrecognized tax benefits decrease deferred tax assets with a corresponding decrease to the valuation allowance. None of the unrecognized tax benefits would affect the Company’s effective tax rate if recognized in the future. The Company has elected to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. No interest or penalties have been recorded through December 31, 2021 as the Company had no tax due because of significant NOL carryforwards. The Company does not expect any significant change in its unrecognized tax benefits within the next 12 months. The Company files tax returns in the United States and various jurisdictions throughout the world where the Company has operations or established a taxable presence. All of the Company’s tax years remain open to examination in the United States, as carryforward attributes generated in past years may still be adjusted upon examination by the Internal Revenue Service or state tax authorities if they have or will be used in future periods. The Company is no longer subject to examination for years prior to 2017 in Ireland and continues to be routinely examined by various taxing authorities. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 16. Employee Benefit Plan The Company maintains a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers certain employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Total employer contributions were $ 8.2 million in 2021, $ 5.9 million in 2020, and $ 4.8 million in 2019 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation —The consolidated financial statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Operating Segments | Operating Segments —The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. |
Loss Per Share | Loss Per Share — Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), shares issued pursuant to the Employee Stock Purchase Plan (“ESPP”), the Warrants (defined below), the Conversion Option of the 2022 Notes, and the Conversion Option of the 2025 Notes (the “Conversion Options”) (Note 9) are considered to be potential common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows: Year Ended December 31, 2021 2020 2019 (in thousands, except per share amounts) Net loss $ ( 77,837 ) $ ( 85,031 ) $ ( 53,746 ) Weighted-average common shares outstanding—basic 46,891 44,757 42,025 Dilutive effect of share equivalents resulting from stock — — — Weighted-average common shares outstanding-diluted 46,891 44,757 42,025 Net loss per common share, basic and diluted $ ( 1.66 ) $ ( 1.90 ) $ ( 1.28 ) Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options, RSUs, and shares issuable under the ESPP, as well as the Warrants and Conversion Options were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive. The Company expects to settle the principal amount of the Notes (Note 9) in cash, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the Warrants and Conversion Options on diluted net income per share, if applicable. As a result, only the amount by which the conversion cost of the Notes, if settled in shares, exceeds the aggregated principal amount of the Notes (the “Conversion Spread”) is considered in the diluted earnings per share computation. The Conversion Spread has a dilutive impact on net income per share when the average market price of the Company’s common stock for a given period of time exceeds the initial conversion price of $ 94.77 per share for the 2022 Notes and $ 282.52 for the 2025 Notes. The average stock price for the year ended December 31, 2021 was $ 592.48 . Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2021 was equal to or greater than 130 % of the conversion price of $ 94.77 on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof on the business day immediately preceding February 1, 2022. In 2021, the Company settled approximately $ 106.5 million of the principal balance of the 2022 Notes in cash. On or after February 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. As of February 11, 2022, the Company has no t received additional conversion notices. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below. As the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2021 was equal to or greater than 130 % of the conversion price of $ 282.52 on each applicable trading day, the 2025 Notes are convertible at the option of the holders thereof during the calendar quarter ended March 31, 2022. Between the end of the most recently completed fiscal quarter and February 11, 2022, the Company settled $ 0.9 million of principal balance of the 2025 Notes in cash in response to conversion notices received prior to December 31, 2021. As of February 11, 2022, the Company has no t received additional conversion notices. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below. The following table contains all potentially dilutive common stock equivalents. Year Ended December 31, 2021 2020 2019 (in thousands) Options to purchase common shares 584 1,020 1,489 RSUs 1,239 1,561 1,207 Conversion Option of the 2022 Notes and Warrants 1,326 1,873 3,104 Conversion Option of the 2025 Notes 1,020 318 — ESPP 13 21 2 |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all highly liquid investments purchased with original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid investments with remaining maturities of three months or less at the date of purchase, consisting primarily of money-market funds. |
Investments | Investments — Investments consist of commercial paper, corporate debt securities, U.S. Treasury securities, and U.S. Government agency securities. Securities having remaining maturities of more than three months at the date of purchase and less than one year from the date of the balance sheets are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets. The Company classifies its debt investments with readily determinable market values as available-for-sale. These investments are classified as investments on the consolidated balance sheets and are carried at fair market value, with unrealized gains and losses considered to be temporary in nature reported as accumulated other comprehensive loss, a separate component of stockholders’ equity. The Company reviews all investments for reductions in fair value that are other-than-temporary. When such reductions occur, the cost of the investment is adjusted to fair value through recording a loss on investments in the consolidated statements of operations. Gains and losses on investments are calculated on the basis of specific identification. Investments are considered to be impaired when a decline in fair value below cost basis is determined to be other-than-temporary. The Company periodically evaluates whether a decline in fair value below cost basis is other-than-temporary by considering available evidence regarding these investments including, among other factors: the duration of the period that, and extent to which, the fair value is less than cost basis; the financial health of, and business outlook for the issuer, including industry and sector performance and operational and financing cash flow factors; overall market conditions and trends and the Company’s intent and ability to retain its investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Once a decline in fair value is determined to be other-than-temporary, a write-down is recorded and a new cost basis in the security is established. |
Strategic Investments | Strategic investments — Strategic investments consist of non-controlling equity investments in privately held companies. These investments without readily determinable fair values for which the Company does not have the ability to exercise significant influence are accounted for using the measurement alternative. Under the measurement alternative, the non-marketable securities are carried at cost less any impairments, plus or minus adjustments resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. |
Equity Method Investments | Equity method investments — Equity method investments generally consist of investments for which the Company has the ability to exercise significant influence, but does not have control and is not the primary beneficiary. Under the equity method of accounting, the Company's proportionate share of the net earnings or impairment charges on investments are reported in the consolidated statements of operations as other income (expense), net of tax, and increase or decrease the investment balance recorded on the balance sheet. Equity method investments are reviewed for indicators of other-than-temporary impairment on a quarterly basis. An equity method investment is written down to fair value if there is evidence of a loss in value which is other-than-temporary. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions and recent operating results. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts — Accounts receivable are carried at the original invoiced amount less an allowance for doubtful accounts based on the probability of future collection. The probability of future collection is based on specific considerations of historical loss patterns and an assessment of the continuation of such patterns based on past collection trends and known or anticipated future economic events that may impact collectability. The probability of future collection is also assessed by geography. To date, losses resulting from uncollected receivables have not exceeded estimates. The following is a roll-forward of the Company’s allowance for doubtful accounts (in thousands): Balance Charged to Deductions (1) Balance at Allowance for doubtful accounts Year ended December 31, 2021 $ 1,993 $ 6,144 $ ( 6,369 ) $ 1,768 Year ended December 31, 2020 $ 1,584 $ 8,501 $ ( 8,092 ) $ 1,993 Year ended December 31, 2019 $ 1,317 $ 7,895 $ ( 7,628 ) $ 1,584 (1) Deductions include actual accounts written-off, net of recoveries. |
Restricted Cash | Restricted Cash —The Company had restricted cash of $ 3.0 million at December 31, 2021 and 2020 related to letters of credit for its leased facilities. The following table provides a reconciliation of the cash, cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the year ended December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 377,013 $ 378,123 Restricted cash, included in other assets 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 380,042 $ 381,152 |
Property and Equipment | Property and Equipment —Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to leasehold improvements. Depreciation is recorded over the following estimated useful lives: Estimated Useful Life Employee related computer equipment 2 - 3 years Computer equipment and purchased software 3 years Furniture and fixtures 5 years Internal use software 5 years Leasehold improvements Lesser of lease term or useful life The Company capitalizes certain payroll and stock compensation costs incurred to develop functionality for certain of the Company’s internally built software platforms. The costs incurred during the preliminary stages of development are expensed as incurred. Once a piece of incremental functionality has reached the development stage certain internal costs are capitalized until the functionality is ready for its intended use. Internal-use software is included within property and equipment on the balance sheet. The costs are generally amortized on a straight-line basis over an estimated useful life of approximately five years . |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that the useful lives of those assets are no longer appropriate. Management considers the following potential indicators of impairment of its long-lived assets (asset group): a substantial decrease in the Company’s stock price, a significant adverse change in the extent or manner in which a long-lived asset (asset group) is being used, a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset (asset group), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group), and a current expectation that, more likely than not, a long lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there may be an impairment, the amount of the impairment is calculated as the difference between the carrying value and fair value. For the years presented, the Company did no t recognize an impairment charge. |
