Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | APTI | |
Entity Registrant Name | Apptio Inc | |
Entity Central Index Key | 1,419,625 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 22,007,536 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 17,948,131 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 39,834 | $ 42,007 |
Short-term investments | 84,275 | 36,741 |
Accounts receivable, net of allowance for doubtful accounts of $492 and $122 | 50,763 | 58,587 |
Prepaid expenses and other current assets | 5,776 | 5,440 |
Total current assets | 180,648 | 142,775 |
Long-term assets | ||
Property and equipment, net of accumulated depreciation of $19,897 and $17,091 | 12,300 | 12,827 |
Long-term investments | 38,446 | |
Other long-term assets | 971 | 734 |
Total assets | 193,919 | 194,782 |
Current liabilities | ||
Accounts payable | 4,550 | 3,574 |
Accrued payroll and other expenses | 14,015 | 14,073 |
Deferred revenue | 93,450 | 97,885 |
Deferred rent | 843 | 799 |
Capital leases | 32 | 43 |
Total current liabilities | 112,890 | 116,374 |
Long-term liabilities | ||
Deferred revenue, net of current portion | 3,868 | 2,254 |
Deferred rent, net of current portion | 3,927 | 4,360 |
Capital leases, net of current portion | 36 | 51 |
Asset retirement obligation | 187 | 175 |
Total liabilities | 120,908 | 123,214 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity | ||
Class A and Class B Common stock | 4 | 4 |
Additional paid-in capital | 287,038 | 271,982 |
Accumulated other comprehensive loss | (147) | (94) |
Accumulated deficit | (213,884) | (200,324) |
Total stockholders’ equity | 73,011 | 71,568 |
Total liabilities and stockholders' equity | $ 193,919 | $ 194,782 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 492 | $ 122 |
Accumulated depreciation | $ 19,897 | $ 17,091 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||||
Subscription | $ 37,247 | $ 31,404 | $ 73,434 | $ 61,681 |
Professional services | 7,978 | 7,375 | 15,722 | 13,941 |
Total revenue | 45,225 | 38,779 | 89,156 | 75,622 |
Cost of revenue | ||||
Subscription | 7,252 | 6,559 | 15,102 | 13,039 |
Professional services | 7,267 | 6,596 | 14,836 | 12,712 |
Total cost of revenue | 14,519 | 13,155 | 29,938 | 25,751 |
Gross profit | 30,706 | 25,624 | 59,218 | 49,871 |
Operating expenses | ||||
Research and development | 10,263 | 8,626 | 19,921 | 17,057 |
Sales and marketing | 21,094 | 19,669 | 40,120 | 35,956 |
General and administrative | 6,620 | 5,504 | 13,154 | 10,684 |
Total operating expenses | 37,977 | 33,799 | 73,195 | 63,697 |
Loss from operations | (7,271) | (8,175) | (13,977) | (13,826) |
Other income (expense) | ||||
Interest income (expense) and other, net | 264 | (377) | 500 | (434) |
Foreign exchange gain (loss) | 120 | (295) | 68 | (407) |
Loss before provision for income taxes | (6,887) | (8,847) | (13,409) | (14,667) |
Provision for income taxes | (126) | (138) | (151) | (214) |
Net loss | $ (7,013) | $ (8,985) | $ (13,560) | $ (14,881) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.18) | $ (0.69) | $ (0.35) | $ (1.14) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 39,175 | 13,036 | 38,793 | 13,016 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (7,013) | $ (8,985) | $ (13,560) | $ (14,881) |
Other comprehensive loss | ||||
Unrealized loss on available-for-sale securities | (30) | (1) | (53) | |
Total comprehensive loss | $ (7,043) | $ (8,986) | $ (13,613) | $ (14,881) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (13,560) | $ (14,881) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 3,082 | 2,985 |
Amortization of premiums on investments | 54 | 15 |
(Gain) loss on disposal of property and equipment | (4) | 25 |
Stock-based compensation | 7,310 | 4,415 |
Accretion of capitalized loan fees | 18 | 72 |
Remeasurement of preferred stock warrant liability | (8) | |
Foreign exchange gain | (68) | |
Change in operating assets and liabilities | ||
Accounts receivable | 7,330 | 8,543 |
Prepaid expenses and other assets | 1,481 | (761) |
Accounts payable | 1,037 | 1,475 |
Accrued expenses | (1,727) | (1,942) |
Deferred revenue | (2,820) | (1,041) |
Deferred rent | (398) | (306) |
Net cash provided by (used in) operating activities | 1,735 | (1,409) |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,236) | (2,320) |
Proceeds from sales of equipment | 9 | |
Proceeds from maturities of investments | 19,700 | 6,245 |
Purchases of investments | (28,898) | |
Payments for security deposits | (29) | (52) |
Net cash (used in) provided by investing activities | (11,454) | 3,873 |
Cash flows from financing activities | ||
Proceeds from exercises of common stock options | 5,495 | 511 |
Proceeds from purchases of stock under employee stock purchase plan | 2,251 | |
Payment of initial public offering costs | (243) | (218) |
Proceeds from long-term debt | 20,000 | |
Principal payments on capital lease obligations | (21) | (23) |
Payment of capitalized loan fees | (236) | |
Net cash provided by financing activities | 7,482 | 20,034 |
Foreign currency effect on cash, cash equivalents and restricted cash | 64 | (202) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,173) | 22,296 |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 42,007 | 19,756 |
End of period | $ 39,834 | $ 42,052 |
Description of Operations and S
