Workiva (WK) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 29, 2019
Entity Information [Line Items]
Entity Registrant Name	WORKIVA INC
Entity Central Index Key	0001445305
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		35,733,931
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,425,596

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 78,736	$ 77,584
Marketable securities	35,668	20,764
Accounts receivable, net of allowance for doubtful accounts of $769 and $956 at March 31, 2019 and December 31, 2018, respectively	50,560	65,107
Deferred commissions	9,500	8,178
Other receivables	1,395	1,181
Prepaid expenses	7,656	4,417
Total current assets	183,515	177,231
Property and equipment, net	41,049	41,468
Operating lease right-of-use assets	17,057	0
Deferred commissions, non-current	11,296	10,569
Intangible assets, net	1,322	1,266
Other assets	2,042	577
Total assets	256,281	231,111
Current liabilities
Accounts payable	3,182	5,461
Accrued expenses and other current liabilities	33,416	36,353
Deferred revenue	149,943	148,545
Current portion of financing obligations	1,253
Current portion of financing obligations		1,222
Total current liabilities	187,794	191,581
Deferred revenue, non-current	25,933	25,171
Other long-term liabilities	969	6,891
Operating lease liabilities, non-current	20,846	0
Financing obligations, non-current	16,883
Financing obligations, non-current		17,208
Total liabilities	252,425	240,851
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	318,151	297,145
Accumulated deficit	(314,490)	(307,027)
Accumulated other comprehensive income	150	98
Total stockholders’ equity (deficit)	3,856	(9,740)
Total liabilities and stockholders’ equity (deficit)	256,281	231,111
Class A Common Stock
Stockholders’ equity (deficit)
Common stock	36	34
Class B Common Stock
Stockholders’ equity (deficit)
Common stock	$ 9	$ 10

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 769	$ 956
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	35,695,049	34,498,391
Common stock, shares outstanding	35,695,049	34,498,391
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized	500,000,000	500,000,000
Common stock, shares issued	9,425,596	9,545,596
Common stock, shares outstanding	9,425,596	9,545,596

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue
Total revenues	$ 69,963	$ 59,906
Cost of revenue
Total cost of revenue	19,536	16,511
Gross profit	50,427	43,395
Operating expenses
Research and development	22,011	20,127
Sales and marketing	25,365	21,006
General and administrative	10,383	11,768
Total operating expenses	57,759	52,901
Loss from operations	(7,332)	(9,506)
Interest expense	(440)	(450)
Other income, net	320	343
Loss before provision for income taxes	(7,452)	(9,613)
Provision for income taxes	11	5
Net loss	$ (7,463)	$ (9,618)
Net loss per common share:
Basic and diluted (in dollars per share)	$ (0.17)	$ (0.22)
Weighted-average common shares outstanding - basic and diluted (in shares)	45,229,279	42,858,756
Subscription and support
Revenue
Total revenues	$ 56,123	$ 46,470
Cost of revenue
Total cost of revenue	9,809	8,802
Professional Services
Revenue
Total revenues	13,840	13,436
Cost of revenue
Total cost of revenue	$ 9,727	$ 7,709

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,463)	$ (9,618)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment, net of income tax benefit (expense) of ($3) and $0 for the three months ended March 31, 2019 and 2018, respectively	9	(11)
Unrealized gain (loss) on available-for-sale securities, net of income tax benefit (expense) of ($15) and $0 for the three months ended March 31, 2019 and 2018, respectively	43	(45)
Other comprehensive income (loss), net of tax	52	(56)
Comprehensive loss	$ (7,411)	$ (9,674)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax (expense) benefit	$ (3)	$ 0
Unrealized gain on available-for-sale securities, tax benefit (expense)	$ (15)	$ 0

