Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HUBS | |
Entity Registrant Name | HubSpot, Inc. | |
Entity Central Index Key | 0001404655 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NYSE | |
Entity File Number | 001-36680 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2632791 | |
Entity Address, Address Line One | 25 First Street | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02141 | |
City Area Code | 888 | |
Local Phone Number | 482-7768 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 47,769,055 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 408,433 | $ 377,013 |
Short-term investments | 826,449 | 820,962 |
Accounts receivable - net of allowance for doubtful accounts of $1,836 and $1,768 at March 31, 2022 and December 31, 2021, respectively | 152,729 | 157,362 |
Deferred commission expense | 63,210 | 59,849 |
Prepaid expenses and other current assets | 40,260 | 38,388 |
Total current assets | 1,491,081 | 1,453,574 |
Long-term investments | 195,045 | 174,895 |
Property and equipment, net | 102,751 | 96,134 |
Capitalized software development costs, net | 44,020 | 39,858 |
Right-of-use assets | 276,548 | 280,828 |
Deferred commission expense, net of current portion | 47,181 | 42,681 |
Other assets | 39,918 | 29,244 |
Intangible assets, net | 9,988 | 10,565 |
Goodwill | 46,770 | 47,075 |
Total assets | 2,253,302 | 2,174,854 |
Current liabilities: | ||
Accounts payable | 8,321 | 2,773 |
Accrued compensation costs | 60,595 | 63,836 |
Accrued expenses and other current liabilities | 84,825 | 74,457 |
Convertible senior notes | 19,367 | 19,630 |
Operating lease liabilities | 30,947 | 26,364 |
Deferred revenue | 457,916 | 430,414 |
Total current liabilities | 661,971 | 617,474 |
Operating lease liabilities, net of current portion | 278,056 | 283,873 |
Deferred revenue, net of current portion | 4,700 | 4,473 |
Other long-term liabilities | 21,992 | 12,134 |
Convertible senior notes, net of current portion | 452,747 | 383,101 |
Total liabilities | 1,419,466 | 1,301,055 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Common stock | 48 | 47 |
Additional paid-in capital | 1,378,457 | 1,436,089 |
Accumulated other comprehensive loss | (5,696) | (1,339) |
Accumulated deficit | (538,973) | (560,998) |
Total stockholders’ equity | 833,836 | 873,799 |
Total liabilities and stockholders’ equity | $ 2,253,302 | $ 2,174,854 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 1,836 | $ 1,768 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Total revenue | $ 395,599 | $ 281,365 |
Cost of revenues: | ||
Total cost of revenues | 72,936 | 54,734 |
Gross profit | 322,663 | 226,631 |
Operating expenses: | ||
Research and development | 92,736 | 68,396 |
Sales and marketing | 197,134 | 141,017 |
General and administrative | 43,947 | 32,250 |
Total operating expenses | 333,817 | 241,663 |
Loss from operations | (11,154) | (15,032) |
Other expense: | ||
Interest income | 515 | 475 |
Interest expense | (950) | (9,399) |
Other income | 3,692 | 660 |
Total other income (expense) | 3,257 | (8,264) |
Loss before income tax expense | (7,897) | (23,296) |
Income tax (expense) benefit | (1,444) | 137 |
Net loss | $ (9,341) | $ (23,159) |
Net loss per share, basic and diluted | $ (0.20) | $ (0.50) |
Weighted average common shares used in computing basic and diluted net loss per share: | 47,577 | 46,428 |
Subscription [Member] | ||
Revenues: | ||
Total revenue | $ 384,956 | $ 270,263 |
Cost of revenues: | ||
Total cost of revenues | 59,384 | 43,853 |
Professional Services and Other [Member] | ||
Revenues: | ||
Total revenue | 10,643 | 11,102 |
Cost of revenues: | ||
Total cost of revenues | $ 13,552 | $ 10,881 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (9,341) | $ (23,159) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (356) | (2,489) |
change in unrealized loss on investments ,net of income taxes of $0 for the three months ended march 31,2022 and ($36) for the three months ended march 31,2021 | (4,001) | (240) |
Comprehensive loss | $ (13,698) | $ (25,888) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in unrealized (loss) gain on investments, income taxes | $ 0 | $ 36 |
Unaudited Consolidated Statem_4
Unaudited 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, 2020 | $ 762,655 | $ 46 | $ 1,241,167 | $ 4,603 | $ (483,161) | ||||||
Beginning Balance, Shares at Dec. 31, 2020 | 46,115 | 12 | |||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 6,583 | $ 1 | 6,582 | ||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 482 | ||||||||||
Stock-based compensation | 32,947 | 32,947 | |||||||||
Equity component of the 2022 Notes conversions | $ (2,307) | $ (2,307) | |||||||||
Equity component of the 2022 Notes conversions, Shares | 363 | ||||||||||
Settlement of Convertible Note Hedges | 724 | 724 | |||||||||
Settlement of Convertible Note Hedges, Shares | (364) | 364 | |||||||||
Cumulative translation adjustment | (2,489) | (2,489) | |||||||||
Unrealized gain (loss) on investments, net of income taxes of $0, and ($36) | (240) | (240) | |||||||||
Net loss | (23,159) | (23,159) | |||||||||
Ending Balance, Amount at Mar. 31, 2021 | 774,714 | $ 47 | 1,279,113 | 1,874 | (506,320) | ||||||
Ending Balance, Shares at Mar. 31, 2021 | 46,596 | 376 | |||||||||
Beginning Balance, Amount at Dec. 31, 2021 | 873,799 | $ 47 | 1,436,089 | (1,339) | (560,998) | ||||||
Beginning Balance, Shares at Dec. 31, 2021 | 47,390 | 910 | |||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 2,145 | $ 1 | 2,144 | ||||||||
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 250 | ||||||||||
Restricted stock units taxes paid in cash | (4,354) | (4,354) | |||||||||
Stock-based compensation | 46,436 | 46,436 | |||||||||
Conversion of the 2025 Notes | $ (691) | $ (691) | |||||||||
Cumulative adjustment from adoption of convertible debt standard (Note 8) | (69,801) | (101,167) | 31,366 | ||||||||
Cumulative translation adjustment | (356) | (356) | |||||||||
Unrealized gain (loss) on investments, net of income taxes of $0, and ($36) | (4,001) | (4,001) | |||||||||
Net loss | (9,341) | (9,341) | |||||||||
Ending Balance, Amount at Mar. 31, 2022 | $ 833,836 | $ 48 | $ 1,378,457 | $ (5,696) | $ (538,973) | ||||||
Ending Balance, Shares at Mar. 31, 2022 | 47,640 | 910 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Unrealized gain (loss) on investments, tax | $ 0 | $ (36) |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net loss | $ (9,341) | $ (23,159) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities, net of acquisitions | ||
Depreciation and amortization | 12,798 | 11,208 |
Stock-based compensation | 45,704 | 32,423 |
Loss on early extinguishment of 2022 Convertible Notes | 2,406 | |
Repayment of 2022 Convertible Notes attributable to the debt discount | (9,805) | |
Gain on strategic investments | (4,221) | |
Benefit from deferred income taxes | (246) | (1,006) |
Amortization of debt discount and issuance costs | 507 | 6,493 |
Amortization of bond discount | 585 | 515 |
Unrealized currency translation | 703 | (49) |
Changes in assets and liabilities | ||
Accounts receivable | 3,552 | 16,475 |
Prepaid expenses and other assets | (3,927) | 2,715 |
Deferred commission expense | (8,354) | (6,305) |
Right-of-use assets | 6,528 | 10,354 |
Accounts payable | 3,625 | 4,598 |
