Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 $0.001 per share | |
Security Exchange Name | NYSE | |
Entity File Number | 001-36680 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2632791 | |
Entity Address, Address Line One | Two Canal Park | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02141 | |
City Area Code | 888 | |
Local Phone Number | 482-7768 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 50,962,443 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 447,793 | $ 387,987 |
Short-term investments | 1,070,872 | 1,000,245 |
Accounts receivable - net of allowance for doubtful accounts of $4,937 at March 31, 2024 and $5,516 at December 31, 2023 | 266,862 | 295,303 |
Deferred commission expense | 107,424 | 99,326 |
Prepaid expenses and other current assets | 92,301 | 88,679 |
Total current assets | 1,985,252 | 1,871,540 |
Long-term investments | 311,526 | 325,703 |
Property and equipment, net | 103,362 | 103,331 |
Capitalized software development costs, net | 119,554 | 106,229 |
Right-of-use assets | 243,279 | 251,071 |
Deferred commission expense, net of current portion | 128,580 | 122,194 |
Other assets | 88,058 | 75,247 |
Intangible assets, net | 39,825 | 42,316 |
Goodwill | 173,667 | 173,761 |
Total assets | 3,193,103 | 3,071,392 |
Current liabilities: | ||
Accounts payable | 7,928 | 9,106 |
Accrued compensation costs | 68,752 | 53,462 |
Accrued commissions | 67,355 | 78,169 |
Accrued expenses and other current liabilities | 85,852 | 94,074 |
Operating lease liabilities | 32,869 | 35,047 |
Deferred revenue | 696,878 | 672,150 |
Total current liabilities | 959,634 | 942,008 |
Operating lease liabilities, net of current portion | 284,489 | 296,561 |
Deferred revenue, net of current portion | 4,916 | 5,810 |
Other long-term liabilities | 38,243 | 36,459 |
Convertible senior notes | 456,704 | 456,206 |
Total liabilities | 1,743,986 | 1,737,044 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Common stock | 51 | 50 |
Additional paid-in capital | 2,250,549 | 2,136,908 |
Accumulated other comprehensive loss | (2,980) | 1,827 |
Accumulated deficit | (798,503) | (804,437) |
Total stockholders’ equity | 1,449,117 | 1,334,348 |
Total liabilities and stockholders’ equity | $ 3,193,103 | $ 3,071,392 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 4,937 | $ 5,516 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Total revenue | $ 617,414 | $ 501,620 |
Cost of revenues: | ||
Total cost of revenues | 95,088 | 80,329 |
Gross profit | 522,326 | 421,291 |
Operating expenses: | ||
Research and development | 175,637 | 127,683 |
Sales and marketing | 300,282 | 250,683 |
General and administrative | 68,858 | 57,405 |
Restructuring | 782 | 28,570 |
Total operating expenses | 545,559 | 464,341 |
Loss from operations | (23,233) | (43,050) |
Other expense: | ||
Interest income | 18,727 | 10,472 |
Interest expense | (935) | (930) |
Other income (expense) | 13,161 | (794) |
Total other income | 30,953 | 8,748 |
Income (loss) before income tax expense | 7,720 | (34,302) |
Income tax expense | (1,786) | (2,418) |
Net income (loss) | $ 5,934 | $ (36,720) |
Net income (loss) per share, basic | $ 0.12 | $ (0.74) |
Net income (loss) per share, diluted | $ 0.12 | $ (0.74) |
Weighted average common shares used in computing basic net income (loss) per share: | 50,689 | 49,395 |
Weighted average common shares used in computing diluted net income (loss) per share: | 51,498 | 49,395 |
Subscription [Member] | ||
Revenues: | ||
Total revenue | $ 603,798 | $ 489,743 |
Cost of revenues: | ||
Total cost of revenues | 80,725 | 66,622 |
Professional Services and Other [Member] | ||
Revenues: | ||
Total revenue | 13,616 | 11,877 |
Cost of revenues: | ||
Total cost of revenues | $ 14,363 | $ 13,707 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 5,934 | $ (36,720) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (2,044) | 627 |
Changes in unrealized loss on investments, net of income taxes of $0 for the three months ended March 31, 2024 and 2023 | (2,763) | 4,507 |
Comprehensive loss | $ (1,127) | $ (31,586) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Changes in unrealized gain (loss) on investments, income taxes | $ 0 | $ 0 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning Balance, Amount at Dec. 31, 2022 | $ 994,678 | $ 49 | $ 1,647,446 | $ (12,890) | $ (639,927) | |
Beginning Balance, Shares at Dec. 31, 2022 | 49,217 | 910 | ||||
Issuance of common stock under stock plans | 1,196 | 1,196 | ||||
Issuance of common stock under stock plans, Shares | 260 | |||||
Restricted stock units taxes paid in cash | (1,198) | (1,198) | ||||
Restricted stock units taxes paid in cash, Shares | (4) | |||||
Stock-based compensation | 87,305 | 87,305 | ||||
Cumulative translation adjustment | 627 | 627 | ||||
Unrealized gain (loss) on investments, net of income taxes | 4,507 | 4,507 | ||||
Net Income (Loss) | (36,720) | (36,720) | ||||
Ending Balance, Amount at Mar. 31, 2023 | 1,050,395 | $ 49 | 1,734,749 | (7,756) | (676,647) | |
Ending Balance, Shares at Mar. 31, 2023 | 49,473 | 910 | ||||
Beginning Balance, Amount at Dec. 31, 2023 | 1,334,348 | $ 50 | 2,136,908 | 1,827 | (804,437) | |
Beginning Balance, Shares at Dec. 31, 2023 | 50,448 | 910 | ||||
Issuance of common stock under stock plans | 6,514 | $ 1 | 6,513 | |||
Issuance of common stock under stock plans, Shares | 332 | (1) | ||||
Restricted stock units taxes paid in cash | (8,791) | (8,791) | ||||
Restricted stock units taxes paid in cash, Shares | (20) | |||||
Stock-based compensation | 115,919 | 115,919 | ||||
Cumulative translation adjustment | (2,044) | (2,044) | ||||
Unrealized gain (loss) on investments, net of income taxes | (2,763) | (2,763) | ||||
Net Income (Loss) | 5,934 | 5,934 | ||||
Ending Balance, Amount at Mar. 31, 2024 | $ 1,449,117 | $ 51 | $ 2,250,549 | $ (2,980) | $ (798,503) | |
Ending Balance, Shares at Mar. 31, 2024 | 50,760 | 909 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net income (loss) | $ 5,934 | $ (36,720) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities, net of acquisitions | ||
Depreciation and amortization | 21,234 | 16,570 |
Stock-based compensation | 111,122 | 83,037 |
Restructuring charges | 2,281 | |
Gain on strategic investments | (16,353) | |
Impairment of strategic investments | 3,615 | |
(Benefit from) provision for deferred income taxes | (167) | 47 |
Amortization of debt discount and issuance costs | 500 | 484 |
Accretion of bond discount | (12,563) | (8,008) |
Unrealized currency translation | 538 | (358) |
Changes in assets and liabilities | ||
Accounts receivable | 25,423 | 30,615 |
Prepaid expenses and other assets | (5,473) | (20,417) |
Deferred commission expense | (17,001) | (18,539) |
Right-of-use assets | 6,390 | 8,483 |
Accounts payable | (1,300) | (17,873) |
Accrued expenses and other liabilities | (13,281) | 22,659 |
Operating lease liabilities | (12,743) | (9,829) |
Deferred revenue | 31,213 | 28,638 |
Net cash and cash equivalents provided by operating activities | 127,088 | 81,070 |
Investing Activities: | ||
Purchases of investments | (399,378) | (362,246) |
Maturities of investments | 352,790 | 287,967 |
Purchases of property and equipment | (5,882) | (3,310) |
Purchases of strategic investments | (27) | (6,000) |
Capitalization of software development costs | (21,634) | (15,122) |
Net cash and cash equivalents used in investing activities | (74,131) | (98,711) |
Financing Activities: | ||
Employee taxes paid related to the net share settlement of stock-based awards | (8,788) | (1,198) |
Proceeds related to the issuance of common stock under stock plans | 19,943 | 11,254 |
Net cash and cash equivalents provided by financing activities | 11,155 | 10,056 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (4,306) | 1,722 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 59,806 | (5,863) |
Cash, cash equivalents and restricted cash, beginning of period | 392,040 | 334,175 |
Cash, cash equivalents and restricted cash, end of period | 451,846 | 328,312 |
