Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38098 | |
Entity Registrant Name | APPIAN CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 54-1956084 | |
Entity Address, Address Line One | 7950 Jones Branch Drive | |
Entity Address, City or Town | McLean | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102 | |
City Area Code | (703) | |
Local Phone Number | 442-8844 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | APPN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001441683 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,683,710 | |
Class B Common Stock | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 31,499,516 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 127,122 | $ 112,462 |
Short-term investments and marketable securities | 61,384 | 109,826 |
Accounts receivable, net of allowance of $1,400 as of each of September 30, 2021 and December 31, 2020 | 110,223 | 97,278 |
Deferred commissions, current | 21,632 | 17,899 |
Prepaid expenses and other current assets | 26,208 | 27,955 |
Total current assets | 346,569 | 365,420 |
Property and equipment, net | 34,280 | 35,404 |
Long-term investments | 0 | 36,120 |
Goodwill | 27,414 | 4,862 |
Intangible assets, net of accumulated amortization of $902 and $429 as of September 30, 2021 and December 31, 2020, respectively | 8,527 | 1,744 |
Operating right-of-use assets | 29,218 | 30,659 |
Deferred commissions, net of current portion | 42,035 | 34,198 |
Deferred tax assets | 991 | 489 |
Restricted cash, non-current | 3,240 | 0 |
Other assets | 2,096 | 3,625 |
Total assets | 494,370 | 512,521 |
Current liabilities | ||
Accounts payable | 9,899 | 2,967 |
Accrued expenses | 10,278 | 5,821 |
Accrued compensation and related benefits | 28,727 | 22,981 |
Deferred revenue, current | 122,833 | 116,256 |
Operating lease liabilities, current | 6,606 | 6,923 |
Other current liabilities | 77 | 940 |
Total current liabilities | 178,420 | 155,888 |
Operating lease liabilities, net of current portion | 49,592 | 51,194 |
Deferred revenue, net of current portion | 2,041 | 3,886 |
Deferred tax liabilities | 82 | 70 |
Other non-current liabilities | 7,759 | 4,878 |
Total liabilities | 237,894 | 215,916 |
Stockholders’ equity | ||
Additional paid-in capital | 490,565 | 470,498 |
Accumulated other comprehensive loss | (2,410) | (5,010) |
Accumulated deficit | (231,686) | (168,890) |
Total stockholders’ equity | 256,476 | 296,605 |
Total liabilities and stockholders’ equity | 494,370 | 512,521 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 4 | 4 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | $ 3 | $ 3 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 1,400 | $ 1,400 |
Finite-lived intangible assets, accumulated amortization | $ 902 | $ 429 |
Class A Common Stock | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares outstanding (in shares) | 39,667,317 | 38,971,324 |
Common stock, shares issued (in shares) | 39,667,317 | 38,971,324 |
Class B Common Stock | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 31,499,516 | 31,707,866 |
Common stock, shares issued (in shares) | 31,499,516 | 31,707,866 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total revenue | $ 92,417 | $ 77,304 | $ 264,271 | $ 222,943 |
Cost of revenue | ||||
Total cost of revenue | 26,507 | 21,551 | 75,871 | 66,826 |
Gross profit | 65,910 | 55,753 | 188,400 | 156,117 |
Operating expenses | ||||
Sales and marketing | 42,071 | 31,633 | 118,575 | 94,891 |
Research and development | 26,510 | 18,150 | 71,062 | 51,366 |
General and administrative | 20,226 | 13,485 | 56,726 | 38,076 |
Total operating expenses | 88,807 | 63,268 | 246,363 | 184,333 |
Operating loss | (22,897) | (7,515) | (57,963) | (28,216) |
Other expense (income) | ||||
Other expense (income), net | 2,329 | (4,277) | 4,141 | (1,845) |
Interest expense | 72 | 119 | 233 | 390 |
Total other expense (income) | 2,401 | (4,158) | 4,374 | (1,455) |
Loss before income taxes | (25,298) | (3,357) | (62,337) | (26,761) |
Income tax expense | 86 | 255 | 459 | 335 |
Net loss | $ (25,384) | $ (3,612) | $ (62,796) | $ (27,096) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.36) | $ (0.05) | $ (0.89) | $ (0.39) |
Diluted (in dollars per share) | $ (0.36) | $ (0.05) | $ (0.89) | $ (0.39) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 71,118,881 | 69,923,553 | 70,935,585 | 68,611,994 |
Diluted (in shares) | 71,118,881 | 69,923,553 | 70,935,585 | 68,611,994 |
Subscriptions | ||||
Revenue | ||||
Total revenue | $ 67,240 | $ 50,760 | $ 187,952 | $ 142,614 |
Cost of revenue | ||||
Total cost of revenue | 7,092 | 5,101 | 19,806 | 15,185 |
Professional services | ||||
Revenue | ||||
Total revenue | 25,177 | 26,544 | 76,319 | 80,329 |
Cost of revenue | ||||
Total cost of revenue | $ 19,415 | $ 16,450 | $ 56,065 | $ 51,641 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (25,384) | $ (3,612) | $ (62,796) | $ (27,096) |
Comprehensive income (loss), net of income taxes | ||||
Foreign currency translation adjustment | 28 | (1,960) | 2,569 | (2,157) |
Unrealized gains on available-for-sale securities | 0 | 0 | 31 | 0 |
Total other comprehensive loss, net of income taxes | $ (25,356) | $ (5,572) | $ (60,196) | $ (29,253) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 67,468,022 | ||||
Beginning balance at Dec. 31, 2019 | $ 205,237 | $ 6 | $ 340,929 | $ (285) | $ (135,413) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (11,669) | (11,669) | |||
Issuance of common stock to directors (in shares) | 1,946 | ||||
Vesting of restricted stock units (in shares) | 46,031 | ||||
Exercise of stock options (in shares) | 129,082 | ||||
Exercise of stock options | 670 | 670 | |||
Stock-based compensation expense | 3,476 | 3,476 | |||
Other comprehensive income (loss) | 17 | 17 | |||
Ending balance (in shares) at Mar. 31, 2020 | 67,645,081 | ||||
Ending balance at Mar. 31, 2020 | 197,731 | $ 6 | 345,075 | (268) | (147,082) |
Beginning balance (in shares) at Dec. 31, 2019 | 67,468,022 | ||||
Beginning balance at Dec. 31, 2019 | 205,237 | $ 6 | 340,929 | (285) | (135,413) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (27,096) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 70,020,189 | ||||
Ending balance at Sep. 30, 2020 | 297,742 | $ 7 | 462,686 | (2,442) | (162,509) |
Beginning balance (in shares) at Mar. 31, 2020 | 67,645,081 | ||||
Beginning balance at Mar. 31, 2020 | 197,731 | $ 6 | 345,075 | (268) | (147,082) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (11,815) | (11,815) | |||
Issuance of common stock from public offering, net of issuance costs (in shares) | 1,931,206 | ||||
Issuance of common stock from public offering, net of issuance costs | 107,915 | $ 1 | 107,914 | ||
Issuance of common stock to directors (in shares) | 2,296 | ||||
Vesting of restricted stock units (in shares) | 13,567 | ||||
Exercise of stock options (in shares) | 248,165 | ||||
Exercise of stock options | 1,571 | 1,571 | |||
Stock-based compensation expense | 3,614 | 3,614 | |||
Other comprehensive income (loss) | (214) | (214) | |||
Ending balance (in shares) at Jun. 30, 2020 | 69,840,315 | ||||
Ending balance at Jun. 30, 2020 | 298,802 | $ 7 | 458,174 | (482) | (158,897) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (3,612) | (3,612) | |||
Issuance of common stock to directors (in shares) | 2,417 | ||||
Vesting of restricted stock units (in shares) | 33,641 | ||||
Exercise of stock options (in shares) | 143,816 | ||||
Exercise of stock options | 934 | 934 | |||
Stock-based compensation expense | 3,578 | 3,578 | |||
Other comprehensive income (loss) | (1,960) | (1,960) | |||
Ending balance (in shares) at Sep. 30, 2020 | 70,020,189 | ||||
Ending balance at Sep. 30, 2020 | 297,742 | $ 7 | 462,686 | (2,442) | (162,509) |
Beginning balance (in shares) at Dec. 31, 2020 | 70,679,190 | ||||
Beginning balance at Dec. 31, 2020 | 296,605 | $ 7 | 470,498 | (5,010) | (168,890) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (13,587) | (13,587) | |||
Issuance of common stock to directors (in shares) | 960 | ||||
Vesting of restricted stock units (in shares) | 56,326 | ||||
Exercise of stock options (in shares) | 88,269 | ||||
Exercise of stock options | 625 | 625 | |||
Stock-based compensation expense | 7,894 | 7,894 | |||
Other comprehensive income (loss) | 4,023 | 4,023 | |||
Ending balance (in shares) at Mar. 31, 2021 | 70,824,745 | ||||
Ending balance at Mar. 31, 2021 | 295,560 | $ 7 | 479,017 | (987) | (182,477) |
Beginning balance (in shares) at Dec. 31, 2020 | 70,679,190 | ||||
Beginning balance at Dec. 31, 2020 | 296,605 | $ 7 | 470,498 | (5,010) | (168,890) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ (62,796) | ||||
Exercise of stock options (in shares) | 346,880 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 71,166,833 | ||||
Ending balance at Sep. 30, 2021 | $ 256,476 | $ 7 | 490,565 | (2,410) | (231,686) |
Beginning balance (in shares) at Mar. 31, 2021 | 70,824,745 | ||||
Beginning balance at Mar. 31, 2021 | 295,560 | $ 7 | 479,017 | (987) | (182,477) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (23,825) | (23,825) | |||
Issuance of common stock to directors (in shares) | 1,175 | ||||
Vesting of restricted stock units (in shares) | 43,024 | ||||
Exercise of stock options (in shares) | 211,651 | ||||
Exercise of stock options | 1,464 | 1,464 | |||
Stock-based compensation expense | 4,598 | 4,598 | |||
Other comprehensive income (loss) | (1,451) | (1,451) | |||
Ending balance (in shares) at Jun. 30, 2021 | 71,080,595 | ||||
Ending balance at Jun. 30, 2021 | 276,346 | $ 7 | 485,079 | (2,438) | (206,302) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (25,384) | (25,384) | |||
Issuance of common stock to directors (in shares) | 1,130 | ||||
Vesting of restricted stock units (in shares) | 38,148 | ||||
Exercise of stock options (in shares) | 46,960 | ||||
Exercise of stock options | 286 | 286 | |||
Stock-based compensation expense | 5,200 | 5,200 | |||
Other comprehensive income (loss) | 28 | 28 | |||
Ending balance (in shares) at Sep. 30, 2021 | 71,166,833 | ||||
Ending balance at Sep. 30, 2021 | $ 256,476 | $ 7 | $ 490,565 | $ (2,410) | $ (231,686) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (62,796) | $ (27,096) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 4,071 | 4,485 |
Bad debt expense | 61 | 778 |
Loss on disposal of property and equipment | 78 | 22 |
Change in fair value of available-for-sale securities | (31) | 0 |
Deferred income taxes | (522) | (162) |
Stock-based compensation | 17,692 | 10,668 |
Changes in assets and liabilities: | ||
Accounts receivable | (10,005) | (22,594) |
Prepaid expenses and other assets | 2,734 | 4,491 |
Deferred commissions | (11,570) | (4,349) |
Accounts payable and accrued expenses | 10,797 | (2,456) |
Accrued compensation and related benefits | 5,782 | 5,844 |
Other current and non-current liabilities | 2,858 | 2,963 |
Deferred revenue | 6,829 | 10,531 |
Operating lease liabilities | (476) | 3,422 |
Net cash used in operating activities | (34,498) | (13,453) |
Cash flows from investing activities: | ||
Proceeds from sale of investments | 84,592 | 0 |
Payments for acquisitions, net of cash acquired | (30,729) | (6,138) |
Purchases of property and equipment | (2,473) | (1,036) |
Net cash provided by (used in) investing activities | 51,390 | (7,174) |
Cash flows from financing activities: | ||
Principal payments on finance leases | 0 | (1,080) |
Proceeds from public offering, net of underwriting discounts | 0 | 108,260 |
Payments of costs related to public offerings | 0 | (18) |
Proceeds from exercise of common stock options | 2,375 | 3,175 |
Net cash provided by financing activities | 2,375 | 110,337 |
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (1,367) | 1,623 |
Net increase in cash, cash equivalents, and restricted cash | 17,900 | 91,333 |
Cash, cash equivalents, and restricted cash at beginning of period | 112,462 | 159,755 |
Cash, cash equivalents, and restricted cash at end of period | 130,362 | 251,088 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 240 | 116 |