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock (Class A and B)	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Shares, Outstanding, Beginning at Dec. 31, 2017		42,369,000
Beginning of the period at Dec. 31, 2017	$ (16,934)	$ 42	$ 248,289	$ 72	$ (265,337)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,905		5,905
Issuance of common stock upon exercise of stock options (in shares)		296,000
Issuance of common stock upon exercise of stock options	3,076	$ 1	3,075
Issuance of common stock under employee stock purchase plan (in shares)		80,000
Issuance of common stock under employee stock purchase plan	1,370		1,370
Issuance of restricted stock units (in shares)		9,000
Tax witholdings related to net share settlements of stock-based compensation awards (in shares)		(61,000)
Tax witholdings related to net share settlements of stock-based compensation awards	(1,342)		(1,342)
Net loss	(9,618)				(9,618)
Other comprehensive income (loss)	(56)			(56)
End of period at Mar. 31, 2018	(9,218)	$ 43	257,297	16	(266,574)
Shares, Outstanding, Ending at Mar. 31, 2018		42,693,000
Shares, Outstanding, Beginning at Dec. 31, 2018		44,044,000
Beginning of the period at Dec. 31, 2018	(9,740)	$ 44	297,145	98	(307,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 8,193		8,193
Issuance of common stock upon exercise of stock options (in shares)	960,802	961,000
Issuance of common stock upon exercise of stock options	$ 11,055	$ 1	11,054
Issuance of common stock under employee stock purchase plan (in shares)		101,000
Issuance of common stock under employee stock purchase plan	2,149		2,149
Issuance of restricted stock units (in shares)		25,000
Tax witholdings related to net share settlements of stock-based compensation awards (in shares)		(10,000)
Tax witholdings related to net share settlements of stock-based compensation awards	(390)		(390)
Net loss	(7,463)				(7,463)
Other comprehensive income (loss)	52			52
End of period at Mar. 31, 2019	$ 3,856	$ 45	$ 318,151	$ 150	$ (314,490)
Shares, Outstanding, Ending at Mar. 31, 2019		45,121,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (7,463)	$ (9,618)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	903	872
Stock-based compensation expense	8,193	5,905
(Recovery of) provision for doubtful accounts	(187)	44
(Accretion) amortization of premiums and discounts on marketable securities, net	(81)	18
Deferred income tax	(18)	0
Changes in assets and liabilities:
Accounts receivable	14,818	6,542
Deferred commissions	(2,029)	(1,649)
Operating lease right-of-use asset	668	0
Other receivables	(214)	27
Prepaid expenses and other	(3,236)	231
Other assets	(1,464)	(58)
Accounts payable	(1,562)	2,677
Deferred revenue	1,987	(2,345)
Operating lease liability	(655)	0
Accrued expenses and other liabilities	(4,541)	(863)
Net cash provided by operating activities	5,119	1,783
Cash flows from investing activities
Purchase of property and equipment	(1,743)	(9)
Purchase of marketable securities	(22,155)	0
Maturities of marketable securities	7,390	500
Purchase of intangible assets	(84)	(64)
Net cash (used in) provided by investing activities	(16,592)	427
Cash flows from financing activities
Proceeds from option exercises	11,055	3,075
Taxes paid related to net share settlements of stock-based compensation awards	(390)	(1,342)
Proceeds from shares issued in connection with employee stock purchase plan	2,149	1,370
Principal payments on capital lease and financing obligations	(294)	(298)
Net cash provided by financing activities	12,520	2,805
Effect of foreign exchange rates on cash	105	(92)
Net increase in cash and cash equivalents	1,152	4,923
Cash and cash equivalents at beginning of period	77,584	60,333
Cash and cash equivalents at end of period	78,736	65,256
Supplemental cash flow disclosure
Cash paid for interest	464	433
Cash paid for income taxes, net of refunds	233	2
Supplemental disclosure of noncash investing and financing activities
Allowance for tenant improvements	0	22
Purchases of property and equipment, accrued but not paid	$ 0	$ 175