Accrued expenses and other liabilities | 7,135 | (2,429) |
Operating lease liabilities | (2,318) | (9,272) |
Deferred revenue | 29,496 | 27,538 |
Net cash and cash equivalents provided by operating activities | 82,226 | 62,700 |
Investing Activities: | ||
Purchases of investments | (435,547) | (362,288) |
Maturities of investments | 405,219 | 376,918 |
Purchases of property and equipment | (9,940) | (3,967) |
Acquisition of a business, net of cash acquired | (16,810) | |
Purchases of strategic investments | (5,046) | (1,850) |
Equity method investment | (2,308) | |
Capitalization of software development costs | (9,722) | (7,341) |
Net cash and cash equivalents used in investing activities | (55,036) | (17,646) |
Financing Activities: | ||
Proceeds from settlement of Convertible Note Hedges related to the 2022 Convertible Notes | 723 | |
Employee taxes paid related to the net share settlement of stock-based awards | (4,354) | (2,964) |
Proceeds related to the issuance of common stock under stock plans | 11,852 | 16,339 |
Net cash and cash equivalents provided by(used in) financing activities | 5,879 | (21,802) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,649) | (3,877) |
Net increase in cash, cash equivalents and restricted cash | 31,420 | 19,375 |
Cash, cash equivalents and restricted cash, beginning of period | 380,042 | 381,152 |
Cash, cash equivalents and restricted cash, end of period | 411,462 | 400,527 |
Supplemental cash flow disclosure: | ||
Cash paid for income taxes | 1,683 | 2,215 |
Right-of-use assets obtained in exchange for operating lease liabilities | 3,754 | 1,276 |
Non-cash investing and financing activities: | ||
Issuance of common stock for repayment of 2022 Convertible Notes | 155,250 | |
Capital expenditures incurred but not yet paid | 2,287 | 626 |
Asset retirement obligations | 1,188 | |
2022 Notes [Member] | ||
Financing Activities: | ||
Repayment of Convertible Notes attributable to the principal | $ (35,900) | |
2025 Notes [Member] | ||
Financing Activities: | ||
Repayment of Convertible Notes attributable to the principal | $ (1,619) |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations HubSpot, Inc. (the “Company”) provides a cloud-based customer relationship management (“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, content management system ("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. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, the Company has prepared the accompanying unaudited consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended December 31, 2021, and these consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of the interim periods presented. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2022. The year-end balance sheet data was derived from audited financial statements, but this Form 10-Q does not include all disclosures required under GAAP. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted under the rules and regulations of the SEC. These interim financial statements should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 14, 2022. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K that have had a material impact on our consolidated financial statements and related notes, except the adoption of updated guidance related to accounting for convertible debt as described within Note 2 of these consolidated financial statements. In February 2022, Russian forces launched a military invasion of Ukraine. While the broader implications of the conflict on the Company's results of operations and overall financial performance remain uncertain, the Company assessed the potential impact on the March 31, 2022 financial statements and determined there were no material adjustments necessary with respect to these consolidated financial statements. 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. 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 treasury stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The Company adopted the updated guidance as of January 1, 2022 using a modified retrospective method with a cumulative-effect adjustment as of the adoption date. Comparative periods are not adjusted. See Note 8 of these consolidated financial statements for further details. 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 previous standard, an acquirer generally recognizes such items at fair value on the acquisition date. The Company adopted the updated guidance as of January 1, 2022 and the ongoing impact of this guidance will depend on the contract assets and liabilities acquired in future business combinations. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 2. Revenues D isaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 13) 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 three months ended March 31, 2022 increased by $ 27.7 million resulting from $ 423.3 million of additional invoicing and was offset by revenue recognized of $ 395.6 million during the same period. $ 227.1 million of revenue was recognized during the three months ended March 31, 2022 that was included in deferred revenue at the beginning of the period. As of March 31, 2022, approximately $ 406.9 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 approximately 93 % of these remaining performance obligations over the next 24 months , with the balance recognized thereafter. Additional contract liabilities of $ 2.9 million and $ 2.5 were included in accrued expenses and other current liabilities on the consolidated balance sheet as of March 31, 2022 and December 31, 2021. 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 three months ended March 31, 2022 increased by $ 7.9 million as a result of deferring incremental costs of obtaining a contract of $ 26.7 million and was offset by amortization of $ 18.8 million during the same period. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the 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 in Note 8), the Conversion Option of the 2022 Notes, and the Conversion Option of the 2025 Notes (the “Conversion Options”) (Note 8) are considered to be potential common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows: Three Months Ended March 31, 2022 2021 Net loss $ ( 9,341 ) $ ( 23,159 ) Weighted-average common shares outstanding — basic 47,577 46,428 Dilutive effect of share equivalents resulting from stock — — Weighted-average common shares, outstanding — diluted 47,577 46,428 Net loss per share, basic and diluted $ ( 0.20 ) $ ( 0.50 ) 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 uses the treasury stock method and the average market price per share during the period for calculating any potential dilutive effect of the Warrants. The average stock price for the three months ended March 31, 2022 was $ 484.47 . The Company uses the if-converted method when calculating any potential dilutive effect of the Conversion Options, which assumes conversion of outstanding convertible securities at the beginning of the reporting period or date of issuance, if the convertible security was issued during the period. 