Cash paid for income taxes | $ 1,196 | $ 630 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Appian Corporation (together with its subsidiaries, “Appian,” the “Company,” “we,” or “our”) helps organizations build applications and workflows rapidly, with a low-code automation platform. Combining people, technologies, and data in a single workflow, Appian can help companies maximize their resources and improve business results. Many of the world’s largest organizations use Appian applications to improve customer experience, achieve operational excellence, and simplify global risk management and compliance. We were incorporated in the state of Delaware in August 1999. We are headquartered in McLean, Virginia and operate in Canada, Switzerland, the United Kingdom, France, Germany, the Netherlands, Italy, Australia, Spain, Singapore, Sweden, and Japan. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity, and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2021. Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Although we believe the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Significant estimates embedded in the condensed consolidated financial statements include revenue recognition, income taxes and the related valuation allowance, the valuation of goodwill and intangible assets, leases, costs to obtain a contract with a customer, the valuation of financial instruments, and stock-based compensation. The ongoing outbreak of the novel coronavirus disease ("COVID-19") has resulted in the declaration of a global pandemic and introduced a level of disruption and uncertainty into the financial markets and global economy. While we continue to monitor the developments surrounding the pandemic, as of the date of issuance of these financial statements, we are not aware of any specific events or circumstances that would require us to update our estimates, assumptions, and judgments or revise the carrying value of our assets or liabilities. We cannot estimate the impacts COVID-19 may have on our business going forward as such impacts will be largely dependent upon a number of factors outside of our control including the extent and duration of the outbreak as well as any mitigating actions which may be undertaken by global governments and the general public. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Appian and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Public Offering In June 2020, we completed an underwritten public offering of 2,500,000 shares of our Class A common stock, of which 1,931,206 shares of Class A common stock were sold by us and 568,794 shares of Class A common stock were sold by existing stockholders. The underwriter purchased the shares from us and the selling stockholders at a price of $56.50 per share. Our net proceeds from the offering were $107.9 million, after deducting underwriting discounts and commissions and offering expenses. We did not receive any of the proceeds from the sale of shares by the selling stockholders. Revenue Recognition Refer to Note 3 for a detailed discussion on specific revenue recognition principles related to our major revenue streams. Cost of Revenue Subscriptions Cost of subscriptions revenue consists primarily of fees paid to our third-party managed hosting providers and other third-party service providers, personnel costs such as payroll and benefits for our technology operations and customer support teams, and allocated facility costs and overhead. Professional Services Cost of professional services revenue includes all direct and indirect costs to deliver our professional services and training, including employee compensation for our global professional services and training personnel, third-party contractor costs, allocated facility costs and overhead, and the costs of billable expenses such as travel and lodging. The unpredictability of the timing of entering into significant professional services agreements sold on a standalone basis may cause significant fluctuations in our quarterly financial results and allocated facility costs and overhead. Concentration of Credit and Customer Risk Our financial instruments exposed to concentration of credit and customer risk consist primarily of cash, cash equivalents, and restricted cash, accounts receivable, and our short- and long-term investments. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, we believe the financial institutions holding our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. With regard to our customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. We believe no additional credit risk beyond amounts provided for collection loss are inherent in accounts receivable. Revenue generated from government agencies represented 19.2% and 20.0% of our revenue for the three and nine months ended September 30, 2021, respectively, of which the top three U.S. federal government agencies generated 7.5% and 6.3% of our revenue for the three and nine months ended September 30, 2021, respectively. Additionally, 32.0% and 33.1% of our revenue during the three and nine months ended September 30, 2021, respectively, was generated from foreign customers. Revenue generated from government agencies represented 19.9% and 17.9% of our revenue for the three and nine months ended September 30, 2020, respectively, of which the top three U.S. federal government agencies generated 8.7% and 7.4% of our revenue for the three and nine months ended September 30, 2020, respectively. Additionally, 32.2% and 34.0% of our revenue during the three and nine months ended September 30, 2020, respectively, was generated from foreign customers. Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with an original or remaining maturity of three months or less at the date of purchase, as well as overnight repurchase agreements, to be cash equivalents. Restricted cash consists of cash designated to settle an escrow liability stemming from a holdback agreement enacted pursuant to our acquisition of Lana Labs GmbH ("Lana Labs"). The restrictions on 25% of the restricted cash balance will lapse on the later of either two months following the establishment of Lana Labs' annual financial statements for the year ended December 31, 2021 or October 31, 2022. The restrictions on the remaining 75% of the balance will lapse on August 11, 2023. The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the condensed consolidated statements of cash flows: As of September 30, 2021 2020 Cash and cash equivalents $ 127,122 $ 251,088 Restricted cash, non-current 3,240 — Total cash, cash equivalents, and restricted cash $ 130,362 $ 251,088 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of accounts and incorporates an estimation of expected lifetime credit losses on our receivables. We regularly review the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, and current economic trends. If the financial condition of our customers were to deteriorate, resulting in their inability to make required payments, additional provisions for doubtful accounts would be required and would increase bad debt expense. There was no increase in the allowance for doubtful accounts from December 31, 2020 to September 30, 2021. Assets Recognized from the Costs to Obtain a Contract with a Customer We capitalize costs of obtaining a contract with a customer, including sales commissions paid to our direct sales force, that are incremental costs to obtaining customer contracts. These costs are recorded as deferred commissions in the condensed consolidated balance sheets. Costs to obtain a contract for a new customer or upsell are amortized over an estimated economic life of five years as sales commissions on initial sales are not commensurate with sales commissions on contract renewals. We determine the estimated economic life based on both qualitative and quantitative factors such as expected renewals, product life cycles, contractual terms, and customer attrition. We periodically review the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the estimated economic life. Commissions paid relating to contract renewals are deferred and amortized over the related renewal period. We also capitalize the incremental fringe benefits associated with commission expenses paid to our direct sales force. Costs to obtain a contract for professional services arrangements are expensed as incurred as the contractual period of our professional services arrangements are one year or less. Amortization associated with deferred commissions is recorded to sales and marketing costs in our condensed consolidated statements of operations. Commission expense was $8.2 million and $22.5 million for the three and nine months ended September 30, 2021, respectively. Commission expense was $5.6 million and $16.7 million for the three and nine months ended September 30, 2020, respectively. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Significant additions or improvements extending the useful life of an asset are capitalized, while repairs and maintenance costs which do not significantly improve the related assets or extend their useful lives are charged to expense as incurred. The following table outlines the useful lives of our major asset categories: Asset Category Useful Life (in years) Computer software 3 Computer hardware 3 Equipment 5 Office furniture and fixtures 10 Leasehold improvements (a) (a) Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term. Business Combinations We account for business combinations using the acquisition method of accounting as of the business combination date. Under this method, we allocate the fair value of purchase consideration to identifiable tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, non-contractual relationships, and expected future synergies. Determining the fair value of assets acquired and liabilities assumed requires us to use significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue, costs, and cash flows, and discount rates. During the measurement period, which can be up to one year from the acquisition date, these estimates may be refined, as necessary, and we may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our condensed consolidated statements of operations. Acquisition related expenses and post-acquisition integration costs are recognized separately from the business combination and are expensed as incurred. Acquired property and equipment is depreciated on a straight-line basis over the assets' respective estimated remaining useful lives. Impairment of Goodwill and Long-Lived Assets Long-lived assets and certain intangible assets are reviewed for impairment at least annually or more frequently whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable through undiscounted cash flows from the use of the assets. If such assets are considered to be impaired, the assets are written down to their estimated fair value. With respect to goodwill, we have the option to qualitatively assess whether it is more likely than not the fair value of a reporting unit is less than its carrying value. If we elect to perform a qualitative assessment and conclude it is more likely than not the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, goodwill must be tested for impairment. Absent a specifically identified triggering event, we historically perform our annual assessment on the first day of the fourth quarter. Because we operate under one reporting unit, the fair value of our reporting unit is based on our enterprise value. No indicators of impairment were identified for the three and nine months ended September 30, 2021 and 2020. Investments and Fair Value of Financial Instruments Refer to Note 15 for a detailed discussion on our policies specific to investments and determining fair value. Stock-Based Compensation We account for stock-based compensation expense related to stock-based awards based on the estimated fair value of the award on the grant date. We calculate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model. The fair value of restricted stock units ("RSUs") is based on the closing market price of our common stock on the Nasdaq Global Market on the date of grant. For service-based awards such as RSUs, stock-based compensation expense is recognized on a straight-line basis over the requisite service period. For performance-based awards, stock-based compensation expense is recognized using the accelerated attribution method based on the probability of satisfying the performance condition. For awards that contain market conditions, compensation expense is measured using a Monte Carlo simulation and recognized using the accelerated attribution method over the derived service period based on the expected market performance as of the grant date. We account for forfeitures as they occur rather than estimating expected forfeitures. Leases Refer to Note 4 for a detailed discussion on our policies specific to leasing arrangements. Recent Accounting Pronouncements Adopted In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which amends and aims to simplify accounting disclosure requirements regarding a number of topics including, but not limited to, intraperiod tax allocations, accounting for deferred taxes when there are changes in the consolidation of certain investments, tax basis step ups in an acquisition, and the application of effective rate changes during interim periods. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of the new guidance did not have a material impact on our condensed consolidated financial statements. Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). This guidance is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and applicability of this new standard. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which aims to improve the accounting for acquired revenue contracts with customers in a business combination. The ASU requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted including in interim periods. We are currently evaluating the impact and applicability of this new standard. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue Revenue Recognition We generate subscriptions revenue primarily through the sale of software as a service ("SaaS") subscriptions bundled with maintenance and support and hosting services as well as term license subscriptions bundled with maintenance and support. We generate professional services revenue from fees for our consulting services, including application development and deployment assistance as well as training related to our platform. The following table summarizes revenue from contracts with customers for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 SaaS subscriptions $ 46,699 $ 34,312 $ 128,238 $ 92,282 Term license subscriptions 15,114 11,830 44,290 37,002 Maintenance and support 5,427 4,618 15,424 13,330 Total subscriptions 67,240 50,760 187,952 142,614 Professional services 25,177 26,544 76,319 80,329 Total revenue $ 92,417 $ 77,304 $ 264,271 $ 222,943 Performance Obligations and Timing of Revenue Recognition We primarily sell products and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. Our term license subscriptions are delivered at a point in time while our SaaS subscriptions, maintenance and support, and professional services are delivered over time. Subscriptions Revenue Subscriptions revenue is primarily related to (1) SaaS subscriptions bundled with maintenance and support and hosting services and (2) term license subscriptions bundled with maintenance and support. We generally charge subscription fees on a per-user basis or through non-user based single application licenses. We bill customers and collect payment for subscriptions to our platform in advance on an annual, quarterly, or monthly basis. In certain instances, our customers have paid their entire contract up front. SaaS Subscriptions We generate cloud-based subscriptions revenue primarily from the sales of subscriptions to access our cloud offering, together with related support services to our customers. We perform all required maintenance and support for our cloud offering. Revenue is recognized on a ratable basis over the contract term beginning on the date the service is made available to the customer. Our cloud-based subscription contracts generally have a term of one Term License Subscriptions Our term license subscriptions revenue is derived from customers with on-premises installations of our platform pursuant to contracts that were historically one Maintenance and Support Maintenance and support subscriptions include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from maintenance and support is recognized ratably over the contract period, which is the period over which the customer has continuous access to maintenance and support. Professional Services Revenue Our professional services revenue is comprised of fees for consulting services, including application development and deployment assistance as well as training services related to our platform. Our professional services are considered distinct performance obligations when sold standalone or with other products. Consulting Services We sell consulting services to assist customers in planning and executing the deployment of our software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and either (1) under a fixed-fee arrangement or (2) on a time and materials basis. Consulting contracts are each considered separate performance obligations because they do not integrate with each other or with other products and services to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other products and services, and do not affect the customer's ability to use the other consulting offerings or other products and services. Revenue under consulting contracts is recognized over time as services are delivered. For time and materials-based consulting contracts, we have elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of our service to date. Training Services We sell various training services to our customers. Training services are sold in the form of prepaid training credits that are redeemed based on a fixed rate per course. Training revenue is recognized when the associated training services are delivered. Significant Judgments and Estimates Determining the Transaction Price The transaction price includes both fixed and variable consideration. Variable consideration is included in the transaction price to the extent it is probable a significant reversal will not occur. The amount of variable consideration excluded from the transaction price for the three and nine months ended September 30, 2021 and 2020 was insignificant. Our estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to transaction prices; however, such true-up adjustments are not expected to be material. Allocating the Transaction Price Based on Standalone Selling Prices ("SSP") We allocate the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the observable price at which we sell the product or service separately. In the absence of observable pricing, we estimate SSP using the residual approach. We establish SSP as follows: 1. SaaS subscriptions - Given the highly variable selling price of our SaaS subscriptions, we establish the SSP of our SaaS subscriptions using a residual approach after first determining the SSP of consulting and training services. We have concluded the residual approach to estimating SSP of our SaaS subscriptions is an appropriate allocation of the transaction price. 2. Term license subscriptions - Given the highly variable selling price of our term license subscriptions, we have established SSP of term license subscriptions using a residual approach after first determining the SSP of maintenance and support. Maintenance and support is sold on a standalone basis in conjunction with renewals of our legacy perpetual software licenses and within a narrow range of the net license fee. Because an economic relationship exists between the license and maintenance and support, we have concluded the residual approach to estimating SSP of term license subscriptions is an appropriate allocation of the transaction price. 3. Maintenance and support - We establish the SSP of maintenance and support as a percentage of the stated net subscription fee based on observable pricing of maintenance and support renewals from our legacy perpetual software licenses. 4. Consulting and training services - The SSP of consulting and training services is established based on the observable pricing of standalone sales within each geographic region where the services are sold. Contract Balances Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. As of September 30, 2021 and December 31, 2020, contract assets of $13.4 million and $20.1 million, respectively, are included in the Prepaid expenses and other current assets and Other assets line items in our condensed consolidated balance sheets. Contract liabilities consist of deferred revenue and include payments received in advance of the satisfaction of performance obligations. Deferred revenue is then recognized as the revenue recognition criteria are met. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current, and the remaining deferred revenue is recorded as non-current. For the nine months ended September 30, 2021, we recognized $103.5 million of revenue that was included in the deferred revenue balance as of December 31, 2020. Transaction Price Allocated to the Remaining Performance Obligations As of September 30, 2021, we had an aggregate transaction price of $246.7 million allocated to unsatisfied performance obligations. We expect to recognize $223.9 million of this balance as revenue over the next 24 months with the remaining amount recognized thereafter. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease. Operating leases with a term greater than one year are recognized on the balance sheet as right-of-use ("ROU") assets, lease liabilities, and, if applicable, long-term lease liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. We have elected not to recognize on our condensed consolidated balance sheets leases with a term of one year or less. For contracts with lease and non-lease components, we have elected not to allocate the contract consideration but rather to account for the lease and non-lease components as a single lease component. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rates within most of our leases are generally not determinable; therefore, we use the incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment and is estimated for each lease based on the rate we would have to pay for a collateralized loan with the same term and payments as the lease. We consider various factors, including our level of collateralization, estimated credit rating, and the currency in which the lease is denominated. Operating lease ROU assets also include any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option while an option to terminate is considered unless it is reasonably certain we will not exercise the option. For certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as maintenance costs based on future obligations, are not included in ROU assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. As of September 30, 2021, we have operating leases for corporate offices. Our operating leases have remaining lease terms of roughly 2 years to 10 years, some of which include options to extend the leases for up to 10 years. In April 2018, we entered into a lease agreement with respect to 176,222 square feet of office space in McLean, Virginia for a new corporate headquarters. The initial term of the lease was 150 months. We took initial possession of the first phase of the new headquarters in October 2018 and began to recognize rent expense as of that date. In February 2019, we took possession of an additional 28,805 square feet of adjacent office space. In January 2020, we entered into an amendment which adjusted the original terms of the headquarters lease. Under this amendment, we exercised an option to expand occupancy, adding 34,158 square feet of office space. Occupancy of the added space commenced on October 14, 2020. Pursuant to the guidance of ASC 842, Leases , the amendment is considered a modification to the original lease and is accounted for as a separate contract because it represents a new ROU asset and the lease costs on the new space are charged at prevailing market rates. Effective July 1, 2020, we took possession of the space, began to recognize rent expense, and recorded a $7.9 million ROU asset and lease liability on our condensed consolidated balance sheets. In October 2020, we paid the full $2.7 million principal balances outstanding under our finance leases pursuant to an option permitting us to pay such balances in full at any time. As of the date of the paydown, the titles to the assets were transferred to us, the associated lease liabilities were retired, the carrying values of the purchased assets were adjusted, and the assets were reclassified from finance leases to property and equipment, net on the condensed consolidated balance sheets. The following table sets forth the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 1,659 $ 1,695 $ 4,984 $ 4,971 Finance lease costs: Amortization of right-of-use assets — 373 — 1,118 Interest on lease liabilities — 41 — 138 Short-term lease cost 23 85 77 465 Variable lease cost 947 1 1,744 218 Total $ 2,629 $ 2,195 $ 6,805 $ 6,910 Supplemental balance sheet information related to operating leases as of September 30, 2021 and December 31, 2020 was as follows (in thousands, except for lease term and discount rate): As of September 30, 2021 December 31, 2020 Operating right-of-use assets $ 29,218 $ 30,659 Operating lease liabilities, current $ 6,606 $ 6,923 Operating lease liabilities, net of current portion 49,592 51,194 Total operating lease liabilities $ 56,198 $ 58,117 Weighted average remaining lease term (in years) 9.8 10.6 Weighted average discount rate 9.6 % 9.6 % For the three and nine months ended September 30, 2021, amortization of operating ROU assets totaled $0.7 million and $1.4 million, respectively. For the three and nine months ended September 30, 2020, amortization of operating ROU assets totaled $0.4 million and $1.3 million, respectively. For the three and nine months ended September 30, 2021, interest expense on operating lease liabilities totaled $0.5 million and $1.4 million, respectively. For the three and nine months ended September 30, 2020, interest expense on operating lease liabilities totaled $0.7 million and $2.2 million, respectively. Supplemental cash flow information related to leases for the nine months ended September 30, 2021 and 2020 was as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 5,295 $ 1,716 Operating cash outflows for finance leases — 138 Financing cash outflows for finance leases — 1,080 A summary of our future minimum lease commitments under non-cancellable leases as of September 30, 2021 is as follows (in thousands): Operating Leases 2021 (excluding the nine months ended September 30, 2021) $ 626 2022 8,450 2023 8,311 2024 8,634 2025 9,330 2026 9,366 Thereafter 48,775 Total lease payments 93,492 Less: imputed interest (37,294) Total $ 56,198 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | 5. Acquisitions In August 2021, we completed the acquisition of Lana Labs, a developer of process mining software, for approximately $30.7 million, net of cash acquired and debt. The acquisition was made due to the attractive nature of the product offerings of Lana Labs and in furtherance of our objective to enhance our automation platform. The transaction was financed through available cash on hand. The allocation of the purchase price is preliminary pending the finalization of the fair value of the acquired net assets, liabilities assumed, deferred income taxes, and assumed income and non-income based tax liabilities. As of the acquisition date, the purchase price was assigned to the acquired assets and assumed liabilities as follows (in thousands): Cash acquired $ 256 Other current assets 86 Property and equipment 59 Developed technology 6,819 Customer relationships 750 Goodwill 23,443 Other non-current assets 27 Total assets acquired 31,440 Current liabilities 335 Non-current liabilities 120 Total liabilities assumed 455 Net assets acquired $ 30,985 |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 6. Property and Equipment, net Property and equipment, net consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Leasehold improvements $ 37,541 $ 36,263 Office furniture and fixtures 2,526 2,521 Computer hardware 5,583 4,535 Computer software 1,353 1,352 Equipment 109 49 Property and equipment, gross 47,112 44,720 Less: accumulated depreciation (12,832) (9,316) Property and equipment, net $ 34,280 $ 35,404 Depreciation expense totaled $1.2 million and $3.6 million for the three and nine months ended September 30, 2021, respectively. We retired $0.1 million of leasehold improvements during the three and nine months ended September 30, 2021 and similarly recorded $0.1 million in losses on disposal for the three and nine months ended September 30, 2021. Depreciation expense totaled $1.4 million and $4.2 million for the three and nine months ended September 30, 2020. There were no disposals recorded during the three months ended September 30, 2020. During the nine months ended September 30, 2020, we retired $1.3 million of leasehold improvements, $0.1 million of computer hardware, and $0.1 million of office furniture and fixtures and equipment. Nominal losses on disposal were recorded for the nine months ended September 30, 2020. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Accrued hosting costs $ 2,006 $ 1,229 Accrued legal costs 1,975 760 Accrued marketing and tradeshow expenses 1,868 596 Accrued third party license fees 957 570 Accrued contract labor costs 683 908 Accrued reimbursable employee expenses 481 231 Accrued audit and tax expenses 256 370 Accrued taxes payable — 527 Other accrued expenses 2,052 630 Total $ 10,278 $ 5,821 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt Line of Credit In November 2017, we entered into a $20.0 million revolving line of credit with a lender. The facility matures in November 2022. We may elect whether amounts drawn on the revolving line of credit bear interest at a floating rate per annum equal to either LIBOR or the Prime rate plus an additional interest rate margin that is determined by the availability of the borrowings under the revolving line of credit. The additional interest rate margin will range from 2.00% to 2.50% in the case of LIBOR advances and from 1.00% to 1.50% in the case of Prime rate advances. The revolving line of credit contains an unused facility fee in an amount between 0.15% and 0.25% of the average unused portion of the revolving line of credit, which is payable quarterly. The agreement contains certain customary affirmative and negative covenants and requires us to maintain (i) an adjusted quick ratio of at least 1.35 to 1.00 and (ii) minimum adjusted EBITDA, in the amounts and for the periods set forth in the agreement. Any amounts borrowed under the credit facility are collateralized by substantially all of our assets. We were in compliance with all covenants as of September 30, 2021. As of September 30, 2021, we had no outstanding borrowings under this revolving line of credit, and we had outstanding letters of credit totaling $11.2 million in connection with securing our leased office space. We also continue to monitor the LIBOR to SOFR transition, which may result in modification or amendment of our existing revolving line of credit. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The provision for income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant or unusual items, discrete events, or changes in tax law. Our operating subsidiaries are exposed to statutory effective tax rates ranging from zero to approximately 32%. Fluctuations in the distribution of pre-tax income among our operating subsidiaries can lead to fluctuations of the effective tax rate in the condensed consolidated financial statements. For the three and nine months ended September 30, 2021, the actual effective tax rates were (0.3)% and (0.7)%, respectively. For the three and nine months ended September 30, 2020, the actual effective tax rates were (7.6)% and (1.3)%, respectively. We assess uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Income Taxes . As of September 30, 2021, our net unrecognized tax benefits totaled $2.3 million, which if recognized would result in no net effect on the effective tax rate due to a valuation allowance. The amount of reasonably possible unrecognized tax benefits that could decrease over the next 12 months due to the expiration of certain statutes of limitations or settlements of tax audits is not material to our condensed consolidated financial statements. We file income tax returns in the United States federal jurisdiction and in many states and foreign jurisdictions. The tax years 2017 through 2020 remain open to examination by the major taxing jurisdictions to which we are subject. We are not currently under examination by the Internal Revenue Service for any open tax years. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Equity Incentive Plans In May 2017, our Board of Directors adopted, and our stockholders approved, the 2017 Equity Incentive Plan (the “2017 Plan”), which became effective as of the date of the final prospectus for our initial public offering. The 2017 Plan provides for the grant of incentive stock options to employees and for the grant of nonstatutory stock options, restricted stock awards, RSUs, stock appreciation rights, performance-based stock awards, and other forms of equity compensation to employees, including officers, non-employee directors, and consultants. We initially reserved 6,421,442 shares of Class A common stock for issuance under the 2017 Plan, which included 421,442 shares that remained available for issuance under our 2007 Stock Option Plan (the “2007 Plan”) at the time the 2017 Plan became effective. The number of shares reserved under the 2017 Plan increases for any shares subject to outstanding awards originally granted under the 2007 Plan that expire or are forfeited prior to exercise. As a result of the adoption of the 2017 Plan, no further grants may be made under the 2007 Plan. As of September 30, 2021, there were 7,177,909 shares of Class A common stock reserved for issuance under the 2017 Plan, of which 4,077,122 were available to be issued. Stock Options We estimate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model, which requires the use of subjective assumptions, including the expected term of the option, the current price of the underlying stock, the expected stock price volatility, expected dividend yield, and the risk-free interest rate for the expected term of the option. The expected term represents the period of time the stock options are expected to be outstanding. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, we use the simplified method to estimate the expected term for our stock options. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. Expected volatility is based on historical volatilities for publicly traded stock of comparable companies over the estimated expected term of the stock options. We assume no dividend yield because dividends are not expected to be paid in the near future, which is consistent with our history of not paying dividends. In May 2019, our Board of Directors granted a stock option to purchase 700,000 shares of our Class A common stock to our Chief Executive Officer (the "2019 CEO Grant") under the 2017 Plan with an exercise price of $33.98 per share. The 2019 CEO Grant is eligible to vest based on the achievement of a stock price appreciation target of our Class A common stock. Specifically, the 2019 CEO Grant vests when shares of our Class A common stock close at or above $84.63 per share for a period equal to or greater than 90 consecutive calendar days or upon the occurrence of a change in control in which the value of our Class A common stock is equal to or greater than $84.63 per share within five years of the grant date. The fair value of the 2019 CEO Grant was determined using a Monte Carlo simulation. The fair value of the award at the grant date was $9.5 million and is amortized over the derived service period of 2.6 years. Effective February 2021, the 2019 CEO Grant has satisfied all of the conditions required to be considered fully vested. As a result, we accelerated the recognition of approximately $3.3 million in stock-based compensation expense in the nine months ended September 30, 2021. The following table summarizes stock option activity for the nine months ended September 30, 2021: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2021 3,399,240 $ 14.06 4.9 $ 503,174 Granted — — — — Exercised (346,880) 6.82 — 37,837 Expired (1,080) 6.47 — — Forfeited (11,420) 11.67 — — Outstanding at September 30, 2021 3,039,860 $ 14.90 4.2 $ 235,916 Exercisable at September 30, 2021 2,844,040 $ 15.12 4.1 $ 220,107 There were no stock options granted during the nine months ended September 30, 2021 and 2020. The total fair value of stock options that vested during the nine months ended September 30, 2021 and 2020 was $10.7 million and $1.4 million, respectively. As of September 30, 2021, the total compensation cost related to unvested stock options not yet recognized was $0.1 million, which will be recognized over a weighted average period of 0.6 years. Restricted Stock Units The following table summarizes RSU activity for the nine months ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Non-vested and outstanding at January 1, 2021 1,165,003 $ 46.04 Granted 275,699 123.54 Vested (137,498) 45.18 Forfeited (67,324) 60.14 Non-vested and outstanding at September 30, 2021 1,235,880 62.67 As of September 30, 2021, total unrecognized compensation cost related to unvested RSUs was appro ximately $64.6 million, which will be recognized over a weighted average period of 2.2 years. The following table summarizes the components of our stock-based compensation expense by instrument type for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 RSUs $ 4,997 $ 2,494 $ 13,405 $ 7,268 Stock options 47 992 3,820 3,123 Common stock awards to Board of Directors 156 92 467 277 Total stock-based compensation expense $ 5,200 $ 3,578 $ 17,692 $ 10,668 Stock-based compensation expense for RSUs, stock options, and issuances of common stock to the Board of Directors is included in the following line items in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue Subscriptions $ 381 $ 236 $ 973 $ 678 Professional services 777 406 2,283 935 Operating expenses Sales and marketing 1,448 427 3,753 1,837 Research and development 1,263 669 3,347 1,841 General and administrative 1,331 1,840 7,336 5,377 Total stock-based compensation expense $ 5,200 $ 3,578 $ 17,692 $ 10,668 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders' Equity As of September 30, 2021 , we had authorized 500,000,000 shares of Class A common stock and 100,000,000 shares of Class B common stock, each with a par value of $0.0001 per share, of which 39,667,317 shares of Class A common stock and 31,499,516 shares of Class B common stock were issued and outstanding. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. The holders of Class A common stock are entitled to one vote per share, and the holders of Class B common stock are entitled to ten votes per share on all matters subject to stockholder vote. The holders of Class B common stock also have approval rights for certain corporate actions. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted upon transfer thereof, subject to certain exceptions. In addition, upon the date on which the outstanding shares of Class B common stock represent less than 10% of the aggregate voting power of our capital stock, all outstanding shares of Class B common stock shall convert automatically into Class A common stock. |
Basic and Diluted Loss per Comm