Description of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Description Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Description of Operations and Summary of Significant Accounting Policies | Note 1. Description of Operations and Summary of Significant Accounting Policies Operations Apptio, Inc., or the Company, was incorporated on October 2, 2007 and is headquartered in Bellevue, Washington. The Company develops and sells Technology Business Management, or TBM, solutions. The Company’s cloud-based platform and SaaS applications enable IT leaders to analyze, optimize and plan technology investments, and benchmark their financial and operational performance against peers. The Company operates primarily in North America, Europe and Australia. Initial Public Offering In September 2016, the Company completed an initial public offering, or IPO, in which the Company sold 6,900,000 shares of its newly-authorized Class A common stock at the initial price to public of $16.00 per share. The Company received net proceeds of $99.0 million, after deducting underwriting discounts and commissions and offering expenses, from sales of its shares in the IPO. Immediately prior to the completion of the IPO, (1) all shares of common stock then outstanding were converted to Class B common stock on a one-for-one basis, (2) common stock warrants then outstanding were converted to warrants to purchase 47,893 shares of Class B common stock on a one-for-one basis, (3) a warrant to purchase 27,321 shares of convertible preferred stock was converted to a warrant to purchase 27,321 shares of Class B common stock, and (4) all shares of convertible preferred stock then outstanding were converted into 18,239,475 shares of the Company’s common stock on a one-for-one basis, and then reclassified as shares of Class B common stock. See Note 4 for further discussion of Class A and B common stock. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on February 17, 2017, or Form 10-K. The condensed consolidated balance sheet as of December 31, 2016, included herein, was derived from the audited annual financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to fairly state the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2017 or any future period. Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Certain Significant Risks and Uncertainties The Company continues to be subject to the risks and challenges associated with other companies at a similar stage of development, including risks associated with: dependence on key personnel; successful marketing and sale of its solutions and adaptation of such solutions to changing market dynamics and customer preferences; competition from alternative products and services, including from larger companies that have greater name recognition, longer operating histories, more and better established customer relationships and greater resources than the Company; and the ability to raise additional capital to support future growth. Since inception through June 30, 2017, the Company has incurred losses from operations, and accumulated a deficit of $213.9 million, and has been dependent on equity and debt financing to fund operations. Significant Accounting Policies There have been no material changes to our significant accounting policies and estimates as previously disclosed in the Company’s Form 10-K. Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-09 Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting. ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. The Company elected to early adopt this new standard in the second quarter of 2017. The adoption of this standard did not have a material impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, adopted this new standard as of January 1, 2017. As of December 31, 2016, the Company has accumulated excess tax benefits from temporary differences in the amount and timing of stock-based compensation expense and the Company’s deductions on its income tax return from the award compensation that reduces the net operating loss deferred tax asset. The Company provided a full valuation allowance against its net deferred tax assets since it has been determined that it is more likely than not that all of the deferred tax assets will not be realized. Upon adoption of this standard, the stock-based compensation excess tax benefit will be eliminated, resulting in an increase to the net operating loss deferred tax asset, with an increase in the valuation allowance of the same. The Company elected to continue to estimate the number of share-based awards expected to vest, rather than electing to account for forfeitures as they occur to determine the amount of stock-based compensation expense to be recognized each period. The adoption of this standard did not have a material impact on the Company’s financial statements. New Accounting Pronouncements Not Yet Adopted In October 2016, the FASB issued ASU 2016-16 , Inter-Entity Transfers of Assets other than Inventory In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 2. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value as of June 30, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): June 30, 2017 Level 1 Level 2 Level 3 Total Money market funds $ 11,259 $ — $ — $ 11,259 Corporate notes and obligations — 37,704 — 37,704 U.S. agency securities — 4,492 — 4,492 U.S. government treasury securities 49,069 — — 49,069 $ 60,328 $ 42,196 $ — $ 102,524 December 31, 2016 Level 1 Level 2 Level 3 Total Money market funds $ 18,029 $ — $ — $ 18,029 Corporate notes and obligations — 33,840 — 33,840 U.S. government treasury securities 41,347 — — 41,347 $ 59,376 $ 33,840 $ — $ 93,216 At f c c |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Available For Sale Securities [Abstract] | |