Supplemental cash flow disclosure: | ||
Cash paid for income taxes | 3,100 | 4,063 |
Right-of-use assets obtained in exchange for operating lease liabilities | 504 | |
Right-of-use asset reductions related to operating lease terminations | (1,235) | |
Non-cash investing and financing activities: | ||
Capital expenditures incurred but not yet paid | $ 1,737 | 5,919 |
Asset retirement obligations | $ (108) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 5,934 | $ (36,720) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our directors and certain officers in the three months ended March 31, 2024, each of which is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans. Name Action Taken Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities Kate Bueker ( Chief Financial Officer ) Adoption ( February 16, 2024 ) Trading plan intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) 357 days 27,787 shares Alyssa Harvey Dawson ( Chief Legal Officer ) Adoption ( February 16, 2024 ) Trading plan intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) 378 days 5,156 shares Dharmesh Shah ( Co-Founder and Chief Technology Officer ) Adoption ( February 27, 2024 ) Trading plan intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) 365 days 51,000 shares Brian Halligan ( Co-Founder and Executive Chairperson ) Adoption ( February 29, 2024 ) Trading plan intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) 183 days 25,500 shares |
Rule 10b5-1 Arrangement Adopted | true |
Kate Bueker [Member] | |
Trading Arrangements, by Individual | |
Name | Kate Bueker |
Title | Chief Financial Officer |
Adoption Date | February 16, 2024 |
Arrangement Duration | 357 days |
Aggregate Available | 27,787 |
Alyssa Harvey Dawson [Member] | |
Trading Arrangements, by Individual | |
Name | Alyssa Harvey Dawson |
Title | Chief Legal Officer |
Adoption Date | February 16, 2024 |
Arrangement Duration | 378 days |
Aggregate Available | 5,156 |
Dharmesh Shah [Member] | |
Trading Arrangements, by Individual | |
Name | Dharmesh Shah |
Title | Co-Founder and Chief Technology Officer |
Adoption Date | February 27, 2024 |
Arrangement Duration | 365 days |
Aggregate Available | 51,000 |
Brian Halligan [Member] | |
Trading Arrangements, by Individual | |
Name | Brian Halligan |
Title | Co-Founder and Executive Chairperson |
Adoption Date | February 29, 2024 |
Arrangement Duration | 183 days |
Aggregate Available | 25,500 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations HubSpot, Inc. (the “Company”) provides a customer platform that helps businesses connect and grow better. The Company delivers seamless connection for customer-facing teams with a unified platform that includes three layers: AI-powered engagement hubs, a Smart customer relationship management product (“CRM”), and a connected ecosystem supporting the customer platform with a marketplace of integrations, templates, and expert partners, a community network, and an academy of educational content. The engagement hubs include Marketing Hub, Sales Hub, Service Hub, Operations Hub, Content Hub and Commerce Hub, as well as other tools and integrations that enable companies to attract, engage, and delight customers throughout the 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, 2023, 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, 2024. 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, 2024. 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. 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 November 2023, the Financial Accounting Standards Board ("FASB") issued guidance enhancing the disclosures of reportable segment information, primarily about significant segment expenses. The new standard will be effective for the Company for the annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the disclosure impact of adoption of the standard on its consolidated financial statements. In December 2023, the FASB issued guidance enhancing income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. The new standard will be effective for the Company on January 1, 2025, with early adoption permitted. The Company is currently evaluating the disclosure impact of adoption of the standard on its consolidated financial statements. In March 2024, the SEC adopted the final rules designed to enhance disclosures related to the risks and impacts of climate-related matters. The disclosure requirements will be effective for the Company on January 1, 2025. The Company is currently evaluating the disclosure impact of adoption of the standard on its consolidated financial statements. Revision of Previously Issued Financial Statements During the financial close process for the first quarter of 2024, we identified an error related to the calculation of contractual credits in one of our third-party vendor agreements which impacted our previously issued financial statements beginning with the quarter ended December 31, 2021. The error impacted subsequent annual and quarterly reporting periods through December 31, 2023. We assessed the materiality of the error on prior period consolidated financial statements in accordance with the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 99, “Materiality,” codified in ASC 250, Accounting Changes and Error Corrections (“ASC 250”). Based on this assessment, in consideration of both quantitative and qualitative factors, we concluded that the error is not material to any previously presented interim or annual financial statements. We revised our financial statements for the periods impacted. In connection with the revisions, we also corrected a previously identified immaterial error related to the recording of certain deferred tax balances. The Company will also correct previously reported financial information for these errors in future filings, as applicable. The impact of the revisions to the annual periods ending December 31, 2022 and December 31, 2023, and the quarterly periods ending March 31, 2023, June 30, 2023, and September 30, 2023 are discussed below. The errors created immaterial impacts to the Consolidated Statements of Cash Flows, however, there was no net impact to classification of the cash flows so a revision table was not included below. The impact to the Consolidated Statements of Stockholders' Equity was isolated to net income and accumulated deficit as revised in the other statements. Consolidated Statements of Operations and Comprehensive Loss For the 12 Months Ended December 31, 2022 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 257,513 $ (6,239 ) $ 251,274 Total cost of revenues 314,259 (6,239 ) 308,020 Gross profit 1,416,710 6,239 1,422,949 Loss from operations (109,101 ) 6,239 (102,862 ) Loss before income tax expense (104,692 ) 6,239 (98,453 ) Income tax expense (8,057 ) (837 ) (8,894 ) Net loss (112,749 ) 5,402 (107,347 ) Comprehensive loss (124,300 ) 5,402 (118,898 ) Net loss per common share, basic and diluted $ (2.35 ) $ 0.12 $ (2.23 ) For the 3 Months Ended March 31, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 68,339 $ (1,717 ) $ 66,622 Total cost of revenues 82,046 (1,717 ) 80,329 Gross profit 419,574 1,717 421,291 Loss from operations (44,767 ) 1,717 (43,050 ) Loss before income tax expense (36,019 ) 1,717 (34,302 ) Income tax expense (2,263 ) (155 ) (2,418 ) Net loss (38,282 ) 1,562 (36,720 ) Comprehensive loss (33,148 ) 1,562 (31,586 ) Net loss per common share, basic and diluted $ (0.78 ) $ 0.04 $ (0.74 ) For the 3 Months Ended June 30, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 73,824 $ (2,330 ) $ 71,494 Total cost of revenues 87,286 (2,330 ) 84,956 Gross profit 441,852 2,330 444,182 Loss from operations (118,499 ) 2,330 (116,169 ) Loss before income tax expense (105,564 ) 2,330 (103,234 ) Income tax expense (13,382 ) 4,813 (8,569 ) Net loss (118,946 ) 7,143 (111,803 ) Comprehensive loss (119,575 ) 7,143 (112,432 ) Net loss per common share, basic and diluted $ (2.39 ) $ 0.14 $ (2.25 ) For the 3 Months Ended September 30, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 