HubSpot (HUBS) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	HUBS
Entity Registrant Name	HUBSPOT INC
Entity Central Index Key	0001404655
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		42,821,424
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity File Number	001-36680
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2632791
Entity Address, Address Line One	25 First Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02141
City Area Code	888
Local Phone Number	482-7768
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 225,770	$ 111,489
Short-term investments	722,767	480,761
Accounts receivable — net of allowance for doubtful accounts of $1,258 and $1,317 at September 30, 2019 and December 31, 2018, respectively	77,551	77,100
Deferred commission expense	29,080	23,664
Restricted cash	6,019	5,175
Prepaid expenses and other current assets	20,052	14,229
Total current assets	1,081,239	712,418
Long-term investments	59,783	11,450
Property and equipment, net	63,959	52,468
Capitalized software development costs, net	15,095	12,746
Right-of-use assets	215,797
Deferred commission expense, net of current portion	17,608	18,114
Other assets	7,894	6,888
Intangible assets, net	2,556	4,919
Goodwill	14,950	14,950
Total assets	1,478,881	833,953
Current liabilities:
Accounts payable	14,882	7,810
Accrued compensation costs	23,913	23,589
Accrued expenses and other current liabilities	25,706	22,305
Lease liabilities	15,646
Deferred revenue	200,771	183,305
Total current liabilities	280,918	237,009
Lease liabilities, net of current portion	225,628
Deferred rent, net of current portion		26,445
Deferred revenue, net of current portion	2,835	2,179
Other long-term liabilities	6,182	4,897
Convertible senior notes	334,966	318,782
Total liabilities	850,529	589,312
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock	43	40
Additional paid-in capital	1,017,046	589,708
Accumulated other comprehensive loss	(909)	(723)
Accumulated deficit	(387,828)	(344,384)
Total stockholders’ equity	628,352	244,641
Total liabilities and stockholders’ equity	$ 1,478,881	$ 833,953

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 1,258	$ 1,317

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenue	$ 173,621	$ 131,826	$ 488,674	$ 368,958
Cost of revenues:
Total cost of revenues	33,263	25,765	93,983	72,993
Gross profit	140,358	106,061	394,691	295,965
Operating expenses:
Research and development	39,847	30,761	115,480	85,598
Sales and marketing	91,283	71,293	250,267	196,484
General and administrative	23,300	19,057	67,777	54,309
Total operating expenses	154,430	121,111	433,524	336,391
Loss from operations	(14,072)	(15,050)	(38,833)	(40,426)
Other expense:
Interest income	5,185	2,416	14,783	6,332
Interest expense	(5,760)	(5,393)	(16,946)	(15,893)
Other expense	(89)	(277)	(773)	(1,087)
Total other expense	(664)	(3,254)	(2,936)	(10,648)
Loss before income tax expense	(14,736)	(18,304)	(41,769)	(51,074)
Income tax expense	(251)	(359)	(1,675)	(1,262)
Net loss	$ (14,987)	$ (18,663)	$ (43,444)	$ (52,336)
Net loss per share, basic and diluted	$ (0.35)	$ (0.48)	$ (1.04)	$ (1.37)
Weighted average common shares used in computing basic and diluted net loss per share:	42,531	38,762	41,749	38,319
Subscription [Member]
Revenues:
Total revenue	$ 167,078	$ 125,478	$ 467,180	$ 350,646
Cost of revenues:
Total cost of revenues	25,671	17,777	70,550	49,976
Professional Services and Other [Member]
Revenues:
Total revenue	6,543	6,348	21,494	18,312
Cost of revenues:
Total cost of revenues	$ 7,592	$ 7,988	$ 23,433	$ 23,017

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (14,987)	$ (18,663)	$ (43,444)	$ (52,336)
Other comprehensive loss:
Foreign currency translation adjustment	(947)	(127)	(997)	(548)
Changes in unrealized gain (loss) on investments, net of income taxes of $(12) thousand and $257 thousand for the three and nine months ended September 30, 2019, respectively, and $0 for the three and nine months ended September 30, 2018.	(203)	72	811	(164)
Comprehensive loss	$ (16,137)	$ (18,718)	$ (43,630)	$ (53,048)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Changes in unrealized gain (loss) on investments, income taxes	$ (12)	$ 0	$ 257	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net loss	$ (43,444)	$ (52,336)
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities
Depreciation and amortization	21,248	16,539
Stock-based compensation	73,659	55,334
Provision for deferred income taxes	49	43
Amortization of debt discount and issuance costs	16,184	15,103
Accretion of bond discount	(10,889)	(4,517)
Noncash lease expense		1,972
Unrealized currency translation	(193)	215
Changes in assets and liabilities
Accounts receivable	(1,346)	(3,266)
Prepaid expenses and other assets	(6,217)	823
Deferred commission expense	(5,551)	(15,887)
Right-of-use assets	14,310
Accounts payable	6,195	4,262
Accrued expenses and other liabilities	955	3,755
Lease liabilities	(14,788)
Deferred rent		3,987
Deferred revenue	20,910	25,713
Net cash and cash equivalents provided by operating activities	71,082	51,740
Investing Activities:
Purchases of investments	(967,994)	(524,838)
Maturities of investments	689,614	498,850
Purchases of property and equipment	(21,197)	(16,688)
Capitalization of software development costs	(9,139)	(8,726)
Purchases of strategic investments	(553)	(300)
Net cash and cash equivalents used in investing activities	(309,269)	(51,702)
Financing Activities:
Proceeds from common stock offering, net of offering costs paid of $365	342,628
Employee taxes paid related to the net share settlement of stock-based awards	(4,767)	(5,933)
Proceeds related to the issuance of common stock under stock plans	18,926	16,769
Repayments of finance lease obligations	(249)	(592)
Net cash and cash equivalents provided by financing activities	356,538	10,244
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(2,171)	(1,319)
Net increase in cash, cash equivalents and restricted cash	116,180	8,963
Cash, cash equivalents and restricted cash, beginning of period	117,114	92,784
Cash, cash equivalents and restricted cash, end of period	233,294	101,747
Supplemental cash flow disclosure:
Cash paid for interest	503	527
Cash paid for income taxes	2,395	1,016
Right of use assets obtained in exchange for operating lease liabilities	81,744
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	1,871	2,018
Asset retirement obligations	$ 1,106	$ 347

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Statement Of Cash Flows [Abstract]
Offering costs paid	$ 365

