Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HUBS | |
Entity Registrant Name | HubSpot, Inc. | |
Entity Central Index Key | 0001404655 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NYSE | |
Entity File Number | 001-36680 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2632791 | |
Entity Address, Address Line One | 25 First Street | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02141 | |
City Area Code | 888 | |
Local Phone Number | 482-7768 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 46,725,776 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 397,498 | $ 378,123 |
Short-term investments | 782,335 | 873,073 |
Accounts receivable — net of allowance for doubtful accounts of $1,671 and $1,993 at March 31, 2021 and December 31, 2020, respectively | 109,602 | 126,433 |
Deferred commission expense | 47,279 | 44,576 |
Prepaid expenses and other current assets | 31,459 | 34,716 |
Total current assets | 1,368,173 | 1,456,921 |
Long-term investments | 105,990 | 30,697 |
Property and equipment, net | 96,845 | 101,123 |
Capitalized software development costs, net | 28,340 | 24,943 |
Right-of-use assets | 261,601 | 275,893 |
Deferred commission expense, net of current portion | 30,607 | 28,296 |
Other assets | 18,795 | 13,893 |
Intangible assets, net | 11,878 | 10,282 |
Goodwill | 47,588 | 31,318 |
Total assets | 1,969,817 | 1,973,366 |
Current liabilities: | ||
Accounts payable | 17,907 | 13,540 |
Accrued compensation costs | 44,856 | 44,054 |
Accrued expenses and other current liabilities | 40,868 | 37,184 |
Convertible senior notes | 11,810 | 7,837 |
Operating lease liabilities | 30,563 | 30,020 |
Deferred revenue | 336,183 | 312,866 |
Total current liabilities | 482,187 | 445,501 |
Operating lease liabilities, net of current portion | 265,664 | 279,664 |
Deferred revenue, net of current portion | 3,227 | 3,636 |
Other long-term liabilities | 11,399 | 10,811 |
Convertible senior notes | 432,626 | 471,099 |
Total liabilities | 1,195,103 | 1,210,711 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock | 47 | 46 |
Additional paid-in capital | 1,279,113 | 1,241,167 |
Accumulated other comprehensive loss | 1,874 | 4,603 |
Accumulated deficit | (506,320) | (483,161) |
Total stockholders’ equity | 774,714 | 762,655 |
Total liabilities and stockholders’ equity | $ 1,969,817 | $ 1,973,366 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 1,671 | $ 1,993 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Total revenue | $ 281,365 | $ 198,968 |
Cost of revenues: | ||
Total cost of revenues | 54,734 | 38,285 |
Gross profit | 226,631 | 160,683 |
Operating expenses: | ||
Research and development | 68,396 | 46,202 |
Sales and marketing | 141,017 | 102,328 |
General and administrative | 32,250 | 26,255 |
Total operating expenses | 241,663 | 174,785 |
Loss from operations | (15,032) | (14,102) |
Other expense: | ||
Interest income | 475 | 4,057 |
Interest expense | (9,399) | (5,953) |
Other income (expense) | 660 | (1,052) |
Total other expense | (8,264) | (2,948) |
Loss before income tax expense | (23,296) | (17,050) |
Income tax benefit (expense) | 137 | (666) |
Net loss | $ (23,159) | $ (17,716) |
Net loss per share, basic and diluted | $ (0.50) | $ (0.41) |
Weighted average common shares used in computing basic and diluted net loss per share: | 46,428 | 43,275 |
Subscription [Member] | ||
Revenues: | ||
Total revenue | $ 270,263 | $ 191,229 |
Cost of revenues: | ||
Total cost of revenues | 43,853 | 29,734 |
Professional Services and Other [Member] | ||
Revenues: | ||
Total revenue | 11,102 | 7,739 |
Cost of revenues: | ||
Total cost of revenues | $ 10,881 | $ 8,551 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (23,159) | $ (17,716) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (2,489) | (1,077) |
Changes in unrealized (loss) gain on investments, net of income taxes of ($36) for the three months ended March 31, 2021 and $0 for the three months ended March 31, 2020 | (240) | 583 |
Comprehensive loss | $ (25,888) | $ (18,210) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Changes in unrealized (loss)gain on investments, income taxes | $ (36) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities: | ||
Net loss | $ (23,159) | $ (17,716) |
Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities | ||
Depreciation and amortization | 11,208 | 8,711 |
Stock-based compensation | 32,423 | 27,463 |
Loss on early extinguishment of 2022 Convertible Notes | 2,406 | |
Repayment of 2022 Convertible Notes attributable to the debt discount | (9,805) | |
Benefit from deferred income taxes | (1,006) | (257) |
Amortization of debt discount and issuance costs | 6,493 | 5,703 |
Amortization (accretion) of bond discount | 515 | (2,154) |
Unrealized currency translation | (49) | 781 |
Changes in assets and liabilities | ||
Accounts receivable | 16,475 | 9,780 |
Prepaid expenses and other assets | 2,715 | (15,107) |
Deferred commission expense | (6,305) | (1,523) |
Right-of-use assets | 10,354 | 5,723 |
Accounts payable | 4,598 | 1,495 |
Accrued expenses and other liabilities | (2,429) | (5,439) |
Operating lease liabilities | (9,272) | (5,281) |
Deferred revenue | 27,538 | 10,832 |
Net cash and cash equivalents provided by operating activities | 62,700 | 23,011 |
Investing Activities: | ||
Purchases of investments | (362,288) | (439,889) |
Maturities of investments | 376,918 | 382,875 |
Purchases of property and equipment | (3,967) | (11,098) |
Acquisition of a business, net of cash acquired | (16,810) | |
Purchase of strategic investments | (1,850) | |
Equity method investment | (2,308) | |
Capitalization of software development costs | (7,341) | (4,769) |
Net cash and cash equivalents used in investing activities | (17,646) | (72,881) |
Financing Activities: | ||
Proceeds from settlement of Convertible Note Hedges related to the 2022 Convertible Notes | 723 | |
Repayment of 2022 Convertible Notes attributable to the principal | (35,900) | |
Employee taxes paid related to the net share settlement of stock-based awards | (2,964) | (941) |
Proceeds related to the issuance of common stock under stock plans | 16,339 | 6,854 |
Repayments of finance lease obligations | (30) | |
Net cash and cash equivalents (used in) provided by financing activities | (21,802) | 5,883 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (3,877) | (1,814) |
Net increase in cash, cash equivalents and restricted cash | 19,375 | (45,801) |
Cash, cash equivalents and restricted cash, beginning of period | 381,152 | 278,515 |
Cash, cash equivalents and restricted cash, end of period | 400,527 | 232,714 |
Supplemental cash flow disclosure: | ||
Cash paid for income taxes | 2,215 | 746 |
Right-of-use assets obtained in exchange for operating lease liabilities | 1,276 | 6,396 |
Non-cash investing and financing activities: | ||
Capital expenditures incurred but not yet paid | 626 | 1,204 |
Asset retirement obligations | $ 87 | |
2022 Convertible Notes | ||
Non-cash investing and financing activities: | ||
Issuance of common stock for repayment of 2022 Convertible Notes | $ 155,250 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Operations | 1. Organization and Operations HubSpot, Inc. (the “Company”) provides a cloud-based customer relationship management (“CRM”) Platform, that enables companies to attract, engage, and delight customers throughout the customer experience. The Company’s CRM Platform comprised of Marketing Hub, Sales Hub, Service Hub, and a CMS Hub features integrated applications and tools that enable businesses to create a cohesive and adaptable customer experience. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) applicable to interim periods, under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, the Company has prepared the accompanying unaudited consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended 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, 2021. 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 16, 2021. 