73,781 $ (1,886 ) $ 71,895 Total cost of revenues 87,526 (1,886 ) 85,640 Gross profit 470,031 1,886 471,917 Loss from operations (20,442 ) 1,886 (18,556 ) Loss before income tax expense (6,875 ) 1,886 (4,989 ) Net loss (5,463 ) 1,886 (3,577 ) Comprehensive loss (6,456 ) 1,886 (4,570 ) Net loss per common share, basic and diluted $ (0.11 ) $ 0.04 $ (0.07 ) For the 12 Months Ended December 31, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 290,802 $ (7,127 ) $ 283,675 Total cost of revenues 345,489 (7,127 ) 338,362 Gross profit 1,824,741 7,127 1,831,868 Loss from operations (208,056 ) 7,127 (200,929 ) Loss before income tax expense (157,702 ) 7,127 (150,575 ) Income tax expense (18,593 ) 4,658 (13,935 ) Net loss (176,295 ) 11,785 (164,510 ) Comprehensive loss (161,578 ) 11,785 (149,793 ) Net loss per common share, basic and diluted $ (3.53 ) $ 0.23 $ (3.30 ) Consolidated Balance Sheets December 31, 2022 As Previously Reported Adjustments As Revised (in thousands) Total assets $ 2,544,738 $ - $ 2,544,738 Accrued expenses and other current liabilities 102,122 (7,112 ) 95,010 Total current liabilities 761,653 (7,112 ) 754,541 Other long-term liabilities 14,546 4,658 19,204 Total liabilities 1,552,514 (2,454 ) 1,550,060 Accumulated deficit (642,381 ) 2,454 (639,927 ) Total stockholders’ equity 992,224 2,454 994,678 December 31, 2023 As Previously Reported Adjustments As Revised (in thousands) Total assets $ 3,071,392 $ - $ 3,071,392 Accrued expenses and other current liabilities 108,313 (14,239 ) 94,074 Total current liabilities 956,247 (14,239 ) 942,008 Total liabilities 1,751,283 (14,239 ) 1,737,044 Accumulated deficit (818,676 ) 14,239 (804,437 ) Total stockholders’ equity 1,320,109 14,239 1,334,348 |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 2. Revenues Disaggregation 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, 2024 increased by $ 23.8 million resulting from $ 641.2 million of additional invoicing and was offset by revenue recognized of $ 617.4 million during the same period. $ 359.6 million of revenue was recognized during the three months ended March 31, 2024 that was included in deferred revenue at the beginning of the period. As of March 31, 2024, approximately $ 827.1 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 91 % of these remaining performance obligations over the next 24 months , with the balance recognized thereafter. Additional contract liabilities of $ 5.6 million and $ 4.5 million were included in accrued expenses and other current liabilities on the consolidated balance sheet as of March 31, 2024 and December 31, 2023. The incremental direct costs of obtaining a contract, which primarily consist of sales and Solutions Partner commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately two to four years. The two to four-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 and Solutions Partner 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, 2024 increased by $ 14.5 million as a result of deferring incremental costs of obtaining a contract of $ 46.6 million and was offset by amortization of $ 32.1 million during the same period. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | 3. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted net income (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”), performance restricted stock units (“PSUs”), 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, 2024 2023 Net income (loss) $ 5,934 $ ( 36,720 ) Weighted-average common shares outstanding — basic 50,689 49,395 Dilutive effect of share equivalents resulting from stock 809 — Weighted-average common shares, outstanding — diluted 51,498 49,395 Net income (loss) per share, basic $ 0.12 $ ( 0.74 ) Net income (loss) per share, diluted $ 0.12 $ ( 0.74 ) Since the Company incurred a net loss for the three months ended March 31, 2023, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options, RSUs, PSUs, and shares issuable under the ESPP, as well as the Conversion Options were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive. 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. The following table contains all potentially dilutive common stock equivalents. As of March 31, 2023 (in thousands) Options to purchase common shares 511 RSUs 1,698 Conversion Option of the 2025 Notes 1,625 PSUs — ESPP — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: March 31, 2024 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 11,996 $ — $ — $ 11,996 Commercial paper — 24,324 — 24,324 Corporate bonds — 241,637 — 241,637 U.S. Government agency securities — 130,396 — 130,396 U.S. Treasury securities — 1,092,143 — 1,092,143 Strategic investments — — 28,512 28,512 Restricted cash: Money market funds — 4,053 — 4,053 Total $ 11,996 $ 1,492,553 $ 28,512 $ 1,533,061 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 20,003 $ — $ — $ 20,003 Commercial paper — 13,504 — 13,504 Corporate bonds — 237,406 — 237,406 U.S. Government agency securities — 122,758 — 122,758 U.S. Treasury securities — 960,763 — 960,763 Strategic investments — — 13,159 13,159 Restricted cash: Money market funds — 4,053 — 4,053 Total $ 20,003 $ 1,338,484 $ 13,159 $ 1,371,646 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, 2024 and December 31, 2023, 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. Certain non-marketable investments measured at fair value on a non-recurring basis are classified as Level 3 as their fair value measurements may include a combination of observable and unobservable inputs. As of March 31, 2024, the fair value of the 2025 Notes was $ 1.0 billion . The fair value was determined based on the quoted price of the 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 that consist of non-controlling equity investments without readily determinable fair values in privately held companies for which the Company does not have the ability to exercise significant influence are measured under the measurement alternative method. 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 $ 38.5 million of strategic investments without readily determinable fair values at March 31, 2024 and $ 41.1 million of strategic investments without readily determinable fair values at December 31, 2023. These investments are included in other assets on the consolidated balance sheets. In the three months ended March 31, 2024 , the Company adjusted the fair value of its strategic investments and recognized a gain of $ 16.3 million. In addition, the Company recorded an impairment of the carrying value of its strategic investments of $ 3.6 million. The net gain recorded was $ 12.7 million, which is 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, 2024 and 2023. The following tables summarize the composition of our short- and long-term investments at March 31, 2024 and December 31, 2023. March 31, 2024 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 17,357 $ — $ — $ 17,357 Corporate bonds 242,268 93 ( 724 ) 241,637 U.S. Government agency securities 130,684 132 ( 420 ) 130,396 U.S. Treasury securities 993,947 60 ( 999 ) 993,008 Total $ 1,384,256 $ 285 $ ( 2,143 ) $ 1,382,398 December 31, 2023 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 11,513 $ — $ — $ 11,513 Corporate bonds 237,662 422 ( 678 ) 237,406 U.S. Government agency securities 122,414 520 ( 176 ) 122,758 U.S. Treasury securities 953,457 1,087 ( 273 ) 954,271 Total $ 1,325,046 $ 2,029 $ ( 1,127 ) $ 1,325,948 For all of our securities for which the amortized cost basis was greater than the fair value at March 31, 2024, 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, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Amortized Aggregate Amortized Aggregate (in thousands) (in thousands) Due within one year $ 1,071,957 $ 1,070,872 $ 1,000,447 $ 1,000,245 Due after 1 year through 2 years 312,299 311,526 324,599 325,703 Total $ 1,384,256 $ 1,382,398 $ 1,325,046 $ 1,325,948 |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023. March 31, 2024 March 31, 2023 December 31, 2023 (in