Intangible Assets | Intangible Assets — Intangible assets consist of acquired technology, trade name and customer relationships. The Company records acquired intangible assets at fair value on the date of acquisition and amortize such assets in a pattern reflective of the expected economic benefits consumption over the expected useful life of the asset. If this pattern cannot be reliably determined, a straight-line amortization method is used. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life. |
Goodwill | Goodwill —Goodwill represents the excess of cost over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Goodwill is not subject to amortization but is monitored annually for impairment or more frequently if there are indicators of impairment. Management considers the following potential indicators of impairment: significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of acquired assets or the strategy of the Company’s overall business, significant negative industry or economic trends and a significant decline in the Company’s stock price for a sustained period. The Company performs its annual impairment test on November 30. Currently, the Company’s goodwill is evaluated at the consolidated level as it has been determined there is one operating segment comprised of one reporting unit. When assessing goodwill for impairment the Company first performs a qualitative assessment to determine whether it is necessary to perform a quantitative analysis. If the Company determines it is unlikely that the reporting unit fair value is less than its carrying value then no quantitative assessment is performed. If the Company cannot determine that it is likely that the reporting unit fair value is more than its carrying value, then the Company performs a quantitative assessment. Based on the qualitative assessment performed on November 30, 2021 , the Company determined it was unlikely that its reporting unit fair value was less than its carrying value and no quantitative assessment was required. There were no indicators that the Company’s goodwill had become impaired since that date, and as such, there was no impairment of goodwill as of November 30, 2021 or December 31, 2021 . For the years ended December 31, 2021, 2020 and 2019 , the Company did no t recognize an impairment charge. |
Business Combinations | Business Combinations — The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The purchase price allocation process requires management to make significant judgment with respect to intangible assets. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows attributable to the acquired intangible asset and appropriate discount rates used in computing present values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. The Company’s estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statement of operations. |
Advertising Expense | Advertising Expense —The Company expenses advertising as incurred, which is included in sales and marketing expense in the accompanying consolidated statements of operations. The Company incurred $ 37.3 million of advertising expense in 2021, $ 21.9 million in 2020, and $ 14.9 million in 2019 . |
Leases | Leases — The Company determines if an arrangement contains a lease at inception and does not separate lease and non-lease components of an arrangement determined to contain a lease. Operating leases are included in right-of-use ("ROU") assets, current operating lease liabilities and operating lease liabilities, net of current portion, on the Company’s consolidated balance sheet. Operating leases with a duration of 12 months or less are excluded from ROU assets and operating lease liabilities and related expense is recorded as incurred. ROU assets represent the Company's right to use an underlying asset for the lease term and the corresponding lease liabilities represent its obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. The lease ROU asset includes any initial direct costs incurred and is reduced for tenant incentives. As the Company’s operating leases do not provide an implicit rate, the net present value of future minimum lease payments is determined using the Company’s incremental borrowing rate. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. Lease expense for minimum lease payments for operating leases is recognized on a straight-line basis over the lease term. Improvement reimbursements from landlords are amortized through ROU assets on a straight-line basis as a reduction to rent expense over the terms of the corresponding leases. Asset retirement obligations (“ARO”) On the lease commencement date the Company establishes an ARO based on the present value of contractually required estimated future costs to retire long-lived assets at the termination or expiration of a lease. The asset associated with the ARO is amortized over the corresponding lease term to operating expense and the ARO is accreted to the end of lease obligation value over the same term. |
Revenue Recognition | Revenue Recognition — The Company generates revenue from arrangements with multiple performance obligations, which typically include subscriptions to its online software products and professional services which include on-boarding, training and consulting services. The Company’s customers do not have the right to take possession of the online software products. The Company recognizes revenue from contracts with customers using a five-step model, which is described below: • Identify the customer contract; • Identify performance obligations that are distinct; • Determine the transaction price; • Allocate the transaction price to the distinct performance obligations; and • Recognize revenue as the performance obligations are satisfied. Identify the customer contract A customer contract is generally identified when the Company and a customer have executed an arrangement that calls for the Company to grant access to its online software products and provide professional services in exchange for consideration from the customer. Identify performance obligations that are distinct A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company has determined that subscriptions for its online software products are distinct because, once a customer has access to the online software product that it purchased, the online software product is fully functional and does not require any additional development, modification, or customization. Professional services sold are distinct because the customer benefits from the on-boarding, training and consulting to make better use of the online software products it purchased. Determine the transaction price The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer, excluding sales taxes that are collected on behalf of government agencies. The Company estimates any variable consideration to which it will be entitled at contract inception, and reassesses at each reporting date, when determining the transaction price. The Company does not include variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when any uncertainty associated with the variable consideration is resolved. Allocate the transaction price to the distinct performance obligations The transaction price is allocated to each performance obligation based on the relative standalone selling prices (“SSP”) of the goods or services being provided to the customer. The Company determines the SSP of its goods and services based upon the average sales prices for each type of online software product and professional services sold. In instances where there are not sufficient data points, or the selling prices for a particular online software product or professional service are disparate, the Company estimates the SSP using other observable inputs, such as similar products or services. Recognize revenue as the performance obligations are satisfied Revenues are recognized when or as control of the promised goods or services is transferred to customers. Revenue from online software products is recognized ratably over the subscription period beginning on the date the Company’s online software products are made available to customers. Most subscription contracts are one year or less . The Company recognizes revenue from on-boarding, training, and consulting services as the services are provided. Cash payments received in advance of providing subscription or services are recorded to deferred revenue until the performance obligation is satisfied. Solutions Partner Commissions The Company pays its Solutions Partners a commission based on the online software product sales price for sales to end-customers. The classification of the commission paid in the Company’s consolidated statements of operations depends on who purchases the online software product. In instances where an end-customer purchases from the Company, the commission paid to the Solutions Partner is recorded as sales and marketing expense. When a Solutions Partner purchases directly from the Company, the commission paid to the Solutions Partner is netted against the associated revenue recognized. |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers —Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, investments and accounts receivable. The Company's cash and cash equivalents are generally held with large financial institutions. Although the Company's deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of December 31, 2021, its risk relating to deposits exceeding federally insured limits was not significant. The Company’s investments consist of highly rated corporate debt securities and U.S. Treasury securities. The Company limits the amount of investments in any single issuer, except U.S. Treasuries. The Company believes that, as of December 31, 2021, its concentration of credit risk related to investments was not significant. The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other hedging arrangements. The Company generally does not require collateral from its customers and generally requires payment 30 days from the invoice date. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. Credit risk arising from accounts receivable is mitigated as a result of transacting with a large number of geographically dispersed customers spread across various industries. At December 31, 2021 and 2020 , there were no customers that represented more than 10% of the net accounts receivable balance. There were no customers that individually exceeded 10% of the Company’s revenue in any of the periods presented. |
Foreign Currency | Foreign Currency —The functional currency of the Company’s foreign subsidiaries is the local currency. Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rates in effect at the balance sheet dates, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at the weighted-average exchange rates during the period. Foreign currency transaction gains and losses are recorded in other expense. |