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. In March 2020, the World Health Organization (“WHO”) declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) to be a global pandemic (the “pandemic”). The Company has assessed the impact of the pandemic, and while the broader implications of the pandemic on the results of operations and overall financial performance remain uncertain, the Company assessed the potential impact on the March 31, 2021 financial statements and determined there were no material adjustments necessary with respect to these consolidated financial statements. In March 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law by the United States. The CARES Act provides a substantial stimulus and assistance package intended to address the impact of the pandemic, including tax relief and government loans, grants, and investments. In June 2020, the Jobs Support Scheme (“JSS”) was announced by the Singapore government to provide support to employers and help enterprises retain their local employees during the pandemic. In March 2021, the American Rescue Plan was passed to build upon the measures in the CARES Act and provide direct relief to those impacted by the pandemic. The CARES Act, the JSS and the American Rescue Plan did not have a material impact with respect to these consolidated financial statements. Recent Accounting Pronouncements Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations. In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being bifurcated from the host contract and separately recognized as compared with current GAAP. In addition, it eliminates the treasury stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The new standard will be effective for the Company on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 2. Revenues Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 16) and based on the subscription versus Deferred Revenue and Deferred Commission Expense Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the three months ended March 31, 2021 increased by $22.9 million resulting from $304.3 million of additional invoicing and was offset by revenue recognized of $281.4 31, 2021, approximately $269.4 mill approximately 94% Additional contract liabilities of $1.7 million were The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense. Deferred commission expense during the three months ended March 31, 2021 increased by $5.0 million as a result of deferring incremental costs of obtaining a contract of $20.6 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, options to purchase common stock, restricted stock units (“RSUs”), shares issued pursuant to the Employee Stock Purchase Plan (“ESPP”), the Warrants (defined in Note 9), the Conversion Option of the 2022 Notes, and the Conversion Option of the 2025 Notes (the “Conversion Options”) (Note 9) are considered to be potential common stock equivalents. A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows: Three Months Ended March 31, 2021 2020 Net loss $ (23,159 ) $ (17,716 ) Weighted-average common shares outstanding — basic 46,428 43,275 Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options — — Weighted-average common shares, outstanding — diluted 46,428 43,275 Net loss per share, basic and diluted $ (0.50 ) $ (0.41 ) Since the Company incurred net losses for each of the periods presented, diluted net loss per share is the same as basic net loss per share. All of the Company’s outstanding stock options, RSUs, and shares issuable under the ESPP, as well as the Warrants and Conversion Options were excluded in the calculation of diluted net loss per share as the effect would be anti-dilutive. The Company expects to settle the principal amount of the 2022 Notes and 2025 Notes (collectively, the “Notes”) (Note 9) in cash, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the Warrants and Conversion Options on diluted net income per share, if applicable. As a result, only the amount by which the conversion cost of the Notes, if settled in shares, exceeds the aggregated principal amount of the Notes (the “Conversion Spread”) is considered in the diluted earnings per share computation. The Conversion Spread has a dilutive impact on net income per share when the average market price of the Company’s common stock for a given period of time exceeds the initial conversion price of $ 94.77 per share for the 2022 Notes and $ 282.52 for the 2025 Notes. The average stock price for the quarter ended March 31, 2021 was $ 439.38 . As the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended March 31, 2021 was equal to or greater than 130% of the conversion price of $94.77 on each applicable trading day, the 2022 Notes are convertible at the option of the holders thereof during the calendar quarter ended June 30, 2021. In the first quarter of 2021, the Company settled $44.5 million of principal balance of the 2022 Notes in cash. As of April 30, 2021, the Company has received conversion notices for approximately $12.7 million of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended June 30, 2021. For disclosure purposes, the potentially dilutive effect of the Conversion Spread is calculated and included in the table below. As the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended March 31, 2021 was equal to or greater than 130% of the conversion price of $282.52 on each applicable trading day, the 2025 Notes are convertible at the option of the holders thereof during the calendar quarter ended June 30, 2021. The following table contains all potentially dilutive common stock equivalents. As of March 31, 2021 2020 (in thousands) Options to purchase common shares 769 1,401 RSUs 1,451 1,697 Conversion Option of the 2022 Notes and Warrants 1,957 3,093 Conversion Option of the 2025 Notes 581 — ESPP 10 — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at March 31, 2021 and December 31, 2020: March 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 212,377 $ — $ — $ 212,377 Commercial paper — 176,859 — 176,859 Corporate bonds — 221,375 — 221,375 U.S. Government agency securities — 1,803 — 1,803 U.S. Treasury securities — 513,284 — 513,284 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 212,377 $ 916,350 $ — $ 1,128,727 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 172,485 $ — $ — $ 172,485 Commercial paper — 12,233 — 12,233 Corporate bonds — 116,371 — 116,371 U.S. Treasury securities — 774,772 — 774,772 Certificates of deposit 394 — 394 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 172,485 $ 906,799 $ — $ 1,079,284 The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents, and restricted cash (within prepaid expenses and other current assets and other long-term assets) on the consolidated balance sheets. At March 31, 2021 and December 31, 2020 , Level 2 securities were priced by pricing vendors. These pricing vendors utilize the most recent observable market information in pricing securities or, if specific prices are not available for these securities, use other observable inputs like market transactions As of March 31, 2021, the fair value of the 2022 Notes was $387.4 million and the fair value of the 2025 Notes was $758.5 million. The fair value was determined based on the quoted price of the 2022 and 2025 Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 within the fair value hierarchy. For certain other financial instruments, including accounts receivable, accounts payable, capital leases and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. Restricted cash is comprised of money market funds related to landlord guarantees for leased facilities. These restricted cash balances have been excluded from our cash and cash equivalents balance on our consolidated balance sheets. Strategic investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not have the ability to exercise significant influence. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer, which is recorded within the statement of operations. The Company holds $9.0 million of strategic investments without readily determinable fair values at March 31, 2021 and $6.7 million of strategic investments without readily determinable fair values at December 31, 2020. These investments are included in other assets on the consolidated balance sheets. There have been no adjustments to the carrying value of the strategic investments resulting from impairments or observable price changes in the three months ended March 31, 2021. The following tables summarize the composition of our short- and long-term investments at March 31, 2021 and December 31, 2020. March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 151,863 $ — $ — $ 151,863 Corporate bonds 221,304 222 (151 ) 221,375 U.S. Government agency securities 1,803 — — 1,803 U.S. Treasury securities 513,164 123 (3 ) 513,284 Total $ 888,134 $ 345 $ (154 ) $ 888,325 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 12,233 $ — $ — $ 12,233 Corporate bonds 115,983 427 (39 ) 116,371 U.S. Treasury securities 774,667 105 — 774,772 Certificates of deposit 394 — — 394 Total $ 903,277 $ 532 $ (39 ) $ 903,770 For all of our securities for which the amortized cost basis was greater than the fair value at March 31, 2021, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. In making the determination as to whether the unrealized loss is other-than-temporary, the Company considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity. Contractual Maturities The contractual maturities of short-term and long-term investments held at March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2020 Amortized Cost Basis Aggregate Fair Value Amortized Cost Basis Aggregate Fair Value (in thousands) (in thousands) Due within one year $ 782,054 $ 782,335 $ 872,637 $ 873,073 Due after 1 year through 2 years 106,080 105,990 30,640 30,697 Total $ 888,134 $ 888,325 $ 903,277 $ 903,770 |
Equity method investment
Equity method investment | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity method investment | 5. Equity method investment On March 9, 2021, the Company made a contribution of $2.3 million in cash for a 6.4% ownership interest and income share in the Black Economic Development Fund (the “Fund”) managed by the Local Initiatives Support Corporation. The Company has commitments to contribute additional capital of $10.2 million to the Fund over the next three years. The Company’s ownership interest of the Fund is subject to change based on the addition or removal of other investors and their committed and contributed amounts. Given the level of ownership interest in the Fund, which is a limited liability company, and the fact that the Fund will maintain specific ownership accounts for investors, the Company accounts for this investment using the equity method of accounting. The Fund is included in other assets on the consolidated balance sheet. Under the equity method of accounting, the Company's share of the Fund’s net earnings and impairment charges on investments are reported in the consolidated statements of operations as income (loss) from equity method investment, net of |