thousands) Cash and cash equivalents $ 447,793 $ 325,159 $ 387,987 Restricted cash, included other assets 4,053 3,153 4,053 Total cash, cash equivalents, and restricted cash $ 451,846 $ 328,312 $ 392,040 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment Property and equipment consists of the following: March 31, 2024 December 31, 2023 (in thousands) Computer equipment and purchased software $ 16,394 $ 16,395 Employee related computer equipment 50,697 50,018 Furniture and fixtures 20,502 20,666 Leasehold improvements 112,336 112,714 Internal-use software 54,717 48,894 Construction in progress 116 — Total property and equipment 254,762 248,687 Less accumulated depreciation ( 151,400 ) ( 145,356 ) Property and equipment, net $ 103,362 $ 103,331 Depreciation and amortization expense on property and equipment was $ 7.2 million for the three months ended March 31, 2024 and $ 7.5 million for the three months ended March 31, 2023. In the three months ended March 31, 2023, the Company disposed of $ 0.9 million of fixed assets, net, as part of the Restructuring Plan (defined in Note 14). Refer to Note 14 regarding the loss associated with fixed asset disposals in connection with the Restructuring Plan. |
Capitalized Software Developmen
Capitalized Software Development Costs | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 (in thousands) Gross capitalized software development costs $ 284,658 $ 257,052 Accumulated amortization ( 165,104 ) ( 150,823 ) Capitalized software development costs, net $ 119,554 $ 106,229 These capitalized software development costs are associated with software developed for the Company's customer platform. 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 $ 16.0 million for the three months ended March 31, 2024 and $ 9.8 million for three months ended March 31, 2023 . |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 8. Convertible Senior Notes 2025 Convertible Senior Notes and Capped Call Options In June 2020, the Company issued $ 400 million aggregate principal amount of 0.375 % convertible senior notes due June 1, 2025 (the “2025 Notes”) in a private offering and an additional $ 60 million aggregate principal amount of the 2025 Notes pursuant to the exercise in full of the over-allotment options of the initial purchasers. The interest rate is fixed at 0.375 % per annum and is payable semi-annually in arrears on June 1 and December 1 of each year. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $ 450.1 million. Each $ 1,000 of principal amount of the 2025 Notes will initially be convertible into 3.5396 shares of the Company’s common stock (the “Conversion Option of the 2025 Notes”), which is equivalent to an initial conversion price of approximately $ 282.52 per share, subject to adjustment upon the occurrence of certain specified events. On or after March 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time. The 2025 Notes will be convertible at the option of the holders prior to the close of business on the business day immediately preceding March 1, 2025 under certain circumstances as described in the indenture governing the 2025 Notes (the “Indenture”). Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election. The Company expects to settle the principal amount of the 2025 Notes in cash. Because the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended March 31, 2024 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, 2024. As of May 3, 2024, the Company has no t received any conversion notices. The net carrying amount of the liability component of the 2025 Notes is as follows: As of March 31, 2024 As of December 31, 2023 (in thousands) Principal $ 459,074 $ 459,076 Unamortized issuance costs ( 2,370 ) ( 2,870 ) Net carrying amount $ 456,704 $ 456,206 Interest expense related to the 2025 Notes is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Contractual interest expense $ 431 $ 431 Amortization of issuance costs 500 484 Total interest expense $ 931 $ 915 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 the Capped Call Options are not accounted for as separate derivative financial instruments. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 9. Leases The Company leases office facilities under non-cancelable operating leases that expire at various dates through February 2035. Operating lease expense and cash payments related to operating lease liabilities for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 (in thousands) Operating lease expense $ 10,111 $ 12,920 Cash payments 15,870 14,421 The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 (in thousands) Operating sublease income $ 2,247 $ 2,028 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 77.8 million. Future minimum payments under all operating lease agreements as of March 31, 2024 are as follows: (in thousands) Remainder of 2024 $ 41,165 2025 53,550 2026 50,824 2027 46,767 2028 34,280 Thereafter 162,721 Total $ 389,307 The Company has entered into certain non-cancelable vendor commitments, which require the future purchase of goods or services. Future minimum payments under all non-cancelable vendor commitments as of March 31, 2024 are as follows: (in thousands) Remainder of 2024 $ 171,338 2025 233,827 2026 232,716 2027 187,846 2028 184 Thereafter - Total $ 825,911 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, 2024 | |
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, 2024 and 2023. Cumulative Translation Adjustment Unrealized Total (in thousands) Beginning balance at January 1, 2024 950 877 1,827 Other comprehensive gain before reclassifications ( 2,044 ) ( 2,763 ) ( 4,807 ) Amounts reclassified from accumulated other — — — Ending balance at March 31, 2024 ( 1,094 ) ( 1,886 ) ( 2,980 ) Cumulative Translation Adjustment Unrealized Total (in thousands) Beginning balance at January 1, 2023 ( 3,070 ) ( 9,820 ) ( 12,890 ) Other comprehensive gain before reclassifications 627 4,507 5,134 Amounts reclassified from accumulated other — — — Ending balance at March 31, 2023 ( 2,443 ) ( 5,313 ) ( 7,756 ) |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (in thousands) Options $ 2,570 $ 2,707 RSUs 99,830 73,032 PSUs 4,827 3,234 Employee stock purchase plan 3,895 4,064 Total stock-based compensation expense $ 111,122 $ 83,037 Effect of stock-based compensation expense on income by line item: Three Months Ended March 31, 2024 2023 (in thousands) Cost of revenue, subscription $ 4,960 $ 2,745 Cost of revenue, professional services and other 1,086 1,087 Research and development 50,627 33,324 Sales and marketing 35,157 30,169 General and administrative 19,292 15,712 Total stock-based compensation expense $ 111,122 $ 83,037 Capitalized software development costs excluded from stock-based compensation expense is $ 8.8 million for the three months ended March 31, 2024 and $ 4.6 million for the three months ended March 31, 2023 . Also excluded in the three months ended March 31, 2023 is $ 1.0 million of stock-based compensation expense incurred in connection with the Restructuring Plan. See Note 14 for more details. |
Segment Information and Geograp
Segment Information and Geographic Data | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (in thousands) Americas $ 374,546 $ 307,822 Europe 193,123 150,839 Asia Pacific 49,745 42,959 Total $ 617,414 $ 501,620 Percentage of revenues generated outside of the Americas 39 % 39 % Revenue derived from customers outside the United States (international) was approximately 47 % of total revenue in the three months ended March 31, 2024 and 46 % of total revenue in the three months ended March 31, 2023. Total long-lived assets by geographical region: As of March 31, 2024 As of December 31, 2023 (in thousands) Americas $ 234,317 $ 235,141 Europe 106,033 112,176 Asia Pacific 6,291 7,085 Total long-lived assets $ 346,641 $ 354,402 Percentage of long-lived assets held outside of the Americas 32 % 34 % |
Restructuring Plan