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Organization and Operations	1. Organization and Operations HubSpot, Inc. (the “Company”) provides a cloud-based inbound marketing, sales and customer service platform, which is referred to in this document as the Company’s Growth Platform, that enables businesses to grow better. The Company’s Growth Platform, comprised of Marketing Hub, Sales Hub, Service Hub, and a free customer relationship management, or CRM system, features integrated applications and tools that enable businesses to create a cohesive and adaptable customer experience throughout the customer lifecycle. 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, 2018, 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, 2019. 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 12, 2019. There have been no changes in the Company’s significant accounting policies from those that were disclosed in the Company’s Annual Report on Form 10-K that have had a material impact on our consolidated financial statements and related notes, except the adoption of updated guidance related to accounting for leases as described within Note 2 of these consolidated financial statements. On February 19, 2019, the Company closed a common stock offering whereby 2.2 million shares of common stock were sold. The Company received aggregate proceeds of approximately $343.0 million from the offering, net of underwriters’ discounts and commissions, but before deduction of offering expenses of approximately $0.4 million. 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 June 2018, the Financial Accounting Standards Board (“FASB”) issued guidance for stock-based compensation to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance was adopted on January 1, 2019 and did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. Under current guidance, Step 2 of the goodwill impairment test requires entities to calculate the implied fair value of goodwill in the same manner as the amount of goodwill recognized in a business combination by assigning the fair value of a reporting unit to all of the assets and liabilities of the reporting unit. The carrying value in excess of the implied fair value is recognized as goodwill impairment. Under the new standard, goodwill impairment is recognized based on Step 1 of the current guidance, which calculates the carrying value in excess of the reporting unit’s fair value. The new standard is effective beginning in January 2020, with early adoption permitted. The Company does not believe the adoption of this guidance will have a material impact on the consolidated financial statements. In June 2016, the FASB issued guidance that introduces a new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The guidance will be effective for the Company on January 1, 2020. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Company does not believe the adoption of this guidance will have a material impact on the consolidated financial statements. In February 2016, the FASB issued guidance related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet, while maintaining consistency with historical accounting for the recognition of expense on their income statements. Most prominent among the changes in the guidance is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases. Additional disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the updated guidance as of January 1, 2019 using a modified retrospective transition method with a cumulative-effect adjustment as of the adoption date, as permitted by the guidance. Comparative periods are not adjusted. See Note 2 of these consolidated financial statements for further details.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	2. Leases Adoption of Updated Leasing Guidance On January 1, 2019, the Company adopted the new lease guidance using a modified retrospective transition method applied to those leases which were not completed as of January 1, 2019. Results for reporting periods beginning after December 31, 2018 are presented under the new guidance, while prior period comparative amounts are not adjusted and continue to be reported in accordance with historical guidance. The Company applied the new standard using the package of practical expedients permitted under the transition guidance where the Company: • did not reassess whether any expired or existing contracts contain a lease; • did not reassess the classification of existing leases; and • did not reassess initial direct costs for any existing leases. In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases. The resulting impact, as of the adoption date, to the consolidated balance sheet of applying the new guidance in 2019 versus the prior guidance was an increase to right-of-use assets of $152.2 million, a decrease to other assets of $0.3 million, an increase to total assets of $151.9 million, an increase to short-term lease liabilities of $14.1 million, a decrease to accrued expenses and other current liabilities of $0.5 million, an increase to total current liabilities of $13.5 million, an increase to long-term lease liabilities of $164.8 million, a decrease to deferred rent, net of current portion, of $26.4 million and an increase to total liabilities of $151.9 million. There was no impact to stockholders’ equity or the consolidated statements of operations as a result of adopting the new guidance. There was no impact to total operating or financing cash flows of applying the new guidance in 2019 versus the prior guidance other than renaming or adding items to the statements of cash flows to conform to the accounting for, and presentation of, the new standard. The Company determines if an arrangement contains a lease at inception and does not separate lease and non-lease components of an arrangement determined to contain a lease. Operating and finance leases with a duration of less than 12 months are excluded from right-of-use-assets and lease liabilities and related expense is recorded as incurred. The Company leases its office facilities under non-cancelable operating leases that expire at various dates through May 2031. Certain leases contain optional termination dates. The table below only considers lease obligations through the optional termination dates, as the Company is not reasonably certain to extend lease agreements beyond those dates. The following table provides a summary of lease assets and liabilities as of September 30, 2019: Leases Balance sheet classification Amount (in thousands) Assets: Operating lease assets Right-of-use assets $ 215,797 Finance lease assets Fixed assets 96 Total leased assets $ 215,893 Liabilities: Current Operating lease liabilities Lease liabilities $ 15,646 Finance lease liabilities Accrued expenses and other current liabilities 57 Noncurrent Operating Lease liabilities, net of current portion 225,628 Total lease liabilities $ 241,331 Operating lease costs were $9.0 million for the three months ended September 30, 2019, net of $0.6 million of operating sublease income related to certain office facilities subleased to third parties. Operating lease costs were $23.4 million for the nine months ended September 30, 2019, net of $1.7 million of operating sublease income related to certain office facilities subleased to third parties. Finance lease costs consisted of $0 million related to the amortization finance lease assets and $0 million of interest expense for the three months ended September 30, 2019. Finance lease costs consisted of $0.2 million related to the amortization finance lease assets and $0.1 million of interest expense for the nine months ended September 30, 2019. The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of September 30, 2019: Operating leases Finance Leases Lease commitments (Note 10) $ 357,756 $ 57 Less: Legally binding minimum lease payments for leases signed but not yet commenced (41,314 ) — Less: Present value discount (75,168 ) — Total lease liabilities $ 241,274 $ 57 Lease Term and Discount Rate The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. The following table provides weighted average remaining lease terms and weighted average discount rate for operating and finance leases as of September 30, 2019: Weighted-average remaining lease term: Operating leases 9.5 years Finance leases 0.5 years Weighted-average discount rate: Operating leases 5.8% Finance leases 3.8% Other Information Cash payments related to our operating lease liabilities were $8.3 million for the three months ended September 30, 2019 and $23.0 million for the nine months ended September 30, 2019. Cash payments related to our financing lease liabilities were $0 million for the three months ended September 30, 2019 and $0.2 million for the nine months ended September 30, 2019.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenues	3 . Revenues Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 14) and based on the subscription versus Deferred Revenue, Deferred Commission Expense, and Accrued Expenses and Other Current Liabilities 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 nine months ended September 30, 2019 increased by $18.1 million resulting from $506.8 million of additional invoicing and was offset by revenue recognized of $488.7 million during the same period. $105.1 million of revenue was recognized during the three month period ended September 30, 2019 that was included in deferred revenue at the beginning of the period. $163.2 million of revenue was recognized during the nine month period ended September 30, 2019 that was included in deferred revenue at the beginning of the period. As of September 30, 2019, approximately $153.5 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 94.3% of these remaining performance obligations over the next 24 months, with the balance recognized thereafter. Additional contract liabilities of $1.4 million and $1.6 million were included in accrued expenses and other current liabilities on the consolidated balance sheet as of September 30, 2019 and December 31, 2018. The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss per Share	4. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), Employee Stock Purchase Plan (“ESPP”), common stock warrants, and the Conversion Option of the 2022 Notes 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net loss $ (14,987 ) $ (18,663 ) $ (43,444 ) $ (52,336 ) Weighted-average common shares outstanding — basic 42,531 38,762 41,749 38,319 Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, common stock warrants and the Conversion Option of the 2022 Notes — — — — Weighted-average common shares, outstanding — diluted 42,531 38,762 41,749 38,319 Net loss per share, basic and diluted $ (0.35 ) $ (0.48 ) $ (1.04 ) $ (1.37 ) Additionally, since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. The Company’s outstanding stock options, RSUs, ESPP, common stock warrants, and Conversion Option of the 2022 Notes were not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. The following table contains all potentially dilutive common stock equivalents. As of September 30, 2019 2018 (in thousands) Options to purchase common shares 1,532 1,905 RSUs 1,688 2,020 Conversion option of the 2022 Notes 1,995 1,311 Common stock warrants 1,500 664 ESPP 8 29 The Company expects to settle the principal amount of the 2022 Notes (Note 9) in cash, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the Conversion Option on diluted net income per share, if applicable. The Conversion Option will have a dilutive impact on net income per share of common stock when the average market price of the Company’s common stock for a given period exceeds the conversion price of the 2022 Notes of $94.77 per share.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at September 30, 2019 and December 31, 2018: September 30, 2019 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 115,376 $ — $ — $ 115,376 Corporate bonds — 83,426 — 83,426 U.S. Treasury securities — 699,123 — 699,123 Restricted cash: Certificates of deposit — 5,569 — 5,569 Money market funds — 1,955 — 1,955 Total $ 115,376 $ 790,073 $ — $ 905,449 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 1,579 $ — $ — $ 1,579 Commercial paper — 8,242 — 8,242 Corporate bonds — 70,728 — 70,728 U.S. Treasury securities — 413,241 — 413,241 Restricted cash: Certificates of deposit — 5,625 — 5,625 Total $ 1,579 $ 497,836 $ — $ 499,415 The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents on the consolidated balance sheets. At September 30, 2019 and December 31, 2018, our Level 2 securities were priced by pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. As of September 30, 2019 the fair value of the 2022 Notes was $659.4 million. The fair value was determined based on the quoted price of the 2022 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, capital leases and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the statement of operations. The Company holds $4.6 million without readily determinable fair values at September 30, 2019 and $4.0 million of investments without readily determinable fair values at December 31, 2018. These investments are included in other assets on the consolidated balance sheets. There have been no adjustments to the carrying value of strategic investments resulting from impairments or observable price changes. The following tables summarize the composition of our short- and long-term investments at September 30, 2019 and December 31, 2018. September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Corporate bonds $ 83,174 $ 269 $ (17 ) $ 83,426 U.S. Treasury securities 698,632 491 — $ 699,123 Total $ 781,806 $ 760 $ (17 ) $ 782,549 December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 8,256 $ — $ (14 ) $ 8,242 Corporate bonds 70,958 3 (233 ) 70,728 U.S. Treasury securities 413,323 56 (138 ) 413,241 Total $ 492,537 $ 59 $ (385 ) $ 492,211 For all of our securities for which the amortized cost basis was greater than the fair value at September 30, 2019, 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 September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 December 31, 2018 Amortized Cost Basis Aggregate Fair Value Amortized Cost Basis Aggregate Fair Value (in thousands) (in thousands) Due within one year $ 722,251 $ 722,767 $ 481,071 $ 480,761 Due after 1 year through 2 years 59,555 59,782 11,466 11,450 Total $ 781,806 $ 782,549 $ 492,537 $ 492,211