Restricted cash
Restricted cash | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021 and 2020. March 31, 2021 March 31, 2020 December 31, 2020 (in thousands) Cash and cash equivalents $ 397,498 $ 229,133 $ 378,123 Restricted cash, included in prepaid expenses and other current assets — 552 — Restricted cash, included in other assets 3,029 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 400,527 $ 232,714 $ 381,152 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 7. Property and Equipment, Net Property and equipment, net consists of the following: March 31, 2021 December 31, 2020 (in thousands) Computer equipment and purchased software $ 15,693 $ 15,128 Employee related computer equipment 21,834 20,802 Furniture and fixtures 21,491 20,204 Leasehold improvements 95,921 89,850 Internal-use software 14,193 12,528 Construction in progress 113 10,014 Total property and equipment 169,245 168,526 Less accumulated depreciation (72,400 ) (67,403 ) Property and equipment, net $ 96,845 $ 101,123 Depreciation and amortization expense on property and equipment was $6.0 million for the three months ended March 31, 2021 and $4.7 million for the three months ended March 31, 2020. |
Capitalized Software Developmen
Capitalized Software Development Costs | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (in thousands) Gross capitalized software development costs $ 93,499 $ 85,630 Accumulated amortization (65,159 ) (60,687 ) Capitalized software development costs, net $ 28,340 $ 24,943 These capitalized software development costs are associated with software developed for customer purchase. Capitalized software development costs recorded within property and equipment are associated with software developed for Company use. Capitalized software development costs are amortized on a straight-line basis over their estimated useful life of two years. Amortization of capitalized software development costs, exclusive of costs recorded within property and equipment, was $4.9 million for the three months ended March 31, 2021 and $3.5 million for the three months ended March 31, 2020. |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 9. Convertible Senior Notes 2025 Convertible Senior Notes and Capped Call Options In June 2020, the Company issued $400 million aggregate principal amount of 0.375% convertible senior notes due June 1, 2025 (the “2025 Notes”) in a private offering and an additional $60 million aggregate principal amount of the 2025 Notes pursuant to the exercise in full of the over-allotment options of the initial purchasers. The net carrying amount of the liability component of the 2025 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Principal $ 460,000 $ 460,000 Unamortized debt discount (84,365 ) (88,756 ) Unamortized issuance costs (6,629 ) (6,973 ) Net carrying amount $ 369,006 $ 364,271 The net carrying amount of the equity component of the 2025 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Debt discount for conversion option $ 98,730 $ 98,730 Issuance costs (2,120 ) (2,120 ) Net carrying amount $ 96,610 $ 96,610 Interest expense related to the 2025 Notes is as follows: Three Months Ended March 31, 2021 2020 (in thousands) Contractual interest expense $ 431 $ — Amortization of debt discount 4,391 — Amortization of issuance costs 345 — Total interest expense $ 5,167 $ — In connection with the offering of the 2025 Notes, the Company purchased capped call options (“Capped Call Options”) with respect to its common stock for $50.6 million. The Capped Call Options are purchased call options that give the Company the option to purchase up to approximately 1.6 million shares of its common stock for $282.52 per share, which corresponds to the approximate initial conversion price of the 2025 Notes. The Capped Call Options were purchased in order to offset potential dilution to the Company’s common stock upon any conversion of the 2025 Notes, subject to a cap of $426.44 per share, and expire concurrently with the 2025 Notes. The $50.6 million paid for the Capped Call Options are recorded in stockholders’ equity as a reduction in additional paid-in capital and are not accounted for as separate derivative financial instruments. 2022 Convertible Senior Notes, Convertible Note Hedge and Warrant In May 2017, the Company issued $350 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”). Each $1,000 principal amount of the 2022 Notes will initially be convertible into 10.5519 shares of the Company’s common stock (the “Conversion Option of the 2022 Notes”), which is equivalent to a conversion price of approximately $94.77 per share, under certain circumstances, subject to adjustment upon the occurrence of specified events. On or after February 1, 2022 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. 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 circumstances. The Company expects to settle the principal amount of the 2022 Notes in cash. In the first quarter of 2021, the Company settled $44.5 million of principal balance of the 2022 Notes in cash. The Company compared the consideration attributed to the fair value of the debt component with the carrying value of the debt component, which includes the proportionate amounts of unamortized debt discount and the remaining unamortized debt issuance costs and recorded a loss on early extinguishment of $2.4 million within interest expense on the Company’s statements of operations. As of April 30, 2021, the Company has received conversion notices for approximately $12.7 million of the principal balance of the 2022 Notes, which will be settled in cash during the quarter ended June 30, 2021. The 2022 Notes are classified as long-term debt, except for $11.8 million classified as current as of March 31, 2021, for which the principal amount is expected to be cash-settled within the next fiscal quarter. The equity component of the 2022 Notes will continue to be classified as additional paid-in capital because the Company has the option to settle the principal amount in shares and the maturity date of the 2022 Notes is more than 12 months away. However, it is the Company’s intent to settle the principal amount of the 2022 Notes in cash. As of March 31, 2021, $81.4 million of principal remains outstanding on the 2022 Notes. In connection with the offering of the 2022 Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedges”) with certain counterparties in which the Company has the option to purchase (subject to adjustment for certain specified events) up to approximately 4.2 million shares of the Company’s common stock at a price of approximately $94.77 per share. The Convertible Note Hedges will be settled in cash or shares, or any combination thereof, in accordance with the settlement method of the 2022 Notes in excess of the par amount, and are expected to settle concurrently with the conversion of the 2022 Notes. In addition, the Company sold warrants (the “Warrants”) to certain bank counterparties whereby the holders of the Warrants have the option to initially purchase (subject to adjustment for certain specified events) a total of approximately 4.2 million shares of the Company’s common stock at a price of $115.8 per share. The amount by which the settlement price exceeds the strike price may be settled in shares or cash at the Company’s election. The Warrants are expected to settle three business days from each trading day commencing on September 1, 2022 and ending on the 79th trading day thereafter. During the quarter ended March 31, 2021, the Company exercised and net-share-settled a portion of the Convertible Note Hedges, corresponding to approximately $44.5 million principal amount of 2022 Notes and received approximately 0.4 million shares of common stock and an immaterial cash payment. As of March 31, 2021, Convertible Note Hedges giving the Company the option to purchase approximately 1.0 million shares of the Company’s common stock and Warrants giving certain counterparties the option to acquire up to 1.3 million shares of the Company’s common stock remain outstanding. The net carrying amount of the liability component of the 2022 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Principal $ 81,383 $ 125,839 Unamortized debt discount (5,544 ) (10,397 ) Unamortized issuance costs (409 ) (777 ) Net carrying amount $ 75,430 $ 114,665 The net carrying amount of the equity component of the 2022 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Debt discount for conversion option $ 21,568 $ 33,349 Issuance costs (756 ) (898 ) Net carrying amount $ 20,812 $ 32,451 Interest expense related to the 2022 Notes is as follows: Three Months Ended March 31, 2021 2020 (in thousands) Contractual interest expense $ 69 $ 250 Amortization of debt discount 1,635 5,307 Amortization of issuance costs 122 396 Total interest expense $ 1,826 $ 5,953 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 10. Leases The Company leases office facilities under non-cancelable