Restructuring Plan | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Plan | 14. Restructuring Plan On January 25, 2023, the Company's board of directors authorized a restructuring plan (the “Restructuring Plan”) that was designed to reduce operating costs and enable investment in key opportunities for long-term growth while driving continued profitability. The Restructuring Plan included a reduction of the Company’s workforce by approximately 7 % and a global lease consolidation to create higher density across our workspaces. In the three months ended March 31, 2024, the Company incurred $ 0.8 million of restructuring charges consisting of variable facilities related costs on unused space. In the three months ended March 31, 2023 , the Company incurred $ 28.6 million of restructuring charges, primarily composed of $ 26.8 million for severance, employee related benefits, and other costs, including $ 1.0 million of stock-based compensation expense, and $ 1.8 million related to facilities. The charges were recorded to the restructuring line item within the consolidated statements of operations. Future variable facilities related costs for vacated properties will continue to be recorded to restructuring charges. As of three months ended March 31, 2024 , the Company did no t have any remaining liabilities accrued related to the Restructuring Plan. |
Organization and Operations (Po
Organization and Operations (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 November 2023, the Financial Accounting Standards Board ("FASB") issued guidance enhancing the disclosures of reportable segment information, primarily about significant segment expenses. The new standard will be effective for the Company for the annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the disclosure impact of adoption of the standard on its consolidated financial statements. In December 2023, the FASB issued guidance enhancing income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. The new standard will be effective for the Company on January 1, 2025, with early adoption permitted. The Company is currently evaluating the disclosure impact of adoption of the standard on its consolidated financial statements. In March 2024, the SEC adopted the final rules designed to enhance disclosures related to the risks and impacts of climate-related matters. The disclosure requirements will be effective for the Company on January 1, 2025. The Company is currently evaluating the disclosure impact of adoption of the standard on its consolidated financial statements. Revision of Previously Issued Financial Statements During the financial close process for the first quarter of 2024, we identified an error related to the calculation of contractual credits in one of our third-party vendor agreements which impacted our previously issued financial statements beginning with the quarter ended December 31, 2021. The error impacted subsequent annual and quarterly reporting periods through December 31, 2023. We assessed the materiality of the error on prior period consolidated financial statements in accordance with the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 99, “Materiality,” codified in ASC 250, Accounting Changes and Error Corrections (“ASC 250”). Based on this assessment, in consideration of both quantitative and qualitative factors, we concluded that the error is not material to any previously presented interim or annual financial statements. We revised our financial statements for the periods impacted. In connection with the revisions, we also corrected a previously identified immaterial error related to the recording of certain deferred tax balances. The Company will also correct previously reported financial information for these errors in future filings, as applicable. The impact of the revisions to the annual periods ending December 31, 2022 and December 31, 2023, and the quarterly periods ending March 31, 2023, June 30, 2023, and September 30, 2023 are discussed below. The errors created immaterial impacts to the Consolidated Statements of Cash Flows, however, there was no net impact to classification of the cash flows so a revision table was not included below. The impact to the Consolidated Statements of Stockholders' Equity was isolated to net income and accumulated deficit as revised in the other statements. Consolidated Statements of Operations and Comprehensive Loss For the 12 Months Ended December 31, 2022 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 257,513 $ (6,239 ) $ 251,274 Total cost of revenues 314,259 (6,239 ) 308,020 Gross profit 1,416,710 6,239 1,422,949 Loss from operations (109,101 ) 6,239 (102,862 ) Loss before income tax expense (104,692 ) 6,239 (98,453 ) Income tax expense (8,057 ) (837 ) (8,894 ) Net loss (112,749 ) 5,402 (107,347 ) Comprehensive loss (124,300 ) 5,402 (118,898 ) Net loss per common share, basic and diluted $ (2.35 ) $ 0.12 $ (2.23 ) For the 3 Months Ended March 31, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 68,339 $ (1,717 ) $ 66,622 Total cost of revenues 82,046 (1,717 ) 80,329 Gross profit 419,574 1,717 421,291 Loss from operations (44,767 ) 1,717 (43,050 ) Loss before income tax expense (36,019 ) 1,717 (34,302 ) Income tax expense (2,263 ) (155 ) (2,418 ) Net loss (38,282 ) 1,562 (36,720 ) Comprehensive loss (33,148 ) 1,562 (31,586 ) Net loss per common share, basic and diluted $ (0.78 ) $ 0.04 $ (0.74 ) For the 3 Months Ended June 30, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 73,824 $ (2,330 ) $ 71,494 Total cost of revenues 87,286 (2,330 ) 84,956 Gross profit 441,852 2,330 444,182 Loss from operations (118,499 ) 2,330 (116,169 ) Loss before income tax expense (105,564 ) 2,330 (103,234 ) Income tax expense (13,382 ) 4,813 (8,569 ) Net loss (118,946 ) 7,143 (111,803 ) Comprehensive loss (119,575 ) 7,143 (112,432 ) Net loss per common share, basic and diluted $ (2.39 ) $ 0.14 $ (2.25 ) For the 3 Months Ended September 30, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 73,781 $ (1,886 ) $ 71,895 Total cost of revenues 87,526 (1,886 ) 85,640 Gross profit 470,031 1,886 471,917 Loss from operations (20,442 ) 1,886 (18,556 ) Loss before income tax expense (6,875 ) 1,886 (4,989 ) Net loss (5,463 ) 1,886 (3,577 ) Comprehensive loss (6,456 ) 1,886 (4,570 ) Net loss per common share, basic and diluted $ (0.11 ) $ 0.04 $ (0.07 ) For the 12 Months Ended December 31, 2023 As Previously Reported Adjustments As Revised (in thousands) Cost of revenues - Subscription $ 290,802 $ (7,127 ) $ 283,675 Total cost of revenues 345,489 (7,127 ) 338,362 Gross profit 1,824,741 7,127 1,831,868 Loss from operations (208,056 ) 7,127 (200,929 ) Loss before income tax expense (157,702 ) 7,127 (150,575 ) Income tax expense (18,593 ) 4,658 (13,935 ) Net loss (176,295 ) 11,785 (164,510 ) Comprehensive loss (161,578 ) 11,785 (149,793 ) Net loss per common share, basic and diluted $ (3.53 ) $ 0.23 $ (3.30 ) Consolidated Balance Sheets December 31, 2022 As Previously Reported Adjustments As Revised (in thousands) Total assets $ 2,544,738 $ - $ 2,544,738 Accrued expenses and other current liabilities 102,122 (7,112 ) 95,010 Total current liabilities 761,653 (7,112 ) 754,541 Other long-term liabilities 14,546 4,658 19,204 Total liabilities 1,552,514 (2,454 ) 1,550,060 Accumulated deficit (642,381 ) 2,454 (639,927 ) Total stockholders’ equity 992,224 2,454 994,678 December 31, 2023 As Previously Reported Adjustments As Revised (in thousands) Total assets $ 3,071,392 $ - $ 3,071,392 Accrued expenses and other current liabilities 108,313 (14,239 ) 94,074 Total current liabilities 956,247 (14,239 ) 942,008 Total liabilities 1,751,283 (14,239 ) 1,737,044 Accumulated deficit (818,676 ) 14,239 (804,437 ) Total stockholders’ equity 1,320,109 14,239 1,334,348 |