Basic and Diluted Loss per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss per Common Share | 12. Basic and Diluted Loss per Common Share The following outstanding securities, prior to the use of the treasury stock method or the if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been antidilutive: Three and Nine Months Ended September 30, 2021 2020 Stock options 3,039,860 3,882,588 Non-vested restricted stock units 1,235,880 1,110,438 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Contractual Warranty and Indemnification Obligations We provide limited product warranties. Historically, any payments made under these provisions have been immaterial. We also agree to standard indemnification provisions in the ordinary course of business. Pursuant to these provisions, we agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally our customers, in connection with certain intellectual property infringement claims by any third party arising from the use of our products or services in accordance with the agreement. The term of our contractual indemnity provisions often survives termination or expiration of the applicable agreement. We carry insurance that covers certain third-party claims relating to our services and limits our exposure. We have never incurred costs to defend lawsuits or settle claims related to these indemnification provisions. Minimum Purchase Commitments In July 2021, we executed a non-cancellable cloud hosting arrangement with Amazon Web Services ("AWS") that contains provisions for minimum purchase commitments. Specifically, purchase commitments under the agreement total $131.0 million over five years, including $22.0 million in the first year, $25.0 million in the second year, and $28.0 million in each of the third, fourth, and fifth years. The timing of payments under the agreement may vary, and the total amount of payments may exceed the minimum depending on the volume of services utilized. Exclusive of the AWS contract, we have other non-cancellable agreements for subscription software products that contain provisions stipulating minimum purchase commitments. However, the annual purchase commitments under these contracts are, individually and in the aggregate, immaterial to our condensed consolidated financial statements. Letters of Credit At each of September 30, 2021 and December 31, 2020, we had outstanding letters of credit totaling $11.2 million in connection with securing our leased office space. All letters of credit are secured by our borrowing arrangement as described in Note 8. Legal |
Segment and Geographic Informat
Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 14. Segment and Geographic Information We consider operating segments to be components of our business in which separate financial information is available and evaluated regularly by our Chief Operating Decision Maker ("CODM"). Our CODM, who is our Chief Executive Officer, reviews financial information on a consolidated basis when deciding how to allocate resources and assessing performance. Accordingly, we have determined we have a single reporting segment and operating unit structure. The following table summarizes revenue by geography for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Domestic $ 62,815 $ 52,424 $ 176,801 $ 147,070 International 29,602 24,880 87,470 75,873 Total $ 92,417 $ 77,304 $ 264,271 $ 222,943 With respect to geographic information, revenue is attributed to respective geographies based on the contracting address of the customer. There were no individual foreign countries from which more than 10% of our total revenue was attributable for the three and nine months ended September 30, 2021. Revenue from customers attributed to the United Kingdom was 13.6% and 12.8% of our total revenue for the three and nine months ended September 30, 2020, respectively. There were no other individual foreign countries from which more than 10% of our total revenue was attributable for the three and nine months ended September 30, 2020. Substantially all of our long-lived assets were held in the United States as of September 30, 2021 and December 31, 2020. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments and Fair Value Measurements | 15. Investments and Fair Value Measurements Fair Value Measurements We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require us to develop our own assumptions. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There were no instruments measured at fair value on a recurring basis using significant unobservable inputs as of September 30, 2021 and December 31, 2020. The valuation techniques that may be used to measure fair value are as follows: • Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; • Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts; • Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (i.e., replacement cost). The carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value as of September 30, 2021 and December 31, 2020 because of the relatively short duration of these instruments. Investments Our investment portfolio consists largely of debt investments classified as available-for-sale. Changes in the fair value of available-for-sale securities, excluding other-than-temporary impairments, are recorded in other comprehensive income (loss). The components of our investments as of September 30, 2021 are as follows (in thousands): As of September 30, 2021 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-Term Investments and Marketable Securities Long-Term Investments Money market fund Level 1 $ 59,394 $ — $ 59,394 $ 59,394 $ — $ — U.S. Treasury bonds Level 1 16,364 2 16,366 — 16,366 — Commercial paper Level 2 10,976 — 10,976 — 10,976 — Corporate bonds Level 2 12,779 2 12,781 — 12,781 — Asset-backed securities Level 2 21,256 5 21,261 — 21,261 — Total investments $ 120,769 $ 9 $ 120,778 $ 59,394 $ 61,384 $ — At December 31, 2020, our investments consisted of the following (in thousands): As of December 31, 2020 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-Term Investments and Marketable Securities Long-Term Investments Money market fund Level 1 $ 27,150 $ — $ 27,150 $ 27,150 $ — $ — U.S. Treasury bonds Level 1 24,445 (3) 24,442 — 16,273 8,169 Commercial paper Level 2 76,905 — 76,905 16,493 60,412 — Corporate bonds Level 2 34,738 (11) 34,727 — 27,542 7,185 Asset-backed securities Level 2 26,373 (8) 26,365 — 5,599 20,766 Total investments $ 189,611 $ (22) $ 189,589 $ 43,643 $ 109,826 $ 36,120 There were no Level 3 assets held at any point during the three and nine months ended September 30, 2021. Additionally, there were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2021. The amortized cost basis and fair value of debt securities as of September 30, 2021, by contractual maturity, are as follows (in thousands): As of September 30, 2021 Cost Basis Fair Value Due in one year or less $ 120,769 $ 120,778 Actual maturities may differ from the contractual maturities in the table above because borrowers have the right to call or prepay certain obligations. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity, and cash flows. The results of operations for the current period are not necessarily indicative of the results for the full year or the results for any future periods. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2021. |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Although we believe the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Significant estimates embedded in the condensed consolidated financial statements include revenue recognition, income taxes and the related valuation allowance, the valuation of goodwill and intangible assets, leases, costs to obtain a contract with a customer, the valuation of financial instruments, and stock-based compensation. The ongoing outbreak of the novel coronavirus disease ("COVID-19") has resulted in the declaration of a global pandemic and introduced a level of disruption and uncertainty into the financial markets and global economy. While we continue to monitor the developments surrounding the pandemic, as of the date of issuance of these financial statements, we are not aware of any specific events or circumstances that would require us to update our estimates, assumptions, and judgments or revise the carrying value of our assets or liabilities. We cannot estimate the impacts COVID-19 may have on our business going forward as such impacts will be largely dependent upon a number of factors outside of our control including the extent and duration of the outbreak as well as any mitigating actions which may be undertaken by global governments and the general public. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Appian and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Cost of Revenue Subscriptions Cost of subscriptions revenue consists primarily of fees paid to our third-party managed hosting providers and other third-party service providers, personnel costs such as payroll and benefits for our technology operations and customer support teams, and allocated facility costs and overhead. Professional Services Cost of professional services revenue includes all direct and indirect costs to deliver our professional services and training, including employee compensation for our global professional services and training personnel, third-party contractor costs, allocated facility costs and overhead, and the costs of billable expenses such as travel and lodging. The unpredictability of the timing of entering into significant professional services agreements sold on a standalone basis may cause significant fluctuations in our quarterly financial results and allocated facility costs and overhead. Revenue Recognition We generate subscriptions revenue primarily through the sale of software as a service ("SaaS") subscriptions bundled with maintenance and support and hosting services as well as term license subscriptions bundled with maintenance and support. We generate professional services revenue from fees for our consulting services, including application development and deployment assistance as well as training related to our platform. We primarily sell products and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. Our term license subscriptions are delivered at a point in time while our SaaS subscriptions, maintenance and support, and professional services are delivered over time. Subscriptions Revenue Subscriptions revenue is primarily related to (1) SaaS subscriptions bundled with maintenance and support and hosting services and (2) term license subscriptions bundled with maintenance and support. We generally charge subscription fees on a per-user basis or through non-user based single application licenses. We bill customers and collect payment for subscriptions to our platform in advance on an annual, quarterly, or monthly basis. In certain instances, our customers have paid their entire contract up front. SaaS Subscriptions We generate cloud-based subscriptions revenue primarily from the sales of subscriptions to access our cloud offering, together with related support services to our customers. We perform all required maintenance and support for our cloud offering. Revenue is recognized on a ratable basis over the contract term beginning on the date the service is made available to the customer. Our cloud-based subscription contracts generally have a term of one Term License Subscriptions Our term license subscriptions revenue is derived from customers with on-premises installations of our platform pursuant to contracts that were historically one Maintenance and Support Maintenance and support subscriptions include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from maintenance and support is recognized ratably over the contract period, which is the period over which the customer has continuous access to maintenance and support. Professional Services Revenue Our professional services revenue is comprised of fees for consulting services, including application development and deployment assistance as well as training services related to our platform. Our professional services are considered distinct performance obligations when sold standalone or with other products. Consulting Services We sell consulting services to assist customers in planning and executing the deployment of our software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and either (1) under a fixed-fee arrangement or (2) on a time and materials basis. Consulting contracts are each considered separate performance obligations because they do not integrate with each other or with other products and services to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other products and services, and do not affect the customer's ability to use the other consulting offerings or other products and services. Revenue under consulting contracts is recognized over time as services are delivered. For time and materials-based consulting contracts, we have elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of our service to date. Training Services We sell various training services to our customers. Training services are sold in the form of prepaid training credits that are redeemed based on a fixed rate per course. Training revenue is recognized when the associated training services are delivered. Significant Judgments and Estimates Determining the Transaction Price The transaction price includes both fixed and variable consideration. Variable consideration is included in the transaction price to the extent it is probable a significant reversal will not occur. The amount of variable consideration excluded from the transaction price for the three and nine months ended September 30, 2021 and 2020 was insignificant. Our estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to transaction prices; however, such true-up adjustments are not expected to be material. Allocating the Transaction Price Based on Standalone Selling Prices ("SSP") We allocate the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the observable price at which we sell the product or service separately. In the absence of observable pricing, we estimate SSP using the residual approach. We establish SSP as follows: 1. SaaS subscriptions - Given the highly variable selling price of our SaaS subscriptions, we establish the SSP of our SaaS subscriptions using a residual approach after first determining the SSP of consulting and training services. We have concluded the residual approach to estimating SSP of our SaaS subscriptions is an appropriate allocation of the transaction price. 2. Term license subscriptions - Given the highly variable selling price of our term license subscriptions, we have established SSP of term license subscriptions using a residual approach after first determining the SSP of maintenance and support. Maintenance and support is sold on a standalone basis in conjunction with renewals of our legacy perpetual software licenses and within a narrow range of the net license fee. Because an economic relationship exists between the license and maintenance and support, we have concluded the residual approach to estimating SSP of term license subscriptions is an appropriate allocation of the transaction price. 3. Maintenance and support - We establish the SSP of maintenance and support as a percentage of the stated net subscription fee based on observable pricing of maintenance and support renewals from our legacy perpetual software licenses. 4. Consulting and training services - The SSP of consulting and training services is established based on the observable pricing of standalone sales within each geographic region where the services are sold. Contract Balances |