operating leases that expire at various dates through May 2031. Certain operating leases contain optional termination dates, and the Company is not reasonably certain to extend its lease agreements beyond those dates. During the three months ended March 31, 2021, the Company extended the lease term for the lease in Tokyo, Japan and recorded $1.2 million of right-of-use assets and lease liabilities. The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. The weighted average discount rate for operating leases as of March 31, 2021 is 5.2%. Operating lease expense costs were $12.0 The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the three months ended March 31, and 2020 are as follows: Three Months Ended March 31, 2021 2020 (in thousands) Operating sublease income $ 1,259 $ 1,354 Cash payments related to operating lease liabilities were $17.9 million for the three months ended March 31, 2021 and $9.6 million or the three months ended March 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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 $24.1 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 $86.8 million. Future minimum payments under all operating and finance lease agreements as of March 31, 2021 Operating (in thousands) 2021 $ 38,727 2022 50,294 2023 49,255 2024 47,925 2025 47,994 Thereafter 135,561 Total $ 369,756 As of March 31, 2021, 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, 2020 and related notes thereto contained in the Company’s Annual Report on Form 10-K, except as noted below. In March 2021, the Company entered various vendor commitments with contractual obligations of approximately $7.3 million, payable over the two to three year term of the agreements. 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. |
Business Acquisition
Business Acquisition | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisition | 12. Business Acquisition On February 9, 2021, the Company acquired 100% of the equity interests of Hustle Con Media, Inc. (the “Hustle”), a media company that produces a newsletter, podcast, and premium research content for innovative professionals. The Hustle will enable the Company to better meet the needs of scaling companies by delivering educational, business and technology trend content in their preferred formats. The total cash purchase price for the acquisition was $17.2 million, net of cash acquired, which includes an upward working capital adjustment of $0.4 million. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition: Fair value (in thousands) Cash $ 3,089 Accounts receivable 1,153 Other current and noncurrent assets 835 Current backlog asset 677 Customer relationships 2,400 Goodwill 16,987 Accounts payable, accrued expenses, and other liabilities (2,975 ) Deferred revenue (825 ) Deferred tax liability (1,042 ) Total purchase price $ 20,299 As part of the purchase price allocation, the Company recorded a net deferred tax liability for approximately $1.0 million related to the difference between the tax basis and fair value of the acquired intangible assets. This net deferred tax liability provided a source of additional income to support the realizability of the Company’s pre-existing, U.S. deferred tax assets. As the Company has recorded a full valuation allowance against its U.S. deferred tax assets, the Company released a portion of its valuation allowance and recorded a corresponding income tax benefit of $1.0 million in the consolidated statement of operations for the period ended March 31, 2021. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets and liabilities acquired was recorded as goodwill. The Company believes the goodwill is attributable to the significant value obtained from the Company utilizing the advertising space within the Hustle’s newsletter and podcast, as well as the market influence of the premium research content to promote its products to the Hustle’s customer base and acquire new customers. The goodwill recognized is not deductible for U.S. or foreign income tax purposes. The Company applied income approach to estimate the fair values of the intangible assets acquired. The primary intangible asset acquired in the business acquisition was customer relationships and the fair value of $2.4 The Company began amortizing the customer relationships on the date of acquisition over a period of seven years The Company has included the operating results of the Hustle in its consolidated financial statements since the date of the acquisition. The acquisition did not have a material effect on the revenue or earnings in the consolidated income statement for the reporting periods presented. The pro forma results of the Company as if the acquisition had taken place on the first day of 2020 were not materially different from the amounts reflected in the accompanying consolidated financial statements. |
Changes in Stockholders' Equity
Changes in Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Changes in Stockholders' Equity | 13. Changes in Stockholders’ Equity The following tables summarize the changes in stockholders’ equity for the three months ended March 31, 2021 and 2020. Common Stock, $0.001 Par Value Treasury Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Shares Amount Capital Income Deficit Total Balances at December 31, 2020 46,115 $ 46 12 $ — $ 1,241,167 $ 4,603 $ (483,161 ) 762,655 Issuance of common stock under stock plans, net of shares withheld for employee taxes 482 1 — — 6,582 — — 6,583 Stock-based compensation — — — — 32,947 — 32,947 Equity component of the 2022 Notes conversions 363 — — — (2,307 ) — — (2,307 ) Settlement of Convertible Note Hedges (364 ) — 364 — 724 — — 724 Cumulative translation adjustment — — — — — (2,489 ) — (2,489 ) Unrealized loss on investments, net of income taxes of ($36) — — — — — (240 ) — (240 ) Net loss — — — — — — (23,159 ) (23,159 ) Balances at March 31, 2021 46,596 $ 47 376 $ - $ 1,279,113 $ 1,874 $ (506,320 ) $ 774,714 Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital (Loss) Deficit Total Balances at December 31, 2019 42,955 $ 44 $ 1,048,380 $ (336 ) $ (398,130 ) 649,958 Issuance of common stock under stock plans, net of shares withheld for employee taxes 411 — 1,320 — — 1,320 Stock-based compensation — — 27,905 — 27,905 Cumulative translation adjustment — — — (1,077 ) — (1,077 ) Unrealized gain on investments, net of income taxes of $0 — — — 583 — 583 Net loss — — — — (17,716 ) (17,716 ) Balances at March 31, 2020 43,366 $ 44 $ 1,077,605 $ (830 ) $ (415,846 ) $ 660,973 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | 14. Changes in Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the three months ended March 31, 2021. Cumulative Translation Adjustment Unrealized Gain on Investments Total (in thousands) Beginning balance at January 1, 2021 4,180 423 4,603 Other comprehensive loss before reclassifications (2,489 ) (240 ) (2,729 ) Amounts reclassified from accumulated other comprehensive income - - - Ending balance at March 31, 2021 1,691 183 1,874 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense | 15. 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 March 31, 2021 2020 (in thousands) Options $ 1,594 $ 1,822 RSUs 28,737 24,303 Employee stock purchase plan 2,092 1,338 Total stock-based compensation expense $ 32,423 $ 27,463 Effect of stock-based compensation expense on income by line item: Three Months End March 31, 2021 2020 (in thousands) Cost of revenue, subscription $ 1,310 $ 898 Cost of revenue, professional services and other 697 607 Research and development 11,484 8,708 Sales and marketing 13,629 10,816 General and administrative 5,303 6,434 Total stock-based compensation expense $ 32,423 $ 27,463 Capitalized software development costs excluded from stock-based compensation expense is $1.1 million for the three months ended March 31, 2021 and $848 thousand for the three months ended March 31, 2020. |
Segment Information and Geograp
Segment Information and Geographic Data | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | 16. Segment Information and Geographic Data The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s chief executive officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates the Company’s financial information and resources and 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 March 31, 2021 2020 (in thousands) Americas $ 173,870 $ 131,139 Europe 83,370 52,671 Asia Pacific 24,125 15,158 Total $ 281,365 $ 198,968 Percentage of revenues generated outside of the Americas 38 % 34 % Revenue derived from customers outside the United States (international) was approximately 45% of total revenue in the three months ended March 31, 2021 and 42% of total revenue in the three months ended March 31, 2020. Total long-lived assets by geographical region: As of March 31, 2021 As of December 31, 2020 (in thousands) Americas $ 198,979 $ 206,789 Europe 148,715 159,338 Asia Pacific 10,752 10,889 Total long-lived assets $ 358,446 $ 377,016 Percentage of long-lived assets held outside of the Americas 44 % 45 % |
Organization and Operations (Po