Revenues | Disaggregation 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, 2024 increased by $ 23.8 million resulting from $ 641.2 million of additional invoicing and was offset by revenue recognized of $ 617.4 million during the same period. $ 359.6 million of revenue was recognized during the three months ended March 31, 2024 that was included in deferred revenue at the beginning of the period. As of March 31, 2024, approximately $ 827.1 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 91 % of these remaining performance obligations over the next 24 months , with the balance recognized thereafter. Additional contract liabilities of $ 5.6 million and $ 4.5 million were included in accrued expenses and other current liabilities on the consolidated balance sheet as of March 31, 2024 and December 31, 2023. The incremental direct costs of obtaining a contract, which primarily consist of sales and Solutions Partner commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately two to four years. The two to four-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 and Solutions Partner 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, 2024 increased by $ 14.5 million as a result of deferring incremental costs of obtaining a contract of $ 46.6 million and was offset by amortization of $ 32.1 million during the same period. |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Net income (loss) $ 5,934 $ ( 36,720 ) Weighted-average common shares outstanding — basic 50,689 49,395 Dilutive effect of share equivalents resulting from stock 809 — Weighted-average common shares, outstanding — diluted 51,498 49,395 Net income (loss) per share, basic $ 0.12 $ ( 0.74 ) Net income (loss) per share, diluted $ 0.12 $ ( 0.74 ) |
Schedule of Potentially Dilutive Common Stock Equivalents | The following table contains all potentially dilutive common stock equivalents. As of March 31, 2023 (in thousands) Options to purchase common shares 511 RSUs 1,698 Conversion Option of the 2025 Notes 1,625 PSUs — ESPP — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: March 31, 2024 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 11,996 $ — $ — $ 11,996 Commercial paper — 24,324 — 24,324 Corporate bonds — 241,637 — 241,637 U.S. Government agency securities — 130,396 — 130,396 U.S. Treasury securities — 1,092,143 — 1,092,143 Strategic investments — — 28,512 28,512 Restricted cash: Money market funds — 4,053 — 4,053 Total $ 11,996 $ 1,492,553 $ 28,512 $ 1,533,061 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 20,003 $ — $ — $ 20,003 Commercial paper — 13,504 — 13,504 Corporate bonds — 237,406 — 237,406 U.S. Government agency securities — 122,758 — 122,758 U.S. Treasury securities — 960,763 — 960,763 Strategic investments — — 13,159 13,159 Restricted cash: Money market funds — 4,053 — 4,053 Total $ 20,003 $ 1,338,484 $ 13,159 $ 1,371,646 |
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, 2024 and December 31, 2023. March 31, 2024 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 17,357 $ — $ — $ 17,357 Corporate bonds 242,268 93 ( 724 ) 241,637 U.S. Government agency securities 130,684 132 ( 420 ) 130,396 U.S. Treasury securities 993,947 60 ( 999 ) 993,008 Total $ 1,384,256 $ 285 $ ( 2,143 ) $ 1,382,398 December 31, 2023 Amortized Unrealized Unrealized Aggregate (in thousands) Commercial paper $ 11,513 $ — $ — $ 11,513 Corporate bonds 237,662 422 ( 678 ) 237,406 U.S. Government agency securities 122,414 520 ( 176 ) 122,758 U.S. Treasury securities 953,457 1,087 ( 273 ) 954,271 Total $ 1,325,046 $ 2,029 $ ( 1,127 ) $ 1,325,948 |
Summary of Contractual Maturities of Short and Long Term Investments | The contractual maturities of short-term and long-term investments held at March 31, 2024 and December 31, 2023 are as follows: March 31, 2024 December 31, 2023 Amortized Aggregate Amortized Aggregate (in thousands) (in thousands) Due within one year $ 1,071,957 $ 1,070,872 $ 1,000,447 $ 1,000,245 Due after 1 year through 2 years 312,299 311,526 324,599 325,703 Total $ 1,384,256 $ 1,382,398 $ 1,325,046 $ 1,325,948 |
Restricted cash (Tables)
Restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023. March 31, 2024 March 31, 2023 December 31, 2023 (in thousands) Cash and cash equivalents $ 447,793 $ 325,159 $ 387,987 Restricted cash, included other assets 4,053 3,153 4,053 Total cash, cash equivalents, and restricted cash $ 451,846 $ 328,312 $ 392,040 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment consists of the following: March 31, 2024 December 31, 2023 (in thousands) Computer equipment and purchased software $ 16,394 $ 16,395 Employee related computer equipment 50,697 50,018 Furniture and fixtures 20,502 20,666 Leasehold improvements 112,336 112,714 Internal-use software 54,717 48,894 Construction in progress 116 — Total property and equipment 254,762 248,687 Less accumulated depreciation ( 151,400 ) ( 145,356 ) Property and equipment, net $ 103,362 $ 103,331 |
Capitalized Software Developm_2
Capitalized Software Development Costs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 (in thousands) Gross capitalized software development costs $ 284,658 $ 257,052 Accumulated amortization ( 165,104 ) ( 150,823 ) Capitalized software development costs, net $ 119,554 $ 106,229 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 As of December 31, 2023 (in thousands) Principal $ 459,074 $ 459,076 Unamortized issuance costs ( 2,370 ) ( 2,870 ) Net carrying amount $ 456,704 $ 456,206 |
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, 2024 2023 (in thousands) Contractual interest expense $ 431 $ 431 Amortization of issuance costs 500 484 Total interest expense $ 931 $ 915 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Expense and Cash Payments related to Operating Lease Liabilities | Operating lease expense and cash payments related to operating lease liabilities for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 (in thousands) Operating lease expense $ 10,111 $ 12,920 Cash payments 15,870 14,421 |
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 months ended March 31, 2024 and 2023 are as follows: Three Months Ended March 31, 2024 2023 (in thousands) Operating sublease income $ 2,247 $ 2,028 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | Future minimum payments under all operating lease agreements as of March 31, 2024 are as follows: (in thousands) Remainder of 2024 $ 41,165 2025 53,550 2026 50,824 2027 46,767 2028 34,280 Thereafter 162,721 Total $ 389,307 |
Schedule of Future Minimum Payments Under Non-Cancelable Arrangements | Future minimum payments under all non-cancelable vendor commitments as of March 31, 2024 are as follows: (in thousands) Remainder of 2024 $ 171,338 2025 233,827 2026 232,716 2027 187,846 2028 184 Thereafter - Total $ 825,911 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023. Cumulative Translation Adjustment Unrealized Total (in thousands) Beginning balance at January 1, 2024 950 877 1,827 Other comprehensive gain before reclassifications ( 2,044 ) ( 2,763 ) ( 4,807 ) Amounts reclassified from accumulated other — — — Ending balance at March 31, 2024 ( 1,094 ) ( 1,886 ) ( 2,980 ) Cumulative Translation Adjustment Unrealized Total (in thousands) Beginning balance at January 1, 2023 ( 3,070 ) ( 9,820 ) ( 12,890 ) Other comprehensive gain before reclassifications 627 4,507 5,134 Amounts reclassified from accumulated other — — — Ending balance at March 31, 2023 ( 2,443 ) ( 5,313 ) ( 7,756 ) |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (in thousands) Options $ 2,570 $ 2,707 RSUs 99,830 73,032 PSUs 4,827 3,234 Employee stock purchase plan 3,895 4,064 Total stock-based compensation expense $ 111,122 $ 83,037 |
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, 2024 2023 (in thousands) Cost of revenue, subscription $ 4,960 $ 2,745 Cost of revenue, professional services and other 1,086 1,087 Research and development 50,627 33,324 Sales and marketing 35,157 30,169 General and administrative 19,292 15,712 Total stock-based compensation expense $ 111,122 $ 83,037 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Revenues by Geographical Region | Revenues by geographical region: Three Months Ended March 31, 2024 2023 (in thousands) Americas $ 374,546 $ 307,822 Europe 193,123 150,839 Asia Pacific 49,745 42,959 Total $ 617,414 $ 501,620 Percentage of revenues generated outside of the Americas 39 % 39 % |