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 March 31, 2022 was equal to or greater than 130 % of the applicable 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 ending June 30, 2022. During the quarter ended March 31, 2022 , upon the election of the holders to convert, the Company settled $ 0.9 million of principal balance of the 2025 Notes in cash. Between the end of the most recently completed fiscal quarter and April 29, 2022, the Company has no t received additional conversion notices. 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 the 2022 Notes at any time. In the quarter ended March 31, 2022 and through April 29, 2022, the Company did no t receive any conversion notices. As of March 31, 2022, $ 19.4 million of principal remains outstanding on the 2022 Notes. 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. As of March 31, 2022 2021 (in thousands) Options to purchase common shares 527 769 RSUs 1,145 1,451 Conversion Option of the 2022 Notes and Warrants 1,232 1,957 Conversion Option of the 2025 Notes 1,627 581 ESPP — 10 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. 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 March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 100,250 $ — $ — $ 100,250 Commercial paper — 25,667 — 25,667 Corporate bonds — 252,545 — 252,545 U.S. Government agency securities — 28,528 — 28,528 U.S. Treasury securities — 714,754 — 714,754 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 100,250 $ 1,024,523 $ — $ 1,124,773 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 The Company considers all highly liquid investments purchased with an original 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 on the consolidated balance sheets. At March 31, 2022 and December 31, 2021, 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 March 31, 2022, the fair value of the 2022 Notes was $ 96.9 million and the fair value of the 2025 Notes was $ 821.4 million . 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 holds $ 28.1 million of strategic investments without readily determinable fair values at March 31, 2022 and $ 17.8 million of strategic investments without readily determinable fair values at December 31, 2021. These investments are included in prepaid and other current assets and other assets on the consolidated balance sheets. During the three months ended March 31, 2022 , an acquisition of an entity in which the Company held a strategic investment was completed, which resulted in an observable price change. The Company adjusted the fair value of its investment and recognized a gain of $ 4.2 million reported in the consolidated statements of operations as other income. There were no other adjustments to the carrying value of the strategic investments resulting from impairments or observable price changes in the three months ended March 31, 2022. The following tables summarize the composition of our short- and long-term investments at March 31, 2022 and December 31, 2021. March 31, 2022 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 25,667 $ — $ — $ 25,667 Corporate bonds 255,441 1 ( 2,897 ) 252,545 U.S. Government agency securities 28,981 — ( 453 ) 28,528 U.S. Treasury securities 716,187 5 ( 1,438 ) 714,754 Total $ 1,026,276 $ 6 $ ( 4,788 ) $ 1,021,494 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 For all of our securities for which the amortized cost basis was greater than the fair value at March 31, 2022, 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 at March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Amortized Aggregate Amortized Aggregate (in thousands) (in thousands) Due within one year $ 827,789 $ 826,449 $ 821,101 $ 820,962 Due after 1 year through 2 years 198,487 195,045 175,537 174,895 Total $ 1,026,276 $ 1,021,494 $ 996,638 $ 995,857 |
Restricted cash
Restricted cash | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Restricted cash | 5. Restricted cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2022 and 2021. March 31, 2022 March 31, 2021 December 31, 2021 (in thousands) Cash and cash equivalents $ 408,433 $ 397,498 $ 377,013 Restricted cash, included in other assets 3,029 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 411,462 $ 400,527 $ 380,042 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consists of the following: March 31, 2022 December 31, 2021 (in thousands) Computer equipment and purchased software $ 16,108 $ 15,524 Employee related computer equipment 36,700 32,230 Furniture and fixtures 20,182 20,180 Leasehold improvements 95,679 90,070 Internal-use software 22,676 20,616 Construction in progress 3,854 4,141 Total property and equipment 195,199 182,761 Less accumulated depreciation ( 92,448 ) ( 86,627 ) Property and equipment, net $ 102,751 $ 96,134 Depreciation and amortization expense on property and equipment was $ 6.3 million for the three months ended March 31, 2022 and $ 6.0 million for the three months ended March 31, 2021 . |
Capitalized Software Developmen
Capitalized Software Development Costs | 3 Months Ended |
Mar. 31, 2022 | |
Research and Development [Abstract] | |
Capitalized Software Development Costs | 7. Capitalized Software Development Costs Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Gross capitalized software development costs $ 132,595 $ 122,592 Accumulated amortization ( 88,575 ) ( 82,734 ) Capitalized software development costs, net $ 44,020 $ 39,858 These capitalized software development costs are associated with software developed for customer purchase. Capitalized software development costs recorded within property and equipment are associated with software developed for Company use. Amortization of capitalized software development costs, exclusive of costs recorded within property and equipment, was $ 7.1 million for the three months ended March 31, 2022 and $ 4.9 million for three months ended March 31, 2021 . |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 8. Convertible Senior Notes Adoption of Updated Debt Guidance On January 1, 2022, the Company adopted the new guidance for convertible instruments using a modified retrospective method. Results for reporting periods beginning after December 31, 2021 are presented under the new guidance, while prior period comparative amounts are not adjusted and continue to be reported in accordance with historical guidance. The new guidance eliminates the bifurcation and separate recognition of the embedded cash conversion feature from the host contract and allows for the entire amount attributable to the debt to be presented as a liability. The carrying amount of the debt liability will be reduced by the issuance costs associated with the debt issuance as a contra-liability. As there is no longer an equity component of the convertible debt, the discount created by accretion of a component of the convertible debt in equity is eliminated and interest expense is reduced. The deferred tax liability recognized as a result of a difference between the carrying amount and tax basis of the 2022 Notes that was recorded to additional paid-in capital as a component of equity was also reversed. There is no change in the accounting for the Capped Call Options, Warrants, or Convertible Note Hedges as they are classified as equity under both the historical and new guidance. As a result of the impact of applying the new guidance, the Company recorded an increase to opening retained earnings of $ 31.4 million as of January 1, 2022, related to the difference in interest expense due to the amortization of the convertible debt discount and reversal of the deferred tax liability under the historical guidance. The resulting impact on the consolidated balance sheet to derecognize the debt issuance cost and conversion option that was allocated to the equity component and to derecognize the remaining convertible debt discount was an increase to debt liability of $ 69.8 million, of which $ 0.5 million was recorded to short term debt and $ 69.3 million was recorded to long-term debt, and a decrease in additional paid-in capital of $ 101.2 million. 