Restricted cash

Restricted cash	9 Months Ended
	Sep. 30, 2019
Cash And Cash Equivalents [Abstract]
Restricted Cash	6. 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 nine months ended September 30, 2019 and 2018. September 30, 2019 September 30, 2018 December 31, 2018 (in thousands) Cash and cash equivalents $ 225,770 $ 96,122 $ 111,489 Restricted cash 6,019 5,175 5,175 Restricted cash, included in other assets 1,505 450 450 Total cash, cash equivalents, and restricted cash $ 233,294 $ 101,747 $ 117,114 Restricted cash is comprised of money market funds and certificates of deposit related to landlord guarantees for our leased facilities. These restricted cash balances have been excluded from our cash and cash equivalents balance on our consolidated balance sheets.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment, Net	7. Property and Equipment, Net Property and equipment, net consists of the following: September 30, 2019 December 31, 2018 (in thousands) Computer equipment and purchased software $ 9,747 $ 8,163 Employee computer equipment 12,304 8,972 Furniture and fixtures 14,053 13,019 Office equipment 2,551 2,551 Leasehold improvements 50,932 42,894 Equipment under capital lease 3,450 3,450 Internal-use software 6,931 5,363 Construction in progress 8,879 2,498 Total property and equipment 108,847 86,910 Less accumulated depreciation and amortization (44,888 ) (34,442 ) Property and equipment, net $ 63,959 $ 52,468 Depreciation and amortization expense on property and equipment was $3.8 million for the three months ended September 30, 2019, $11.2 million for the nine months ended September 30, 2019, $3.2 million for the three months ended September 30, 2018 and $9.3 million for the nine months ended September 30, 2018.

Capitalized Software Developmen

Capitalized Software Development Costs	9 Months Ended
	Sep. 30, 2019
Research And Development [Abstract]
Capitalized Software Development Costs	8. Capitalized Software Development Costs Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following: September 30, 2019 December 31, 2018 (in thousands) Gross capitalized software development costs $ 56,794 $ 46,169 Accumulated amortization (41,699 ) (33,423 ) Capitalized software development costs, net $ 15,095 $ 12,746 Capitalized software development costs are amortized on a straight-line basis over their estimated useful life of two years. The following table summarizes software development costs capitalized, stock-based compensation included in capitalized software development costs, and amortization of capitalized software development costs. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Software development cost capitalized $ 4,388 $ 3,439 $ 10,625 $ 9,960 Stock-based compensation included in capitalized software development costs $ 640 $ 563 $ 1,755 $ 1,910 Amortization of capitalized software development costs $ 2,661 $ 2,293 $ 7,727 $ 6,620

0.25% Convertible Senior Notes,

0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant	9. 0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant In May 2017, the Company issued $350 million aggregate principal amount of 0.25% convertible senior notes due June 1, 2022 in a private offering and an additional $50 million aggregate principal amount of such notes pursuant to the exercise in full of the over-allotment options of the initial purchasers (the “2022 Notes”). The 2022 Notes are convertible at the option of the holders prior to the close of business on the business day immediately preceding February 1, 2022 under certain conditions or upon the occurrence of certain events. 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. 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 September 30, 2019 was equal to or greater than 130% of the applicable conversion price on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof during the calendar quarter ending December 31, 2019. As of November 1, 2019, the Company has received conversion notices for approximately $8 thousand of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended December 31, 2019. The net carrying amount of the liability component of the 2022 Notes is as follows: As of September 30, 2019 As of December 31, 2018 (in thousands) Principal $ 400,000 $ 400,000 Unamortized debt discount (60,516 ) (75,575 ) Unamortized issuance costs (4,518 ) (5,643 ) Net carrying amount $ 334,966 $ 318,782 Interest expense related to the 2022 Notes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Contractual interest expense $ 250 $ 250 $ 750 $ 750 Amortization of debt discount 5,126 4,784 15,060 14,054 Amortization of issuance costs 383 357 1,124 1,049 Total interest expense $ 5,759 $ 5,391 $ 16,934 $ 15,853

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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 May 2031. Lease expense for non-cancelable operating leases with free rental periods or scheduled rent increases is recognized on a straight-line basis over the terms of the leases. Improvement reimbursements from landlords of $13.8 million are being amortized on a straight-line basis into lease expense over the terms of the leases. 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 $80.2 million. Included in the table below are operating lease commitments for leases that have not yet commenced of approximately $41.3 million for facilities with lease terms of approximately 10 years in the United States, 4 years in Singapore, and 1 year in Colombia. Future minimum payments under all operating and finance lease agreements as of September 30, 2019 are as follows: Operating Finance (in thousands) 2019 $ 7,326 57 2020 36,782 — 2021 39,957 — 2022 39,875 — 2023 39,542 — Thereafter 194,274 — Total $ 357,756 57 Less: Portion representing interest — Capital lease obligation 57 In October 2019, the Company entered into a new 10 year lease in Germany. The new lease commences on or near June 1, 2020. The Company will pay an aggregate of approximately $29.1 million in incremental rent over the lease term. As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, ASC 840, Leases Operating Finance (in thousands) 2019 $ 27,755 $ 298 2020 33,769 33 2021 35,414 — 2022 35,314 — 2023 35,686 — Thereafter 184,341 — Total $ 352,279 331 Less: Portion representing interest (20 ) Capital lease obligation $ 311 There were no material changes in our vendor commitments under non-cancelable arrangements, as disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2018 and related notes thereto contained in the Company’s Annual Report on Form 10-K, except as disclosed below: In March 2019, the Company exercised an option to extend an agreement with a technology vendor for an additional two years through June 2023. The Company’s additional contractual obligation under this agreement are approximately $57 million over the additional two years. 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 Stockholders' Equity