Investments | Note 3. Investments Available-for-sale securities consist of fixed-income securities that are accounted for at fair value. Available-for-sale securities with an original maturity of 90 days or less are classified within cash and cash equivalents in the condensed consolidated balance sheets. Premiums and discounts paid on securities at the time of purchase are recorded as accrued interest and amortized over the period of maturity. As of June 30, 2017, the Company did not hold any investments with a maturity date greater than one year. The amortized cost and fair value on the available-for-sale investments and unrealized gains and losses as of June 30, 2017 and December 31, 2016 were as follows (in thousands): June 30, 2017 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Amounts with an original maturity of 90 days or less Corporate notes and obligations $ 2,498 $ — $ — $ 2,498 U.S. agency securities 4,492 — — 4,492 Total short-term available-for-sale debt securities classified as cash and cash equivalents $ 6,990 $ — $ — $ 6,990 Amounts maturing in one year or less Corporate notes and obligations $ 35,229 $ — $ (23 ) $ 35,206 U.S. government treasury securities 49,193 — (124 ) 49,069 Total short-term available-for-sale debt securities classified as investments $ 84,422 $ — $ (147 ) $ 84,275 December 31, 2016 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Amounts maturing in one year or less Corporate notes and obligations $ 29,866 $ — $ (25 ) $ 29,841 U.S. government treasury securities 6,900 — — 6,900 Total short-term available-for-sale debt securities $ 36,766 $ — $ (25 ) $ 36,741 Amounts maturing in greater than one year Corporate notes and obligations $ 4,010 $ — $ (11 ) $ 3,999 U.S. government treasury securities 34,505 — (58 ) 34,447 Total long-term available-for-sale debt securities $ 38,515 $ — $ (69 ) $ 38,446 As of June 30, 2017 and December 31, 2016, the Company did not consider any of the unrealized losses on its investments to be other-than-temporarily impaired based on its evaluation of available evidence. None of the investments held as of June 30, 2017 and December 31, 2016 have been in a continuous unrealized loss position for more than 12 months. Realized gains and losses on sales of available-for-sale securities were immaterial for both periods presented. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 4. Stockholders’ Equity Preferred Stock As of June 30, 2017, the Company had authorized 5,000,000 shares of preferred stock, par value $0.0001, of which no shares were outstanding. Common Stock As of June 30, 2017 the Company had authorized 451,000,000 shares of Class A common stock and 44,000,000 shares of Class B common stock, each par value $0.0001 per share, of which 21,936,390 shares and 17,965,068 shares of Class A and Class B common stock, respectively, were issued and outstanding. Holders of Class A and Class B common stock are entitled to one vote per share and ten votes per share, respectively. Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon transfer, subject to certain exceptions, and upon the earlier of (1) the seventh anniversary of the closing of the IPO, and (2) the date on which the Class B common stock ceases to represent at least 25% of the outstanding common stock. The shares of Class A common stock and Class B common stock are identical, except for voting and conversion rights. During the six months ended June 30, 2017, 13,527,799 shares of Class B common stock were converted into 13,527,799 shares of Class A common stock at the request of the holders thereof. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | Note 5. Equity Incentive Plans 2016 Equity Incentive Plan The Company’s 2016 Equity Incentive Plan, or the 2016 Plan, became effective on September 21, 2016. The 2016 Plan provides for the grant of incentive stock options, or ISOs, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees or any of the Company’s subsidiaries’ employees, and for the grant of nonstatutory stock options, or NSOs, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to employees, directors and consultants of the Company and the Company’s subsidiaries’ employees and consultants. As of June 30, 2017, the total number of shares available for issuance under the 2016 Plan was 4,577,709. These available shares will automatically increase each January 1, beginning on January 1, 2017, by the lesser of 5,500,000 shares of Class A common stock, by 5% of the outstanding shares of all classes of the Company’s common stock as of the last day of the Company’s immediately preceding fiscal year, or such other amount as the Company’s board of directors may determine on or before the last day of the Company’s immediately preceding fiscal year. 2016 Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan, or 2016 ESPP, became effective on September 21, 2016. As of June 30, 2017, the total number of shares of Class A common stock available for issuance under the 2016 ESPP was 967,818. These available shares will automatically increase each January 1, beginning on January 1, 2017, by the lesser of 1,600,000 shares of Class A common stock, 1% of the number of shares of all classes of the Company’s common stock outstanding on the immediately preceding fiscal year, or such lesser number of shares as determined by the Company’s board of directors. The 2016 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discount of up to 15% through payroll deductions of their eligible compensation, subject to any plan limitations. Except for the initial offering period, the 2016 ESPP provides for separate six-month offering periods beginning November 30 and May 31 of each fiscal year. The initial offering period ran from September 23, 2016 through May 31, 2017. The initial offering period included the employee enrollment period, which ran from September 23, 2016 