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 March 31, 2022 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 June 30, 2022. During the three months ended March 31, 2022 , upon the election of the holders to convert, the Company settled $ 0.9 million of principal balance of the 2025 Notes in cash. Between the end of the most recently completed fiscal quarter and April 29, 2022, the Company has no t received additional conversion notices. In accordance with GAAP relating to the embedded conversion feature, the Company bifurcated the conversion feature associated with the 2025 Notes and recorded $ 96.6 million to additional paid-in capital for the conversion feature and the resulting debt discount was being amortized to interest expense. As there is no longer an equity component of the convertible debt under the new standard, the debt issuance cost and conversion option that was allocated to the equity component was derecognized through an adjustment to opening retained earnings. The net carrying amount of the liability component of the 2025 Notes is as follows: As of March 31, 2022 As of December 31, 2021 (in thousands) Principal $ 459,083 $ 459,999 Unamortized debt discount — ( 70,594 ) Unamortized issuance costs ( 6,336 ) ( 5,544 ) Net carrying amount $ 452,747 $ 383,861 Interest expense related to the 2025 Notes is as follows: Three Months Ended March 31, 2022 2021 (in thousands) Contractual interest expense $ 431 $ 431 Amortization of debt discount — 4,391 Amortization of issuance costs 481 345 Total interest expense $ 912 $ 5,167 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 $ 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 the 2022 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. 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 the quarter ended March 31, 2022 and through April 29, 2022, the Company did not receive any conversion notices. The 2022 Notes are classified as short-term debt. As of March 31, 2022, $ 19.4 million of principal remains outstanding on the 2022 Notes. 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. 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. As of March 31, 2022 , 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. In accordance with GAAP relating to the embedded conversion feature, the Company bifurcated the conversion feature associated with the 2022 Notes and recorded $ 18.9 million to additional paid-in capital for the conversion feature and the resulting debt discount was being amortized to interest expense. As there is no longer an equity component of the convertible debt under the new standard, the debt issuance cost and conversion option that was allocated to the equity component was derecognized through an adjustment to opening retained earnings. The net carrying amount of the liability component of the 2022 Notes is as follows: As of March 31, 2022 As of December 31, 2021 (in thousands) Principal $ 19,382 $ 19,382 Unamortized debt discount — ( 477 ) Unamortized issuance costs ( 15 ) ( 35 ) Net carrying amount $ 19,367 $ 18,870 Interest expense related to the 2022 Notes is as follows: Three Months Ended March 31, 2022 2021 (in thousands) Contractual interest expense $ 12 $ 69 Amortization of debt discount — 1,635 Amortization of issuance costs 26 122 Total interest expense $ 38 $ 1,826 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. Leases The Company leases office facilities under non-cancelable operating leases that expire at various dates through February 2035. During the three months ended March 31, 2022, the lease term began, was amended, or extended for various leases of office spaces globally. The Compan y recorded a net $ 4.8 million of right-of-use assets and $ 4.8 million of lease liabilities for these leases during the period upon the lease commencement, amendment, or extension. 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 weighted average discount rate for operating leases as of March 31, 2022 was 4.5 %. Operating lease expense costs were $ 10.9 million for the three months ended March 31, 2022 and $ 12.0 million for the three months ended March 31, 2021. The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the three and nine months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 (in thousands) Operating sublease income $ 1,188 $ 1,259 Cash payments related to operating lease liabilities were $ 7.6 million for the three months ended March 31, 2022 and $ 17.9 million for the three months ended March 31, 2021 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Contractual Obligations 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 $ 81.6 million. Future minimum payments under all operating lease agreements as of March 31, 2022 are as follows: Operating (in thousands) Remainder of 2022 $ 34,032 2023 44,477 2024 42,114 2025 42,141 2026 42,102 Thereafter 172,126 Total $ 376,992 In May 2022, the Company entered into a new 2 year lease in the Netherlands. The new lease commences on or near July 1, 2022 and the Company will pay an aggregate of approximately $ 0.9 million in incremental rent over the lease term. Future minimum payments under all non-cancelable arrangements as of March 31, 2022 and agreements entered into since then are as follows: Product INBOUND (in thousands) Remainder of 2022 $ 106,916 $ 2,310 2023 155,154 977 2024 176,110 4 2025 195,972 4 2026 220,000 — Thereafter 187,500 — Total $ 1,041,652 $ 3,295 Legal Contingencies From time to time, the Company may become a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, and threatened claims, breach of contract claims, tax, and other matters. The Company currently has no material pending litigation. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | 11. 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 three months ended March 31, 2022. Cumulative Translation Adjustment Unrealized Total (in thousands) Beginning balance at January 1, 2022 ( 532 ) ( 807 ) ( 1,339 ) Other comprehensive loss before reclassifications ( 356 ) ( 4,001 ) ( 4,357 ) Amounts reclassified from accumulated other — — — Ending balance at March 31, 2022 ( 888 ) ( 4,808 ) ( 5,696 ) |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense | 12. Stock-Based Compensation Expense The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations: Three Months Ended March 31, 2022 2021 (in thousands) Options $ 1,999 $ 1,594 RSUs 40,807 28,737 Employee stock purchase plan 2,898 2,092 Total stock-based compensation expense $ 45,704 $ 32,423 Effect of stock-based compensation expense on income by line item: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenue, subscription $ 1,823 $ 1,310 Cost of revenue, professional services and other 835 697 Research and development 16,986 11,484 Sales and marketing 16,869 13,629 General and administrative 9,191 5,303 Total stock-based compensation expense $ 45,704 $ 32,423 Capitalized software development costs excluded from stock-based compensation expense is $ 1.6 million for the three months ended March 31, 2022 and $ 1.1 million for the three months ended March 31, 2021 . |