Changes in Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders Equity Note [Abstract]
Changes in Stockholders' Equity	11. Changes in Stockholders’ Equity The following tables summarize the changes in stockholders’ equity for the nine months ended September 30, 2019 and 2018. Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Loss Deficit Total Balances at December 31, 2018 39,300 $ 40 $ 589,708 $ (723 ) $ (344,384 ) $ 244,641 Issuance of common stock under stock plans, net of shares withheld for employee taxes 825 1 7,756 — — 7,757 Issuance of common stock in relation to common stock offering, net of offering costs incurred $365 2,151 2 342,628 — — 342,630 Stock-based compensation — — 50,609 — 50,609 Cumulative translation adjustment — — — (50 ) — (50 ) Unrealized gain on investments, net of income taxes of $269 — — — 1,014 — 1,014 Net loss — — — — (28,457 ) (28,457 ) Balances at June 30, 2019 42,276 $ 43 $ 990,701 $ 241 $ (372,841 ) $ 618,144 Issuance of common stock under stock plans, net of shares withheld for employee taxes 363 $ — $ 2,184 $ — $ — $ 2,184 Stock-based compensation — — 24,161 — — 24,161 Cumulative translation adjustment — — — (947 ) — (947 ) Unrealized loss on investments, net of income taxes of $(12) — — — (203 ) — (203 ) Net loss — — — — (14,987 ) (14,987 ) Balances at September 30, 2019 42,639 $ 43 $ 1,017,046 $ (909 ) $ (387,828 ) $ 628,352 Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Loss Deficit Total Balances at December 31, 2017 37,503 $ 38 $ 496,461 $ (57 ) $ (286,082 ) $ 210,360 Issuance of common stock under stock plans, net of shares withheld for employee taxes 1,030 1 9,015 — — 9,016 Stock-based compensation — — 37,067 — — 37,067 Cumulative adjustment from adoption of revenue recognition standard — — — — 5,526 5,526 Cumulative translation adjustment — — — (422 ) — (422 ) Unrealized loss on investments, net of income taxes of $0 — — — (235 ) — (235 ) Net loss — — — — (33,673 ) (33,673 ) Balances at June 30, 2018 38,533 $ 39 $ 542,543 $ (714 ) $ (314,229 ) $ 227,639 Issuance of common stock under stock plans, net of shares withheld for employee taxes 374 $ 1 $ 358 $ — $ — $ 359 Stock-based compensation — — 20,133 — — 20,133 Cumulative translation adjustment — — — (126 ) — (126 ) Unrealized gain on investments, net of income taxes of $0 — — — 71 — 71 Net loss — — — — (18,663 ) (18,663 ) Balances at September 30, 2018 38,907 $ 40 $ 563,034 $ (769 ) $ (332,892 ) $ 229,413

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	12. 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 nine months ended September 30, 2019. Cumulative Translation Adjustment Unrealized Gain on Investments Total (in thousands) Beginning balance at January 1, 2019 $ (397 ) $ (326 ) $ (723 ) Other comprehensive loss before reclassifications (997 ) 811 $ (186 ) Amounts reclassified from accumulated other comprehensive income — — — Ending balance at September 30, 2019 $ (1,394 ) $ 485 $ (909 )

Stock-Based Compensation Expens

Stock-Based Compensation Expense	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation Expense	13. 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 End September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Options $ 1,199 $ 1,257 $ 3,871 $ 3,850 RSUs 21,406 17,583 66,227 49,624 Employee stock purchase plan 1,186 772 3,561 1,860 Total stock-based compensation expense $ 23,791 $ 19,612 $ 73,659 $ 55,334 Effect of stock-based compensation expense on income by line item: Three Months End September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Cost of revenue, subscription $ 854 $ 391 $ 2,291 $ 985 Cost of revenue, professional services and other 614 803 2,298 2,339 Research and development 8,019 5,990 25,663 16,866 Sales and marketing 8,947 7,898 27,275 22,327 General and administrative 5,357 4,530 16,132 12,817 Total stock-based compensation expense $ 23,791 $ 19,612 $ 73,659 $ 55,334 Capitalized software development costs excluded from stock-based compensation expense is $640 thousand for the three months ended September 30, 2019, $1.8 million for the nine months ended September 30, 2019, $563 thousand for the three months ended September 30, 2018, and $1.9 million for the nine months ended September 30, 2018.

Segment Information and Geograp

Segment Information and Geographic Data	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Information and Geographic Data	14. 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 makers (“CODMs”), which are the Company’s chief executive officer and chief operating officer, in deciding how to allocate resources and assess performance. The Company’s CODMs evaluate the Company’s financial information and resources and assess 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 End September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Americas $ 116,841 $ 92,388 $ 332,311 $ 261,034 Europe 43,749 30,382 120,708 83,763 Asia Pacific 13,031 9,056 35,655 24,161 Total $ 173,621 $ 131,826 $ 488,674 $ 368,958 Percentage of revenues generated outside of the Americas 33 % 30 % 32 % 29 % Revenue derived from customers outside the United States (international) was approximately 40% of total revenue in the three and nine months ended September 30, 2019. Revenue derived from customers outside the United States (international) was approximately 38% of total revenue in the three months ended September 30, 2018 and 37% of total revenue in the nine months ended September 30, 2018. Total long-lived assets by geographical region: As of September 30, 2019 As of December 31, 2018 Americas $ 37,702 $ 35,186 Europe 22,603 13,913 Asia Pacific 3,654 3,369 Total long-lived assets $ 63,959 $ 52,468 Percentage of long-lived assets held outside of the Americas 41 % 33 %

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Event	15. Subsequent Event On October 31, 2019 the Company acquired 100% of the outstanding equity securities of PieSync NV, a limited liability company formed under Belgian law ("PieSync"), for approximately $26.5 million. PieSync provides a customer data sync platform, enabling bi-directional syncs between business applications.

Organization and Operations (Po

Organization and Operations (Policies)	9 Months Ended
	Sep. 30, 2019
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 June 2018, the Financial Accounting Standards Board (“FASB”) issued guidance for stock-based compensation to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance was adopted on January 1, 2019 and did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance simplifying the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. Under current guidance, Step 2 of the goodwill impairment test requires entities to calculate the implied fair value of goodwill in the same manner as the amount of goodwill recognized in a business combination by assigning the fair value of a reporting unit to all of the assets and liabilities of the reporting unit. The carrying value in excess of the implied fair value is recognized as goodwill impairment. Under the new standard, goodwill impairment is recognized based on Step 1 of the current guidance, which calculates the carrying value in excess of the reporting unit’s fair value. The new standard is effective beginning in January 2020, with early adoption permitted. The Company does not believe the adoption of this guidance will have a material impact on the consolidated financial statements. In June 2016, the FASB issued guidance that introduces a new methodology for accounting for credit losses on financial instruments. The guidance establishes a new forward-looking "expected loss model" that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The guidance will be effective for the Company on January 1, 2020. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Company does not believe the adoption of this guidance will have a material impact on the consolidated financial statements. In February 2016, the FASB issued guidance related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet, while maintaining consistency with historical accounting for the recognition of expense on their income statements. Most prominent among the changes in the guidance is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases. Additional disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the updated guidance as of January 1, 2019 using a modified retrospective transition method with a cumulative-effect adjustment as of the adoption date, as permitted by the guidance. Comparative periods are not adjusted. See Note 2 of these consolidated financial statements for further details.
Revenue	Revenues Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 14) and based on the subscription versus Deferred Revenue, Deferred Commission Expense, and Accrued Expenses and Other Current Liabilities 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 nine months ended September 30, 2019 increased by $18.1 million resulting from $506.8 million of additional invoicing and was offset by revenue recognized of $488.7 million during the same period. $105.1 million of revenue was recognized during the three month period ended September 30, 2019 that was included in deferred revenue at the beginning of the period. $163.2 million of revenue was recognized during the nine month period ended September 30, 2019 that was included in deferred revenue at the beginning of the period. As of September 30, 2019, approximately $153.5 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 94.3% of these remaining performance obligations over the next 24 months, with the balance recognized thereafter. Additional contract liabilities of $1.4 million and $1.6 million were included in accrued expenses and other current liabilities on the consolidated balance sheet as of September 30, 2019 and December 31, 2018. The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Summary of Lease Assets and Liabilities	The following table provides a summary of lease assets and liabilities as of September 30, 2019: Leases Balance sheet classification Amount (in thousands) Assets: Operating lease assets Right-of-use assets $ 215,797 Finance lease assets Fixed assets 96 Total leased assets $ 215,893 Liabilities: Current Operating lease liabilities Lease liabilities $ 15,646 Finance lease liabilities Accrued expenses and other current liabilities 57 Noncurrent Operating Lease liabilities, net of current portion 225,628 Total lease liabilities $ 241,331
Summary of Reconciliation between Non-cancelable Lease Commitments and Lease Liabilities	The following table provides a reconciliation between non-cancelable lease commitments and lease liabilities as of September 30, 2019: Operating leases Finance Leases Lease commitments (Note 10) $ 357,756 $ 57 Less: Legally binding minimum lease payments for leases signed but not yet commenced (41,314 ) — Less: Present value discount (75,168 ) — Total lease liabilities $ 241,274 $ 57
Summary of Weighted Average Remaining Lease Terms and Weighted Average Discount Rate for Operating and Finance Leases	The following table provides weighted average remaining lease terms and weighted average discount rate for operating and finance leases as of September 30, 2019: Weighted-average remaining lease term: Operating leases 9.5 years Finance leases 0.5 years Weighted-average discount rate: Operating leases 5.8% Finance leases 3.8%