Concentration of Credit and Customer Risk | Concentration of Credit and Customer Risk Our financial instruments exposed to concentration of credit and customer risk consist primarily of cash, cash equivalents, and restricted cash, accounts receivable, and our short- and long-term investments. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, we believe the financial institutions holding our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. |
Cash and Cash Equivalents | Cash, Cash Equivalents, and Restricted CashWe consider all highly liquid investments with an original or remaining maturity of three months or less at the date of purchase, as well as overnight repurchase agreements, to be cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful AccountsAccounts receivable are stated at realizable value, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of accounts and incorporates an estimation of expected lifetime credit losses on our receivables. We regularly review the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, and current economic trends. If the financial condition of our customers were to deteriorate, resulting in their inability to make required payments, additional provisions for doubtful accounts would be required and would increase bad debt expense. |
Assets Recognized from the Costs to Obtain a Contract with a Customer | Assets Recognized from the Costs to Obtain a Contract with a Customer We capitalize costs of obtaining a contract with a customer, including sales commissions paid to our direct sales force, that are incremental costs to obtaining customer contracts. These costs are recorded as deferred commissions in the condensed consolidated balance sheets. Costs to obtain a contract for a new customer or upsell are amortized over an estimated economic life of five years as sales commissions on initial sales are not commensurate with sales commissions on contract renewals. We determine the estimated economic life based on both qualitative and quantitative factors such as expected renewals, product life cycles, contractual terms, and customer attrition. We periodically review the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the estimated economic life. Commissions paid relating to contract renewals are deferred and amortized over the related renewal period. We also capitalize the incremental fringe benefits associated with commission expenses paid to our direct sales force. Costs to obtain a contract for professional services arrangements are expensed as incurred as the contractual period of our professional services arrangements are one year or less. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Significant additions or improvements extending the useful life of an asset are capitalized, while repairs and maintenance costs which do not significantly improve the related assets or extend their useful lives are charged to expense as incurred. |
Business Combinations | Business Combinations We account for business combinations using the acquisition method of accounting as of the business combination date. Under this method, we allocate the fair value of purchase consideration to identifiable tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, non-contractual relationships, and expected future synergies. Determining the fair value of assets acquired and liabilities assumed requires us to use significant judgments and estimates, including the selection of valuation methodologies, estimates of future revenue, costs, and cash flows, and discount rates. During the measurement period, which can be up to one year from the acquisition date, these estimates may be refined, as necessary, and we may record adjustments to the fair value of tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our condensed consolidated statements of operations. Acquisition related expenses and post-acquisition integration costs are recognized separately from the business combination and are expensed as incurred. Acquired property and equipment is depreciated on a straight-line basis over the assets' respective estimated remaining useful lives. |
Impairment of Goodwill and Long-Lived Assets | Impairment of Goodwill and Long-Lived Assets Long-lived assets and certain intangible assets are reviewed for impairment at least annually or more frequently whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable through undiscounted cash flows from the use of the assets. If such assets are considered to be impaired, the assets are written down to their estimated fair value. With respect to goodwill, we have the option to qualitatively assess whether it is more likely than not the fair value of a reporting unit is less than its carrying value. If we elect to perform a qualitative assessment and conclude it is more likely than not the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, goodwill must be tested for impairment. Absent a specifically identified triggering event, we historically perform our annual assessment on the first day of the fourth quarter. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation expense related to stock-based awards based on the estimated fair value of the award on the grant date. We calculate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model. The fair value of restricted stock units ("RSUs") is based on the closing market price of our common stock on the Nasdaq Global Market on the date of grant. For service-based awards such as RSUs, stock-based compensation expense is recognized on a straight-line basis over the requisite service period. For performance-based awards, stock-based compensation expense is recognized using the accelerated attribution method based on the probability of satisfying the performance condition. For awards that contain market conditions, compensation expense is measured using a Monte Carlo simulation and recognized using the accelerated attribution method over the derived service period based on the expected market performance as of the grant date. We account for forfeitures as they occur rather than estimating expected forfeitures. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which amends and aims to simplify accounting disclosure requirements regarding a number of topics including, but not limited to, intraperiod tax allocations, accounting for deferred taxes when there are changes in the consolidation of certain investments, tax basis step ups in an acquisition, and the application of effective rate changes during interim periods. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of the new guidance did not have a material impact on our condensed consolidated financial statements. Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides temporary optional expedients and exceptions to the GAAP guidance on contract modifications to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). This guidance is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and applicability of this new standard. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which aims to improve the accounting for acquired revenue contracts with customers in a business combination. The ASU requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted including in interim periods. We are currently evaluating the impact and applicability of this new standard. |
Leases | At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease. Operating leases with a term greater than one year are recognized on the balance sheet as right-of-use ("ROU") assets, lease liabilities, and, if applicable, long-term lease liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. We have elected not to recognize on our condensed consolidated balance sheets leases with a term of one year or less. For contracts with lease and non-lease components, we have elected not to allocate the contract consideration but rather to account for the lease and non-lease components as a single lease component. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rates within most of our leases are generally not determinable; therefore, we use the incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment and is estimated for each lease based on the rate we would have to pay for a collateralized loan with the same term and payments as the lease. We consider various factors, including our level of collateralization, estimated credit rating, and the currency in which the lease is denominated. Operating lease ROU assets also include any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option while an option to terminate is considered unless it is reasonably certain we will not exercise the option. For certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as maintenance costs based on future obligations, are not included in ROU assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. |
Fair Value Measurements | Fair Value Measurements We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: • Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require us to develop our own assumptions. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There were no instruments measured at fair value on a recurring basis using significant unobservable inputs as of September 30, 2021 and December 31, 2020. The valuation techniques that may be used to measure fair value are as follows: • Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; • Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts; • Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (i.e., replacement cost). |
Investments | InvestmentsOur investment portfolio consists largely of debt investments classified as available-for-sale. Changes in the fair value of available-for-sale securities, excluding other-than-temporary impairments, are recorded in other comprehensive income (loss). |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the condensed consolidated statements of cash flows: As of September 30, 2021 2020 Cash and cash equivalents $ 127,122 $ 251,088 Restricted cash, non-current 3,240 — Total cash, cash equivalents, and restricted cash $ 130,362 $ 251,088 |
Property and Equipment, Useful Life | The following table outlines the useful lives of our major asset categories: Asset Category Useful Life (in years) Computer software 3 Computer hardware 3 Equipment 5 Office furniture and fixtures 10 Leasehold improvements (a) (a) Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue by Services | The following table summarizes revenue from contracts with customers for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 SaaS subscriptions $ 46,699 $ 34,312 $ 128,238 $ 92,282 Term license subscriptions 15,114 11,830 44,290 37,002 Maintenance and support 5,427 4,618 15,424 13,330 Total subscriptions 67,240 50,760 187,952 142,614 Professional services 25,177 26,544 76,319 80,329 Total revenue $ 92,417 $ 77,304 $ 264,271 $ 222,943 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The following table sets forth the components of lease expense for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 1,659 $ 1,695 $ 4,984 $ 4,971 Finance lease costs: Amortization of right-of-use assets — 373 — 1,118 Interest on lease liabilities — 41 — 138 Short-term lease cost 23 85 77 465 Variable lease cost 947 1 1,744 218 Total $ 2,629 $ 2,195 $ 6,805 $ 6,910 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to operating leases as of September 30, 2021 and December 31, 2020 was as follows (in thousands, except for lease term and discount rate): As of September 30, 2021 December 31, 2020 Operating right-of-use assets $ 29,218 $ 30,659 Operating lease liabilities, current $ 6,606 $ 6,923 Operating lease liabilities, net of current portion 49,592 51,194 Total operating lease liabilities $ 56,198 $ 58,117 Weighted average remaining lease term (in years) 9.8 10.6 Weighted average discount rate 9.6 % 9.6 % |