Segment Information and Geograp
Segment Information and Geographic Data | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | 13. Segment Information and Geographic Data 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. Revenue and long-lived assets by geographic region, based on the physical location of the operations recording the sale or the asset, are as follows: Revenues by geographical region: Three Months Ended March 31, 2022 2021 (in thousands) Americas $ 242,027 $ 173,870 Europe 119,189 83,370 Asia Pacific 34,383 24,125 Total $ 395,599 $ 281,365 Percentage of revenues generated outside of 39 % 38 % Revenue derived from customers outside the United States (international) was approximately 46 % of total revenue in the three months ended March 31, 2022 and 45 % of total revenue in the three months ended March 31, 2021. Total long-lived assets by geographical region: As of March 31, 2022 As of December 31, 2021 (in thousands) Americas $ 229,433 $ 226,848 Europe 137,229 139,846 Asia Pacific 12,637 10,268 Total long-lived assets $ 379,299 $ 376,962 Percentage of long-lived assets held outside of the Americas 40 % 40 % |
Organization and Operations (Po
Organization and Operations (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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. 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 treasury stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The Company adopted the updated guidance as of January 1, 2022 using a modified retrospective method with a cumulative-effect adjustment as of the adoption date. Comparative periods are not adjusted. See Note 8 of these consolidated financial statements for further details. 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 previous standard, an acquirer generally recognizes such items at fair value on the acquisition date. The Company adopted the updated guidance as of January 1, 2022 and the ongoing impact of this guidance will depend on the contract assets and liabilities acquired in future business combinations. |
Revenues | isaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 13) 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 three months ended March 31, 2022 increased by $ 27.7 million resulting from $ 423.3 million of additional invoicing and was offset by revenue recognized of $ 395.6 million during the same period. $ 227.1 million of revenue was recognized during the three months ended March 31, 2022 that was included in deferred revenue at the beginning of the period. As of March 31, 2022, approximately $ 406.9 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 approximately 93 % of these remaining performance obligations over the next 24 months , with the balance recognized thereafter. Additional contract liabilities of $ 2.9 million and $ 2.5 were included in accrued expenses and other current liabilities on the consolidated balance sheet as of March 31, 2022 and December 31, 2021. 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 three months ended March 31, 2022 increased by $ 7.9 million as a result of deferring incremental costs of obtaining a contract of $ 26.7 million and was offset by amortization of $ 18.8 million during the same period. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share | A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows: Three Months Ended March 31, 2022 2021 Net loss $ ( 9,341 ) $ ( 23,159 ) Weighted-average common shares outstanding — basic 47,577 46,428 Dilutive effect of share equivalents resulting from stock — — Weighted-average common shares, outstanding — diluted 47,577 46,428 Net loss per share, basic and diluted $ ( 0.20 ) $ ( 0.50 ) |
Schedule of Potentially Dilutive Common Stock Equivalents | The following table contains all potentially dilutive common stock equivalents. As of March 31, 2022 2021 (in thousands) Options to purchase common shares 527 769 RSUs 1,145 1,451 Conversion Option of the 2022 Notes and Warrants 1,232 1,957 Conversion Option of the 2025 Notes 1,627 581 ESPP — 10 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 100,250 $ — $ — $ 100,250 Commercial paper — 25,667 — 25,667 Corporate bonds — 252,545 — 252,545 U.S. Government agency securities — 28,528 — 28,528 U.S. Treasury securities — 714,754 — 714,754 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 100,250 $ 1,024,523 $ — $ 1,124,773 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 |
Summary of Composition of Short and Long Term Investments | The following tables summarize the composition of our short- and long-term investments at March 31, 2022 and December 31, 2021. March 31, 2022 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 25,667 $ — $ — $ 25,667 Corporate bonds 255,441 1 ( 2,897 ) 252,545 U.S. Government agency securities 28,981 — ( 453 ) 28,528 U.S. Treasury securities 716,187 5 ( 1,438 ) 714,754 Total $ 1,026,276 $ 6 $ ( 4,788 ) $ 1,021,494 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 |
Summary of Contractual Maturities of Short and Long Term Investments | The contractual maturities of short-term and long-term investments held at March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Amortized Aggregate Amortized Aggregate (in thousands) (in thousands) Due within one year $ 827,789 $ 826,449 $ 821,101 $ 820,962 Due after 1 year through 2 years 198,487 195,045 175,537 174,895 Total $ 1,026,276 $ 1,021,494 $ 996,638 $ 995,857 |
Restricted cash (Tables)
Restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2022 and 2021. March 31, 2022 March 31, 2021 December 31, 2021 (in thousands) Cash and cash equivalents $ 408,433 $ 397,498 $ 377,013 Restricted cash, included in other assets 3,029 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 411,462 $ 400,527 $ 380,042 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: March 31, 2022 December 31, 2021 (in thousands) Computer equipment and purchased software $ 16,108 $ 15,524 Employee related computer equipment 36,700 32,230 Furniture and fixtures 20,182 20,180 Leasehold improvements 95,679 90,070 Internal-use software 22,676 20,616 Construction in progress 3,854 4,141 Total property and equipment 195,199 182,761 Less accumulated depreciation ( 92,448 ) ( 86,627 ) Property and equipment, net $ 102,751 $ 96,134 |
Capitalized Software Developm_2
Capitalized Software Development Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Research and Development [Abstract] | |
Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment | Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following: March 31, 2022 December 31, 2021 (in thousands) Gross capitalized software development costs $ 132,595 $ 122,592 Accumulated amortization ( 88,575 ) ( 82,734 ) Capitalized software development costs, net $ 44,020 $ 39,858 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 As of December 31, 2021 (in thousands) Principal $ 459,083 $ 459,999 Unamortized debt discount — ( 70,594 ) Unamortized issuance costs ( 6,336 ) ( 5,544 ) Net carrying amount $ 452,747 $ 383,861 |