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company” or “we” or “us”) is a leading provider of cloud-based solutions for connected data, reporting and compliance. Our platform, Wdesk, is used by thousands of public and private companies, government agencies and higher-education institutions. Wdesk offers controlled collaboration, data linking, data integrations, granular permissions, process management and a full audit trail. We sell to customers in the areas of: finance and accounting; risk and controls; regulatory reporting; financial close, management and performance reporting; and statutory and corporate tax reporting. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, the Asia-Pacific region and Canada. We updated our accounting policies on the use of estimates, impairment of long-lived assets and leases as a result of our adopting Financial Accounting Standards Board (FASB) guidance issued in accounting standards codification (ASC) 842, Leases , under the Accounting Standards Update (ASU) 2016-02 (collectively the new lease standard). Otherwise, there have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 20, 2019, that have had a material impact on our condensed consolidated financial statements and related notes. Basis of Presentation and Principles of Consolidation The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2018 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three months ended March 31, 2019 are not necessarily indicative of the results expected for the full year ending December 31, 2019. Seasonality has affected our revenue, expenses and cash flows from operations. Revenue from professional services has been higher in the first quarter as many of our customers file their Form 10-K in the first calendar quarter. Sales and marketing expense has been higher in the third quarter due to our annual user conference in September. In addition, the timing of the payments of cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. The condensed consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on February 20, 2019. The unaudited condensed consolidated financial statements include the accounts of Workiva Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Additionally, certain prior period amounts have been reclassified for consistency with the current year presentation. The reclassification of the prior period amounts were not material to the previously reported consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. Impairment of Long-Lived Assets Long-lived assets, such as property, equipment, right-of-use assets and software and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities on our condensed consolidated balance sheets. We currently have no finance leases. 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. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. We have elected to account for these lease and non-lease components as a single lease component. We are also electing not to apply the recognition requirements to short-term leases of 12 months or less and instead will recognize lease payments as expense on a straight-line basis over the lease term. In February 2016, the Financial Accounting Standards Board ("FASB") issued guidance codified in ASC 842, Leases , which supersedes the guidance in former ASC 840, Leases , to increase transparency and comparability among organizations by requiring recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements (with the exception of short-term leases). In July 2018, the FASB issued an update (ASU 2018-11) to the existing transition guidance that allows entities to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Effective January 1, 2019, we adopted ASC 842 using this new transition guidance. The comparative information has not been restated and continues to be reported under the accounting standard in effect for those periods. We have elected to use the package of practical expedients, which allows us to not (1) reassess whether any expired or existing contracts are considered or contain leases; (2) reassess the lease classification for any expired or existing leases; and (3) reassess the initial direct costs for any existing leases. We did not elect the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. Adoption of the new standard had a material impact on our condensed consolidated balance sheets. The most significant impacts related to the recognition of right-of-use assets and lease liabilities for operating leases. The adoption of ASC 842 had no impact on our condensed consolidated statements of operations or total cash flows from operations. The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASC 842 were as follows (in thousands): As of December 31, 2018 Adjustments due to ASC 842 adoption As of January 1, 2019 Assets Operating right-of-use asset $ — $ 15,694 $ 15,694 Liabilities Accrued expenses and other current liabilities 36,353 2,319 38,672 Other long-term liabilities 6,891 (6,007) 884 Operating lease liabilities, non-current — 19,382 19,382 New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. The standard will become effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We plan to adopt this standard on the effective date and are currently evaluating the impact of this new standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. The update will become effective for interim and annual periods beginning after December 15, 2019 and may be adopted either retrospectively or prospectively. Early adoption is permitted. We plan to adopt this standard prospectively. We are currently evaluating the impact that adoption of this ASU will have on our consolidated financial statements and whether or not to early adopt.

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet and Statement of Operations Information	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Consolidated Balance Sheet and Statement of Operations Information	Supplemental Consolidated Balance Sheet and Statement of Operations Information Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of (in thousands): March 31, 2019 December 31, 2018 Accrued vacation $ 7,592 $ 6,906 Accrued commissions 3,704 7,265 Accrued bonuses 3,729 5,643 Estimated health insurance claims 1,050 1,100 ESPP employee contributions 1,510 2,156 Customer deposits 7,364 7,395 Operating lease liabilities 2,740 — Accrued other liabilities 5,727 5,888 $ 33,416 $ 36,353