Research and Development | Research and Development —Research and development expenses include payroll, employee benefits and other expenses associated with product development. Also included is a benefit related to an Irish research and development tax credit, under which the Company is able to obtain a refundable credit of up to 25 % of eligible research and development expenses incurred. The credit is recorded as a reduction of research and development expenses in the period in which the eligible expenses are recorded in the consolidated financial statements. |
Capitalized Software Development Costs | Capitalized Software Development Costs —Certain payroll and stock compensation costs incurred to develop functionality for the Company’s software and internally built software platforms, as well as certain upgrades and enhancements that are expected to result in enhanced functionality are capitalized. Certain implementation costs, including external direct costs, incurred during the development stage of cloud computing arrangements are also capitalized. The costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, the Company capitalizes certain software development costs for new offerings as well as upgrades to existing software platforms. Capitalized software development costs are amortized on a straight-line basis over their estimated useful life of two to five years . Management evaluates the useful lives of these assets on a quarterly basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. The Company determines the amount of internal software costs to be capitalized based on the amount of time spent by the developers on projects in the application stage of development. There is judgment involved in estimating time allocated to a particular project in the application stage. Costs associated with building or significantly enhancing the CRM Platform and internally built software platforms are capitalized, while costs associated with planning new developments and maintaining the CRM Platform software and internally built software platforms are expensed as incurred. Capitalized software development costs, exclusive of those costs recorded within property and equipment, consisted of the following: December 31, 2021 December 31, 2020 (in thousands) Gross capitalized software development costs $ 122,592 $ 85,630 Accumulated amortization ( 82,734 ) ( 60,687 ) Capitalized software development costs, net $ 39,858 $ 24,943 Amortization of capitalized software development costs, exclusive of costs recorded within property and equipment, was $ 23.0 million in 2021, $ 16.0 million in 2020, and $ 11.6 million in 2019 . Amortization expense is included in cost of revenue in the consolidated statements of operations. |
Income Taxes | Income Taxes —Deferred tax assets and liabilities are recognized for the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities using tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with authoritative accounting guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. |
Stock-Based Compensation | Stock-Based Compensation — The Company accounts for all stock options and awards granted to employees and nonemployees using a fair value method. The measurement date for awards is generally the date of the grant. The fair value of the Company’s common stock is the closing price of the stock on the date of the grant. For stock options, the Black-Scholes option pricing model is used to measure the fair value of the grant. The expected term of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted-average vesting period of the option. The Company considers this appropriate as there is no other method that would be more indicative of exercise activity. The expected volatility for the Company’s common stock was based on an average of the historical volatility of a peer group of similar public companies. To determine the Company’s peer companies, the following criteria was used: software or software-as-a-service companies; similar histories and relatively comparable financial leverage; sufficient public company trading history; similar talent pool; and in similar businesses and geographical markets. The risk-free interest rate is based on the rate on U.S. Treasury securities with maturities consistent with the estimated expected term of the awards. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period for awards, on a straight-line basis. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations. Recent Accounting Pronouncements to be Adopted in 2022 and Future Periods: In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being bifurcated from the host contract and separately recognized as compared with current GAAP. In addition, it eliminates the treasu ry stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The Company will early adopt the standard on January 1, 2022 using the modified retrospective method, which would result in a cumulative effect adjustment as of the date of adoption. The Company expects a material change on its consolidated balance sheet related to the recognition of convertible senior notes that was previously classified as equity. The Company also expects interest expense to decrease as non-cash interest expense due to the discount created by the separation of the equity component of its convertible instruments will be eliminated. The Company will also need to assume share settlement of the entire convertible debt instrument under the if-converted method therefore increasing the potentially dilutive common stock equivalents for the diluted earnings per share calculation. This will only have an impact on the Company if it is profitable. In October 2021, the FA SB issued guidance that requires companies to recognize and measure contract assets and contract liabilities acquired in a business combination, in accordance with the revenue recognition guidance, as if the acquirer had entered into the original contract at the same time and on the same terms as the acquiree. Generally, this will result in the acquirer recognizing contract assets and liabilities at the same amounts recorded by the acquiree as of the acquisition date. Under the current standard, an acquirer generally recognizes such items at fair value on the acquisition date. The Company will early adopt the standard on January 1, 2022 and will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Loss Per Share | A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows: Year Ended December 31, 2021 2020 2019 (in thousands, except per share amounts) Net loss $ ( 77,837 ) $ ( 85,031 ) $ ( 53,746 ) Weighted-average common shares outstanding—basic 46,891 44,757 42,025 Dilutive effect of share equivalents resulting from stock — — — Weighted-average common shares outstanding-diluted 46,891 44,757 42,025 Net loss per common share, basic and diluted $ ( 1.66 ) $ ( 1.90 ) $ ( 1.28 ) |
Schedule of Potentially Dilutive Common Stock Equivalents | The following table contains all potentially dilutive common stock equivalents. Year Ended December 31, 2021 2020 2019 (in thousands) Options to purchase common shares 584 1,020 1,489 RSUs 1,239 1,561 1,207 Conversion Option of the 2022 Notes and Warrants 1,326 1,873 3,104 Conversion Option of the 2025 Notes 1,020 318 — ESPP 13 21 2 |
Schedule of Roll Forward of Company's Allowance for Doubtful Accounts | The following is a roll-forward of the Company’s allowance for doubtful accounts (in thousands): Balance Charged to Deductions (1) Balance at Allowance for doubtful accounts Year ended December 31, 2021 $ 1,993 $ 6,144 $ ( 6,369 ) $ 1,768 Year ended December 31, 2020 $ 1,584 $ 8,501 $ ( 8,092 ) $ 1,993 Year ended December 31, 2019 $ 1,317 $ 7,895 $ ( 7,628 ) $ 1,584 (1) Deductions include actual accounts written-off, net of recoveries. |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of the cash, cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the year ended December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 377,013 $ 378,123 Restricted cash, included in other assets 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 380,042 $ 381,152 |
Schedule of Property Plant and Equipment Useful Life | Depreciation is recorded over the following estimated useful lives: Estimated Useful Life Employee related computer equipment 2 - 3 years Computer equipment and purchased software 3 years Furniture and fixtures 5 years Internal use software 5 years Leasehold improvements Lesser of lease term or useful life |
Summary of Capitalized Software Development Costs, Exclusive of those Costs Recorded within Property and Equipment | Capitalized software development costs, exclusive of those costs recorded within property and equipment, consisted of the following: December 31, 2021 December 31, 2020 (in thousands) Gross capitalized software development costs $ 122,592 $ 85,630 Accumulated amortization ( 82,734 ) ( 60,687 ) Capitalized software development costs, net $ 39,858 $ 24,943 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Sublease Income Generated under Operating Lease Agreements | The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements is as follows: Year ended December 31, 2021 2020 2019 (in thousands) Operating sublease income $ 4,954 $ 5,000 $ 2,498 |
Summary of Reconciliation Between Non-cancelable Lease Commitments And Lease Liabilities | The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of December 31, 2021 : Operating leases Lease commitments (Note 11) $ 385,997 Less: Legally binding minimum lease payments for — Less: Present value discount 75,760 Total lease liabilities $ 310,237 |
Summary of Weighted Average Remaining Lease Terms And Weighted Average Discount Rate For Operating And Finance Leases | The following table provides weighted average remaining lease terms and weighted average discount rate for operating and finance leases as of December 31, 2021: Weighted-average remaining lease term: 9.6 years Weighted-average discount rate: 4.5 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Financial Assets and Liabilities | The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at December 31, 2021 and December 31, 2020 : December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 125,940 $ — $ — $ 125,940 Commercial paper — 28,337 — 28,337 Corporate bonds — 249,846 — 249,846 U.S. Government agency securities — 22,466 — 22,466 U.S. Treasury securities — 698,300 — 698,300 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 125,940 $ 1,001,978 $ — $ 1,127,918 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 172,485 $ — $ — $ 172,485 Commercial paper — 12,233 — 12,233 Corporate bonds — 116,371 — 116,371 U.S. Treasury securities — 774,772 — 774,772 Certificates of deposit — 394 — 394 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 172,485 $ 906,799 $ — $ 1,079,284 |
Summary of Composition of Short and Long Term Investments | The following tables summarize the composition of our short- and long-term investments at December 31, 2021 and 2020: December 31, 2021 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 25,245 $ — $ — $ 25,245 Corporate bonds 250,443 9 ( 606 ) 249,846 U.S. Government agency securities 22,504 — ( 38 ) 22,466 U.S. Treasury securities 698,446 2 ( 148 ) 698,300 Total $ 996,638 $ 11 $ ( 792 ) $ 995,857 December 31, 2020 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 12,233 $ — $ — $ 12,233 Corporate bonds 115,983 427 ( 39 ) 116,371 U.S. Treasury securities 774,667 105 — 774,772 Certificates of deposit 394 — — 394 Total $ 903,277 $ 532 $ ( 39 ) $ 903,770 |