to November 10, 2016, at which time employee deductions commenced. On each purchase date, eligible employees will purchase the Company’s Class A common stock at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, which for the initial offering period is the initial price to public in the IPO, and (2) the fair market value of the Company’s common stock on the purchase date. During the three and six months ended June 30, 2017, 165,559 shares of Class A common stock were purchased under the 2016 ESPP. Stock Options Stock option activity during the six months ended June 30, 2017 was as follows (in thousands, except per share and contractual life data): Weighted- Weighted- Average Average Remaining Total Options Exercise Price Contractual Intrinsic Outstanding per Share Life (years) Value Outstanding at December 31, 2016 11,203 $ 9.49 Options granted 291 14.08 Options exercised (1,402 ) 3.95 Options forfeited or canceled (616 ) 13.86 Outstanding at June 30, 2017 9,476 $ 10.16 6.72 $ 68,169 Vested and expected to vest at June 30, 2017 9,393 $ 10.12 6.66 $ 67,963 Exercisable at June 30, 2017 6,061 $ 8.01 5.64 $ 56,624 As of June 30, 2017, there was a total of $19.5 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested stock-based compensation arrangements associated with options granted. That cost is expected to be recognized over a weighted-average remaining expected term of 2.5 years. RSUs RSU activity under the 2016 Plan during the six months ended June 30, 2017 was as follows (in thousands, except per share data): Weighted-Average RSUs Grant Date Fair Value Outstanding per Share Non-Vested outstanding at December 31, 2016 628 $ 16.43 Granted 1,237 14.04 Vested — — Forfeited or canceled (95 ) 15.61 Non-Vested outstanding at June 30, 2017 1,770 $ 14.80 As of June 30, 2017, total unrecognized compensation cost, adjusted for estimated forfeitures, related to unvested RSUs was approximately $24.2 million and the weighted-average remaining vesting period was 3.7 years. Stock-based compensation expense recognized in the Company’s statement of comprehensive loss was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of revenue Subscription $ 240 $ 191 597 $ 332 Professional services 230 213 548 367 Operating expenses Research and development 1,112 714 2,153 1,267 Sales and marketing 1,077 806 2,077 1,441 General and administrative 1,026 586 1,935 1,008 Total stock-based compensation $ 3,685 $ 2,510 $ 7,310 $ 4,415 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Note 6. Net Loss Per Share Attributable to Common Stockholders The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities. The Company considers all series of convertible preferred stock outstanding prior to the IPO to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock as the holders of convertible preferred stock do not have a contractual obligation to share in losses. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, convertible preferred stock, options to purchase common stock and warrants to purchase common stock and convertible preferred stock are considered common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Net loss attributable to common stockholders $ (7,013 ) $ (8,985 ) $ (13,560 ) $ (14,881 ) Denominator: Weighted-average common shares outstanding - basic and diluted 39,175 13,036 38,793 13,016 Net loss per common share - basic and diluted $ (0.18 ) $ (0.69 ) $ (0.35 ) $ (1.14 ) The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Options to purchase common shares 10,145 10,693 10,587 10,515 Restricted stock units 1,286 — 966 — Employee stock purchase plan shares 212 — 231 — Common stock warrant 11 42 11 30 Convertible preferred shares (as converted) — 18,240 — 18,240 Preferred stock warrant (as converted) — 27 — 27 11,654 29,002 11,795 28,812 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segments | Note 7. Segments The Company operates its business as one operating segment. Its chief operating decision makers, or CODMs, are its Chief Executive Officer and Chief Financial Officer. The CODMs review separate revenue information for the Company’s subscription and professional services revenue, and all other financial information, including free cash flow, presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. Revenue The following table sets forth the Company’s total revenue by geographic area for the three and six months ended June 30, 2017 and 2016, as determined based on the billing address of the customer (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 North America $ 32,630 $ 29,416 $ 64,540 $ 57,400 Europe 10,492 7,810 20,542 15,193 APAC 2,103 1,553 4,074 3,029 $ 45,225 $ 38,779 $ 89,156 $ 75,622 Revenue attributed to the United States was approximately 100% and 99% of North America revenue for the three and six months ended June 30, 2017, respectively and 99% for the three and six months ended June 30, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Leases The Company has entered into non-cancellable operating leases, primarily related to rental of office space and certain office equipment. Certain lease agreements include rent payment escalation clauses and free rent (rent holidays). The total amount of base rentals over the term of the leases is charged to expense using the straight-line method with the amount of the rental expense in excess of lease payments recorded as a deferred rent liability. There have been no material changes to operating leases compared to those discussed in Note 11 of the notes to the consolidated financial statements as disclosed in the Company’s Form 10-K. Other Commitments The Company has entered into certain other non-cancellable agreements for software and marketing services that specify all significant terms, including fixed or minimum services to be used, pricing provisions and the approximate timing of the transaction. There have been no material changes for commitments compared to those discussed in Note 11 of the notes to the consolidated financial statements as disclosed in the Company’s Form 10-K. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. Although claims are inherently unpredictable, the Company is currently not aware of any matters that may have a material adverse effect on the Company’s business, financial position, results of operations or cash flows, individually or in the aggregate. |