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities At March 31, 2019, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 55,217 $ — $ — $ 55,217 Commercial paper 7,483 — — 7,483 U.S. treasury debt securities 3,917 1 — 3,918 U.S. corporate debt securities 24,278 19 (30) 24,267 $ 90,895 $ 20 $ (30) $ 90,885 Included in cash and cash equivalents $ 55,217 $ — $ — $ 55,217 Included in marketable securities $ 35,678 $ 20 $ (30) $ 35,668 At December 31, 2018, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 52,068 $ — $ — $ 52,068 Commercial paper 7,448 — — 7,448 U.S. treasury debt securities 2,494 — (1) 2,493 U.S. corporate debt securities 10,890 — (67) 10,823 $ 72,900 $ — $ (68) $ 72,832 Included in cash and cash equivalents $ 52,068 $ — $ — $ 52,068 Included in marketable securities $ 20,832 $ — $ (68) $ 20,764 The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of March 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2019 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ — $ — $ — $ — U.S. corporate debt securities 4,980 (1) 5,479 (29) Total $ 4,980 $ (1) $ 5,479 $ (29) We do not believe any of the unrealized losses represented an other-than-temporary impairment based on our evaluation of available evidence, which includes our intent as of March 31, 2019 to hold these investments until the cost basis is recovered.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. Financial Assets Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of March 31, 2019, all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2. Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2 and we have no financial assets measured using Level 3 inputs. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of March 31, 2019 Fair Value Measurements as of December 31, 2018 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 55,217 $ 55,217 $ — $ 52,068 $ 52,068 $ — Commercial paper 7,483 — 7,483 7,448 — 7,448 U.S. treasury debt securities 3,918 — 3,918 2,493 — 2,493 U.S. corporate debt securities 24,267 — 24,267 10,823 — 10,823 $ 90,885 $ 55,217 $ 35,668 $ 72,832 $ 52,068 $ 20,764 Included in cash and cash equivalents $ 55,217 $ 52,068 Included in marketable securities $ 35,668 $ 20,764

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Operating Leases We lease certain office and residential space under non-cancelable operating leases with various lease terms through June 2043. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Certain office leases include one or more options to renew, with renewal terms that can extend the lease term from 3 to 5 years. The exercise of lease renewal options is at our sole discretion and is generally excluded from the lease term at lease inception. Our leases generally require us to pay a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to a base or fixed rent. The components of lease expense were as follows (in thousands): Three months ended March 31, 2019 Operating lease cost $ 925 Short-term lease cost 239 Variable lease cost 203 $ 1,367 Other supplemental information related to leases was as follows (dollar amounts in thousands): Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 960 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,033 Weighted Average Remaining Lease Term (in years) Operating leases 8.2 Weighted Average Discount Rate Operating leases 5.7 % As of March 31, 2019, future estimated minimum lease payments under non-cancelable operating leases were as follows (in thousands): Operating Leases Remainder of 2019 $ 3,011 2020 4,193 2021 4,233 2022 3,867 2023 3,536 Thereafter 11,255 Total minimum lease payments 30,095 Less: Amount representing interest (6,509) Total $ 23,586

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. We utilize stock-based compensation in the form of restricted stock awards, restricted stock units, options to purchase Class A common stock and Employee Stock Purchase Plan (“ESPP”) purchase rights. As of March 31, 2019, awards outstanding under the 2009 Plan consisted of stock options, and awards outstanding under the 2014 Plan consisted of stock options and restricted stock units. As of March 31, 2019, 2,521,272 shares of Class A common stock were available for grant under the 2014 Plan. Our ESPP became effective on June 13, 2017. Under the ESPP, eligible employees are granted options to purchase shares of Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. Options to purchase shares are granted twice yearly on or about January 15 and July 15 and are exercisable on or about the succeeding July 14 and January 14, respectively, of each year. As of March 31, 2019, 4,719,674 shares of Class A common stock were available for issuance under the ESPP. No participant may purchase more than $12,500 worth of common stock in a six Stock-Based Compensation Expense Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Three months ended March 31, 2019 2018 Cost of revenue Subscription and support $ 357 $ 171 Professional services 409 150 Operating expenses Research and development 1,900 1,021 Sales and marketing 1,964 1,113 General and administrative 3,563 3,450 Total $ 8,193 $ 5,905 Stock Options The following table summarizes the option activity under the Plans for the three months ended March 31, 2019: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 6,400,175 $ 13.65 6.1 $ 142,340 Granted — — Forfeited (9,153) 16.65 Exercised (960,802) 11.51 Outstanding at March 31, 2019 5,430,220 $ 14.02 6.1 $ 199,157 Exercisable at March 31, 2019 4,330,467 $ 13.34 5.7 $ 161,785 Options to purchase Class A common stock generally vest over a three four ten No options were granted during the three months ended March 31, 2019 and 2018. The total fair value of options vested during the three months ended March 31, 2019 and 2018 was approximately $2.7 million and $4.6 million, respectively. Total unrecognized compensation expense of $6.9 million related to options will be recognized over a weighted-average period of 1.8 years. Restricted Stock Units Restricted stock units granted to employees generally vest over a three four three one The following table summarizes the restricted stock unit activity under the Plan for the three months ended March 31, 2019: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2018 2,359,261 $ 23.95 Granted 613,889 39.24 Forfeited (25,238) 26.43 Vested (1) (247,419) 17.50 Unvested at March 31, 2019 2,700,493 $ 27.99 (1) As of March 31, 2019, recipients of 222,614 shares had elected to defer settlement of the vested restricted stock units in accordance with our Nonqualified Deferred Compensation Plan resulting in total deferred units of 777,235 as of March 31, 2019. Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At March 31, 2019, there was approximately $58.7 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.5 years. Employee Stock Purchase Plan The fair value of each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our common stock. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding. The expected term for the ESPP purchase rights approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) with a maturity similar to the estimated expected term of the ESPP purchase rights. The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Three months ended March 31, 2019 2018 Expected term (in years) 0.5 0.5 Risk-free interest rate 2.6% 1.8% Expected volatility 48.6% 22.2% During the three months ended March 31, 2019, 100,949 shares of common stock were purchased under the ESPP at a weighted-average price of $21.29 per share, resulting in cash proceeds of $2.1 million.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents our revenues disaggregated by industry (in thousands). Certain prior year amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on total revenue. Three months ended March 31, 2019 2018 Information technology $ 9,162 $ 7,359 Consumer discretionary 7,979 6,851 Industrials 7,792 6,872 Diversified financials 7,438 6,898 Banks 6,678 5,843 Healthcare 6,584 5,344 Energy 5,644 4,852 Other 18,686 15,887 Total revenues $ 69,963 $ 59,906 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended March 31, 2019 2018 Subscription and support $ 56,123 $ 46,470 XBRL professional services 11,410 9,852 Other services 2,430 3,584 Total revenues $ 69,963 $ 59,906 Deferred Revenue During the three months ended March 31, 2019, we recognized $51.3 million of revenue that was included in the deferred revenue balance at the beginning of the period. Transaction Price Allocated to the Remaining Performance Obligations