Summary of Contractual Maturities of Short and Long Term Investments | The contractual maturities of short-term and long-term investments held as follows: December 31, 2021 December 31, 2020 Amortized Aggregate Amortized Aggregate ( in thousands) Due within one year $ 821,101 $ 820,962 $ 872,637 $ 873,073 Due after 1 year and within 2 years 175,537 174,895 30,640 30,697 Total $ 996,638 $ 995,857 $ 903,277 $ 903,770 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following: December 31. 2021 2020 (in thousands) Computer equipment and purchased software $ 15,524 $ 15,128 Employee related computer equipment 32,230 20,802 Furniture and fixtures 20,180 20,204 Leasehold improvements 90,070 89,850 Internal-use software 20,616 12,528 Construction in progress 4,141 10,014 Total property and equipment 182,761 168,526 Less accumulated depreciation ( 86,627 ) ( 67,403 ) Property and equipment, net $ 96,134 $ 101,123 |
Schedule of Changes in Asset Retirement Obligations | The changes in the asset retirement obligation balance during the year ending December 31, 2021 and December 31, 2020 are as follows: Year Ended December 31, 2021 2020 (in thousands) Beginning balance $ 4,884 $ 3,533 Additions 72 750 Accretion 267 236 Updates to estimated cash flows ( 323 ) 365 Ending balance $ 4,900 $ 4,884 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Hustle Con Media Inc [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition: Fair value (in thousands) Cash $ 3,089 Accounts receivable 1,153 Other current and noncurrent assets 835 Current backlog asset 677 Customer relationships 2,400 Goodwill 16,987 Accounts payable, accrued expenses, and other liabilities ( 2,975 ) Deferred revenue ( 825 ) Deferred tax liability ( 1,042 ) Total purchase price $ 20,299 |
Pie Sync N V [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assum ed as of the date of acquisition: Fair value (in thousands) Cash $ 646 Accounts receivable 133 Other current and noncurrent assets 218 Acquired developed technology 9,800 Other intangible assets 70 Goodwill 15,219 Accounts payable, accrued expenses, and other liabilities ( 731 ) Deferred revenue ( 210 ) Deferred tax liability ( 1,324 ) Total purchase price $ 23,821 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets as of December 31, 2021 and 2020 consist of the following: Weighted December 31, 2021 2020 (in thousands) Acquired technology 32 Months $ 17,569 $ 18,383 Customer relationships 36 Months 2,450 50 Trade name 2 Months 20 20 Accumulated amortization ( 9,474 ) ( 8,171 ) Total $ 10,565 $ 10,282 |
Estimated Future Amortization Expense for Intangible Assets | Estimated future amortization expense for intangible assets as of December 31, 2021 is as follows: Years ended December 31, Amortization (in thousands) 2022 $ 1,644 2023 2,048 2024 2,331 2025 2,309 2026 1,890 Thereafter 343 Total $ 10,565 |
Schedule of Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill consist of the following: (in thousands) Balance as of December 31, 2019 $ 30,250 Effect of foreign currency translation 1,431 Measurement period adjustments ( 363 ) Balance as of December 31, 2020 31,318 The Hustle acquisition 16,987 Effect of foreign currency translation ( 1,230 ) Balance as of December 31, 2021 $ 47,075 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the liability component of the 2025 Notes is as follows: As of December 31, As of December 31, (in thousands) Principal $ 459,999 $ 460,000 Unamortized debt discount ( 70,594 ) ( 88,756 ) Unamortized issuance costs ( 5,544 ) ( 6,973 ) Net carrying amount $ 383,861 $ 364,271 |
0.375% Convertible Senior Notes Due 2025 as Equity Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the equity component of the 2025 Notes is as follows: As of December 31, As of December 31, (in thousands) Debt discount for conversion option $ 98,730 $ 98,730 Issuance costs ( 2,120 ) ( 2,120 ) Net carrying amount $ 96,610 $ 96,610 |
0.375% Convertible Senior Notes Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Schedule of Interest Expense | Interest expense related to the 2025 Notes is as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Contractual interest expense $ 1,725 $ 987 $ — Amortization of debt discount 18,171 9,974 — Amortization of issuance costs 1,428 784 — Total interest expense $ 21,324 $ 11,745 $ — |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the liability component of the 2022 Notes is as follows: As of December 31, As of December 31, (in thousands) Principal $ 19,382 $ 125,839 Unamortized debt discount ( 477 ) ( 10,397 ) Unamortized issuance costs ( 35 ) ( 777 ) Net carrying amount $ 18,870 $ 114,665 |
0.25%Convertible Senior Notes Due 2022 as Equity Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the equity component of the 2022 Notes is as follows: As of December 31, As of December 31, (in thousands) Debt discount for conversion option $ 5,136 $ 33,349 Issuance costs ( 138 ) ( 898 ) Net carrying amount $ 4,998 $ 32,451 |
0.25% Convertible Senior Notes Due 2022 [Member] | |
Debt Instrument [Line Items] | |
Schedule of Interest Expense | Interest expense related to the 2022 Notes is as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Contractual interest expense $ 154 $ 614 $ 1,000 Amortization of debt discount 3,636 13,150 20,277 Amortization of issuance costs 272 982 1,513 Total interest expense $ 4,062 $ 14,746 $ 22,790 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Geographical Region | Revenues by geographical region: Year Ended December 31, 2021 2020 2019 (In thousands) Americas $ 797,986 $ 568,365 $ 456,568 Europe 390,379 243,811 168,452 Asia Pacific 112,293 70,850 49,840 Total $ 1,300,658 $ 883,026 $ 674,860 Percentage of revenues generated outside of the 39 % 36 % 32 % |
Long Lived Assets by Geographical Region | Total long-lived assets by geographical region: As of As of (In thousands) Americas $ 226,848 $ 206,789 Europe 139,846 159,338 Asia Pacific 10,268 10,889 Total long lived assets $ 376,962 $ 377,016 Percentage of long lived assets held outside of the 40 % 45 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | Future minimum payments under all operating lease agreements as of December 31, 2021, are as follows: Operating (in thousands) 2022 $ 45,156 2023 43,908 2024 41,465 2025 41,451 2026 41,368 Thereafter 172,649 Total $ 385,997 |
Schedule of Future Minimum Payments Under Vendor Commitments | Future minimum payments under all Vendor Commitments as of December 31, 2021, are as follows: Product INBOUND (in thousands) 2022 $ 140,219 $ 1,507 2023 155,520 973 2024 176,093 4 2025 196,123 4 2026 220,000 — Thereafter 187,500 — Total 1,075,455 2,488 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the years ended December 31, 2021 and 2020: Cumulative Unrealized Gain Total (in thousands) Beginning balance at January 1, 2020 $ ( 610 ) $ 274 $ ( 336 ) Other comprehensive income before reclassifications 4,790 149 4,939 Amounts reclassified from accumulated other comprehensive loss — — — Ending balance at December 31, 2020 $ 4,180 $ 423 $ 4,603 Other comprehensive loss before reclassifications ( 4,712 ) ( 1,230 ) ( 5,942 ) Amounts reclassified from accumulated other comprehensive loss — — — Ending balance at December 31, 2021 $ ( 532 ) $ ( 807 ) $ ( 1,339 ) |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity And Stock Based Compensation [Abstract] | |
Summary of Number of Shares of Common Stock Reserved | The number of shares of common stock reserved for the vesting of restricted stock units (“RSUs”), and exercise of common stock options are as follows (in thousands): December 31, December 31, RSUs 1,239 1,561 Common stock options 584 1,020 1,823 2,581 |
Schedule of Stock Compensation Expense by Award Type | The following two tables show stock compensation expense by award type and where the stock compensation expense is recorded in the Company’s consolidated statements of operations: Year Ended December 31, 2021 2020 2019 ( in thousands) Options $ 6,253 $ 6,377 $ 5,078 ESPP 9,123 6,850 4,866 RSUs 151,385 108,261 87,810 Total stock-based compensation $ 166,761 $ 121,488 $ 97,754 |
Effect of Stock-Based Compensation on Income by Line Item | The following two tables show stock compensation expense by award type and where the stock compensation expense is recorded in the Company’s consolidated statements of operations: 2021 2020 2019 (in thousands) Cost of revenue, subscription $ 6,297 $ 4,408 $ 3,127 Cost of revenue, service 3,092 2,536 2,829 Research and development 61,614 39,366 33,748 Sales and marketing 67,413 50,552 36,599 General and administrative 28,345 24,626 21,451 Total stock-based compensation $ 166,761 $ 121,488 $ 97,754 |
Schedule of Assumptions Used for Estimation of Fair Value of Options Granted to Employees | Stock Options —The fair value of employee options is estimated on the date of each grant using the Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Risk-free interest rate (%) 0.53 - 1.36 0.47 - 1.66 1.95 - 2.55 Expected term (years) 5.2 - 6.4 5.50 - 6.24 5.50 - 6.02 Volatility (%) 42.97 - 44.70 38.15 - 40.63 39.46 - 41.41 Expected dividends — — — |
Summary of Stock Option Activity | The stock option activity for the year ended December 31, 2021 is as follows: Options (in Weighted- Weighted- Aggregate Outstanding—January 1, 2021 1,020 $ 57.98 4.4 $ 345,144 Granted 63 480.08 Exercised ( 457 ) 35.57 Forfeited/expired ( 42 ) 174.03 Outstanding—December 31, 2021 584 $ 112.82 4.7 $ 320,882 Options vested or expected to vest—December 31, 2021 584 $ 112.82 4.7 $ 320,882 Options exercisable—December 31, 2021 458 $ 60.17 3.7 $ 274,155 |
Summary of Activity Related to RSUs | The following table summarizes the activity related to RSUs for the year ended December 31, 2021: RSUs Outstanding Shares Weighted- Unvested and outstanding at January 1, 2021 1,561 $ 153.91 Granted 632 513.94 Vested ( 773 ) 174.01 Canceled ( 181 ) 206.81 Unvested and outstanding at December 31, 2021 1,239 $ 317.48 |
Schedule of Assumptions Used for Estimation of Fair Value of Employee Options | The fair value of employee options is estimated using the Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Risk-free interest rate (%) 0.04 - 0.10 0.14 - 1.60 2.56 Expected term (years) 0.50 0.50 0.50 Volatility (%) 42.73 - 45.67 34.75 - 67.22 41.32 - 45.07 Expected dividends — — — |
Summary of Activity Related to Employee Stock Purchase Plan | The following table summarizes the activity related to ESPP: Shares Issued Weighted- Total Cash 2021 77 $ 372.50 $ 28,667 2020 132 $ 149.23 $ 19,653 2019 116 $ 123.69 $ 14,383 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Provision for Income Taxes | Loss before provision for income taxes was as follows: Year Ended December 31, 2021 2020 2019 (in thousands) United States $ ( 89,000 ) $ ( 96,555 ) $ ( 63,200 ) Foreign 15,182 15,740 12,427 Total $ ( 73,818 ) $ ( 80,815 ) $ ( 50,773 ) |
Components of Income Tax (Provision) Benefit | The (provision) benefit for income taxes consists of the following: Year Ended December 31, 2021 2020 2019 (in thousands) Current income tax provision Federal $ ( 709 ) $ ( 406 ) $ ( 238 ) State ( 570 ) ( 487 ) ( 241 ) Foreign ( 5,609 ) ( 5,508 ) ( 3,293 ) Total current income tax provision ( 6,888 ) ( 6,401 ) ( 3,772 ) Deferred income tax benefit (expense) Federal 989 ( 116 ) 160 State — — — Foreign 1,880 2,301 639 Total deferred income tax benefit 2,869 2,185 799 Total income tax provision $ ( 4,019 ) $ ( 4,216 ) $ ( 2,973 ) |