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net loss $ (14,987 ) $ (18,663 ) $ (43,444 ) $ (52,336 ) Weighted-average common shares outstanding — basic 42,531 38,762 41,749 38,319 Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, common stock warrants and the Conversion Option of the 2022 Notes — — — — Weighted-average common shares, outstanding — diluted 42,531 38,762 41,749 38,319 Net loss per share, basic and diluted $ (0.35 ) $ (0.48 ) $ (1.04 ) $ (1.37 )
Schedule of Potentially Dilutive Common Stock Equivalents	The following table contains all potentially dilutive common stock equivalents. As of September 30, 2019 2018 (in thousands) Options to purchase common shares 1,532 1,905 RSUs 1,688 2,020 Conversion option of the 2022 Notes 1,995 1,311 Common stock warrants 1,500 664 ESPP 8 29

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018: September 30, 2019 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 115,376 $ — $ — $ 115,376 Corporate bonds — 83,426 — 83,426 U.S. Treasury securities — 699,123 — 699,123 Restricted cash: Certificates of deposit — 5,569 — 5,569 Money market funds — 1,955 — 1,955 Total $ 115,376 $ 790,073 $ — $ 905,449 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 1,579 $ — $ — $ 1,579 Commercial paper — 8,242 — 8,242 Corporate bonds — 70,728 — 70,728 U.S. Treasury securities — 413,241 — 413,241 Restricted cash: Certificates of deposit — 5,625 — 5,625 Total $ 1,579 $ 497,836 $ — $ 499,415
Summary of Composition of Short and Long Term Investments	The following tables summarize the composition of our short- and long-term investments at September 30, 2019 and December 31, 2018. September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Corporate bonds $ 83,174 $ 269 $ (17 ) $ 83,426 U.S. Treasury securities 698,632 491 — $ 699,123 Total $ 781,806 $ 760 $ (17 ) $ 782,549 December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 8,256 $ — $ (14 ) $ 8,242 Corporate bonds 70,958 3 (233 ) 70,728 U.S. Treasury securities 413,323 56 (138 ) 413,241 Total $ 492,537 $ 59 $ (385 ) $ 492,211
Summary of Contractual Maturities of Short and Long Term Investments	The contractual maturities of short-term and long-term investments held at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 December 31, 2018 Amortized Cost Basis Aggregate Fair Value Amortized Cost Basis Aggregate Fair Value (in thousands) (in thousands) Due within one year $ 722,251 $ 722,767 $ 481,071 $ 480,761 Due after 1 year through 2 years 59,555 59,782 11,466 11,450 Total $ 781,806 $ 782,549 $ 492,537 $ 492,211

Restricted cash (Tables)

Restricted cash (Tables)	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019 and 2018. September 30, 2019 September 30, 2018 December 31, 2018 (in thousands) Cash and cash equivalents $ 225,770 $ 96,122 $ 111,489 Restricted cash 6,019 5,175 5,175 Restricted cash, included in other assets 1,505 450 450 Total cash, cash equivalents, and restricted cash $ 233,294 $ 101,747 $ 117,114

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following: September 30, 2019 December 31, 2018 (in thousands) Computer equipment and purchased software $ 9,747 $ 8,163 Employee computer equipment 12,304 8,972 Furniture and fixtures 14,053 13,019 Office equipment 2,551 2,551 Leasehold improvements 50,932 42,894 Equipment under capital lease 3,450 3,450 Internal-use software 6,931 5,363 Construction in progress 8,879 2,498 Total property and equipment 108,847 86,910 Less accumulated depreciation and amortization (44,888 ) (34,442 ) Property and equipment, net $ 63,959 $ 52,468

Capitalized Software Developm_2

Capitalized Software Development Costs (Tables)	9 Months Ended
	Sep. 30, 2019
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: September 30, 2019 December 31, 2018 (in thousands) Gross capitalized software development costs $ 56,794 $ 46,169 Accumulated amortization (41,699 ) (33,423 ) Capitalized software development costs, net $ 15,095 $ 12,746
Summary of Capitalized Software Development Costs Including Stock-Based Compensation and Amortization	The following table summarizes software development costs capitalized, stock-based compensation included in capitalized software development costs, and amortization of capitalized software development costs. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Software development cost capitalized $ 4,388 $ 3,439 $ 10,625 $ 9,960 Stock-based compensation included in capitalized software development costs $ 640 $ 563 $ 1,755 $ 1,910 Amortization of capitalized software development costs $ 2,661 $ 2,293 $ 7,727 $ 6,620

0.25% Convertible Senior Note_2

0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Instrument [Line Items]
Schedule of Interest Expense	Interest expense related to the 2022 Notes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Contractual interest expense $ 250 $ 250 $ 750 $ 750 Amortization of debt discount 5,126 4,784 15,060 14,054 Amortization of issuance costs 383 357 1,124 1,049 Total interest expense $ 5,759 $ 5,391 $ 16,934 $ 15,853
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Debt Instrument [Line Items]
Schedule of Net Carrying Amount of Notes	The net carrying amount of the liability component of the 2022 Notes is as follows: As of September 30, 2019 As of December 31, 2018 (in thousands) Principal $ 400,000 $ 400,000 Unamortized debt discount (60,516 ) (75,575 ) Unamortized issuance costs (4,518 ) (5,643 ) Net carrying amount $ 334,966 $ 318,782

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments	Future minimum payments under all operating and finance lease agreements as of September 30, 2019 are as follows: Operating Finance (in thousands) 2019 $ 7,326 57 2020 36,782 — 2021 39,957 — 2022 39,875 — 2023 39,542 — Thereafter 194,274 — Total $ 357,756 57 Less: Portion representing interest — Capital lease obligation 57 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, ASC 840, Leases Operating Finance (in thousands) 2019 $ 27,755 $ 298 2020 33,769 33 2021 35,414 — 2022 35,314 — 2023 35,686 — Thereafter 184,341 — Total $ 352,279 331 Less: Portion representing interest (20 ) Capital lease obligation $ 311