Credit Facilities
Credit Facilities | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Note 9. Credit Facility On April 20, 2016, the Company amended a revolving credit agreement, or the senior credit facility, with Silicon Valley Bank. The Company was able to incur revolver borrowings on a borrowing base tied to the amount of eligible accounts receivable, not to exceed $15.0 million, under the senior credit facility. The revolver matured and expired on June 16, 2017 with no amounts outstanding. The senior credit facility was not renewed and, therefore, the Company has no active credit facilities. |
Description of Operations and16
Description of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Description Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on February 17, 2017, or Form 10-K. The condensed consolidated balance sheet as of December 31, 2016, included herein, was derived from the audited annual financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to fairly state the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2017 or any future period. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. |
Certain Significant Risks And Uncertainties | Certain Significant Risks and Uncertainties The Company continues to be subject to the risks and challenges associated with other companies at a similar stage of development, including risks associated with: dependence on key personnel; successful marketing and sale of its solutions and adaptation of such solutions to changing market dynamics and customer preferences; competition from alternative products and services, including from larger companies that have greater name recognition, longer operating histories, more and better established customer relationships and greater resources than the Company; and the ability to raise additional capital to support future growth. Since inception through June 30, 2017, the Company has incurred losses from operations, and accumulated a deficit of $213.9 million, and has been dependent on equity and debt financing to fund operations. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-09 Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting. ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. The Company elected to early adopt this new standard in the second quarter of 2017. The adoption of this standard did not have a material impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, adopted this new standard as of January 1, 2017. As of December 31, 2016, the Company has accumulated excess tax benefits from temporary differences in the amount and timing of stock-based compensation expense and the Company’s deductions on its income tax return from the award compensation that reduces the net operating loss deferred tax asset. The Company provided a full valuation allowance against its net deferred tax assets since it has been determined that it is more likely than not that all of the deferred tax assets will not be realized. Upon adoption of this standard, the stock-based compensation excess tax benefit will be eliminated, resulting in an increase to the net operating loss deferred tax asset, with an increase in the valuation allowance of the same. The Company elected to continue to estimate the number of share-based awards expected to vest, rather than electing to account for forfeitures as they occur to determine the amount of stock-based compensation expense to be recognized each period. The adoption of this standard did not have a material impact on the Company’s financial statements. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In October 2016, the FASB issued ASU 2016-16 , Inter-Entity Transfers of Assets other than Inventory In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value as of June 30, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): June 30, 2017 Level 1 Level 2 Level 3 Total Money market funds $ 11,259 $ — $ — $ 11,259 Corporate notes and obligations — 37,704 — 37,704 U.S. agency securities — 4,492 — 4,492 U.S. government treasury securities 49,069 — — 49,069 $ 60,328 $ 42,196 $ — $ 102,524 December 31, 2016 Level 1 Level 2 Level 3 Total Money market funds $ 18,029 $ — $ — $ 18,029 Corporate notes and obligations — 33,840 — 33,840 U.S. government treasury securities 41,347 — — 41,347 $ 59,376 $ 33,840 $ — $ 93,216 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Available For Sale Securities [Abstract] | |