Schedule of Differences Between Income Taxes Computed at the Federal Statutory Rate and the Provision for Income Taxes | The following reconciles the differences between income taxes computed at the federal statutory rate of 21 % for 2021, 2020 and 2019 and the provision for income taxes: Year Ended December 31, 2021 2020 2019 (in thousands) Expected income tax benefit at the federal statutory rate $ 15,459 $ 16,899 $ 10,665 State taxes net of federal benefit 13,975 4,618 3,700 Stock-based compensation 79,800 25,196 16,055 Executive compensation limitation ( 9,000 ) ( 3,004 ) ( 7,244 ) Difference in foreign tax rates 486 830 693 U.S. tax credits 15,995 11,529 24,170 GILTI inclusion — — ( 1,645 ) Meals and entertainment ( 450 ) ( 478 ) ( 1,208 ) Acquisition 1,033 — — Foreign withholding taxes ( 1,006 ) ( 536 ) ( 375 ) Change in valuation allowance ( 119,843 ) ( 62,182 ) ( 47,523 ) Other ( 468 ) 2,912 ( 261 ) Income tax provision $ ( 4,019 ) $ ( 4,216 ) $ ( 2,973 ) |
Components of the Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows: Year Ended December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 295,430 $ 190,555 Research and investment credits 62,710 46,729 Accruals and reserves 17,508 15,278 Depreciation 2,532 2,223 Intangible assets — 164 Stock-based compensation 9,622 7,354 Interest expense 9,705 8,650 Total deferred tax assets 397,507 270,953 Deferred tax liabilities: Intangible assets ( 2,474 ) ( 2,546 ) Convertible debt ( 16,911 ) ( 21,873 ) Capitalized costs ( 27,665 ) ( 17,009 ) Depreciation ( 234 ) ( 231 ) Total deferred tax liabilities ( 47,284 ) ( 41,659 ) Valuation allowance ( 346,381 ) ( 227,062 ) Net deferred tax assets $ 3,842 $ 2,232 |
Summary of Activity Related to Unrecognized Tax Benefits | The following summarizes activity related to unrecognized tax benefits: Year Ended December 31, 2021 2020 2019 (in thousands) Unrecognized benefit—beginning of the year $ 8,448 $ 5,445 $ 3,925 Gross increases—current period positions 4,375 3,003 2,387 Gross decrease—prior period positions — — ( 867 ) Unrecognized benefit—end of period $ 12,823 $ 8,448 $ 5,445 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Nov. 30, 2021USD ($) | Dec. 31, 2021USD ($)dCustomerReportingUnitSegment$ / shares | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($) | Feb. 11, 2022USD ($) | Jun. 30, 2020$ / shares | May 31, 2017USD ($)$ / shares |
Schedule Of Accounting Policies [Line Items] | |||||||
Number of operating segment | Segment | 1 | ||||||
Average stock price | $ / shares | $ 592.48 | ||||||
Cash and cash equivalents, maturity description | three months or less at the date of purchase, consisting primarily of money-market funds. | ||||||
Restricted cash related to letters of credit for leased facilities | $ 3,000,000 | $ 3,000,000 | |||||
Impairment charges of long lived assets | $ 0 | ||||||
Number of reporting unit | ReportingUnit | 1 | ||||||
Goodwill impairment | $ 0 | $ 0 | 0 | $ 0 | |||
Advertising expense | $ 37,300,000 | 21,900,000 | 14,900,000 | ||||
Revenue subscription contract period | one year or less | ||||||
Off-balance sheet risk amount | $ 0 | ||||||
Accounts receivable payment period | 30 days | ||||||
Maximum percentage of refundable credit of eligible research and development expenses incurred | 25.00% | ||||||
Amortization of software development costs, exclusive of costs recorded within property and equipment | $ 23,000,000 | $ 16,000,000 | $ 11,600,000 | ||||
Minimum percentage chances of tax benefit to be realized on examination | 50.00% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Number of customers represented more than 10% | Customer | 0 | 0 | |||||
Revenue [Member] | Customer Concentration Risk [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Number of customers represented more than 10% | Customer | 0 | 0 | |||||
Internal Use Software [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 5 years | ||||||
Maximum [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Business combination, measurement period | 1 year | ||||||
Maximum [Member] | Capitalized Software Development Costs [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 5 years | ||||||
Minimum [Member] | Capitalized Software Development Costs [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful life | 2 years | ||||||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Common stock conversion price | $ / shares | $ 94.77 | ||||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||||
Principal amount of long term debt | $ 19,382,000 | $ 125,839,000 | |||||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Subsequent Event [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Principal amount of long term debt | $ 0 | ||||||
0.375% Convertible Senior Notes Due 2025 [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Common stock conversion price | $ / shares | $ 282.52 | $ 282.52 | |||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||||
Principal amount of long term debt | $ 900,000 | ||||||
0.375% Convertible Senior Notes Due 2025 [Member] | Maximum [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||||
0.375% Convertible Senior Notes Due 2025 [Member] | Subsequent Event [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Principal amount of long term debt | 0 | ||||||
0.25% Convertible Senior Notes Due 2022 [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Common stock conversion price | $ / shares | $ 94.77 | ||||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||||
Principal amount of long term debt | $ 106,500,000 | $ 1,000,000,000 | |||||
0.25% Convertible Senior Notes Due 2022 [Member] | Maximum [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Common stock conversion price | $ / shares | $ 115.83 | ||||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||||
0.25% Convertible Senior Notes Due 2022 [Member] | Minimum [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Common stock conversion price | $ / shares | $ 94.77 | ||||||
0.25% Convertible Senior Notes Due 2022 [Member] | Subsequent Event [Member] | |||||||
Schedule Of Accounting Policies [Line Items] | |||||||
Principal amount of long term debt | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Basic And Diluted [Abstract] | |||
Net loss | $ (77,837) | $ (85,031) | $ (53,746) |
Weighted-average common shares outstanding - basic | 46,891 | 44,757 | 42,025 |
Weighted-average common shares outstanding - diluted | 46,891 | 44,757 | 42,025 |
Net loss per common share, basic and diluted | $ (1.66) | $ (1.90) | $ (1.28) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options to Purchase Common Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 584 | 1,020 | 1,489 |
Conversion Option of the 2022 Notes and Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 1,326 | 1,873 | 3,104 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 1,239 | 1,561 | 1,207 |
Conversion Option of the 2025 Notes [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 1,020 | 318 | |
ESPP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 13 | 21 | 2 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Roll Forward of Company's Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Allowance for doubtful accounts, Beginning Balance | $ 1,993 | $ 1,584 | $ 1,317 |
Allowance for doubtful accounts, Charged to Statement of Operations | 6,144 | 8,501 | 7,895 |
Allowance for doubtful accounts, Deductions | (6,369) | (8,092) | (7,628) |
Allowance for doubtful accounts, Ending Balance | $ 1,768 | $ 1,993 | $ 1,584 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 377,013 | $ 378,123 |
Restricted cash, included in other assets | $ 3,029 | $ 3,029 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Total cash, cash equivalents, and restricted cash | $ 380,042 | $ 381,152 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Related Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 2 years |
Employee Related Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 3 years |
Computer Equipment and Purchased Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 5 years |
Internal Use Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Life, Description | Lesser of lease term or useful life |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary of Capitalized Software Development Costs, Exclusive of those Costs Recorded within Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Capitalized Computer Software Net [Abstract] | ||
Gross capitalized software development costs | $ 122,592 | $ 85,630 |
Accumulated amortization | (82,734) | (60,687) |
Capitalized software development costs, net | $ 39,858 | $ 24,943 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Additions in deferred revenue | $ 118,400 | ||
Additional Invoicing | 1,400,000 | ||
Total revenues | 1,300,658 | $ 883,026 | $ 674,860 |
Deferred revenue, revenue recognized | 312,200 | ||
Revenue remaining performance obligation, contracts exceeds one year | $ 376,600 | ||
Revenue remaining performance obligation contract period | 1 year | ||
Revenue remaining performance obligation percentage recognized | 93.00% | ||
Short-term deferred revenue | $ 430,414 | 312,866 | |
Increase (decrease) in deferred commission expense | 29,700 | ||
Incremental costs of deferred sales commission expense | 96,500 | ||
Amortization of deferred commission expense | $ 66,800 | ||
Minimum [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Amortization period of deferred commissions | 1 year | ||
Maximum [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Amortization period of deferred commissions | 3 years | ||
Accrued Expenses and Other Current Liabilities [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Short-term deferred revenue | $ 2,500 | $ 1,700 |
Revenues - Additional Informa_2
Revenues - Additional Information1 (Detail) | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue remaining performance obligations recognition period | 24 months |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease expense costs | $ 47,500 | $ 44,600 | $ 32,200 |
Gain on termination of lease | 4,276 | ||
Loss on disposal of fixed assets | (6,468) | ||
Net loss on disposal of fixed assets and gain on terminal of leases | 2,200 | ||
Cash payments for operating lease liabilities | 49,500 | $ 48,800 | $ 28,800 |
Cambridge, Massachusetts [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Gain on termination of lease | 4,300 | ||
Loss on disposal of fixed assets | $ 6,500 |
Leases - Schedule of Operating
Leases - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating sublease income | $ 4,954 | $ 5,000 | $ 2,498 |
Leases - Summary of Reconciliat
Leases - Summary of Reconciliation between Non-cancelable Lease Commitments and Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
Lease commitments (Note 11) | $ 385,997 |
Less: Present value discount | 75,760 |
Total lease liabilities | $ 310,237 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Terms and Weighted Average Discount Rate for Operating and Finance Leases (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Weighted-average remaining lease term: | 9 years 7 months 6 days |
Weighted-average discount rate: | 4.50% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 995,857 | $ 903,770 |
Fair value of financial assets | 1,127,918 | 1,079,284 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 125,940 | 172,485 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 1,001,978 | 906,799 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 125,940 | 172,485 |
Fair value of restricted cash | 3,029 | 3,029 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 125,940 | 172,485 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of restricted cash | 3,029 | 3,029 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 28,337 | 12,233 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 28,337 | 12,233 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 249,846 | 116,371 |
Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 249,846 | 116,371 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 22,466 | |