Changes in Stockholders' Equi_2

Changes in Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders Equity Note [Abstract]
Summary of Changes in Stockholders' Equity	The following tables summarize the changes in stockholders’ equity for the nine months ended September 30, 2019 and 2018. Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Loss Deficit Total Balances at December 31, 2018 39,300 $ 40 $ 589,708 $ (723 ) $ (344,384 ) $ 244,641 Issuance of common stock under stock plans, net of shares withheld for employee taxes 825 1 7,756 — — 7,757 Issuance of common stock in relation to common stock offering, net of offering costs incurred $365 2,151 2 342,628 — — 342,630 Stock-based compensation — — 50,609 — 50,609 Cumulative translation adjustment — — — (50 ) — (50 ) Unrealized gain on investments, net of income taxes of $269 — — — 1,014 — 1,014 Net loss — — — — (28,457 ) (28,457 ) Balances at June 30, 2019 42,276 $ 43 $ 990,701 $ 241 $ (372,841 ) $ 618,144 Issuance of common stock under stock plans, net of shares withheld for employee taxes 363 $ — $ 2,184 $ — $ — $ 2,184 Stock-based compensation — — 24,161 — — 24,161 Cumulative translation adjustment — — — (947 ) — (947 ) Unrealized loss on investments, net of income taxes of $(12) — — — (203 ) — (203 ) Net loss — — — — (14,987 ) (14,987 ) Balances at September 30, 2019 42,639 $ 43 $ 1,017,046 $ (909 ) $ (387,828 ) $ 628,352 Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital Loss Deficit Total Balances at December 31, 2017 37,503 $ 38 $ 496,461 $ (57 ) $ (286,082 ) $ 210,360 Issuance of common stock under stock plans, net of shares withheld for employee taxes 1,030 1 9,015 — — 9,016 Stock-based compensation — — 37,067 — — 37,067 Cumulative adjustment from adoption of revenue recognition standard — — — — 5,526 5,526 Cumulative translation adjustment — — — (422 ) — (422 ) Unrealized loss on investments, net of income taxes of $0 — — — (235 ) — (235 ) Net loss — — — — (33,673 ) (33,673 ) Balances at June 30, 2018 38,533 $ 39 $ 542,543 $ (714 ) $ (314,229 ) $ 227,639 Issuance of common stock under stock plans, net of shares withheld for employee taxes 374 $ 1 $ 358 $ — $ — $ 359 Stock-based compensation — — 20,133 — — 20,133 Cumulative translation adjustment — — — (126 ) — (126 ) Unrealized gain on investments, net of income taxes of $0 — — — 71 — 71 Net loss — — — — (18,663 ) (18,663 ) Balances at September 30, 2018 38,907 $ 40 $ 563,034 $ (769 ) $ (332,892 ) $ 229,413

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019. Cumulative Translation Adjustment Unrealized Gain on Investments Total (in thousands) Beginning balance at January 1, 2019 $ (397 ) $ (326 ) $ (723 ) Other comprehensive loss before reclassifications (997 ) 811 $ (186 ) Amounts reclassified from accumulated other comprehensive income — — — Ending balance at September 30, 2019 $ (1,394 ) $ 485 $ (909 )

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [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 End September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Options $ 1,199 $ 1,257 $ 3,871 $ 3,850 RSUs 21,406 17,583 66,227 49,624 Employee stock purchase plan 1,186 772 3,561 1,860 Total stock-based compensation expense $ 23,791 $ 19,612 $ 73,659 $ 55,334
Effect of Stock-Based Compensation on Income by Line Item	Effect of stock-based compensation expense on income by line item: Three Months End September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) (in thousands) Cost of revenue, subscription $ 854 $ 391 $ 2,291 $ 985 Cost of revenue, professional services and other 614 803 2,298 2,339 Research and development 8,019 5,990 25,663 16,866 Sales and marketing 8,947 7,898 27,275 22,327 General and administrative 5,357 4,530 16,132 12,817 Total stock-based compensation expense $ 23,791 $ 19,612 $ 73,659 $ 55,334

Segment Information and Geogr_2

Segment Information and Geographic Data (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Revenues by Geographical Region	Revenues by geographical region: Three Months End September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Americas $ 116,841 $ 92,388 $ 332,311 $ 261,034 Europe 43,749 30,382 120,708 83,763 Asia Pacific 13,031 9,056 35,655 24,161 Total $ 173,621 $ 131,826 $ 488,674 $ 368,958 Percentage of revenues generated outside of the Americas 33 % 30 % 32 % 29 %
Long Lived Assets by Geographical Region	Total long-lived assets by geographical region: As of September 30, 2019 As of December 31, 2018 Americas $ 37,702 $ 35,186 Europe 22,603 13,913 Asia Pacific 3,654 3,369 Total long-lived assets $ 63,959 $ 52,468 Percentage of long-lived assets held outside of the Americas 41 % 33 %

Organization and Operations - A

Organization and Operations - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	Feb. 19, 2019	Jun. 30, 2019	Sep. 30, 2019
Organization And Operations [Line Items]
Aggregate proceeds from offering, net of underwriters' discounts and commissions	$ 343,000		$ 342,628
Offering expenses			$ 365
Common Stock [Member]
Organization And Operations [Line Items]
Common stock sold to public	2,200	2,151
Offering expenses	$ 400

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Lessee Lease Description [Line Items]
Right-of-use assets	$ 215,797	$ 215,797
Total assets	1,478,881	1,478,881	$ 833,953
Short-term lease liabilities	15,646	15,646
Accrued expenses and other current liabilities	25,706	25,706	22,305
Long-term lease liabilities	225,628	225,628
Deferred rent, net of current portion			26,445
Total liabilities	850,529	850,529	$ 589,312
Operating lease costs	9,000	23,400
Operating sublease income	600	1,700
Finance lease costs related to amortization finance lease assets	0	200
Finance lease interest expense	0	100
Cash payments related to operating lease liabilities	8,300	23,000
Cash payments related to financing lease liabilities	0	200
Adjustment [Member] | ASC Topic 842 [Member]
Lessee Lease Description [Line Items]
Right-of-use assets	152,200	152,200
Other assets	300	300
Total assets	151,900	151,900
Short-term lease liabilities	14,100	14,100
Accrued expenses and other current liabilities	500	500
Total current liabilities	13,500	13,500
Long-term lease liabilities	164,800	164,800
Deferred rent, net of current portion	26,400	26,400
Total liabilities	$ 151,900	$ 151,900

Leases - Summary of Lease Asset

Leases - Summary of Lease Assets and Liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Assets And Liabilities Lessee [Abstract]
Operating lease assets	$ 215,797
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseRightOfUseAsset
Finance lease assets	$ 96
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Total leased assets	$ 215,893
Operating lease liabilities	$ 15,646
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityCurrent
Finance lease liabilities	$ 57
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	hubs:AccruedExpensesAndOtherCurrentLiabilities
Lease liabilities, net of current portion	$ 225,628
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityNoncurrent
Total lease liabilities	$ 241,331

Leases - Summary of Reconciliat

Leases - Summary of Reconciliation between Non-cancelable Lease Commitments and Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Lease commitments, Operating leases	$ 357,756
Less: Legally binding minimum lease payments for leases signed but not yet commenced, Operating leases	(41,314)
Less: Present value discount, Operating leases	(75,168)
Total lease liabilities, Operating leases	241,274
Lease commitments, Finance leases	57
Total lease liabilities, finance leases	$ 57

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Terms and Weighted Average Discount Rate for Operating and Finance Leases (Detail)	Sep. 30, 2019
Weighted-average remaining lease term:
Operating leases	9 years 6 months
Finance leases	6 months
Weighted-average discount rate:
Operating leases	5.80%
Finance leases	3.80%