Amortized Cost and Fair Value on Available-for-Sale Investments and Unrealized Gains and Losses | The amortized cost and fair value on the available-for-sale investments and unrealized gains and losses as of June 30, 2017 and December 31, 2016 were as follows (in thousands): June 30, 2017 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Amounts with an original maturity of 90 days or less Corporate notes and obligations $ 2,498 $ — $ — $ 2,498 U.S. agency securities 4,492 — — 4,492 Total short-term available-for-sale debt securities classified as cash and cash equivalents $ 6,990 $ — $ — $ 6,990 Amounts maturing in one year or less Corporate notes and obligations $ 35,229 $ — $ (23 ) $ 35,206 U.S. government treasury securities 49,193 — (124 ) 49,069 Total short-term available-for-sale debt securities classified as investments $ 84,422 $ — $ (147 ) $ 84,275 December 31, 2016 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Amounts maturing in one year or less Corporate notes and obligations $ 29,866 $ — $ (25 ) $ 29,841 U.S. government treasury securities 6,900 — — 6,900 Total short-term available-for-sale debt securities $ 36,766 $ — $ (25 ) $ 36,741 Amounts maturing in greater than one year Corporate notes and obligations $ 4,010 $ — $ (11 ) $ 3,999 U.S. government treasury securities 34,505 — (58 ) 34,447 Total long-term available-for-sale debt securities $ 38,515 $ — $ (69 ) $ 38,446 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity during the six months ended June 30, 2017 was as follows (in thousands, except per share and contractual life data): Weighted- Weighted- Average Average Remaining Total Options Exercise Price Contractual Intrinsic Outstanding per Share Life (years) Value Outstanding at December 31, 2016 11,203 $ 9.49 Options granted 291 14.08 Options exercised (1,402 ) 3.95 Options forfeited or canceled (616 ) 13.86 Outstanding at June 30, 2017 9,476 $ 10.16 6.72 $ 68,169 Vested and expected to vest at June 30, 2017 9,393 $ 10.12 6.66 $ 67,963 Exercisable at June 30, 2017 6,061 $ 8.01 5.64 $ 56,624 |
Summary of RSU Activity Under 2016 Plan | RSU activity under the 2016 Plan during the six months ended June 30, 2017 was as follows (in thousands, except per share data): Weighted-Average RSUs Grant Date Fair Value Outstanding per Share Non-Vested outstanding at December 31, 2016 628 $ 16.43 Granted 1,237 14.04 Vested — — Forfeited or canceled (95 ) 15.61 Non-Vested outstanding at June 30, 2017 1,770 $ 14.80 |
Summary of Stock Based Compensation Expenses | Stock-based compensation expense recognized in the Company’s statement of comprehensive loss was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of revenue Subscription $ 240 $ 191 597 $ 332 Professional services 230 213 548 367 Operating expenses Research and development 1,112 714 2,153 1,267 Sales and marketing 1,077 806 2,077 1,441 General and administrative 1,026 586 1,935 1,008 Total stock-based compensation $ 3,685 $ 2,510 $ 7,310 $ 4,415 |
Net Loss Per Share Attributab20
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Net loss attributable to common stockholders $ (7,013 ) $ (8,985 ) $ (13,560 ) $ (14,881 ) Denominator: Weighted-average common shares outstanding - basic and diluted 39,175 13,036 38,793 13,016 Net loss per common share - basic and diluted $ (0.18 ) $ (0.69 ) $ (0.35 ) $ (1.14 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because the impact of including them would have been antidilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Options to purchase common shares 10,145 10,693 10,587 10,515 Restricted stock units 1,286 — 966 — Employee stock purchase plan shares 212 — 231 — Common stock warrant 11 42 11 30 Convertible preferred shares (as converted) — 18,240 — 18,240 Preferred stock warrant (as converted) — 27 — 27 11,654 29,002 11,795 28,812 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Areas | The following table sets forth the Company’s total revenue by geographic area for the three and six months ended June 30, 2017 and 2016, as determined based on the billing address of the customer (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 North America $ 32,630 $ 29,416 $ 64,540 $ 57,400 Europe 10,492 7,810 20,542 15,193 APAC 2,103 1,553 4,074 3,029 $ 45,225 $ 38,779 $ 89,156 $ 75,622 |
Description of Operations and22
Description of Operations and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Description Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Accumulated deficit | $ (213,884) | $ (200,324) | |
Common Class B Converted From Common Stock Warrants | |||
Description Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Conversion ratio | 100.00% | ||
Warrants outstanding | 47,893 | ||
Common Class B Converted From Common | |||
Description Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Conversion ratio | 100.00% | ||
Common Class B Converted From Convertible Preferred Stock Warrant | |||
Description Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Conversion ratio | 100.00% | ||
Warrants outstanding | 27,321 | ||
Convertible Preferred Stock | |||
Description Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Conversion of preferred stock to Class B common stock, Shares | 18,239,475 | ||
IPO | Class A Common Stock | |||
Description Of Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Shares sold (in shares) | 6,900,000 | ||
Share price (in dollars per share) | $ 16 | ||
Net proceeds after deducting underwriting discounts and commissions and offering expenses | $ 99,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, net asset (liability) | $ 102,524 | $ 93,216 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, net asset (liability) | 60,328 | 59,376 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, net asset (liability) | 42,196 | 33,840 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 11,259 | 18,029 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 11,259 | 18,029 |
Corporate Notes and Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 37,704 | 33,840 |
Corporate Notes and Obligations | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 37,704 | 33,840 |
U.S. Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 4,492 | |