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 22,466 | |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 698,300 | 774,772 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 698,300 | 774,772 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 394 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 394 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Other assets | $ 29,244,000 | $ 13,893,000 | $ 29,244,000 | ||
Debt securities, available-for-sale, realized gain | 11,700,000 | ||||
Impairment charges | $ 0 | 0 | 0 | $ 0 | |
Strategic Investments [Member] | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Other assets | 17,800,000 | 6,700,000 | 17,800,000 | ||
Impairment charges | $ 250,000 | ||||
2022 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Fair value of notes | 135,000 | 135,000 | |||
2025 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Fair value of notes | $ 1,100,000,000 | $ 1,100,000,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 996,638 | $ 903,277 |
Unrealized Gains | 11 | 532 |
Unrealized Losses | (792) | (39) |
Aggregate Fair Value | 995,857 | 903,770 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,245 | 12,233 |
Aggregate Fair Value | 25,245 | 12,233 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 250,443 | 115,983 |
Unrealized Gains | 9 | 427 |
Unrealized Losses | (606) | (39) |
Aggregate Fair Value | 249,846 | 116,371 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,504 | |
Unrealized Losses | (38) | |
Aggregate Fair Value | 22,466 | |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 698,446 | 774,667 |
Unrealized Gains | 2 | 105 |
Unrealized Losses | (148) | 0 |
Aggregate Fair Value | $ 698,300 | 774,772 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 394 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | $ 394 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Contractual Maturities of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Amortized Cost Basis, Due within one year | $ 821,101 | $ 872,637 |
Amortized Cost Basis, Due after 1 year and within 2 years | 175,537 | 30,640 |
Amortized Cost | 996,638 | 903,277 |
Aggregate Fair Value, Due within one year | 820,962 | 873,073 |
Aggregate Fair Value, Due after 1 year and within 2 years | 174,895 | 30,697 |
Aggregate Fair Value, Total | $ 995,857 | $ 903,770 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 182,761 | $ 168,526 |
Less accumulated depreciation | (86,627) | (67,403) |
Property and equipment, net | 96,134 | 101,123 |
Computer Equipment and Purchased Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 15,524 | 15,128 |
Employee Related Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 32,230 | 20,802 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 20,180 | 20,204 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 90,070 | 89,850 |
Internal Use Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 20,616 | 12,528 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,141 | $ 10,014 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 23.9 | $ 20.6 | $ 15 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized asset retirement costs | $ 4.1 | $ 4.4 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning balance | $ 4,884 | $ 3,533 |
Additions | 72 | 750 |
Accretion | 267 | 236 |
Updates to estimated cash flows | (323) | 365 |
Ending balance | $ 4,900 | $ 4,884 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 09, 2021 | Oct. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Cash purchase price for the acquisition, net of cash acquired | $ 16,810 | $ 23,314 | |||
Income tax benefit | $ 4,019 | $ 4,216 | $ 2,973 | ||
PieSync [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition effective date | Oct. 31, 2019 | ||||
Business acquisition, description of acquired entity | On October 31, 2019, the Company acquired 100% of the equity interests of PieSync, a Belgian-based technology company that operates an integration platform as a service (“iPaaS”) solution which continuously syncs customer data bi-directionally across various software applications. | ||||
Percentage of equity interests acquired | 100.00% | ||||
Cash purchase price for the acquisition, net of cash acquired | $ 23,300 | ||||
Payments to acquire businesses, working capital settlement | 300 | ||||
Business combination, potential consideration not included in purchase price allocation | 2,700 | ||||
Business combination developed technology and fair value of developed technology | 9,800 | ||||
Net deferred tax liability | 1,324 | ||||
PieSync [Member] | Developed Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination developed technology and fair value of developed technology | 9,800 | ||||
PieSync [Member] | Acquired Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life | 7 years | ||||
PieSync [Member] | General and Administrative Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
Transaction cost | $ 527 | ||||
PieSync [Member] | Operating Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination consideration earned | $ 1,100 | $ 1,600 | |||
Hustle Con Media Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition effective date | Feb. 9, 2021 | ||||
Business acquisition, description of acquired entity | On February 9, 2021, the Company acquired 100% of the equity interests of Hustle Con Media, Inc. (the “Hustle”), a media company that produces a newsletter, podcast, and premium research content for innovative professionals. | ||||
Percentage of equity interests acquired | 100.00% | ||||
Cash purchase price for the acquisition, net of cash acquired | $ 17,200 | ||||
Payments to acquire businesses, working capital adjustment | 400 | ||||
Business combination developed technology and fair value of developed technology | 2,400 | ||||
Net deferred tax liability | 1,042 | ||||
Income tax benefit | $ 1,000 | ||||
Hustle Con Media Inc [Member] | Customer Relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life | 7 years |
Business Acquisitions - Summary
Business Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 09, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 47,075 | $ 31,318 | $ 30,250 | ||
Hustle Con Media Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 3,089 | ||||
Accounts receivable | 1,153 | ||||
Other current and noncurrent assets | 835 | ||||
Current backlog asset | 677 | ||||
Customer relationships | 2,400 | ||||
Goodwill | 16,987 | ||||
Accounts payable, accrued expenses, and other liabilities | (2,975) | ||||
Deferred revenue | (825) | ||||
Deferred tax liability | (1,042) | ||||
Total purchase price | $ 20,299 | ||||
PieSync [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 646 | ||||
Accounts receivable | 133 | ||||
Other current and noncurrent assets | 218 | ||||
Acquired developed technology | 9,800 | ||||
Other intangible assets | 70 | ||||
Goodwill | 15,219 | ||||
Accounts payable, accrued expenses, and other liabilities | (731) | ||||
Deferred revenue | (210) | ||||
Deferred tax liability | (1,324) | ||||
Total purchase price | $ 23,821 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (9,474) | $ (8,171) |
Intangible assets, net | 10,565 | 10,282 |
Acquired Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 17,569 | 18,383 |
Intangible assets, Weighted average remaining useful life | 32 months | |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 2,450 | 50 |
Intangible assets, Weighted average remaining useful life | 36 months | |
Trade Name [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 20 | $ 20 |
Intangible assets, Weighted average remaining useful life | 2 months |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1.3 | $ 2.6 | $ 3.2 |
Acquired Technology [Member] | Minimum [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Estimated useful life | 2 years | ||
Acquired Technology [Member] | Maximum [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Estimated useful life | 7 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Estimated useful life | 4 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Estimated useful life | 7 years |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Estimated Future Amortization Expense for Intangible Assets (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2022 | $ 1,644 |
2023 | 2,048 |
2024 | 2,331 |
2025 | 2,309 |
2026 | 1,890 |
Thereafter | 343 |
Total | $ 10,565 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Changes in Carrying Amounts of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 31,318 | $ 30,250 |
The Hustle acquisition | 16,987 | |
Effect of foreign currency translation | (1,230) | 1,431 |
Measurement period adjustments | (363) | |
Ending balance | $ 47,075 | $ 31,318 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2020USD ($)$ / sharesshares | May 31, 2017USD ($)$ / shares | Dec. 31, 2021USD ($)d$ / sharesshares | Dec. 31, 2020USD ($) | Feb. 11, 2022USD ($) | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of notes | $ 450,123,000 | ||||
Loss on early extinguishment of debt | $ (4,892,000) | (10,507,000) | |||
0.375% Convertible Senior Notes Due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 900,000 | ||||
Debt instrument, interest rate, stated percentage | 0.375% | ||||
Debt instrument, maturity date | Jun. 1, 2025 | ||||
Debt instrument, payment terms | The interest rate is fixed at 0.375% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. | ||||
Proceeds from issuance of notes | $ 450,100,000 | ||||
Principal amount of each convertible note | $ 1,000,000,000 | ||||
Debt instrument, conversion ratio | 3.5396 | ||||
Debt instrument, conversion price per share | $ / shares | $ 282.52 | $ 282.52 | |||
Principal amount settlement, Description | The Company expects to settle the principal amount of the 2025 Notes in cash. | ||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||
Carrying amount of equity component | $ 98,700,000 | ||||
Debt instrument, effective interest rate | 5.71% | ||||
Debt issuance costs | $ 9,900,000 | ||||
Long-term debt, current | $ 700,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 0 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Capped Call Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Cost of purchased capped call options | $ 50,600,000 | ||||
Derivative, price risk option strike price | $ / shares | $ 282.52 | ||||
Derivative, cap price | $ / shares | $ 426.44 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Liability Component [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 7,800,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Equity Component [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 2,100,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Maximum [Member] | Capped Call Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock shares covered under capped call transactions | shares | 1,600,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Private Offering [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 400,000,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Over-Allotment Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | 60,000,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 1,000,000,000 | $ 106,500,000 | |||
Debt instrument, interest rate, stated percentage | 0.25% | ||||
Debt instrument, maturity date | Jun. 1, 2022 | ||||
Debt instrument, payment terms | The interest rate is fixed at 0.25% per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. | ||||
Proceeds from issuance of notes | $ 389,200,000 | ||||
Debt instrument, conversion ratio | 10.5519 | ||||