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Additions in deferred revenue			$ 18,100
Additional Invoicing			506,800
Total revenues	$ 173,621	$ 131,826	488,674	$ 368,958
Deferred revenue, revenue recognized	105,100		163,200
Revenue remaining performance obligation, contracts exceeds one year	153,500		$ 153,500
Revenue remaining performance obligation contract period			1 year
Revenue remaining performance obligation percentage recognized			94.30%
Short-term deferred revenue	200,771		$ 200,771		$ 183,305
Increase (decrease) in deferred commission expense	(600)		4,900
Incremental costs of deferred sales commission expense	8,500		28,800
Amortization of deferred commission expense	9,100		$ 23,900
Minimum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of deferred commissions			1 year
Maximum [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Amortization period of deferred commissions			3 years
Accrued Expenses and Other Current Liabilities [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Short-term deferred revenue	$ 1,400		$ 1,400		$ 1,600

Revenues - Additional Informa_2

Revenues - Additional Information1 (Detail)	Sep. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligations recognition period	24 months

Net Loss per Share - Summary of

Net Loss per Share - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Basic And Diluted [Abstract]
Net loss	$ (14,987)	$ (18,663)	$ (28,457)	$ (33,673)	$ (43,444)	$ (52,336)
Weighted-average common shares outstanding — basic	42,531	38,762			41,749	38,319
Weighted-average common shares, outstanding — diluted	42,531	38,762			41,749	38,319
Net loss per share, basic and diluted	$ (0.35)	$ (0.48)			$ (1.04)	$ (1.37)

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Options to Purchase Common Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,532	1,905
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,688	2,020
Conversion Option of the 2022 Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,995	1,311
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,500	664
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8	29

Net Loss per Share - Additional

Net Loss per Share - Additional Information (Detail) - 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2019d$ / shares	Nov. 01, 2019USD ($)
Earnings Per Share Basic [Line Items]
Common stock conversion price | $ / shares	$ 94.77
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Percentage of closing price to trigger debt conversion	130.00%
Subsequent Event [Member]
Earnings Per Share Basic [Line Items]
Debt instrument convertible, principal amount | $		$ 8

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	$ 782,549	$ 492,211
Fair value of financial assets	905,449	499,415
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets	115,376	1,579
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of financial assets	790,073	497,836
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	115,376	1,579
Fair value of restricted cash	1,955
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash and cash equivalents	115,376	1,579
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of restricted cash	1,955
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments		8,242
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		8,242
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of short and long term investments	83,426	70,728
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	83,426	70,728
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	699,123	413,241
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	699,123	413,241
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of restricted cash	5,569	5,625
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of restricted cash	$ 5,569	$ 5,625

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets	$ 7,894	$ 6,888
Strategic Investments [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other assets	4,600	$ 4,000
2022 Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of notes	$ 659,400

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 781,806	$ 492,537
Unrealized Gains	760	59
Unrealized Losses	(17)	(385)
Aggregate Fair Value	782,549	492,211
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		8,256
Unrealized Losses		(14)
Aggregate Fair Value		8,242
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	83,174	70,958
Unrealized Gains	269	3
Unrealized Losses	(17)	(233)
Aggregate Fair Value	83,426	70,728
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	698,632	413,323
Unrealized Gains	491	56
Unrealized Losses		(138)
Aggregate Fair Value	$ 699,123	$ 413,241

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	Sep. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Amortized Cost Basis, Due within one year	$ 722,251	$ 481,071
Amortized Cost Basis, Due after 1 year through 2 years	59,555	11,466
Amortized Cost	781,806	492,537
Aggregate Fair Value, Due within one year	722,767	480,761
Aggregate Fair Value, Due after 1 year through 2 years	59,782	11,450
Aggregate Fair Value, Total	$ 782,549	$ 492,211

Restricted Cash - Summary of Re

Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 225,770	$ 111,489	$ 96,122
Restricted cash	6,019	5,175	5,175
Restricted cash, included in other assets	$ 1,505	$ 450	$ 450
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets	us-gaap:OtherAssets
Total cash, cash equivalents, and restricted cash	$ 233,294	$ 117,114	$ 101,747

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 108,847	$ 86,910
Less accumulated depreciation and amortization	(44,888)	(34,442)
Property and equipment, net	63,959	52,468
Computer Equipment and Purchased Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	9,747	8,163
Employee Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	12,304	8,972
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	14,053	13,019
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,551	2,551
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	50,932	42,894
Equipment under Capital Lease [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	3,450	3,450
Internal Use Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	6,931	5,363
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 8,879	$ 2,498

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 3.8	$ 3.2	$ 11.2	$ 9.3

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	Sep. 30, 2019	Dec. 31, 2018
Capitalized Computer Software Net [Abstract]
Gross capitalized software development costs	$ 56,794	$ 46,169
Accumulated amortization	(41,699)	(33,423)
Capitalized software development costs, net	$ 15,095	$ 12,746

Capitalized Software Developm_4

Capitalized Software Development Costs - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019
Capitalized Software Development Costs [Member]
Capitalized Computer Software [Line Items]
Property and equipment, estimated useful life	2 years

Capitalized Software Developm_5

Capitalized Software Development Costs - Summary of Capitalized Software Development Costs Including Stock-Based Compensation and Amortization (Detail) - Internal Use Software [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Capitalized Computer Software [Line Items]
Software development cost capitalized	$ 4,388	$ 3,439	$ 10,625	$ 9,960
Stock-based compensation included in capitalized software development costs	640	563	1,755	1,910
Amortization of capitalized software development costs	$ 2,661	$ 2,293	$ 7,727	$ 6,620

0.25% Convertible Senior Note_3

0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant - Additional Information (Detail) - 0.25% Convertible Senior Notes Due 2022 [Member]	1 Months Ended	9 Months Ended
	May 31, 2017USD ($)d	Sep. 30, 2019	Nov. 01, 2019USD ($)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.25%
Debt instrument, maturity date		Jun. 1, 2022
Debt instrument, convertible, threshold trading days | d	20
Debt instrument, convertible, threshold consecutive trading days | d	30
Percentage of closing price to trigger debt conversion	130.00%
Private Offering [Member]
Debt Instrument [Line Items]
Principal amount of long term debt	$ 350,000,000
Over-Allotment Options [Member]
Debt Instrument [Line Items]
Principal amount of long term debt	$ 50,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument convertible, principal amount			$ 8,000

0.25% Convertible Senior Note_4

0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Net carrying amount	$ 334,966	$ 318,782
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member]
Debt Instrument [Line Items]
Principal	400,000	400,000
Unamortized debt discount	(60,516)	(75,575)
Unamortized issuance costs	(4,518)	(5,643)
Net carrying amount	$ 334,966	$ 318,782

0.25% Convertible Senior Note_5

0.25% Convertible Senior Notes, Convertible Note Hedge and Warrant - Schedule of Interest Expense (Detail) - 0.25% Convertible Senior Notes Due 2022 [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Contractual interest expense	$ 250	$ 250	$ 750	$ 750
Amortization of debt discount	5,126	4,784	15,060	14,054
Amortization of issuance costs	383	357	1,124	1,049
Total interest expense	$ 5,759	$ 5,391	$ 16,934	$ 15,853