Organization and Operations (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting standards not included below are not expected to have a material impact on our consolidated financial position and results of operations. In August 2020, the FASB issued guidance simplifying the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being bifurcated from the host contract and separately recognized as compared with current GAAP. In addition, it eliminates the treasury stock method for calculating diluted earnings per share for convertible instruments and requires the use of the if-converted method. The new standard will be effective for the Company on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements. |
Revenues | Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region (Note 16) and based on the subscription versus Deferred Revenue and Deferred Commission Expense Amounts that have been invoiced are recorded in accounts receivable and deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue represents amounts billed for which revenue has not yet been recognized. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue, and the remaining portion is recorded as long-term deferred revenue. Deferred revenue during the three months ended March 31, 2021 increased by $22.9 million resulting from $304.3 million of additional invoicing and was offset by revenue recognized of $281.4 31, 2021, approximately $269.4 mill approximately 94% Additional contract liabilities of $1.7 million were The incremental direct costs of obtaining a contract, which primarily consist of sales commissions paid for new subscription contracts, are deferred and amortized on a straight-line basis over a period of approximately one to three years. The one to three-year period has been determined by taking into consideration the type of product sold, the commitment term of the customer contract, the nature of the Company’s technology development life-cycle, and an estimated customer relationship period. Sales commissions for upgrade contracts are deferred and amortized on a straight-line basis over the remaining estimated customer relationship period of the related customer. Deferred commission expense that will be recorded as expense during the succeeding 12-month period is recorded as current deferred commission expense, and the remaining portion is recorded as long-term deferred commission expense. Deferred commission expense during the three months ended March 31, 2021 increased by $5.0 million as a result of deferring incremental costs of obtaining a contract of $20.6 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share | A reconciliation of the denominator used in the calculation of basic and diluted net loss per share is as follows: Three Months Ended March 31, 2021 2020 Net loss $ (23,159 ) $ (17,716 ) Weighted-average common shares outstanding — basic 46,428 43,275 Dilutive effect of share equivalents resulting from stock options, RSUs, ESPP, Warrants and the Conversion Options — — Weighted-average common shares, outstanding — diluted 46,428 43,275 Net loss per share, basic and diluted $ (0.50 ) $ (0.41 ) |
Schedule of Potentially Dilutive Common Stock Equivalents | The following table contains all potentially dilutive common stock equivalents. As of March 31, 2021 2020 (in thousands) Options to purchase common shares 769 1,401 RSUs 1,451 1,697 Conversion Option of the 2022 Notes and Warrants 1,957 3,093 Conversion Option of the 2025 Notes 581 — ESPP 10 — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Financial Assets and Liabilities | The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at March 31, 2021 and December 31, 2020: March 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 212,377 $ — $ — $ 212,377 Commercial paper — 176,859 — 176,859 Corporate bonds — 221,375 — 221,375 U.S. Government agency securities — 1,803 — 1,803 U.S. Treasury securities — 513,284 — 513,284 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 212,377 $ 916,350 $ — $ 1,128,727 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents and investments: Money market funds $ 172,485 $ — $ — $ 172,485 Commercial paper — 12,233 — 12,233 Corporate bonds — 116,371 — 116,371 U.S. Treasury securities — 774,772 — 774,772 Certificates of deposit 394 — 394 Restricted cash: Money market funds — 3,029 — 3,029 Total $ 172,485 $ 906,799 $ — $ 1,079,284 |
Summary of Composition of Short and Long Term Investments | The following tables summarize the composition of our short- and long-term investments at March 31, 2021 and December 31, 2020. March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 151,863 $ — $ — $ 151,863 Corporate bonds 221,304 222 (151 ) 221,375 U.S. Government agency securities 1,803 — — 1,803 U.S. Treasury securities 513,164 123 (3 ) 513,284 Total $ 888,134 $ 345 $ (154 ) $ 888,325 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value (in thousands) Commercial paper $ 12,233 $ — $ — $ 12,233 Corporate bonds 115,983 427 (39 ) 116,371 U.S. Treasury securities 774,667 105 — 774,772 Certificates of deposit 394 — — 394 Total $ 903,277 $ 532 $ (39 ) $ 903,770 |
Summary of Contractual Maturities of Short and Long Term Investments | The contractual maturities of short-term and long-term investments held at March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2020 Amortized Cost Basis Aggregate Fair Value Amortized Cost Basis Aggregate Fair Value (in thousands) (in thousands) Due within one year $ 782,054 $ 782,335 $ 872,637 $ 873,073 Due after 1 year through 2 years 106,080 105,990 30,640 30,697 Total $ 888,134 $ 888,325 $ 903,277 $ 903,770 |
Restricted cash (Tables)
Restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2021 and 2020. March 31, 2021 March 31, 2020 December 31, 2020 (in thousands) Cash and cash equivalents $ 397,498 $ 229,133 $ 378,123 Restricted cash, included in prepaid expenses and other current assets — 552 — Restricted cash, included in other assets 3,029 3,029 3,029 Total cash, cash equivalents, and restricted cash $ 400,527 $ 232,714 $ 381,152 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: March 31, 2021 December 31, 2020 (in thousands) Computer equipment and purchased software $ 15,693 $ 15,128 Employee related computer equipment 21,834 20,802 Furniture and fixtures 21,491 20,204 Leasehold improvements 95,921 89,850 Internal-use software 14,193 12,528 Construction in progress 113 10,014 Total property and equipment 169,245 168,526 Less accumulated depreciation (72,400 ) (67,403 ) Property and equipment, net $ 96,845 $ 101,123 |
Capitalized Software Developm_2
Capitalized Software Development Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Research And Development [Abstract] | |
Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment | Capitalized software development costs, exclusive of those recorded within property and equipment, consisted of the following: March 31, 2021 December 31, 2020 (in thousands) Gross capitalized software development costs $ 93,499 $ 85,630 Accumulated amortization (65,159 ) (60,687 ) Capitalized software development costs, net $ 28,340 $ 24,943 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the liability component of the 2025 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Principal $ 460,000 $ 460,000 Unamortized debt discount (84,365 ) (88,756 ) Unamortized issuance costs (6,629 ) (6,973 ) Net carrying amount $ 369,006 $ 364,271 |
0.375% Convertible Senior Notes Due 2025 as Equity Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the equity component of the 2025 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Debt discount for conversion option $ 98,730 $ 98,730 Issuance costs (2,120 ) (2,120 ) Net carrying amount $ 96,610 $ 96,610 |
0.375% Convertible Senior Notes Due 2025 [Member] | |
Debt Instrument [Line Items] | |
Schedule of Interest Expense | Interest expense related to the 2025 Notes is as follows: Three Months Ended March 31, 2021 2020 (in thousands) Contractual interest expense $ 431 $ — Amortization of debt discount 4,391 — Amortization of issuance costs 345 — Total interest expense $ 5,167 $ — |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the liability component of the 2022 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Principal $ 81,383 $ 125,839 Unamortized debt discount (5,544 ) (10,397 ) Unamortized issuance costs (409 ) (777 ) Net carrying amount $ 75,430 $ 114,665 |
0.25%Convertible Senior Notes Due 2022 as Equity Component [Member] | |
Debt Instrument [Line Items] | |
Schedule of Net Carrying Amount of Notes | The net carrying amount of the equity component of the 2022 Notes is as follows: As of March 31, 2021 As of December 31, 2020 (in thousands) Debt discount for conversion option $ 21,568 $ 33,349 Issuance costs (756 ) (898 ) Net carrying amount $ 20,812 $ 32,451 |
0.25% Convertible Senior Notes Due 2022 [Member] | |
Debt Instrument [Line Items] | |
Schedule of Interest Expense | Interest expense related to the 2022 Notes is as follows: Three Months Ended March 31, 2021 2020 (in thousands) Contractual interest expense $ 69 $ 250 Amortization of debt discount 1,635 5,307 Amortization of issuance costs 122 396 Total interest expense $ 1,826 $ 5,953 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Sublease Income Generated under Operating Lease Agreements | The Company subleases some of its unused spaces to third parties. Operating sublease income generated under all operating lease agreements for the three months ended March 31, and 2020 are as follows: Three Months Ended March 31, 2021 2020 (in thousands) Operating sublease income $ 1,259 $ 1,354 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments | Future minimum payments under all operating and finance lease agreements as of March 31, 2021 Operating (in thousands) 2021 $ 38,727 2022 50,294 2023 49,255 2024 47,925 2025 47,994 Thereafter 135,561 Total $ 369,756 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition: Fair value (in thousands) Cash $ 3,089 Accounts receivable 1,153 Other current and noncurrent assets 835 Current backlog asset 677 Customer relationships 2,400 Goodwill 16,987 Accounts payable, accrued expenses, and other liabilities (2,975 ) Deferred revenue (825 ) Deferred tax liability (1,042 ) Total purchase price $ 20,299 |