Supplemental Cash Flow Information | Supplemental cash flow information related to leases for the nine months ended September 30, 2021 and 2020 was as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 5,295 $ 1,716 Operating cash outflows for finance leases — 138 Financing cash outflows for finance leases — 1,080 |
Maturities of Operating Lease Liabilities | A summary of our future minimum lease commitments under non-cancellable leases as of September 30, 2021 is as follows (in thousands): Operating Leases 2021 (excluding the nine months ended September 30, 2021) $ 626 2022 8,450 2023 8,311 2024 8,634 2025 9,330 2026 9,366 Thereafter 48,775 Total lease payments 93,492 Less: imputed interest (37,294) Total $ 56,198 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions | As of the acquisition date, the purchase price was assigned to the acquired assets and assumed liabilities as follows (in thousands): Cash acquired $ 256 Other current assets 86 Property and equipment 59 Developed technology 6,819 Customer relationships 750 Goodwill 23,443 Other non-current assets 27 Total assets acquired 31,440 Current liabilities 335 Non-current liabilities 120 Total liabilities assumed 455 Net assets acquired $ 30,985 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Leasehold improvements $ 37,541 $ 36,263 Office furniture and fixtures 2,526 2,521 Computer hardware 5,583 4,535 Computer software 1,353 1,352 Equipment 109 49 Property and equipment, gross 47,112 44,720 Less: accumulated depreciation (12,832) (9,316) Property and equipment, net $ 34,280 $ 35,404 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Accrued hosting costs $ 2,006 $ 1,229 Accrued legal costs 1,975 760 Accrued marketing and tradeshow expenses 1,868 596 Accrued third party license fees 957 570 Accrued contract labor costs 683 908 Accrued reimbursable employee expenses 481 231 Accrued audit and tax expenses 256 370 Accrued taxes payable — 527 Other accrued expenses 2,052 630 Total $ 10,278 $ 5,821 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 2021: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2021 3,399,240 $ 14.06 4.9 $ 503,174 Granted — — — — Exercised (346,880) 6.82 — 37,837 Expired (1,080) 6.47 — — Forfeited (11,420) 11.67 — — Outstanding at September 30, 2021 3,039,860 $ 14.90 4.2 $ 235,916 Exercisable at September 30, 2021 2,844,040 $ 15.12 4.1 $ 220,107 |
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity for the nine months ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Non-vested and outstanding at January 1, 2021 1,165,003 $ 46.04 Granted 275,699 123.54 Vested (137,498) 45.18 Forfeited (67,324) 60.14 Non-vested and outstanding at September 30, 2021 1,235,880 62.67 |
Schedule of Components of Stock-based Compensation Expense | The following table summarizes the components of our stock-based compensation expense by instrument type for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 RSUs $ 4,997 $ 2,494 $ 13,405 $ 7,268 Stock options 47 992 3,820 3,123 Common stock awards to Board of Directors 156 92 467 277 Total stock-based compensation expense $ 5,200 $ 3,578 $ 17,692 $ 10,668 |
Schedule of Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations | Stock-based compensation expense for RSUs, stock options, and issuances of common stock to the Board of Directors is included in the following line items in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue Subscriptions $ 381 $ 236 $ 973 $ 678 Professional services 777 406 2,283 935 Operating expenses Sales and marketing 1,448 427 3,753 1,837 Research and development 1,263 669 3,347 1,841 General and administrative 1,331 1,840 7,336 5,377 Total stock-based compensation expense $ 5,200 $ 3,578 $ 17,692 $ 10,668 |
Basic and Diluted Loss per Co_2
Basic and Diluted Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Securities Excluded From Calculation of Weighted Average Common Shares | The following outstanding securities, prior to the use of the treasury stock method or the if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been antidilutive: Three and Nine Months Ended September 30, 2021 2020 Stock options 3,039,860 3,882,588 Non-vested restricted stock units 1,235,880 1,110,438 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Revenue By Geography | The following table summarizes revenue by geography for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Domestic $ 62,815 $ 52,424 $ 176,801 $ 147,070 International 29,602 24,880 87,470 75,873 Total $ 92,417 $ 77,304 $ 264,271 $ 222,943 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Investments | The components of our investments as of September 30, 2021 are as follows (in thousands): As of September 30, 2021 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-Term Investments and Marketable Securities Long-Term Investments Money market fund Level 1 $ 59,394 $ — $ 59,394 $ 59,394 $ — $ — U.S. Treasury bonds Level 1 16,364 2 16,366 — 16,366 — Commercial paper Level 2 10,976 — 10,976 — 10,976 — Corporate bonds Level 2 12,779 2 12,781 — 12,781 — Asset-backed securities Level 2 21,256 5 21,261 — 21,261 — Total investments $ 120,769 $ 9 $ 120,778 $ 59,394 $ 61,384 $ — At December 31, 2020, our investments consisted of the following (in thousands): As of December 31, 2020 Fair Value Measurement Balance Sheet Classification Fair Value Level Cost Basis Unrealized Gains (Losses) Market Value Cash and Cash Equivalents Short-Term Investments and Marketable Securities Long-Term Investments Money market fund Level 1 $ 27,150 $ — $ 27,150 $ 27,150 $ — $ — U.S. Treasury bonds Level 1 24,445 (3) 24,442 — 16,273 8,169 Commercial paper Level 2 76,905 — 76,905 16,493 60,412 — Corporate bonds Level 2 34,738 (11) 34,727 — 27,542 7,185 Asset-backed securities Level 2 26,373 (8) 26,365 — 5,599 20,766 Total investments $ 189,611 $ (22) $ 189,589 $ 43,643 $ 109,826 $ 36,120 |
Amortized Cost Basis and Fair Value of Debt Securities by Contractual Maturity | The amortized cost basis and fair value of debt securities as of September 30, 2021, by contractual maturity, are as follows (in thousands): As of September 30, 2021 Cost Basis Fair Value Due in one year or less $ 120,769 $ 120,778 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)agencyreporting_unit | Sep. 30, 2020USD ($)agency | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of government agencies | agency | 3 | 3 | |||
Increase (decrease) in allowance for doubtful accounts | $ | $ 0 | ||||
Capitalized contract cost, amortization period (in years) | 5 years | 5 years | |||
Commission expense | $ | $ 8.2 | $ 5.6 | $ 22.5 | $ 16.7 | |
Number of reporting units | reporting_unit | 1 | ||||
Customer Concentration Risk | Sales Revenue, Net | Foreign Customers | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 32.00% | 32.20% | 33.10% | 34.00% | |
Customer Concentration Risk | Sales Revenue, Net | Government Agencies | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 19.20% | 19.90% | 20.00% | 17.90% | |
Customer Concentration Risk | Sales Revenue, Net | Federal Government Agencies | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 7.50% | 8.70% | 6.30% | 7.40% | |
Class A Common Stock | Underwritten Public Offering | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of shares issued in public offering (in shares) | shares | 2,500,000 | ||||
Number of shares issued by the company in public offering (in shares) | shares | 1,931,206 | ||||
Number of shares issued by shareholders in public offering (in shares) | shares | 568,794 | ||||
Sale of stock, offering price (in usd per share) | $ / shares | $ 56.50 | ||||
Net proceeds from public offering | $ | $ 107.9 |
Significant Accounting Polici_5
Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 127,122 | $ 112,462 | $ 251,088 | |
Restricted cash, non-current | 3,240 | 0 | 0 | |
Total cash, cash equivalents, and restricted cash | $ 130,362 | $ 112,462 | $ 251,088 | $ 159,755 |
Two months | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of restricted cash balance | 0.25 | |||
Lapse duration | 2 months | |||
Two years | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of restricted cash balance | 0.75 |
Significant Accounting Polici_6
Significant Accounting Policies - Property and Equipment, Useful Life (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Computer software | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Computer hardware | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 3 years |
Equipment | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 5 years |
Office furniture and fixtures | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, plant and equipment, useful life (in years) | 10 years |
Revenue - Revenue by Services (
Revenue - Revenue by Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 92,417 | $ 77,304 | $ 264,271 | $ 222,943 |
Subscriptions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 67,240 | 50,760 | 187,952 | 142,614 |
SaaS subscriptions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 46,699 | 34,312 | 128,238 | 92,282 |
Term license subscriptions | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 15,114 | 11,830 | 44,290 | 37,002 |
Maintenance and support | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 5,427 | 4,618 | 15,424 | 13,330 |
Professional services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 25,177 | $ 26,544 | $ 76,319 | $ 80,329 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract assets balances | $ 13.4 | $ 20.1 |
Revenue recognized | 103.5 | |
Unsatisfied performance obligations | 246.7 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 223.9 | |
Revenue, remaining performance obligation, period (in months) | 24 months | |
Minimum | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
SaaS subscriptions contracts term (in years) | 1 year | |
Term license subscription contracts term (in years) | 1 year | |
Maximum | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
SaaS subscriptions contracts term (in years) | 3 years | |
Term license subscription contracts term (in years) | 3 years |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 01, 2020USD ($) | Jan. 31, 2020ft² | Feb. 28, 2019ft² | Apr. 30, 2018ft² | |
Debt Instrument [Line Items] | ||||||||||
Renewal term (in years) | 10 years | 10 years | ||||||||
Number of square feet | ft² | 34,158 | 28,805 | 176,222 | |||||||
Lease term (in months) | 150 months | |||||||||
Operating right-of-use assets | $ 29,218 | $ 29,218 | $ 30,659 | $ 7,900 | ||||||
Operating lease liabilities | 56,198 | 56,198 | $ 58,117 | $ 7,900 | ||||||
Financing cash outflows for finance leases | $ 2,700 | 0 | $ 1,080 | |||||||
Amortization of operating right-of-use assets | 700 | $ 400 | 1,400 | 1,300 | ||||||
Interest expense on operating right-of-use liabilities | $ 500 | $ 700 | $ 1,400 | $ 2,200 | ||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Operating leases, remaining lease term (in years) | 2 years | 2 years | ||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Operating leases, remaining lease term (in years) | 10 years | 10 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,659 | $ 1,695 | $ 4,984 | $ 4,971 |
Amortization of right-of-use assets | 0 | 373 | 0 | 1,118 |
Interest on lease liabilities | 0 | 41 | 0 | 138 |
Short-term lease cost | 23 | 85 | 77 | 465 |
Variable lease cost | 947 | 1 | 1,744 | 218 |
Total | $ 2,629 | $ 2,195 | $ 6,805 | $ 6,910 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 01, 2020 |
Leases [Abstract] | |||
Operating right-of-use assets | $ 29,218 | $ 30,659 | $ 7,900 |
Operating lease liabilities, current | 6,606 | 6,923 | |
Operating lease liabilities, net of current portion | 49,592 | 51,194 | |
Total operating lease liabilities | $ 56,198 | $ 58,117 | $ 7,900 |
Operating leases, weighted average remaining lease term (in years) | 9 years 9 months 18 days | 10 years 7 months 6 days | |
Operating leases, weighted average remaining discount rate | 9.60% | 9.60% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | |||
Operating cash outflows for operating leases | $ 5,295 | $ 1,716 | |
Operating cash outflows for finance leases | 0 | 138 | |
Financing cash outflows for finance leases | $ 2,700 | $ 0 | $ 1,080 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 01, 2020 |
Operating Leases | |||
2021 (excluding the nine months ended September 30, 2021) | $ 626 | ||
2022 | 8,450 | ||
2023 | 8,311 | ||
2024 | 8,634 | ||
2025 | 9,330 | ||
2026 | 9,366 | ||
Thereafter | 48,775 | ||
Total lease payments | 93,492 | ||
Less: imputed interest | (37,294) | ||
Total | $ 56,198 | $ 58,117 | $ 7,900 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - Lana Labs GMBH - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Aug. 31, 2021 | Sep. 30, 2021 | |
Business Combination Segment Allocation [Line Items] | ||
Acquisition price | $ 30.7 | |
Loss before income taxes | $ (1.2) |
Acquisitions - Schedule of Busi
Acquisitions - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Aug. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 27,414 | $ 4,862 | |
Lana Labs GMBH | |||
Business Acquisition [Line Items] | |||
Cash acquired | $ 256 | ||
Other current assets | 86 | ||
Property and equipment | 59 | ||
Goodwill | 23,443 | ||
