HubSpot (HUBS) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

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