Changes in Stockholders' Equi_2
Changes in Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Summary of Changes in Stockholders' Equity | The following tables summarize the changes in stockholders’ equity for the three months ended March 31, 2021 and 2020. Common Stock, $0.001 Par Value Treasury Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Shares Amount Capital Income Deficit Total Balances at December 31, 2020 46,115 $ 46 12 $ — $ 1,241,167 $ 4,603 $ (483,161 ) 762,655 Issuance of common stock under stock plans, net of shares withheld for employee taxes 482 1 — — 6,582 — — 6,583 Stock-based compensation — — — — 32,947 — 32,947 Equity component of the 2022 Notes conversions 363 — — — (2,307 ) — — (2,307 ) Settlement of Convertible Note Hedges (364 ) — 364 — 724 — — 724 Cumulative translation adjustment — — — — — (2,489 ) — (2,489 ) Unrealized loss on investments, net of income taxes of ($36) — — — — — (240 ) — (240 ) Net loss — — — — — — (23,159 ) (23,159 ) Balances at March 31, 2021 46,596 $ 47 376 $ - $ 1,279,113 $ 1,874 $ (506,320 ) $ 774,714 Common Stock, $0.001 Par Value Additional Paid-In Accumulated Other Comprehensive Accumulated Shares Amount Capital (Loss) Deficit Total Balances at December 31, 2019 42,955 $ 44 $ 1,048,380 $ (336 ) $ (398,130 ) 649,958 Issuance of common stock under stock plans, net of shares withheld for employee taxes 411 — 1,320 — — 1,320 Stock-based compensation — — 27,905 — 27,905 Cumulative translation adjustment — — — (1,077 ) — (1,077 ) Unrealized gain on investments, net of income taxes of $0 — — — 583 — 583 Net loss — — — — (17,716 ) (17,716 ) Balances at March 31, 2020 43,366 $ 44 $ 1,077,605 $ (830 ) $ (415,846 ) $ 660,973 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders’ equity, for the three months ended March 31, 2021. Cumulative Translation Adjustment Unrealized Gain on Investments Total (in thousands) Beginning balance at January 1, 2021 4,180 423 4,603 Other comprehensive loss before reclassifications (2,489 ) (240 ) (2,729 ) Amounts reclassified from accumulated other comprehensive income - - - Ending balance at March 31, 2021 1,691 183 1,874 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 (in thousands) Options $ 1,594 $ 1,822 RSUs 28,737 24,303 Employee stock purchase plan 2,092 1,338 Total stock-based compensation expense $ 32,423 $ 27,463 |
Effect of Stock-Based Compensation on Income by Line Item | Effect of stock-based compensation expense on income by line item: Three Months End March 31, 2021 2020 (in thousands) Cost of revenue, subscription $ 1,310 $ 898 Cost of revenue, professional services and other 697 607 Research and development 11,484 8,708 Sales and marketing 13,629 10,816 General and administrative 5,303 6,434 Total stock-based compensation expense $ 32,423 $ 27,463 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Geographical Region | Revenues by geographical region: Three Months End March 31, 2021 2020 (in thousands) Americas $ 173,870 $ 131,139 Europe 83,370 52,671 Asia Pacific 24,125 15,158 Total $ 281,365 $ 198,968 Percentage of revenues generated outside of the Americas 38 % 34 % |
Long Lived Assets by Geographical Region | Total long-lived assets by geographical region: As of March 31, 2021 As of December 31, 2020 (in thousands) Americas $ 198,979 $ 206,789 Europe 148,715 159,338 Asia Pacific 10,752 10,889 Total long-lived assets $ 358,446 $ 377,016 Percentage of long-lived assets held outside of the Americas 44 % 45 % |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Additions in deferred revenue | $ 22,900 | ||
Additional Invoicing | 304,300 | ||
Total revenues | 281,365 | $ 198,968 | |
Deferred revenue, revenue recognized | 162,100 | ||
Revenue remaining performance obligation, contracts exceeds one year | $ 269,400 | ||
Revenue remaining performance obligation contract period | 1 year | ||
Revenue remaining performance obligation percentage recognized | 94.00% | ||
Short-term deferred revenue | $ 336,183 | $ 312,866 | |
Increase (decrease) in deferred commission expense | 5,000 | ||
Incremental costs of deferred sales commission expense | 20,600 | ||
Amortization of deferred commission expense | $ 15,600 | ||
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 | $ 1,700 | $ 1,700 |
Revenues - Additional Informa_2
Revenues - Additional Information1 (Detail) | Mar. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue remaining performance obligations recognition period | 24 months |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share Basic And Diluted [Abstract] | ||
Net loss | $ (23,159) | $ (17,716) |
Weighted-average common shares outstanding — basic | 46,428 | 43,275 |
Weighted-average common shares, outstanding — diluted | 46,428 | 43,275 |
Net loss per share, basic and diluted | $ (0.50) | $ (0.41) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)d$ / shares | Apr. 30, 2021USD ($) | Jun. 30, 2020$ / shares | |
Earnings Per Share Basic [Line Items] | |||
Average stock price | $ / shares | $ 439.38 | ||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | |||
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% | ||
Debt instrument convertible, principal amount | $ | $ 44.5 | ||
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | Subsequent Event [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Debt instrument convertible, principal amount | $ | $ 12.7 | ||
0.375% Convertible Senior Notes Due 2025 [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Common stock conversion price | $ / shares | $ 282.52 | $ 282.52 | |
Debt instrument, convertible, threshold trading days | 20 | ||
Debt instrument, convertible, threshold consecutive trading days | 30 | ||
0.375% Convertible Senior Notes Due 2025 [Member] | Maximum [Member] | |||
Earnings Per Share Basic [Line Items] | |||
Percentage of closing price to trigger debt conversion | 130.00% |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Dilutive Common Stock Equivalents (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Conversion Option of the 2025 Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 581 | |
Options to Purchase Common Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 769 | 1,401 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,451 | 1,697 |
Conversion Option of the 2022 Notes and Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,957 | 3,093 |
ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 10 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 888,325 | $ 903,770 |
Fair value of financial assets | 1,128,727 | 1,079,284 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 212,377 | 172,485 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 916,350 | 906,799 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 212,377 | 172,485 |
Fair value of restricted cash | 3,029 | 3,029 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of cash and cash equivalents | 212,377 | 172,485 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of restricted cash | 3,029 | 3,029 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 176,859 | 12,233 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 176,859 | 12,233 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 221,375 | 116,371 |
Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 221,375 | 116,371 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 1,803 | |
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 1,803 | |
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 | 513,284 | 774,772 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 513,284 | 774,772 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | 394 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of short and long term investments | $ 394 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | $ 18,795 | $ 13,893 |
Strategic Investments [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 9,000 | $ 6,700 |
2022 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notes | 387,400 | |
2025 Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 758,500 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Composition of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 888,134 | $ 903,277 |
Unrealized Gains | 345 | 532 |
Unrealized Losses | (154) | (39) |
Aggregate Fair Value | 888,325 | 903,770 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 151,863 | 12,233 |
Aggregate Fair Value | 151,863 | 12,233 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 221,304 | 115,983 |
Unrealized Gains | 222 | 427 |
Unrealized Losses | (151) | (39) |
Aggregate Fair Value | 221,375 | 116,371 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,803 | |
Aggregate Fair Value | 1,803 | |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 513,164 | 774,667 |