Other non-current assets | 27 | ||
Total assets acquired | 31,440 | ||
Current liabilities | 335 | ||
Non-current liabilities | 120 | ||
Total liabilities assumed | 455 | ||
Net assets acquired | 30,985 | ||
Lana Labs GMBH | Developed technology | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | 6,819 | ||
Lana Labs GMBH | Customer relationships | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles | $ 750 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 47,112 | $ 44,720 |
Less: accumulated depreciation | (12,832) | (9,316) |
Property and equipment, net | 34,280 | 35,404 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 37,541 | 36,263 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,526 | 2,521 |
Computer hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,583 | 4,535 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,353 | 1,352 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 109 | $ 49 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization expense | $ 1,200 | $ 1,400 | $ 3,600 | $ 4,200 |
Disposal of property plant and equipment | $ 0 | |||
Loss on disposal of property and equipment | 100 | 78 | 22 | |
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal of property plant and equipment | $ 100 | $ 100 | 1,300 | |
Computer hardware | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal of property plant and equipment | 100 | |||
Office furniture and fixtures and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal of property plant and equipment | $ 100 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued hosting costs | $ 2,006 | $ 1,229 |
Accrued legal costs | 1,975 | 760 |
Accrued marketing and tradeshow expenses | 1,868 | 596 |
Accrued third party license fees | 957 | 570 |
Accrued contract labor costs | 683 | 908 |
Accrued reimbursable employee expenses | 481 | 231 |
Accrued audit and tax expenses | 256 | 370 |
Accrued taxes payable | 0 | 527 |
Other accrued expenses | 2,052 | 630 |
Total | $ 10,278 | $ 5,821 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Nov. 30, 2017 | Sep. 30, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Outstanding letters of credit | $ 11,200,000 | $ 11,200,000 | |
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility | $ 20,000,000 | ||
Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of credit, outstanding borrowings | $ 0 | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Unused credit facility fee (as a percent) | 0.15% | ||
Quick ratio | 135.00% | ||
Minimum | London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Interest rate margin | 2.00% | ||
Minimum | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Interest rate margin | 1.00% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Unused credit facility fee (as a percent) | 0.25% | ||
Maximum | London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Interest rate margin | 2.50% | ||
Maximum | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Interest rate margin | 1.50% |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Line Items] | ||||
Effective tax rate | (0.30%) | (7.60%) | (0.70%) | (1.30%) |
Net unrecognized tax benefits which would impact effective tax rate if recognized | $ 2.3 | $ 2.3 | ||
Minimum | Subsidiaries | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 0.00% | |||
Maximum | Subsidiaries | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 32.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option granted (in shares) | 0 | 0 | |||
Exercise price of stock options granted (in usd per share) | $ 0 | ||||
Service period (in years) | 4 years 2 months 12 days | 4 years 10 months 24 days | |||
Vested in period, value | $ 10.7 | $ 1.4 | |||
Compensation cost related to nonvested stock options not yet recognized | $ 0.1 | ||||
Unrecognized compensation cost related to nonvested stock option recognized over weighted average period (in years) | 7 months 6 days | ||||
Non-vested restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to unvested restricted stock units | $ 64.6 | ||||
Weighted average remaining vesting period (in years) | 2 years 2 months 12 days | ||||
2017 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available to be issued (in shares) | 4,077,122 | ||||
Vesting, consecutive days (in days) | 90 days | ||||
Vesting, change in control period (in years) | 5 years | ||||
2017 Equity Incentive Plan | Class A Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available to be issued (in shares) | 7,177,909 | 6,421,442 | |||
2007 Stock Option Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available to be issued (in shares) | 421,442 | ||||
Number of shares available for grants (in shares) | 0 | ||||
Chief Executive Officer | 2017 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option granted (in shares) | 700,000 | ||||
Exercise price of stock options granted (in usd per share) | $ 33.98 | ||||
Share price (in usd per share) | $ 84.63 | ||||
Value of award at grant date | $ 9.5 | ||||
Service period (in years) | 2 years 7 months 6 days | ||||
Chief Executive Officer | 2019 CEO Grant | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognition of stock-based compensation expense accelerated | $ 3.3 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Number of Shares | |||
Outstanding at beginning of period (in shares) | 3,399,240 | ||
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (346,880) | ||
Expired (in shares) | (1,080) | ||
Forfeited (in shares) | (11,420) | ||
Outstanding at ending of period (in shares) | 3,039,860 | 3,399,240 | |
Exercisable at end of period (in shares) | 2,844,040 | ||
Weighted Average Exercise Price | |||
Outstanding at beginning of period (in usd per share) | $ 14.06 | ||
Granted (in usd per share) | 0 | ||
Exercised (in usd per share) | 6.82 | ||
Expired (in usd per share) | 6.47 | ||
Forfeited (in usd per share) | 11.67 | ||
Outstanding at ending of period (in usd per share) | 14.90 | $ 14.06 | |
Exercisable at end of period (in usd per share) | $ 15.12 | ||
Weighted Average Remaining Contractual Term (Years) | |||
Outstanding (in years) | 4 years 2 months 12 days | 4 years 10 months 24 days | |
Exercisable at end of period (in years) | 4 years 1 month 6 days | ||
Aggregate Intrinsic Value (in thousands) | |||
Outstanding | $ 235,916 | $ 503,174 | |
Exercised | 37,837 | ||
Exercisable at end of period | $ 220,107 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Detail) - Non-vested restricted stock units | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Shares | |
Non-vested outstanding at beginning of period (in shares) | shares | 1,165,003 |
Granted (in shares) | shares | 275,699 |
Vested (in shares) | shares | (137,498) |
Forfeited (in shares) | shares | (67,324) |
Non-vested outstanding at end of period (in shares) | shares | 1,235,880 |
Weighted Average Grant Date Fair Value | |
Non-vested outstanding at beginning of period (in usd per share) | $ / shares | $ 46.04 |
Granted (in usd per share) | $ / shares | 123.54 |
Vested (in usd per share) | $ / shares | 45.18 |
Forfeited (in usd per share) | $ / shares | 60.14 |
Non-vested outstanding at end of period (in usd per share) | $ / shares | $ 62.67 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 5,200 | $ 3,578 | $ 17,692 | $ 10,668 |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 4,997 | 2,494 | 13,405 | 7,268 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 47 | 992 | 3,820 | 3,123 |
Common stock awards to Board of Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 156 | $ 92 | $ 467 | $ 277 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 5,200 | $ 3,578 | $ 17,692 | $ 10,668 |
Subscriptions | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 381 | 236 | 973 | 678 |
Professional services | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 777 | 406 | 2,283 | 935 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,448 | 427 | 3,753 | 1,837 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,263 | 669 | 3,347 | 1,841 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 1,331 | $ 1,840 | $ 7,336 | $ 5,377 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) | 9 Months Ended | |
Sep. 30, 2021vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 39,667,317 | 38,971,324 |
Common stock, shares outstanding (in shares) | 39,667,317 | 38,971,324 |
Number of votes entitled to stockholders per share | vote | 1 | |
Conversion of stock (in shares) | 1 | |
Maximum percentage of aggregate voting power of capital stock which triggers conversion of stock | 10.00% | |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 31,499,516 | 31,707,866 |
Common stock, shares outstanding (in shares) | 31,499,516 | 31,707,866 |
Number of votes entitled to stockholders per share | vote | 10 |
Basic and Diluted Loss per Co_3
Basic and Diluted Loss per Common Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding (in shares) | 3,039,860 | 3,882,588 |
Non-vested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding (in shares) | 1,235,880 | 1,110,438 |
Commitments and Contingencies -
Commitments and Contingencies -Narrative (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Jul. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |||
Purchase obligation | $ 131 | ||
Purchase obligation, year one | 22 | ||
Purchase obligation, year two | 25 | ||
Purchase obligation, year three | 28 | ||
Purchase obligation, year four | 28 | ||
Purchase obligation, year five | $ 28 | ||
Outstanding letters of credit | $ 11.2 | $ 11.2 |
Segment and Geographic Inform_3
Segment and Geographic Information - Summary of Revenues By Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 92,417 | $ 77,304 | $ 264,271 | $ 222,943 |
Domestic | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 62,815 | 52,424 | 176,801 | 147,070 |
International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 29,602 | $ 24,880 | $ 87,470 | $ 75,873 |
Segment and Geographic Inform_4
Segment and Geographic Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Sales Revenue, Net | Geographic Concentration Risk | United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Concentration risk, percentage | 13.60% | 12.80% |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Components of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | $ 120,769 | $ 189,611 |
Unrealized Gains (Losses) | 9 | (22) |
Market Value | 120,778 | 189,589 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 59,394 | 43,643 |
Short-Term Investments and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 61,384 | 109,826 |
Long-Term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 36,120 |
Level 1 | Money market fund | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 59,394 | 27,150 |
Unrealized Gains (Losses) | 0 | 0 |
Market Value | 59,394 | 27,150 |
Level 1 | Money market fund | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 59,394 | 27,150 |
Level 1 | Money market fund | Short-Term Investments and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 0 |
Level 1 | Money market fund | Long-Term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 0 |
Level 1 | U.S. Treasury bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 16,364 | 24,445 |
Unrealized Gains (Losses) | 2 | (3) |
Market Value | 16,366 | 24,442 |
Level 1 | U.S. Treasury bonds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 0 |
Level 1 | U.S. Treasury bonds | Short-Term Investments and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 16,366 | 16,273 |
Level 1 | U.S. Treasury bonds | Long-Term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 8,169 |
Level 2 | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 10,976 | 76,905 |
Unrealized Gains (Losses) | 0 | 0 |
Market Value | 10,976 | 76,905 |
Level 2 | Commercial paper | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 16,493 |
Level 2 | Commercial paper | Short-Term Investments and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 10,976 | 60,412 |
Level 2 | Commercial paper | Long-Term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 0 |
Level 2 | Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 12,779 | 34,738 |
Unrealized Gains (Losses) | 2 | (11) |
Market Value | 12,781 | 34,727 |
Level 2 | Corporate bonds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 0 |
Level 2 | Corporate bonds | Short-Term Investments and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 12,781 | 27,542 |
Level 2 | Corporate bonds | Long-Term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 7,185 |
Level 2 | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 21,256 | 26,373 |
Unrealized Gains (Losses) | 5 | (8) |
Market Value | 21,261 | 26,365 |
Level 2 | Asset-backed securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 0 | 0 |
Level 2 | Asset-backed securities | Short-Term Investments and Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | 21,261 | 5,599 |
Level 2 | Asset-backed securities | Long-Term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Market Value | $ 0 | $ 20,766 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Amortized Cost Basis and Fair Value of Debt Securities by Contractual Maturity (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Cost Basis | |
Due in one year or less | $ 120,769 |
Fair Value | |
Due in one year or less | $ 120,778 |