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including our outstanding stock options, stock related to unvested restricted stock units, and common stock issuable pursuant to the ESPP to the extent dilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The net loss per share is allocated based on the participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Three months ended March 31, 2019 March 31, 2018 Class A Class B Class A Class B Numerator Net loss $ (5,898) $ (1,565) $ (7,330) $ (2,288) Denominator Weighted-average common shares outstanding - basic and diluted 35,746,572 9,482,707 32,662,318 10,196,438 Basic and diluted net loss per share $ (0.17) $ (0.17) $ (0.22) $ (0.22) The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of March 31, 2019 March 31, 2018 Shares subject to outstanding common stock options 5,430,220 7,807,606 Shares subject to unvested restricted stock units 2,700,493 1,917,048 Shares issuable pursuant to the ESPP 92,664 107,764

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2018 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three months ended March 31, 2019 are not necessarily indicative of the results expected for the full year ending December 31, 2019.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Additionally, certain prior period amounts have been reclassified for consistency with the current year presentation.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates.
Impairment of Long-Lived Assets	Long-lived assets, such as property, equipment, right-of-use assets and software and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for possible impairment, we first compare the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.
Leases	We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities on our condensed consolidated balance sheets. We currently have no finance leases. 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. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. We have elected to account for these lease and non-lease components as a single lease component. We are also electing not to apply the recognition requirements to short-term leases of 12 months or less and instead will recognize lease payments as expense on a straight-line basis over the lease term. In February 2016, the Financial Accounting Standards Board ("FASB") issued guidance codified in ASC 842, Leases , which supersedes the guidance in former ASC 840, Leases , to increase transparency and comparability among organizations by requiring recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements (with the exception of short-term leases). In July 2018, the FASB issued an update (ASU 2018-11) to the existing transition guidance that allows entities to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Effective January 1, 2019, we adopted ASC 842 using this new transition guidance. The comparative information has not been restated and continues to be reported under the accounting standard in effect for those periods. We have elected to use the package of practical expedients, which allows us to not (1) reassess whether any expired or existing contracts are considered or contain leases; (2) reassess the lease classification for any expired or existing leases; and (3) reassess the initial direct costs for any existing leases. We did not elect the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. Adoption of the new standard had a material impact on our condensed consolidated balance sheets. The most significant impacts related to the recognition of right-of-use assets and lease liabilities for operating leases. The adoption of ASC 842 had no impact on our condensed consolidated statements of operations or total cash flows from operations. The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASC 842 were as follows (in thousands): As of December 31, 2018 Adjustments due to ASC 842 adoption As of January 1, 2019 Assets Operating right-of-use asset $ — $ 15,694 $ 15,694 Liabilities Accrued expenses and other current liabilities 36,353 2,319 38,672 Other long-term liabilities 6,891 (6,007) 884 Operating lease liabilities, non-current — 19,382 19,382
New Accounting Pronouncements Not Yet Adopted	In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects probable losses rather than the incurred loss model for recognizing credit losses. The standard will become effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We plan to adopt this standard on the effective date and are currently evaluating the impact of this new standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which clarifies the accounting for implementation costs in cloud computing arrangements. The update will become effective for interim and annual periods beginning after December 15, 2019 and may be adopted either retrospectively or prospectively. Early adoption is permitted. We plan to adopt this standard prospectively. We are currently evaluating the impact that adoption of this ASU will have on our consolidated financial statements and whether or not to early adopt.
Fair Value of Financial Instruments	Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service.
Stock-based Compensation	The fair value of each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our common stock. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding. The expected term for the ESPP purchase rights approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) with a maturity similar to the estimated expected term of the ESPP purchase rights.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The cumulative effect of the changes made to our consolidated January 1, 2019 balance sheet for the adoption of ASC 842 were as follows (in thousands): As of December 31, 2018 Adjustments due to ASC 842 adoption As of January 1, 2019 Assets Operating right-of-use asset $ — $ 15,694 $ 15,694 Liabilities Accrued expenses and other current liabilities 36,353 2,319 38,672 Other long-term liabilities 6,891 (6,007) 884 Operating lease liabilities, non-current — 19,382 19,382