Debt instrument, conversion price per share | $ / shares | $ 94.77 | ||||
Principal amount settlement, Description | The Company expects to settle the principal amount of the 2022 Notes in cash. | ||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||
Debt instrument convertible, principal amount | $ 364,800,000 | ||||
Debt instrument, effective interest rate | 4.90% | ||||
Notes hedges expected to settle description | The Convertible Note Hedges will be settled in cash or shares, or any combination thereof, in accordance with the settlement method of the 2022 Notes in excess of the par amount, and are expected to settle concurrently with the conversion of the 2022 Notes. | ||||
Number of common shares to be repurchased under convertible note hedge transactions with certain counterparties | shares | 4,200,000 | ||||
Hedging option strike price per common stock | $ / shares | $ 94.77 | ||||
Cost of convertible note hedge transactions | $ 78,900,000 | ||||
Warrants expected to settle, description | The Warrants are expected to settle three business days from each trading day commencing on September 1, 2022 and ending on the 79th trading day thereafter. | ||||
Settlement period of warrants excess price over strike price | 3 days | ||||
Warrants expected to settle, commencement date | Sep. 1, 2022 | ||||
Sales of warrants | $ 58,900,000 | ||||
Proceeds From Debt Net Of Issuance Costs | 200,000 | ||||
Convertible notes hedge and warrant transactions cost net | 20,000,000 | ||||
Repurchase of aggregate principal amount | $ 272,100,000 | ||||
Debt instrument, aggregate purchase price | 283,000,000 | ||||
Debt instrument, aggregate consideration | 613,500,000 | ||||
Fair value of debt component of repurchases | $ 248,700,000 | ||||
Loss on early extinguishment of debt | 4,900,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Common Stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 106,500,000 | ||||
Warrants holders option to purchase number of shares of company’s common stock | shares | 4,200,000 | ||||
Warrants exercise price per share | $ / shares | $ 115.8 | ||||
Debt instrument convertible to common stock | shares | 1,600,000 | ||||
Debt instrument convertible to common stock, value per share | $ / shares | $ 207.17 | ||||
Debt instrument convertible to common stock for cash consideration | shares | 900,000 | ||||
Debt Instrument Convertible to Common Stock for Cash Payment | $ 9,000,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | 0 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, conversion price per share | $ / shares | $ 115.83 | ||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, conversion price per share | $ / shares | $ 94.77 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Private Offering [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 350,000,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Over-Allotment Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 50,000,000 | ||||
2022 Notes Partial Repurchase [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt discount | $ 238,200,000 | ||||
Unamortized issuance costs | 238,200,000 | ||||
Loss on early extinguishment of debt | 10,500,000 | ||||
Adjustments to additional paid in capital, equity component of convertible debt | 364,800,000 | ||||
2022 Notes Convertible Note Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of notes | $ 34,900,000 | ||||
2022 Notes Convertible Note Hedges [Member] | Common Stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument convertible to common stock | shares | 200,000 | ||||
Debt instrument convertible to common stock for cash consideration | shares | 2,900,000 | ||||
Debt instrument cash consideration for conversion | $ 362,500,000 | ||||
2022 Notes Convertible Note Hedges [Member] | Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument convertible to common stock | shares | 1,300,000 | ||||
Debt instrument convertible to common stock for cash consideration | shares | 2,900,000 | ||||
Debt instrument cash consideration for conversion | $ 327,600,000 | ||||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 19,382,000 | 125,839,000 | |||
Debt instrument, conversion price per share | $ / shares | $ 94.77 | ||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||
Unamortized debt discount | $ 477,000 | 10,397,000 | |||
Unamortized issuance costs | $ 35,000 | 777,000 | |||
Adjustments to additional paid in capital, equity component of convertible debt | 613,000 | ||||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Common Stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Adjustments to additional paid in capital, equity component of convertible debt | $ 2,000 | ||||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 0 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Net carrying amount | $ 383,101 | $ 471,099 |
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 459,999 | 460,000 |
Unamortized debt discount | (70,594) | (88,756) |
Unamortized issuance costs | (5,544) | (6,973) |
Net carrying amount | 383,861 | 364,271 |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 19,382 | 125,839 |
Unamortized debt discount | (477) | (10,397) |
Unamortized issuance costs | (35) | (777) |
Net carrying amount | $ 18,870 | $ 114,665 |
Convertible Senior Notes - Sc_2
Convertible Senior Notes - Schedule of Net Carrying Amount of Equity Component (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
0.375% Convertible Senior Notes Due 2025 as Equity Component [Member] | ||
Debt Instrument [Line Items] | ||
Debt discount for conversion option | $ 98,730 | $ 98,730 |
Issuance costs | (2,120) | (2,120) |
Net carrying amount | 96,610 | 96,610 |
0.25%Convertible Senior Notes Due 2022 as Equity Component [Member] | ||
Debt Instrument [Line Items] | ||
Debt discount for conversion option | 5,136 | 33,349 |
Issuance costs | (138) | (898) |
Net carrying amount | $ 4,998 | $ 32,451 |
Convertible Senior Notes - Sc_3
Convertible Senior Notes - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
0.375% Convertible Senior Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | $ 1,725 | $ 987 | |
Amortization of debt discount | 18,171 | 9,974 | |
Amortization of issuance costs | 1,428 | 784 | |
Total interest expense | 21,324 | 11,745 | |
0.25% Convertible Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 154 | 614 | $ 1,000 |
Amortization of debt discount | 3,636 | 13,150 | 20,277 |
Amortization of issuance costs | 272 | 982 | 1,513 |
Total interest expense | $ 4,062 | $ 14,746 | $ 22,790 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Number of operating segment | 1 | ||
Revenue [Member] | Outside Of United States [Member] | Geographic Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 46.00% | 43.00% | 40.00% |
Segment Information and Geogr_4
Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,300,658 | $ 883,026 | $ 674,860 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 797,986 | 568,365 | 456,568 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 390,379 | 243,811 | 168,452 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 112,293 | $ 70,850 | $ 49,840 |
Revenue [Member] | Outside Of Americas [Member] | Geographic Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of revenues generated outside of the Americas | 39.00% | 36.00% | 32.00% |
Segment Information and Geogr_5
Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 376,962 | $ 377,016 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 226,848 | 206,789 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 139,846 | 159,338 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 10,268 | $ 10,889 |
Outside Of Americas [Member] | Assets Total [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets held outside of the Americas | 40.00% | 45.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jan. 31, 2022 | |
Commitments and Contingencies [Line Items] | ||
Increase in future lease commitments | $ 83.3 | |
Lessee operating lease commitments not yet commenced | 2.4 | |
Extended lease terms | 5 years | |
Incremental rent over lease term | $ 3.4 | |
Minimum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Operating lease commitments, lease terms | 2 years | |
Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Operating lease commitments, lease terms | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Operating, 2022 | $ 45,156 |
Operating, 2023 | 43,908 |
Operating, 2024 | 41,465 |
Operating, 2025 | 41,451 |
Operating, 2026 | 41,368 |
Operating, Thereafter | 172,649 |
Lease commitments (Note 11) | $ 385,997 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments Under Vendor Commitments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Product Related Obligations [Member] | |
Long Term Purchase Commitment [Line Items] | |
Vendor Commitments, 2022 | $ 140,219 |
Vendor Commitments, 2023 | 155,520 |
Vendor Commitments, 2024 | 176,093 |
Vendor Commitments, 2025 | 196,123 |
Vendor Commitments, 2026 | 220,000 |
Vendor Commitments, Thereafter | 187,500 |
Vendor Commitments, Total | 1,075,455 |
INBOUND Event Obligations [Member] | |
Long Term Purchase Commitment [Line Items] | |
Vendor Commitments, 2022 | 1,507 |
Vendor Commitments, 2023 | 973 |
Vendor Commitments, 2024 | 4 |
Vendor Commitments, 2025 | 4 |
Vendor Commitments, Total | $ 2,488 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Commitments to contribute additional capital | $ 9,400 | ||
Carrying amount of investment | 2,700 | ||
Net loss | (77,837) | $ (85,031) | $ (53,746) |
Black Economic Development Fund [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment | $ 3,100 | ||
Percentage of ownership interest and income share | 5.00% |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | $ 762,655 | $ 649,958 |
Other comprehensive (loss) income before reclassifications | (5,942) | 4,939 |
Ending Balance, Amount | 873,799 | 762,655 |
Cumulative Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | 4,180 | (610) |
Other comprehensive (loss) income before reclassifications | (4,712) | 4,790 |
Ending Balance, Amount | (532) | 4,180 |
Unrealized Gain (Loss) on Investments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | 423 | 274 |
Other comprehensive (loss) income before reclassifications | (1,230) | 149 |
Ending Balance, Amount | (807) | 423 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | 4,603 | (336) |
Ending Balance, Amount | $ (1,339) | $ 4,603 |
Stockholders' Equity and Stoc_3
Stockholders' Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 25, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Common stock authorized | 500,000,000 | 500,000,000 | ||
Number of Shares outstanding | 584,000 | 1,020,000 | ||
Unrecognized compensation costs | $ 14.7 | |||
Unrecognized compensation costs, weighted average period | 3 years | |||
Percentage of discount allowed to employee to purchase common stock | 15.00% | |||
Number of shares authorizes for issuance | 1,823,000 | 2,581,000 | ||
ESPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of shares authorizes for issuance | 2,389,445,000 | |||
Software Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Capitalized software development costs excluded from stock based compensation | $ 6 | $ 3.6 | $ 2.4 | |
RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Shares outstanding | 1,239,000 | 1,561,000 | ||
Percentage of service condition met | 25.00% | |||
Service agreement period description | The service condition is a time-based condition met over a period of four years, with 25% met after one year, and then in equal monthly or quarterly installments over the succeeding three years, or over a period of four years, with equal quarterly installments over those four years. | |||