Unrealized Gains | 123 | 105 |
Unrealized Losses | (3) | |
Aggregate Fair Value | $ 513,284 | 774,772 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 394 | |
Aggregate Fair Value | $ 394 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Contractual Maturities of Short and Long Term Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Amortized Cost Basis, Due within one year | $ 782,054 | $ 872,637 |
Amortized Cost Basis, Due after 1 year through 2 years | 106,080 | 30,640 |
Amortized Cost | 888,134 | 903,277 |
Aggregate Fair Value, Due within one year | 782,335 | 873,073 |
Aggregate Fair Value, Due after 1 year through 2 years | 105,990 | 30,697 |
Aggregate Fair Value, Total | $ 888,325 | $ 903,770 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 09, 2021 |
Schedule Of Equity Method Investments [Line Items] | ||
Commitments to contribute additional capital | $ 10.2 | |
Carrying amount of investment | $ 2.3 | |
Black Economic Development Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method investment | $ 2.3 | |
Percentage of ownership interest and income share | 6.40% |
Restricted Cash - Summary of Re
Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Cash And Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 397,498 | $ 378,123 | $ 229,133 |
Restricted cash, included in prepaid expenses and other current assets | $ 552 | ||
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] | Prepaid expenses and other current assets | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Restricted cash, included in other assets | $ 3,029 | $ 3,029 | $ 3,029 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | us-gaap:OtherAssets |
Total cash, cash equivalents, and restricted cash | $ 400,527 | $ 381,152 | $ 232,714 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 169,245 | $ 168,526 |
Less accumulated depreciation | (72,400) | (67,403) |
Property and equipment, net | 96,845 | 101,123 |
Computer Equipment and Purchased Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 15,693 | 15,128 |
Employee Related Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 21,834 | 20,802 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 21,491 | 20,204 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 95,921 | 89,850 |
Internal Use Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 14,193 | 12,528 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 113 | $ 10,014 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization | $ 6 | $ 4.7 |
Capitalized Software Developm_3
Capitalized Software Development Costs - Summary of Capitalized Software Development Costs, Exclusive of those Recorded within Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Capitalized Computer Software Net [Abstract] | ||
Gross capitalized software development costs | $ 93,499 | $ 85,630 |
Accumulated amortization | (65,159) | (60,687) |
Capitalized software development costs, net | $ 28,340 | $ 24,943 |
Capitalized Software Developm_4
Capitalized Software Development Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capitalized Computer Software Net [Abstract] | ||
Capitalized software, estimated useful life | 2 years | |
Amortization of software development costs, exclusive of costs recorded within property and equipment | $ 4.9 | $ 3.5 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |||
Jun. 30, 2020USD ($)$ / sharesshares | May 31, 2017USD ($)$ / shares | Mar. 31, 2021USD ($)d$ / sharesshares | Mar. 31, 2020d | Apr. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |||||
Loss on early extinguishment of debt | $ (2,406,000) | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 0.375% | ||||
Debt instrument, maturity date | Jun. 1, 2025 | ||||
Principal amount of each convertible note | $ 1,000,000,000 | ||||
Debt instrument, conversion ratio | 3.5396 | ||||
Common stock conversion price | $ / shares | $ 282.52 | $ 282.52 | |||
Principal amount settlement, Description | The Company expects to settle the principal amount of the 2025 Notes in cash. | ||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||
Debt instrument, conversion price per share | $ / shares | $ 282.52 | $ 282.52 | |||
0.375% Convertible Senior Notes Due 2025 [Member] | Capped Call Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Cost of purchased capped call options | $ 50,600,000 | ||||
Derivative, price risk option strike price | $ / shares | 282.52 | ||||
Derivative, cap price | $ / shares | 426.44 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Private Offering [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 400,000,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Over-Allotment Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 60,000,000 | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of closing price to trigger debt conversion | 130.00% | ||||
0.375% Convertible Senior Notes Due 2025 [Member] | Maximum [Member] | Capped Call Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock shares covered under capped call transactions | shares | 1,600,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 1,000,000,000 | $ 81,400,000 | |||
Debt instrument, interest rate, stated percentage | 0.25% | ||||
Debt instrument, maturity date | Jun. 1, 2022 | ||||
Debt instrument, conversion ratio | 10.5519 | ||||
Common stock conversion price | $ / shares | $ 94.77 | ||||
Principal amount settlement, Description | The Company expects to settle the principal amount of the 2022 Notes in cash. | ||||
Debt instrument, convertible, threshold trading days | d | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | d | 30 | ||||
Debt instrument, conversion price per share | $ / shares | $ 94.77 | ||||
Debt instrument convertible, principal amount | $ 44,500,000 | ||||
Loss on early extinguishment of debt | 2,400,000 | ||||
Long-term debt, current | $ 11,800,000 | ||||
Number of common shares to be repurchased under convertible note hedge transactions with certain counterparties | shares | 4,200,000 | ||||
Hedging option strike price per common stock | $ / shares | $ 94.77 | ||||
Warrants expected to settle, description | The Warrants are expected to settle three business days from each trading day commencing on September 1, 2022 and ending on the 79th trading day thereafter. | ||||
Settlement period of warrants excess price over strike price | 3 days | ||||
Warrants expected to settle, commencement date | Sep. 1, 2022 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Common Stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants holders option to purchase number of shares of company’s common stock | shares | 4,200,000 | ||||
Warrants exercise price per share | $ / shares | $ 115.8 | ||||
Debt instrument cash consideration for conversion | $ 44,500,000 | ||||
Debt instrument convertible to common stock for cash consideration | shares | 400,000 | ||||
Debt instrument convertible to common stock | shares | 1,000,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Warrants [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument convertible to common stock | shares | 1,300,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument convertible, principal amount | $ 12,700,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Private Offering [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 350,000,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Over-Allotment Options [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of long term debt | $ 50,000,000 | ||||
0.25% Convertible Senior Notes Due 2022 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of closing price to trigger debt conversion | 130.00% |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of Liability Component (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Net carrying amount | $ 432,626 | $ 471,099 |
0.375%Convertible Senior Notes Due 2025 as Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 460,000 | 460,000 |
Unamortized debt discount | (84,365) | (88,756) |
Unamortized issuance costs | (6,629) | (6,973) |
Net carrying amount | 369,006 | 364,271 |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 81,383 | 125,839 |
Unamortized debt discount | (5,544) | (10,397) |
Unamortized issuance costs | (409) | (777) |
Net carrying amount | $ 75,430 | $ 114,665 |
Convertible Senior Notes - Sc_2
Convertible Senior Notes - Schedule of Net Carrying Amount of Equity Component (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
0.375% Convertible Senior Notes Due 2025 as Equity Component [Member] | ||
Debt Instrument [Line Items] | ||
Debt discount for conversion option | $ 98,730 | $ 98,730 |
Issuance costs | (2,120) | (2,120) |
Net carrying amount | 96,610 | 96,610 |
0.25%Convertible Senior Notes Due 2022 as Equity Component [Member] | ||
Debt Instrument [Line Items] | ||
Debt discount for conversion option | 21,568 | 33,349 |
Issuance costs | (756) | (898) |
Net carrying amount | $ 20,812 | $ 32,451 |
Convertible Senior Notes - Sc_3
Convertible Senior Notes - Schedule of Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
0.375% Convertible Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 431 | |
Amortization of debt discount | 4,391 | |
Amortization of issuance costs | 345 | |
Total interest expense | 5,167 | |
0.25% Convertible Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 69 | $ 250 |