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Oct. 31, 2019	Mar. 31, 2019	Sep. 30, 2019
Operating And Capital Leased Assets [Line Items]
Improvement reimbursements from landlords			$ 13,800
Increase in future lease commitments			80,200
Lease operating lease commitments that have not yet commenced			41,314
Rent payable			$ 357,756
Agreement maturity period		2023-06
Renewal Agreement [Member] | Web Hosting Vendor [Member]
Operating And Capital Leased Assets [Line Items]
Lessee, operating lease, existence of option to extend		true
Description of option to extend lease facility			In March 2019, the Company exercised an option to extend an agreement with a technology vendor for an additional two years through June 2023.
Extended renewal agreement term		2 years
Contractual obligation over additional two years		$ 57,000
Lease Commencement, on or Near June 1, 2020 [Member] | Subsequent Event [Member]
Operating And Capital Leased Assets [Line Items]
Lease commencement date	2020-06
Rent payable	$ 29,100
United States [Member]
Operating And Capital Leased Assets [Line Items]
Lease operating lease commitments that have not yet commenced			$ 41,300
Operating lease term			10 years
Singapore [Member]
Operating And Capital Leased Assets [Line Items]
Lease operating lease commitments that have not yet commenced			$ 41,300
Operating lease term			4 years
Columbia [Member]
Operating And Capital Leased Assets [Line Items]
Lease operating lease commitments that have not yet commenced			$ 41,300
Operating lease term			1 year
Germany [Member] | Lease Commencement, on or Near June 1, 2020 [Member] | Subsequent Event [Member]
Operating And Capital Leased Assets [Line Items]
Operating lease term	10 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Operating, 2019	$ 7,326
Operating, 2020	36,782
Operating, 2021	39,957
Operating, 2022	39,875
Operating, 2023	39,542
Operating, Thereafter	194,274
Lease commitments, Operating leases	357,756
Finance, 2019	57
Lease commitments, Finance leases	57
Capital lease obligation	$ 57
Operating, 2019		$ 27,755
Operating, 2020		33,769
Operating, 2021		35,414
Operating, 2022		35,314
Operating, 2023		35,686
Operating, Thereafter		184,341
Operating, Total		352,279
Finance, 2019		298
Finance, 2020		33
Finance, Total		331
Less: Portion representing interest		(20)
Capital lease obligation		$ 311

Changes in Stockholders' Equi_3

Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands	Feb. 19, 2019	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class Of Stock [Line Items]
Beginning Balance, Amount		$ 618,144	$ 227,639	$ 244,641	$ 210,360	$ 244,641	$ 210,360
Issuance of common stock under stock plans, net of shares withheld for employee taxes		2,184	359	7,757	9,016
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365				342,630
Stock-based compensation		24,161	20,133	50,609	37,067
Cumulative adjustment from adoption of stock compensation standard					5,526
Cumulative translation adjustment		(947)	(126)	(50)	(422)
Unrealized gain (loss) on investments, net of income taxes of $269, (12), 0 and 0		(203)	71	1,014	(235)
Net loss		(14,987)	(18,663)	(28,457)	(33,673)	(43,444)	(52,336)
Ending Balance, Amount		628,352	229,413	618,144	227,639	628,352	229,413
Common Stock [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount		$ 43	$ 39	$ 40	$ 38	$ 40	$ 38
Beginning Balance, Shares		42,276	38,533	39,300	37,503	39,300	37,503
Issuance of common stock under stock plans, net of shares withheld for employee taxes			$ 1	$ 1	$ 1
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares		363	374	825	1,030
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365				$ 2
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365, Shares	2,200			2,151
Ending Balance, Amount		$ 43	$ 40	$ 43	$ 39	$ 43	$ 40
Ending Balance, Shares		42,639	38,907	42,276	38,533	42,639	38,907
Additional Paid-In Capital [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount		$ 990,701	$ 542,543	$ 589,708	$ 496,461	$ 589,708	$ 496,461
Issuance of common stock under stock plans, net of shares withheld for employee taxes		2,184	358	7,756	9,015
Issuance of common stock in relation to common stock offering, net of offering costs incurred $365				342,628
Stock-based compensation		24,161	20,133	50,609	37,067
Ending Balance, Amount		1,017,046	563,034	990,701	542,543	1,017,046	563,034
Accumulated Other Comprehensive Loss [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount		241	(714)	(723)	(57)	(723)	(57)
Cumulative translation adjustment		(947)	(126)	(50)	(422)
Unrealized gain (loss) on investments, net of income taxes of $269, (12), 0 and 0		(203)	71	1,014	(235)
Ending Balance, Amount		(909)	(769)	241	(714)	(909)	(769)
Accumulated Deficit [Member]
Class Of Stock [Line Items]
Beginning Balance, Amount		(372,841)	(314,229)	(344,384)	(286,082)	(344,384)	(286,082)
Cumulative adjustment from adoption of stock compensation standard					5,526
Net loss		(14,987)	(18,663)	(28,457)	(33,673)
Ending Balance, Amount		$ (387,828)	$ (332,892)	$ (372,841)	$ (314,229)	$ (387,828)	$ (332,892)

Changes in Stockholders' Equi_4

Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stockholders Equity Note [Abstract]
Offering costs incurred			$ 365
Unrealized gain (loss) on investments, tax	$ (12)	$ 0	$ 269	$ 0

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	$ 244,641
Other comprehensive loss before reclassifications	(186)
Ending Balance, Amount	628,352
Cumulative Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	(397)
Other comprehensive loss before reclassifications	(997)
Ending Balance, Amount	(1,394)
Unrealized Gain on Investments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	(326)
Other comprehensive loss before reclassifications	811
Ending Balance, Amount	485
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance, Amount	(723)
Ending Balance, Amount	$ (909)

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 23,791	$ 19,612	$ 73,659	$ 55,334
Common Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,199	1,257	3,871	3,850
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	21,406	17,583	66,227	49,624
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,186	$ 772	$ 3,561	$ 1,860

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 23,791	$ 19,612	$ 73,659	$ 55,334
Cost of Revenue, Subscription [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	854	391	2,291	985
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	614	803	2,298	2,339
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	8,019	5,990	25,663	16,866
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	8,947	7,898	27,275	22,327
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 5,357	$ 4,530	$ 16,132	$ 12,817

Stock-Based Compensation Expe_5

Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Software Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized software development costs excluded from stock based compensation	$ 640	$ 563	$ 1,755	$ 1,910

Segment Information and Geogr_3

Segment Information and Geographic Data - Additional Information (Detail) - Segment	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
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	40.00%	38.00%	40.00%	37.00%

Segment Information and Geogr_4

Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 173,621	$ 131,826	$ 488,674	$ 368,958
Americas [Member]
Segment Reporting Information [Line Items]
Total revenues	116,841	92,388	332,311	261,034
Europe [Member]
Segment Reporting Information [Line Items]
Total revenues	43,749	30,382	120,708	83,763
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 13,031	$ 9,056	$ 35,655	$ 24,161
Revenue [Member] | Outside Of Americas [Member] | Geographic Concentration Risk [Member]
Segment Reporting Information [Line Items]
Percentage of revenues generated outside of the Americas	33.00%	30.00%	32.00%	29.00%

Segment Information and Geogr_5

Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total long lived assets	$ 63,959	$ 52,468
Americas [Member]
Segment Reporting Information [Line Items]
Total long lived assets	37,702	35,186
Europe [Member]
Segment Reporting Information [Line Items]
Total long lived assets	22,603	13,913
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Total long lived assets	$ 3,654	$ 3,369
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	41.00%	33.00%

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - PieSync [Member] - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2019	Sep. 30, 2019
Subsequent Event [Line Items]
Acquisition effective date		Oct. 31, 2019
Business acquisition, description of acquired entity		On October 31, 2019 the Company acquired 100% of the outstanding equity securities of PieSync NV, a limited liability company formed under Belgian law ("PieSync"), for approximately $26.5 million.  PieSync provides a customer data sync platform, enabling bi-directional syncs between business applications.
Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of outstanding equity securities acquired	100.00%
Cash consideration paid	$ 26.5