Long Lived Assets by Geographical Region | Total long-lived assets by geographical region: As of March 31, 2024 As of December 31, 2023 (in thousands) Americas $ 234,317 $ 235,141 Europe 106,033 112,176 Asia Pacific 6,291 7,085 Total long-lived assets $ 346,641 $ 354,402 Percentage of long-lived assets held outside of the Americas 32 % 34 % |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Additions in deferred revenue | $ 23,800 | ||
Additional Invoicing | 641,200 | ||
Total revenues | 617,414 | $ 501,620 | |
Deferred revenue, revenue recognized | 359,600 | ||
Revenue remaining performance obligation, contracts exceeds one year | $ 827,100 | ||
Revenue remaining performance obligation contract period | 1 year | ||
Revenue remaining performance obligation percentage recognized | 91% | ||
Short-term deferred revenue | $ 696,878 | $ 672,150 | |
Increase (decrease) in deferred commission expense | 14,500 | ||
Incremental costs of deferred sales commission expense | 46,600 | ||
Amortization of deferred commission expense | $ 32,100 | ||
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Amortization period of deferred commissions | 2 years | ||
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Amortization period of deferred commissions | 4 years | ||
Accrued Expenses and Other Current Liabilities [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Short-term deferred revenue | $ 5,600 | $ 4,500 |
Revenues - Additional Informa_2
Revenues - Additional Information1 (Detail) | Mar. 31, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue remaining performance obligations recognition period | 24 months |
Net Income (Loss) per Share - S
Net Income (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, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net Income (Loss) | $ 5,934 | $ (36,720) |
Weighted-average common shares outstanding - basic | 50,689 | 49,395 |
Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, PSUs, Warrants and the Conversion Options | 809 | |
Weighted-average common shares, outstanding — diluted | 51,498 | 49,395 |
Net income (loss) per share, basic | $ 0.12 | $ (0.74) |
Net income (loss) per share, diluted | $ 0.12 | $ (0.74) |
Net Income (Loss) per Share -_2
Net Income (Loss) per Share - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) | 3 Months Ended |
Mar. 31, 2023 shares | |
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 | 1,625 |
Employee Stock Option | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 511 |
RSUs [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 1,698 |
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, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | $ 11,996 | $ 20,003 |
Investment, Type [Extensible Enumeration] | Money Market Funds [Member] | Money Market Funds [Member] |
Fair value of short and long term investments | $ 1,382,398 | $ 1,325,948 |
Fair value of restricted cash | 4,053 | 4,053 |
Fair value of financial assets | 1,533,061 | 1,371,646 |
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 | $ 11,996 | $ 20,003 |
Investment, Type [Extensible Enumeration] | Money Market Funds [Member] | Money Market Funds [Member] |
Fair value of financial assets | $ 11,996 | $ 20,003 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment, Type [Extensible Enumeration] | Money Market Funds [Member] | Money Market Funds [Member] |
Fair value of restricted cash | $ 4,053 | $ 4,053 |
Fair value of financial assets | 1,492,553 | 1,338,484 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 28,512 | 13,159 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 24,324 | 13,504 |
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 | 24,324 | 13,504 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 241,637 | 237,406 |
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 | 241,637 | 237,406 |
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 | 130,396 | 122,758 |
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 | 130,396 | 122,758 |
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 | 1,092,143 | 960,763 |
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 | 1,092,143 | 960,763 |
Strategic Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 28,512 | 13,159 |
Strategic Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 28,512 | $ 13,159 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | $ 88,058 | $ 75,247 |
Debt securities, available-for-sale, realized gain | 16,300 | |
Debt securities, available-for-sale, realized gain, net | 12,700 | |
Strategic Investments [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 38,500 | $ 41,100 |
Impairment charges | 3,600 | |
2025 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 1,000,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,384,256 | $ 1,325,046 |
Unrealized Gains | 285 | 2,029 |
Unrealized Losses | (2,143) | (1,127) |
Aggregate Fair Value | 1,382,398 | 1,325,948 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,357 | 11,513 |
Aggregate Fair Value | 17,357 | 11,513 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 242,268 | 237,662 |
Unrealized Gains | 93 | 422 |
Unrealized Losses | (724) | (678) |
Aggregate Fair Value | 241,637 | 237,406 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 130,684 | 122,414 |
Unrealized Gains | 132 | 520 |
Unrealized Losses | (420) | (176) |
Aggregate Fair Value | 130,396 | 122,758 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 993,947 | 953,457 |
Unrealized Gains | 60 | 1,087 |
Unrealized Losses | (999) | (273) |
Aggregate Fair Value | $ 993,008 | $ 954,271 |
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, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Amortized Cost Basis, Due within one year | $ 1,071,957 | $ 1,000,447 |
Amortized Cost Basis, Due after 1 year through 2 years | 312,299 | 324,599 |
Amortized Cost | 1,384,256 | 1,325,046 |
Aggregate Fair Value, Due within one year | 1,070,872 | 1,000,245 |
Aggregate Fair Value, Due after 1 year through 2 years | 311,526 | 325,703 |
Aggregate Fair Value, Total | $ 1,382,398 | $ 1,325,948 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Equity Method Investments [Line Items] | ||
Net Income (Loss) | $ 5,934 | $ (36,720) |
Restricted Cash - Summary of Re
Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 447,793 | $ 387,987 | $ 325,159 |
Restricted cash, included in other assets | $ 4,053 | $ 4,053 | $ 3,153 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | Other assets |
Total cash, cash equivalents, and restricted cash | $ 451,846 | $ 392,040 | $ 328,312 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 254,762 | $ 248,687 |
Less accumulated depreciation | (151,400) | (145,356) |
Property and equipment, net | 103,362 | 103,331 |
Computer Equipment and Purchased Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 16,394 | 16,395 |
Employee Related Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 50,697 | 50,018 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 20,502 | 20,666 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 112,336 | 112,714 |
Internal Use Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 54,717 | $ 48,894 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 116 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 7.2 | $ 7.5 |
Fixed assets disposals | $ 0.9 |
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, 2024 | Dec. 31, 2023 |
Capitalized Computer Software, Net [Abstract] | ||
Gross capitalized software development costs | $ 284,658 | $ 257,052 |
Accumulated amortization | (165,104) | (150,823) |
Capitalized software development costs, net | $ 119,554 | $ 106,229 |
Capitalized Software Developm_4
Capitalized Software Development Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Computer Software, Net [Abstract] | ||
Amortization of software development costs, exclusive of costs recorded within property and equipment | $ 16 | $ 9.8 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) - 0.375% Convertible Senior Notes Due 2025 [Member] | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2020 USD ($) $ / shares shares | Mar. 31, 2024 d | May 03, 2024 USD ($) | |