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: Three Months Ended March 31, 2022 2021 (in thousands) Contractual interest expense $ 431 $ 431 Amortization of debt discount — 4,391 Amortization of issuance costs 481 345 Total interest expense $ 912 $ 5,167 |
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 March 31, 2022 As of December 31, 2021 (in thousands) Principal $ 19,382 $ 19,382 Unamortized debt discount — ( 477 ) Unamortized issuance costs ( 15 ) ( 35 ) Net carrying amount $ 19,367 $ 18,870 |
2025 | |
Debt Instrument [Line Items] | |
Schedule of Interest Expense | Interest expense related to the 2022 Notes is as follows: Three Months Ended March 31, 2022 2021 (in thousands) Contractual interest expense $ 12 $ 69 Amortization of debt discount — 1,635 Amortization of issuance costs 26 122 Total interest expense $ 38 $ 1,826 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 for the three and nine months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 (in thousands) Operating sublease income $ 1,188 $ 1,259 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | Future minimum payments under all operating lease agreements as of March 31, 2022 are as follows: Operating (in thousands) Remainder of 2022 $ 34,032 2023 44,477 2024 42,114 2025 42,141 2026 42,102 Thereafter 172,126 Total $ 376,992 |
Schedule of Future Minimum Payments Under Non-Cancelable Arrangements | Future minimum payments under all non-cancelable arrangements as of March 31, 2022 and agreements entered into since then are as follows: Product INBOUND (in thousands) Remainder of 2022 $ 106,916 $ 2,310 2023 155,154 977 2024 176,110 4 2025 195,972 4 2026 220,000 — Thereafter 187,500 — Total $ 1,041,652 $ 3,295 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 three months ended March 31, 2022. Cumulative Translation Adjustment Unrealized Total (in thousands) Beginning balance at January 1, 2022 ( 532 ) ( 807 ) ( 1,339 ) Other comprehensive loss before reclassifications ( 356 ) ( 4,001 ) ( 4,357 ) Amounts reclassified from accumulated other — — — Ending balance at March 31, 2022 ( 888 ) ( 4,808 ) ( 5,696 ) |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense by Award Type | The following two tables show stock-based compensation expense by award type and where the stock-based compensation expense is recorded in the Company’s consolidated statements of operations: Three Months Ended March 31, 2022 2021 (in thousands) Options $ 1,999 $ 1,594 RSUs 40,807 28,737 Employee stock purchase plan 2,898 2,092 Total stock-based compensation expense $ 45,704 $ 32,423 |
Effect of Stock-Based Compensation on Income by Line Item | Effect of stock-based compensation expense on income by line item: Three Months Ended March 31, 2022 2021 (in thousands) Cost of revenue, subscription $ 1,823 $ 1,310 Cost of revenue, professional services and other 835 697 Research and development 16,986 11,484 Sales and marketing 16,869 13,629 General and administrative 9,191 5,303 Total stock-based compensation expense $ 45,704 $ 32,423 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenues by Geographical Region | Revenues by geographical region: Three Months Ended March 31, 2022 2021 (in thousands) Americas $ 242,027 $ 173,870 Europe 119,189 83,370 Asia Pacific 34,383 24,125 Total $ 395,599 $ 281,365 Percentage of revenues generated outside of 39 % 38 % |
Long Lived Assets by Geographical Region | Total long-lived assets by geographical region: As of March 31, 2022 As of December 31, 2021 (in thousands) Americas $ 229,433 $ 226,848 Europe 137,229 139,846 Asia Pacific 12,637 10,268 Total long-lived assets $ 379,299 $ 376,962 Percentage of long-lived assets held outside of the Americas 40 % 40 % |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Additions in deferred revenue | $ 27,700 | ||
Additional Invoicing | 423,300 | ||
Total revenues | 395,599 | $ 281,365 | |
Deferred revenue, revenue recognized | 227,100 | ||
Revenue remaining performance obligation, contracts exceeds one year | $ 406,900 | ||
Revenue remaining performance obligation contract period | 1 year | ||
Revenue remaining performance obligation percentage recognized | 93.00% | ||
Short-term deferred revenue | $ 457,916 | $ 430,414 | |
Increase (decrease) in deferred commission expense | 7,900 | ||
Incremental costs of deferred sales commission expense | 26,700 | ||
Amortization of deferred commission expense | $ 18,800 | ||
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 | $ 2,900 | $ 2,500 |
Revenues - Additional Informa_2
Revenues - Additional Information1 (Detail) | Mar. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue remaining performance obligations recognition period | 24 months |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net loss | $ (9,341) | $ (23,159) |
Weighted-average common shares outstanding — basic | 47,577 | 46,428 |
Weighted-average common shares, outstanding — diluted | 47,577 | 46,428 |
Net loss per share, basic and diluted | $ (0.20) | $ (0.50) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2022USD ($)Daysd$ / shares | Apr. 29, 2022USD ($) | Dec. 31, 2021USD ($) | Jun. 30, 2020$ / shares | |
Earnings Per Share Basic [Line Items] | ||||
Average stock price | $ / shares | $ 484.47 | |||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Debt instrument, convertible, threshold trading days | Days | 20 | |||
Debt instrument, convertible, threshold consecutive trading days | Days | 30 | |||
Principal amount of long term debt | $ 19,382,000 | $ 19,382,000 | ||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Maximum [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Percentage of closing price to trigger debt conversion | 130.00% | |||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Subsequent Event [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Principal amount of long term debt | $ 0 | |||
0.375% Convertible Senior Notes Due 2025 [Member] | ||||
Earnings Per Share Basic [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] | ||||
Earnings Per Share Basic [Line Items] | ||||
Percentage of closing price to trigger debt conversion | 130.00% | |||
0.375% Convertible Senior Notes Due 2025 [Member] | Subsequent Event [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Principal amount of long term debt | $ 0 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | 1,627 | 581 |
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 | 527 | 769 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,145 | 1,451 |
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 | 1,232 | 1,957 |
ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 10 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 1,021,494 | $ 995,857 |
Fair value of financial assets | 1,124,773 | 1,127,918 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 100,250 | 125,940 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 1,024,523 | 1,001,978 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 100,250 | 125,940 |
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 | 100,250 | 125,940 |
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 | 25,667 | 28,337 |
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 | 25,667 | 28,337 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 252,545 | 249,846 |