U.S. Agency Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 4,492 | |
U.S. Government Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | 49,069 | 41,347 |
U.S. Government Treasury Securities | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value, assets | $ 49,069 | $ 41,347 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Available For Sale Securities [Abstract] | ||
Long-term investments | $ 0 | |
Other-than-temporarily impairment, unrealized losses on available-for-sale investments | 0 | $ 0 |
Available-for-sale investments that have been in continuous unrealized loss position for more than 12 months | $ 0 | $ 0 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Value on Available-for-Sale Investments and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Amounts Maturing in 90 days or Less | Cash And Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | $ 6,990 | |
Available-for-sale debt securities, Fair Value | 6,990 | |
Amounts Maturing in 90 days or Less | Corporate Notes and Obligations | Cash And Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 2,498 | |
Available-for-sale debt securities, Fair Value | 2,498 | |
Amounts Maturing in 90 days or Less | U.S. Agency Securities | Cash And Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 4,492 | |
Available-for-sale debt securities, Fair Value | 4,492 | |
Amounts Maturing in One Year or Less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | $ 36,766 | |
Available-for-sale debt securities, Gross Unrealized Losses | (25) | |
Available-for-sale debt securities, Fair Value | 36,741 | |
Amounts Maturing in One Year or Less | Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 84,422 | |
Available-for-sale debt securities, Gross Unrealized Losses | (147) | |
Available-for-sale debt securities, Fair Value | 84,275 | |
Amounts Maturing in One Year or Less | Corporate Notes and Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 29,866 | |
Available-for-sale debt securities, Gross Unrealized Losses | (25) | |
Available-for-sale debt securities, Fair Value | 29,841 | |
Amounts Maturing in One Year or Less | Corporate Notes and Obligations | Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 35,229 | |
Available-for-sale debt securities, Gross Unrealized Losses | (23) | |
Available-for-sale debt securities, Fair Value | 35,206 | |
Amounts Maturing in One Year or Less | U.S. Government Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 6,900 | |
Available-for-sale debt securities, Fair Value | 6,900 | |
Amounts Maturing in One Year or Less | U.S. Government Treasury Securities | Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 49,193 | |
Available-for-sale debt securities, Gross Unrealized Losses | (124) | |
Available-for-sale debt securities, Fair Value | $ 49,069 | |
Amounts Maturing in Greater than One Year | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 38,515 | |
Available-for-sale debt securities, Gross Unrealized Losses | (69) | |
Available-for-sale debt securities, Fair Value | 38,446 | |
Amounts Maturing in Greater than One Year | Corporate Notes and Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 4,010 | |
Available-for-sale debt securities, Gross Unrealized Losses | (11) | |
Available-for-sale debt securities, Fair Value | 3,999 | |
Amounts Maturing in Greater than One Year | U.S. Government Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale debt securities, Amortized Cost | 34,505 | |
Available-for-sale debt securities, Gross Unrealized Losses | (58) | |
Available-for-sale debt securities, Fair Value | $ 34,447 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Class Of Stock [Line Items] | |
Preferred stock, shares authorized | 5,000,000 |
Preferred stock, par value | $ / shares | $ 0.0001 |
Preferred stock, shares outstanding | 0 |
Conversion of stock, description | Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon transfer, subject to certain exceptions, and upon the earlier of (1) the seventh anniversary of the closing of the IPO, and (2) the date on which the Class B common stock ceases to represent at least 25% of the outstanding common stock. |
Class A Common Stock | |
Class Of Stock [Line Items] | |
Common stock, shares authorized | 451,000,000 |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares issued | 21,936,390 |
Common stock, shares outstanding | 21,936,390 |
Common stock, entitled for voting rights | one vote per share |
Number of shares issued for conversion | 13,527,799 |
Class B Common Stock | |
Class Of Stock [Line Items] | |
Common stock, shares authorized | 44,000,000 |
Common stock, par value | $ / shares | $ 0.0001 |
Common stock, shares issued | 17,965,068 |
Common stock, shares outstanding | 17,965,068 |
Common stock, entitled for voting rights | ten votes per share |
Percentage of outstanding common stock, minimum | 25.00% |
Number of shares converted | 13,527,799 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | |
Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ | $ 19.5 | $ 19.5 |
Weighted-average remaining expected term | 2 years 6 months | |
RSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-average remaining expected term | 3 years 8 months 12 days | |
Unrecognized compensation cost | $ | $ 24.2 | $ 24.2 |
2016 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares available for future issuance | 4,577,709 | 4,577,709 |
Automatically increase percentage of shares of all classes of company’s common stock outstanding | 5.00% | 5.00% |
2016 Equity Incentive Plan | Class A Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Automatically increase of shares reserved for issuance | 5,500,000 | 5,500,000 |