Debt Instrument [Line Items] | |||
Principal amount of long term debt | $ 0 | ||
Debt instrument, interest rate, stated percentage | 0.375% | ||
Debt instrument, maturity date | Jun. 01, 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 | ||
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 | ||
Private Offering [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of long term debt | $ 400,000,000 | ||
Over-Allotment Options [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of long term debt | $ 60,000,000 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of closing price to trigger debt conversion | 130% | ||
Maximum [Member] | Capped Call Options [Member] | |||
Debt Instrument [Line Items] | |||
Common stock shares covered under capped call transactions | shares | 1,600,000 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of Liability Component (Detail) - 0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Principal | $ 459,074 | $ 459,076 |
Unamortized issuance costs | (2,370) | (2,870) |
Net carrying amount | $ 456,704 | $ 456,206 |
Convertible Senior Notes - Sc_2
Convertible Senior Notes - Schedule of Interest Expense (Detail) - 0.375% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 431 | $ 431 |
Amortization of issuance costs | 500 | 484 |
Total interest expense | $ 931 | $ 915 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Expense and Cash Payments related to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease expense | $ 10,111 | $ 12,920 |
Cash payments | $ 15,870 | $ 14,421 |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating sublease income | $ 2,247 | $ 2,028 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Commitments and Contingencies [Line Items] | |
Increase in future lease commitments | $ 77.8 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating, Remainder of 2024 | $ 41,165 |
Operating, 2025 | 53,550 |
Operating, 2026 | 50,824 |
Operating, 2027 | 46,767 |
Operating, 2028 | 34,280 |
Operating, Thereafter | 162,721 |
Total | $ 389,307 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Arrangements (Details) - Vendor Commitments [Member] $ in Thousands | Mar. 31, 2024 USD ($) |
Long-Term Purchase Commitment [Line Items] | |
Remainder of 2024 | $ 171,338 |
Non-cancelable arrangements, 2025 | 233,827 |
Non-cancelable arrangements, 2026 | 232,716 |
Non-cancelable arrangements, 2027 | 187,846 |
Non-cancelable arrangements, 2028 | 184 |
Purchase Obligation, Total | $ 825,911 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||
Income tax benefit | $ 1,786 | $ 2,418 |
Business Acquisition - Summary
Business Acquisition - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 173,667 | $ 173,761 |
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, 2024 | Mar. 31, 2023 | |
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 1,334,348 | $ 994,678 |
Issuance of common stock under stock plans | 6,514 | 1,196 |
Stock-based compensation | 115,919 | 87,305 |
Cumulative translation adjustment | (2,044) | 627 |
Unrealized gain (loss) on investments, net of income taxes | (2,763) | 4,507 |
Net Income (Loss) | 5,934 | (36,720) |
Ending Balance, Amount | 1,449,117 | 1,050,395 |
Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 50 | $ 49 |
Beginning Balance, Shares | 50,448 | 49,217 |
Issuance of common stock under stock plans | $ 1 | |
Issuance of common stock under stock plans, Shares | 332 | 260 |
Ending Balance, Amount | $ 51 | $ 49 |
Ending Balance, Shares | 50,760 | 49,473 |
Additional Paid-In Capital [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 2,136,908 | $ 1,647,446 |
Issuance of common stock under stock plans | 6,513 | 1,196 |
Stock-based compensation | 115,919 | 87,305 |
Ending Balance, Amount | 2,250,549 | 1,734,749 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | 1,827 | (12,890) |
Cumulative translation adjustment | (2,044) | 627 |
Unrealized gain (loss) on investments, net of income taxes | (2,763) | 4,507 |
Ending Balance, Amount | (2,980) | (7,756) |
Accumulated Deficit [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | (804,437) | (639,927) |
Net Income (Loss) | 5,934 | (36,720) |
Ending Balance, Amount | $ (798,503) | $ (676,647) |
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, 2024 | Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | $ 1,334,348 | $ 994,678 |
Other comprehensive gain before reclassifications | (4,807) | 5,134 |
Ending Balance, Amount | 1,449,117 | 1,050,395 |
Cumulative Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | 950 | (3,070) |
Other comprehensive gain before reclassifications | (2,044) | 627 |
Ending Balance, Amount | (1,094) | (2,443) |
Unrealized Loss on Investments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | 877 | (9,820) |
Other comprehensive gain before reclassifications | (2,763) | 4,507 |
Ending Balance, Amount | (1,886) | (5,313) |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance, Amount | 1,827 | (12,890) |
Ending Balance, Amount | $ (2,980) | $ (7,756) |
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, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 111,122 | $ 83,037 |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 2,570 | 2,707 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 99,830 | 73,032 |
PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 4,827 | 3,234 |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 3,895 | $ 4,064 |
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, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 111,122 | $ 83,037 |
Cost of Revenue, Subscription [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 4,960 | 2,745 |
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 | 1,086 | 1,087 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 50,627 | 33,324 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 35,157 | 30,169 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 19,292 | $ 15,712 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 111,122 | $ 83,037 |
Restructuring Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 1,000 | |
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 | $ 8,800 | $ 4,600 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Additional Information (Detail) - Segment | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | 47% | 46% |
Segment Information and Geogr_4
Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 617,414 | $ 501,620 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 374,546 | 307,822 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 193,123 | 150,839 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 49,745 | $ 42,959 |
Revenue [Member] | Outside Of Americas [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues generated outside of the Americas | 39% | 39% |
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, 2024 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 346,641 | $ 354,402 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 234,317 | 235,141 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 106,033 | 112,176 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 6,291 | $ 7,085 |
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 | 32% | 34% |
Restructuring Plan - Additional
Restructuring Plan - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Jan. 25, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Costs [Line Items] | |||
Employee reduction percentage | 7% | ||
Liabilities accrued | $ 0 | ||
Restructuring charges | 782,000 | $ 28,570,000 | |
Severance, Employee Related Benefits And Other Costs [Member] | |||
Restructuring Costs [Line Items] | |||
Restructuring charges | 26,800,000 | ||
Stock-Based Compensation Expense [Member] | |||
Restructuring Costs [Line Items] | |||
Restructuring charges | 1,000,000 | ||
Facilities [Member] | |||
Restructuring Costs [Line Items] | |||
Restructuring charges | $ 800,000 | $ 1,800,000 |