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 | 252,545 | 249,846 |
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 | 28,528 | 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 | 28,528 | 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 | 714,754 | 698,300 |
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 | $ 714,754 | $ 698,300 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | $ 39,918 | $ 29,244 |
Debt securities, available-for-sale, realized gain | 4,200 | |
Strategic Investments [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 28,100 | $ 17,800 |
2022 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notes | 96,900 | |
2025 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 821,400 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,026,276 | $ 996,638 |
Unrealized Gains | 6 | 11 |
Unrealized Losses | (4,788) | (792) |
Aggregate Fair Value | 1,021,494 | 995,857 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,667 | 25,245 |
Aggregate Fair Value | 25,667 | 25,245 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 255,441 | 250,443 |
Unrealized Gains | 1 | 9 |
Unrealized Losses | (2,897) | (606) |
Aggregate Fair Value | 252,545 | 249,846 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,981 | 22,504 |
Unrealized Losses | (453) | (38) |
Aggregate Fair Value | 28,528 | 22,466 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 716,187 | 698,446 |
Unrealized Gains | 5 | 2 |
Unrealized Losses | (1,438) | (148) |
Aggregate Fair Value | $ 714,754 | $ 698,300 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Amortized Cost Basis, Due within one year | $ 827,789 | $ 821,101 |
Amortized Cost Basis, Due after 1 year through 2 years | 198,487 | 175,537 |
Amortized Cost | 1,026,276 | 996,638 |
Aggregate Fair Value, Due within one year | 826,449 | 820,962 |
Aggregate Fair Value, Due after 1 year through 2 years | 195,045 | 174,895 |
Aggregate Fair Value, Total | $ 1,021,494 | $ 995,857 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Equity Method Investments [Line Items] | ||
Net loss | $ (9,341) | $ (23,159) |
Restricted Cash - Summary of Re
Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 408,433 | $ 377,013 | $ 397,498 |
Restricted cash, included in other assets | $ 3,029 | $ 3,029 | $ 3,029 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets |
Total cash, cash equivalents, and restricted cash | $ 411,462 | $ 380,042 | $ 400,527 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 195,199 | $ 182,761 |
Less accumulated depreciation | (92,448) | (86,627) |
Property and equipment, net | 102,751 | 96,134 |
Computer Equipment and Purchased Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 16,108 | 15,524 |
Employee Related Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 36,700 | 32,230 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 20,182 | 20,180 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 95,679 | 90,070 |
Internal Use Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 22,676 | 20,616 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 3,854 | $ 4,141 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 6.3 | $ 6 |
Capitalized Software Developm_3
Capitalized Software Development Costs - Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Capitalized Computer Software, Net [Abstract] | ||
Gross capitalized software development costs | $ 132,595 | $ 122,592 |
Accumulated amortization | (88,575) | (82,734) |
Capitalized software development costs, net | $ 44,020 | $ 39,858 |
Capitalized Software Developm_4
Capitalized Software Development Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capitalized Computer Software, Net [Abstract] | ||
Amortization of software development costs, exclusive of costs recorded within property and equipment | $ 7.1 | $ 4.9 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) | Jan. 01, 2022USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | May 31, 2017USD ($)$ / shares | Mar. 31, 2022USD ($)d$ / sharesshares | Apr. 29, 2022USD ($) |
Debt Instrument [Line Items] | |||||
Increase in retained earnings | $ 31,400,000 | ||||
Increase in convertible senior notes | 69,800,000 | ||||
Increase in short term convertible senior notes | 500,000 | ||||
Increase in long term convertible senior notes | 69,300,000 | ||||
Decrease in additional paid in capital | $ 101,200,000 | ||||
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 | ||||
Debt instrument, conversion ratio | 3.5396 | ||||
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 | ||||
Debt instrument, conversion price per share | $ / shares | $ 282.52 | $ 282.52 | |||
Additional paid in capital for conversion feature | $ 96,600,000 | ||||
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] | 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 | ||||
0.375% 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 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 1,000 | $ 19,400,000 | |||
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 | ||||
Principal amount settlement, Description | The Company expects to settle the principal amount of the 2022 Notes in cash. | ||||
Debt instrument, conversion price per share | $ / shares | $ 94.77 | ||||
Additional paid in capital for conversion feature | $ 18,900,000 | ||||
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 | ||||
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 | ||||
Conversion notices, description | In the quarter ended March 31, 2022 and through April 29, 2022, the Company did not receive any conversion notices. | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Common Stock [Member] | |||||
Debt Instrument [Line Items] | |||||
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 | ||||
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 | ||||
2022 Notes Convertible Note Hedges [Member] | Common Stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument convertible to common stock | shares | 200,000 | ||||
2022 Notes Convertible Note Hedges [Member] | Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument convertible to common stock | shares | 1,300,000 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 459,083 | $ 459,999 |
Unamortized debt discount | (70,594) | |
Unamortized issuance costs | (6,336) | (5,544) |
Net carrying amount | 452,747 | 383,861 |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 19,382 | 19,382 |
Unamortized debt discount | (477) | |
Unamortized issuance costs | (15) | (35) |
Net carrying amount | $ 19,367 | $ 18,870 |
Convertible Senior Notes - Sc_2
Convertible Senior Notes - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
0.375% Convertible Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 431 | $ 431 |
Amortization of debt discount | 4,391 | |
Amortization of issuance costs | 481 | 345 |
Total interest expense | 912 | 5,167 |
0.25% Convertible Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 12 | 69 |
Amortization of debt discount | 1,635 | |
Amortization of issuance costs | 26 | 122 |
Total interest expense | $ 38 | $ 1,826 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Operating leases right-of-use assets additions | $ 4.8 | |
Operating leases lease liabilities additions | $ 4.8 | |