2016 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Automatically increase percentage of shares of all classes of company’s common stock outstanding | 1.00% | 1.00% |
2016 Employee Stock Purchase Plan | Class A Common Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares available for future issuance | 967,818 | 967,818 |
Automatically increase of shares reserved for issuance | 1,600,000 | 1,600,000 |
Purchase price of common stock, percent | 85.00% | |
Number of shares purchased | 165,559 | 165,559 |
2016 Employee Stock Purchase Plan | Class A Common Stock | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares purchase price discount rate | 15.00% | |
2016 Employee Stock Purchase Plan | Class A Common Stock | IPO | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Initial public offering date | Sep. 23, 2016 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option Activity (Details) - Stock Option $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Options Outstanding | |
Outstanding at beginning of period | shares | 11,203,000 |
Options granted | shares | 291,000 |
Options exercised | shares | (1,402,000) |
Options forfeited or canceled | shares | (616,000) |
Outstanding at end of period | shares | 9,476,000 |
Vested and expected to vest at end of period | shares | 9,393,000 |
Exercisable at end of period | shares | 6,061,000 |
Weighted Average Exercise Price per Share | |
Outstanding at beginning of period | $ / shares | $ 9.49 |
Options granted | $ / shares | 14.08 |
Options exercised | $ / shares | 3.95 |
Options forfeited or canceled | $ / shares | 13.86 |
Outstanding at end of period | $ / shares | 10.16 |
Vested and expected to vest at end of period | $ / shares | 10.12 |
Exercisable at end of period | $ / shares | $ 8.01 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding | 6 years 8 months 19 days |
Vested and expected to vest at end of period | 6 years 7 months 28 days |
Exercisable at end of period | 5 years 7 months 21 days |
Total Intrinsic Value | $ | $ 68,169 |
Vested and expected to vest at end of period | $ | 67,963 |
Exercisable at end of period | $ | $ 56,624 |
Equity Incentive Plans - Summ29
Equity Incentive Plans - Summary of RSU Activity Under 2016 Plan (Details) - RSU shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
RSU Outstanding | |
Non-Vested outstanding at beginning period | shares | 628 |
Granted | shares | 1,237 |
Forfeited or canceled | shares | (95) |
Non-Vested outstanding at end of period | shares | 1,770 |
Weighted-Average Grant Date Fair Value per Share | |
Non-Vested outstanding at begging period | $ / shares | $ 16.43 |
Granted | $ / shares | 14.04 |
Forfeited or canceled | $ / shares | 15.61 |
Non-Vested outstanding at end of period | $ / shares | $ 14.80 |
Equity Incentive Plans - Summ30
Equity Incentive Plans - Summary of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | $ 3,685 | $ 2,510 | $ 7,310 | $ 4,415 |
Cost of Revenue Subscription | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 240 | 191 | 597 | 332 |
Cost of Revenue Professional Services | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 230 | 213 | 548 | 367 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 1,112 | 714 | 2,153 | 1,267 |
Sales and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | 1,077 | 806 | 2,077 | 1,441 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based Compensation | $ 1,026 | $ 586 | $ 1,935 | $ 1,008 |
Net Loss Per Share Attributab31
Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (7,013) | $ (8,985) | $ (13,560) | $ (14,881) |
Denominator: | ||||
Weighted-average common shares outstanding - basic and diluted | 39,175 | 13,036 | 38,793 | 13,016 |
Net loss per common share - basic and diluted | $ (0.18) | $ (0.69) | $ (0.35) | $ (1.14) |
Net Loss Per Share Attributab32
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 11,654 | 29,002 | 11,795 | 28,812 |
Employee Stock Purchase Plan Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 212 | 231 | ||
Options to Purchase Common Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 10,145 | 10,693 | 10,587 | 10,515 |
Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 1,286 | 966 | ||
Common Stock Warrant | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 11 | 42 | 11 | 30 |
Preferred Stock Warrant (as converted) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 27 | 27 | ||
Convertible Preferred Shares (as converted) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 18,240 | 18,240 |
Segments - Additional Informati
Segments - Additional Information (Details) - Segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Number of operating segment | 1 | |||
North America | Revenue | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of revenue attributable to United States | 100.00% | 99.00% | 99.00% | 99.00% |
Segments - Summary of Revenue b
Segments - Summary of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 45,225 | $ 38,779 | $ 89,156 | $ 75,622 |
North America | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 32,630 | 29,416 | 64,540 | 57,400 |
Europe | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 10,492 | 7,810 | 20,542 | 15,193 |
APAC | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 2,103 | $ 1,553 | $ 4,074 | $ 3,029 |
Credit Facility - Additional In
Credit Facility - Additional Information (Details) - Silicon Valley Bank - Revolving Credit Facility - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Apr. 20, 2016 | |
Line Of Credit Facility [Line Items] | ||
Maximum borrowings capacity | $ 15,000,000 | |
Credit facility expiration date | Jun. 16, 2017 | |
Term loan borrowings | $ 0 |