The total stock-based compensation expense expected to be recorded | $ 351 | |||
Weighted average period of RSU | 2 years 10 months 24 days | |||
Number of RSUs expected to vest | 1,200,000 | |||
Aggregate intrinsic value of RSUs expected to vest | $ 816 | |||
Total fair value of RSUs vested | $ 134.5 | $ 101.2 | $ 85.2 | |
Number of shares authorizes for issuance | 1,239,000 | 1,561,000 | ||
Common Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Weighted-average grant date fair value of options granted | $ 221.86 | $ 70.98 | $ 69.44 | |
Number of shares authorizes for issuance | 584,000 | 1,020,000 | ||
Maximum [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Period of service condition met | 4 years | |||
Minimum [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Period of service condition met | 1 year | |||
2007 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of shares available for issuance | 0 | |||
2007 Equity Incentive Plan [Member] | Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of Shares outstanding | 165,000 | |||
2007 Equity Incentive Plan [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of Shares outstanding | 0 | |||
2007 Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of years fixed for each option | 10 years | |||
2014 Stock Option and Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Percentage of common stock outstanding | 5.00% | |||
2014 Stock Option and Incentive Plan [Member] | Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of shares available for issuance | 1,973,551 | |||
Number of Shares outstanding | 419,000 | |||
2014 Stock Option and Incentive Plan [Member] | RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Shares outstanding | 1,200,000 | |||
2014 Stock Option and Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Number of years fixed for each option | 10 years |
Stockholders' Equity and Stoc_4
Stockholders' Equity and Stock-Based Compensation - Summary of Number of Shares of Common Stock Reserved (Detail) - shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for the potential conversion | 1,823 | 2,581 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for the potential conversion | 1,239 | 1,561 |
Common Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for the potential conversion | 584 | 1,020 |
Stockholders' Equity and Stoc_5
Stockholders' Equity and Stock-Based Compensation - Schedule of Stock Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 166,761 | $ 121,488 | $ 97,754 |
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 9,123 | 6,850 | 4,866 |
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 6,253 | 6,377 | 5,078 |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 151,385 | $ 108,261 | $ 87,810 |
Stockholders' Equity and Stoc_6
Stockholders' Equity and Stock-Based Compensation - Effect of Stock-Based Compensation on Income by Line Item (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 166,761 | $ 121,488 | $ 97,754 |
Cost of Revenue, Subscription [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 6,297 | 4,408 | 3,127 |
Cost of Revenue, Service [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 3,092 | 2,536 | 2,829 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 61,614 | 39,366 | 33,748 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 67,413 | 50,552 | 36,599 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 28,345 | $ 24,626 | $ 21,451 |
Stockholders' Equity and Stoc_7
Stockholders' Equity and Stock-Based Compensation - Schedule of Assumptions Used for Estimation of Fair Value of Options Granted to Employees (Detail) - Common Stock Options [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (%) | 0.53% | 0.47% | 1.95% |
Expected term (years) | 5 years 2 months 12 days | 5 years 6 months | 5 years 6 months |
Volatility (%) | 42.97% | 38.15% | 39.46% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (%) | 1.36% | 1.66% | 2.55% |
Expected term (years) | 6 years 4 months 24 days | 6 years 2 months 26 days | 6 years 7 days |
Volatility (%) | 44.70% | 40.63% | 41.41% |
Stockholders' Equity and Stoc_8
Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Beginning balance | 1,020 | |
Number of Shares, Granted | 63 | |
Number of Shares, Exercised | (457) | |
Number of Shares, Forfeited/Expired | (42) | |
Number of Shares, Ending balance | 584 | 1,020 |
Number of Shares, Vested and expected to vest | 584 | |
Number of Shares, Exercisable | 458 | |
Weighted Average Exercise Price, Beginning balance | $ 57.98 | |
Weighted Average Exercise Price, Granted | 480.08 | |
Weighted Average Exercise Price, Exercised | 35.57 | |
Weighted Average Exercise Price, Forfeited/ Expired | 174.03 | |
Weighted Average Exercise Price , Ending balance | 112.82 | $ 57.98 |
Weighted Average Exercise Price, Vested and expected to vest | 112.82 | |
Weighted Average Exercise Price, Exercisable | $ 60.17 | |
Weighted Average Remaining Life, Outstanding | 4 years 8 months 12 days | 4 years 4 months 24 days |
Weighted Average Remaining Life, Options vested or expected to vest | 4 years 8 months 12 days | |
Weighted Average Remaining Life, Options exercisable | 3 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 320,882 | $ 345,144 |
Aggregate Intrinsic Value, Options vested or expected to vest | 320,882 | |
Aggregate Intrinsic Value, Options exercisable | $ 274,155 |
Stockholders' Equity and Stoc_9
Stockholders' Equity and Stock-Based Compensation - Summary of Activity Related to RSUs (Detail) - RSUs [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Shares, Beginning balance | shares | 1,561 |
Shares, Granted | shares | 632 |
Shares, Vested | shares | (773) |
Shares, Canceled | shares | (181) |
Restricted shares, Ending balance | shares | 1,239 |
Weighted average grant date fair value, Beginning balance | $ / shares | $ 153.91 |
Weighted- Average Grant Date Fair Value, Granted | $ / shares | 513.94 |
Weighted- Average Grant Date Fair Value, Vested | $ / shares | 174.01 |
Weighted- Average Grant Date Fair, Canceled | $ / shares | 206.81 |
Weighted average grant date fair value, Ending balance | $ / shares | $ 317.48 |
Stockholders' Equity and Sto_10
Stockholders' Equity and Stock-Based Compensation - Schedule of Assumptions Used for Estimation of Fair Value of Employee Options (Detail) - ESPP [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (%) | 2.56% | ||
Expected term (years) | 6 months | 6 months | 6 months |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (%) | 0.04% | 0.14% | |
Volatility (%) | 42.73% | 34.75% | 41.32% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate (%) | 0.10% | 1.60% | |
Volatility (%) | 45.67% | 67.22% | 45.07% |
Stockholders' Equity and Sto_11
Stockholders' Equity and Stock-Based Compensation - Summary of Activity Related to Employee Stock Purchase Plan (Detail) - ESPP [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Issued | 77 | 132 | 116 |
Weighted- Average Purchase Price | $ 372.50 | $ 149.23 | $ 123.69 |
Total Cash Proceeds | $ 28,667 | $ 19,653 | $ 14,383 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (89,000) | $ (96,555) | $ (63,200) |
Foreign | 15,182 | 15,740 | 12,427 |
Loss before income tax expense | $ (73,818) | $ (80,815) | $ (50,773) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Provision) Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax provision | |||
Federal | $ (709) | $ (406) | $ (238) |
State | (570) | (487) | (241) |
Foreign | (5,609) | (5,508) | (3,293) |
Total current income tax provision | (6,888) | (6,401) | (3,772) |
Deferred income tax benefit (expense) | |||
Federal | 989 | (116) | 160 |
Foreign | 1,880 | 2,301 | 639 |
Total deferred income tax benefit | 2,869 | 2,185 | 799 |
Total income tax provision | $ (4,019) | $ (4,216) | $ (2,973) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Income Taxes [Line Items] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Increase in valuation allowance | $ 119,300,000 | $ 47,000,000 | $ 47,300,000 |
Valuation allowance changes, description | The Company does not expect any significant changes in its valuation allowance positions within the next 12 months. | ||
Federal net operating loss carryforwards | $ 1,200,000,000 | 760,000,000 | |
State net operating loss carryforward | 737,800,000 | 507,700,000 | |
International net operating loss carryforwards | 8,000,000 | 8,000,000 | |
Research and development tax credits, net of UTP | $ 62,710,000 | 46,729,000 | |
Minimum percentage chances of tax benefit to be realized on examination | 50.00% | ||
Unrecognized tax benefits affect the Company's effective tax rate | $ 0 | ||
Interest or penalties recorded | $ 0 | ||
Expected significant change in unrecognized tax benefits, description | The Company does not expect any significant change in its unrecognized tax benefits within the next 12 months. | ||
Federal [Member] | |||
Reconciliation Of Income Taxes [Line Items] | |||
Net operating loss, carryforwards, period | 20 years | ||
Net operating loss carryforwards, begin to expiration year | 2027 | ||
Interest expense carryforward | $ 39,900,000 | $ 35,200,000 | |
Research and development tax credits, net of UTP | $ 44,800,000 | ||
Research and development tax credit carryforwards, begin to expiration year | 2027 | ||
State [Member] | |||
Reconciliation Of Income Taxes [Line Items] | |||
Net operating loss carryforwards, begin to expiration year | 2023 | ||
Research and development tax credits, net of UTP | $ 17,900,000 | ||
Research and development tax credit carryforwards, begin to expiration year | 2022 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Differences Between Income Taxes Computed at the Federal Statutory Rate and the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Expected income tax benefit at the federal statutory rate | $ 15,459 | $ 16,899 | $ 10,665 |
State taxes net of federal benefit | 13,975 | 4,618 | 3,700 |
Stock-based compensation | 79,800 | 25,196 | 16,055 |
Executive compensation limitation | (9,000) | (3,004) | (7,244) |
Difference in foreign tax rates | 486 | 830 | 693 |
U.S. tax credits | 15,995 | 11,529 | 24,170 |
GILTI inclusion | (1,645) | ||
Meals and entertainment | (450) | (478) | (1,208) |
Acquisition | 1,033 | ||
Foreign withholding taxes | (1,006) | (536) | (375) |
Change in valuation allowance | (119,843) | (62,182) | (47,523) |
Other | (468) | 2,912 | (261) |
Total income tax provision | $ (4,019) | $ (4,216) | $ (2,973) |
Income Taxes - Components of th
Income Taxes - Components of the Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 295,430 | $ 190,555 |
Research and investment credits | 62,710 | 46,729 |
Accruals and reserves | 17,508 | 15,278 |
Depreciation | 2,532 | 2,223 |
Intangible assets | 164 | |
Stock-based compensation | 9,622 | 7,354 |
Interest expense | 9,705 | 8,650 |
Total deferred tax assets | 397,507 | 270,953 |
Deferred tax liabilities: | ||
Intangible assets | (2,474) | (2,546) |
Convertible debt | (16,911) | (21,873) |
Capitalized costs | (27,665) | (17,009) |
Depreciation | (234) | (231) |
Total deferred tax liabilities | (47,284) | (41,659) |
Valuation allowance | (346,381) | (227,062) |
Net deferred tax assets | $ 3,842 | $ 2,232 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized benefit - beginning of the year | $ 8,448 | $ 5,445 | $ 3,925 |
Gross increases-current period positions | 4,375 | 3,003 | 2,387 |
Gross decrease—prior period positions | (867) | ||
Unrecognized benefit - end of period | $ 12,823 | $ 8,448 | $ 5,445 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |||
Employer contribution to defined contribution savings plan | $ 8.2 | $ 5.9 | $ 4.8 |