Weighted average discount rate for operating leases | 4.50% | |
Operating lease expense costs | $ 10.9 | $ 12 |
Cash payments for operating lease liabilities | $ 7.6 | $ 17.9 |
Leases - Schedule of Operating
Leases - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating sublease income | $ 1,188 | $ 1,259 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | May 31, 2022 | |
Commitments and Contingencies [Line Items] | ||
Increase in future lease commitments | $ 81.6 | |
Incremental rent over lease term | $ 0.9 | |
Forecast [Member] | ||
Commitments and Contingencies [Line Items] | ||
Extended lease terms | 2 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating, Remainder of 2022 | $ 34,032 |
Operating, 2023 | 44,477 |
Operating, 2024 | 42,114 |
Operating, 2025 | 42,141 |
Operating, 2026 | 42,102 |
Operating, Thereafter | 172,126 |
Total | $ 376,992 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Arrangements (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Product Related Obligations [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remainder of 2022 | $ 106,916 |
Non-cancelable arrangements, 2023 | 155,154 |
Non-cancelable arrangements, 2024 | 176,110 |
Non-cancelable arrangements, 2025 | 195,972 |
Non-cancelable arrangements, 2026 | 220,000 |
Non-cancelable arrangements, Thereafter | 187,500 |
Purchase Obligation, Total | 1,041,652 |
INBOUND Event Obligations [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remainder of 2022 | 2,310 |
Non-cancelable arrangements, 2023 | 977 |
Non-cancelable arrangements, 2024 | 4 |
Non-cancelable arrangements, 2025 | 4 |
Purchase Obligation, Total | $ 3,295 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Cash purchase price for the acquisition, net of cash acquired | $ 16,810 | |
Income tax benefit | $ 1,444 | $ (137) |
Business Acquisition - Summary
Business Acquisition - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 46,770 | $ 47,075 |
Changes in Stockholders' Equity
Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 873,799 | $ 762,655 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 2,145 | 6,583 |
Stock-based compensation | 46,436 | 32,947 |
Settlement of Convertible Note Hedges | 724 | |
Cumulative translation adjustment | (356) | (2,489) |
Unrealized gain (loss) on investments, net of income taxes of $0, and ($36) | (4,001) | (240) |
Net loss | (9,341) | (23,159) |
Ending Balance, Amount | 833,836 | 774,714 |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of the 2022 Notes conversions | (2,307) | |
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of notes payable, net of issuance costs & repayment | (691) | |
Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 47 | $ 46 |
Beginning Balance, Shares | 47,390 | 46,115 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | $ 1 | $ 1 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 250 | 482 |
Settlement of Convertible Note Hedges, Shares | (364) | |
Ending Balance, Amount | $ 48 | $ 47 |
Ending Balance, Shares | 47,640 | 46,596 |
Common Stock [Member] | 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of the 2022 Notes conversions, Shares | 363 | |
Treasury Stock [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Shares | 910 | 12 |
Settlement of Convertible Note Hedges, Shares | 364 | |
Ending Balance, Shares | 910 | 376 |
Additional Paid-In Capital [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 1,436,089 | $ 1,241,167 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 2,144 | 6,582 |
Stock-based compensation | 46,436 | 32,947 |
Settlement of Convertible Note Hedges | 724 | |
Ending Balance, Amount | 1,378,457 | 1,279,113 |
Additional Paid-In Capital [Member] | 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of the 2022 Notes conversions | (2,307) | |
Additional Paid-In Capital [Member] | 0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of notes payable, net of issuance costs & repayment | (691) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | (1,339) | 4,603 |
Cumulative translation adjustment | (356) | (2,489) |
Unrealized gain (loss) on investments, net of income taxes of $0, and ($36) | (4,001) | (240) |
Ending Balance, Amount | (5,696) | 1,874 |
Accumulated Deficit [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | (560,998) | (483,161) |
Net loss | (9,341) | (23,159) |
Ending Balance, Amount | $ (538,973) | $ (506,320) |
Changes in Stockholders' Equi_2
Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Unrealized gain (loss) on investments, tax | $ 0 | $ (36) |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | $ 873,799 |
Other comprehensive loss before reclassifications | (4,357) |
Ending Balance, Amount | 833,836 |
Cumulative Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | (532) |
Other comprehensive loss before reclassifications | (356) |
Ending Balance, Amount | (888) |
Unrealized Gain on Investments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | (807) |
Other comprehensive loss before reclassifications | (4,001) |
Ending Balance, Amount | (4,808) |
Accumulated Other Comprehensive Loss [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | (1,339) |
Ending Balance, Amount | $ (5,696) |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 45,704 | $ 32,423 |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,999 | 1,594 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 40,807 | 28,737 |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 2,898 | $ 2,092 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense - Effect of Stock-Based Compensation on Income by Line Item (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 45,704 | $ 32,423 |
Cost of Revenue, Subscription [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,823 | 1,310 |
Cost of Revenue, Professional Services and Other [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 835 | 697 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 16,986 | 11,484 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 16,869 | 13,629 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 9,191 | $ 5,303 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Capitalized Software and PP&E [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Capitalized software development costs excluded from stock based compensation | $ 1.6 | $ 1.1 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Additional Information (Detail) - Segment | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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% | 45.00% |
Segment Information and Geogr_4
Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 395,599 | $ 281,365 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 242,027 | 173,870 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 119,189 | 83,370 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 34,383 | $ 24,125 |
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% | 38.00% |
Segment Information and Geogr_5
Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 379,299 | $ 376,962 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 229,433 | 226,848 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 137,229 | 139,846 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 12,637 | $ 10,268 |
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% | 40.00% |