Amortization of debt discount | 1,635 | 5,307 |
Amortization of issuance costs | 122 | 396 |
Total interest expense | $ 1,826 | $ 5,953 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | |||
Operating leases right-of-use assets | $ 261,601 | $ 275,893 | |
Weighted average discount rate for operating leases | 5.20% | ||
Operating lease expense costs | $ 12,000 | $ 9,700 | |
Cash payments for operating lease liabilities | 17,900 | $ 9,600 | |
Japan [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating leases right-of-use assets | 1,200 | ||
Operating leases lease liabilities | $ 1,200 |
Leases - Schedule of Operating
Leases - Schedule of Operating Sublease Income Generated under Operating Lease Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating sublease income | $ 1,259 | $ 1,354 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Commitments and Contingencies [Line Items] | |
Improvement reimbursements from landlords | $ 24.1 |
Increase in future lease commitments | $ 86.8 |
Amended Agreement [Member] | Web Hosting Vendor [Member] | |
Commitments and Contingencies [Line Items] | |
Description of contractual obligations | In March 2021, the Company entered various vendor commitments with contractual obligations of approximately $7.3 million, payable over the two to three year term of the agreements. |
Contractual obligations | $ 7.3 |
Amended Agreement [Member] | Web Hosting Vendor [Member] | Minimum [Member] | |
Commitments and Contingencies [Line Items] | |
Contractual obligation, payment term | 2 years |
Amended Agreement [Member] | Web Hosting Vendor [Member] | Maximum [Member] | |
Commitments and Contingencies [Line Items] | |
Contractual obligation, payment term | 3 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Operating, 2021 | $ 38,727 |
Operating, 2022 | 50,294 |
Operating, 2023 | 49,255 |
Operating, 2024 | 47,925 |
Operating, 2025 | 47,994 |
Operating, Thereafter | 135,561 |
Lease commitments, Operating leases | $ 369,756 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 09, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||
Cash purchase price for the acquisition, net of cash acquired | $ 16,810 | ||
Income tax benefit | $ (137) | $ 666 | |
Hustle Con Media, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition effective date | Feb. 9, 2021 | ||
Business acquisition, description of acquired entity | On February 9, 2021, the Company acquired 100% of the equity interests of Hustle Con Media, Inc. (the “Hustle”), a media company that produces a newsletter, podcast, and premium research content for innovative professionals. | ||
Percentage of equity interests acquired | 100.00% | ||
Cash purchase price for the acquisition, net of cash acquired | $ 17,200 | ||
Payments to acquire businesses, working capital adjustment | 400 | ||
Net deferred tax liability | 1,042 | ||
Income tax benefit | 1,000 | ||
Hustle Con Media, Inc. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition, fair value of customer relationships | $ 2,400 | ||
Business acquisition, estimated useful life of customer relationships | 7 years |
Business Acquisition - Summary
Business Acquisition - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Feb. 09, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 47,588 | $ 31,318 | |
Hustle Con Media, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 3,089 | ||
Accounts receivable | 1,153 | ||
Other current and noncurrent assets | 835 | ||
Current backlog asset | 677 | ||
Customer relationships | 2,400 | ||
Goodwill | 16,987 | ||
Accounts payable, accrued expenses, and other liabilities | (2,975) | ||
Deferred revenue | (825) | ||
Deferred tax liability | (1,042) | ||
Total purchase price | $ 20,299 |
Changes in Stockholders' Equi_3
Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 762,655 | $ 649,958 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 6,583 | 1,320 |
Stock-based compensation | 32,947 | 27,905 |
Settlement of Convertible Note Hedges | 724 | |
Cumulative translation adjustment | (2,489) | (1,077) |
Unrealized gain (loss) on investments, net of income taxes of ($36) and $0 | (240) | 583 |
Net loss | (23,159) | (17,716) |
Ending Balance, Amount | 774,714 | 660,973 |
0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of the 2022 Notes conversions | (2,307) | |
Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 46 | $ 44 |
Beginning Balance, Shares | 46,115 | 42,955 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | $ 1 | |
Issuance of common stock under stock plans, net of shares withheld for employee taxes, Shares | 482 | 411 |
Settlement of Convertible Note Hedges, Shares | (364) | |
Ending Balance, Amount | $ 47 | $ 44 |
Ending Balance, Shares | 46,596 | 43,366 |
Common Stock [Member] | 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of the 2022 Notes conversions, Shares | 363 | |
Treasury Stock [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Shares | 12 | |
Settlement of Convertible Note Hedges, Shares | 364 | |
Ending Balance, Shares | 376 | |
Additional Paid-In Capital [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | $ 1,241,167 | $ 1,048,380 |
Issuance of common stock under stock plans, net of shares withheld for employee taxes | 6,582 | 1,320 |
Stock-based compensation | 32,947 | 27,905 |
Settlement of Convertible Note Hedges | 724 | |
Ending Balance, Amount | 1,279,113 | 1,077,605 |
Additional Paid-In Capital [Member] | 0.25% Convertible Senior Notes Due 2022 as Liability Component [Member] | ||
Class Of Stock [Line Items] | ||
Equity component of the 2022 Notes conversions | (2,307) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | 4,603 | (336) |
Cumulative translation adjustment | (2,489) | (1,077) |
Unrealized gain (loss) on investments, net of income taxes of ($36) and $0 | (240) | 583 |
Ending Balance, Amount | 1,874 | (830) |
Accumulated Deficit [Member] | ||
Class Of Stock [Line Items] | ||
Beginning Balance, Amount | (483,161) | (398,130) |
Net loss | (23,159) | (17,716) |
Ending Balance, Amount | $ (506,320) | $ (415,846) |
Changes in Stockholders' Equi_4
Changes in Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stockholders Equity Note [Abstract] | ||
Unrealized gain (loss) on investments, tax | $ (36) | $ 0 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | $ 762,655 |
Other comprehensive loss before reclassifications | (2,729) |
Ending Balance, Amount | 774,714 |
Cumulative Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | 4,180 |
Other comprehensive loss before reclassifications | (2,489) |
Ending Balance, Amount | 1,691 |
Unrealized Gain on Investments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | 423 |
Other comprehensive loss before reclassifications | (240) |
Ending Balance, Amount | 183 |
Accumulated Other Comprehensive Loss [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance, Amount | 4,603 |
Ending Balance, Amount | $ 1,874 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense by Award Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 32,423 | $ 27,463 |
Common Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,594 | 1,822 |
RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 28,737 | 24,303 |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 2,092 | $ 1,338 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense - Effect of Stock-Based Compensation on Income by Line Item (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 32,423 | $ 27,463 |
Cost of Revenue, Subscription [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,310 | 898 |
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 | 697 | 607 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 11,484 | 8,708 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 13,629 | 10,816 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 5,303 | $ 6,434 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capitalized Software and PP&E [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Capitalized software development costs excluded from stock based compensation | $ 1,100 | $ 848 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Additional Information (Detail) - Segment | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | 45.00% | 42.00% |
Segment Information and Geogr_4
Segment Information and Geographic Data - Revenues by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 281,365 | $ 198,968 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 173,870 | 131,139 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 83,370 | 52,671 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 24,125 | $ 15,158 |
Revenue [Member] | Outside Of Americas [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues generated outside of the Americas | 38.00% | 34.00% |
Segment Information and Geogr_5
Segment Information and Geographic Data - Long Lived Assets by Geographical Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 358,446 | $ 377,016 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 198,979 | 206,789 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | 148,715 | 159,338 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Total long lived assets | $ 10,752 | $ 10,889 |
Outside Of Americas [Member] | Assets Total [Member] | Geographic Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of long lived assets held outside of the Americas | 44.00% | 45.00% |