Supplemental Consolidated Bal_2

Supplemental Consolidated Balance Sheet and Statement of Operations Information (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of (in thousands): March 31, 2019 December 31, 2018 Accrued vacation $ 7,592 $ 6,906 Accrued commissions 3,704 7,265 Accrued bonuses 3,729 5,643 Estimated health insurance claims 1,050 1,100 ESPP employee contributions 1,510 2,156 Customer deposits 7,364 7,395 Operating lease liabilities 2,740 — Accrued other liabilities 5,727 5,888 $ 33,416 $ 36,353

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	At March 31, 2019, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 55,217 $ — $ — $ 55,217 Commercial paper 7,483 — — 7,483 U.S. treasury debt securities 3,917 1 — 3,918 U.S. corporate debt securities 24,278 19 (30) 24,267 $ 90,895 $ 20 $ (30) $ 90,885 Included in cash and cash equivalents $ 55,217 $ — $ — $ 55,217 Included in marketable securities $ 35,678 $ 20 $ (30) $ 35,668 At December 31, 2018, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 52,068 $ — $ — $ 52,068 Commercial paper 7,448 — — 7,448 U.S. treasury debt securities 2,494 — (1) 2,493 U.S. corporate debt securities 10,890 — (67) 10,823 $ 72,900 $ — $ (68) $ 72,832 Included in cash and cash equivalents $ 52,068 $ — $ — $ 52,068 Included in marketable securities $ 20,832 $ — $ (68) $ 20,764
Schedule of Cash and Cash Equivalents	At March 31, 2019, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 55,217 $ — $ — $ 55,217 Commercial paper 7,483 — — 7,483 U.S. treasury debt securities 3,917 1 — 3,918 U.S. corporate debt securities 24,278 19 (30) 24,267 $ 90,895 $ 20 $ (30) $ 90,885 Included in cash and cash equivalents $ 55,217 $ — $ — $ 55,217 Included in marketable securities $ 35,678 $ 20 $ (30) $ 35,668 At December 31, 2018, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 52,068 $ — $ — $ 52,068 Commercial paper 7,448 — — 7,448 U.S. treasury debt securities 2,494 — (1) 2,493 U.S. corporate debt securities 10,890 — (67) 10,823 $ 72,900 $ — $ (68) $ 72,832 Included in cash and cash equivalents $ 52,068 $ — $ — $ 52,068 Included in marketable securities $ 20,832 $ — $ (68) $ 20,764
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position	The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of March 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2019 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ — $ — $ — $ — U.S. corporate debt securities 4,980 (1) 5,479 (29) Total $ 4,980 $ (1) $ 5,479 $ (29)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Assets Measured on Recurring Basis	The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of March 31, 2019 Fair Value Measurements as of December 31, 2018 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 55,217 $ 55,217 $ — $ 52,068 $ 52,068 $ — Commercial paper 7,483 — 7,483 7,448 — 7,448 U.S. treasury debt securities 3,918 — 3,918 2,493 — 2,493 U.S. corporate debt securities 24,267 — 24,267 10,823 — 10,823 $ 90,885 $ 55,217 $ 35,668 $ 72,832 $ 52,068 $ 20,764 Included in cash and cash equivalents $ 55,217 $ 52,068 Included in marketable securities $ 35,668 $ 20,764

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Lease Expense Components, Supplemental Cash Flow Information and Other Information	The components of lease expense were as follows (in thousands): Three months ended March 31, 2019 Operating lease cost $ 925 Short-term lease cost 239 Variable lease cost 203 $ 1,367 Other supplemental information related to leases was as follows (dollar amounts in thousands): Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 960 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,033 Weighted Average Remaining Lease Term (in years) Operating leases 8.2 Weighted Average Discount Rate Operating leases 5.7 %
Summary of Future Estimated Minimum Lease Payments	As of March 31, 2019, future estimated minimum lease payments under non-cancelable operating leases were as follows (in thousands): Operating Leases Remainder of 2019 $ 3,011 2020 4,193 2021 4,233 2022 3,867 2023 3,536 Thereafter 11,255 Total minimum lease payments 30,095 Less: Amount representing interest (6,509) Total $ 23,586

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Three months ended March 31, 2019 2018 Cost of revenue Subscription and support $ 357 $ 171 Professional services 409 150 Operating expenses Research and development 1,900 1,021 Sales and marketing 1,964 1,113 General and administrative 3,563 3,450 Total $ 8,193 $ 5,905
Schedule of Stock-Option Activity	The following table summarizes the option activity under the Plans for the three months ended March 31, 2019: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 6,400,175 $ 13.65 6.1 $ 142,340 Granted — — Forfeited (9,153) 16.65 Exercised (960,802) 11.51 Outstanding at March 31, 2019 5,430,220 $ 14.02 6.1 $ 199,157 Exercisable at March 31, 2019 4,330,467 $ 13.34 5.7 $ 161,785
Summary of Restricted Stock Units	The following table summarizes the restricted stock unit activity under the Plan for the three months ended March 31, 2019: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2018 2,359,261 $ 23.95 Granted 613,889 39.24 Forfeited (25,238) 26.43 Vested (1) (247,419) 17.50 Unvested at March 31, 2019 2,700,493 $ 27.99
Schedule of Valuation Assumptions, Employee Stock Purchase Plans	The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Three months ended March 31, 2019 2018 Expected term (in years) 0.5 0.5 Risk-free interest rate 2.6% 1.8% Expected volatility 48.6% 22.2%

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenues disaggregated by industry (in thousands). Certain prior year amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on total revenue. Three months ended March 31, 2019 2018 Information technology $ 9,162 $ 7,359 Consumer discretionary 7,979 6,851 Industrials 7,792 6,872 Diversified financials 7,438 6,898 Banks 6,678 5,843 Healthcare 6,584 5,344 Energy 5,644 4,852 Other 18,686 15,887 Total revenues $ 69,963 $ 59,906 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended March 31, 2019 2018 Subscription and support $ 56,123 $ 46,470 XBRL professional services 11,410 9,852 Other services 2,430 3,584 Total revenues $ 69,963 $ 59,906

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Three months ended March 31, 2019 March 31, 2018 Class A Class B Class A Class B Numerator Net loss $ (5,898) $ (1,565) $ (7,330) $ (2,288) Denominator Weighted-average common shares outstanding - basic and diluted 35,746,572 9,482,707 32,662,318 10,196,438 Basic and diluted net loss per share $ (0.17) $ (0.17) $ (0.22) $ (0.22)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of March 31, 2019 March 31, 2018 Shares subject to outstanding common stock options 5,430,220 7,807,606 Shares subject to unvested restricted stock units 2,700,493 1,917,048 Shares issuable pursuant to the ESPP 92,664 107,764

Organization and Significant _4

Organization and Significant Accounting Policies - Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 17,057	$ 15,694	$ 0
Accrued expenses and other current liabilities	33,416	38,672	36,353
Other long-term liabilities	969	884	6,891
Operating lease liabilities, non-current	$ 20,846	19,382	$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		15,694
Accrued expenses and other current liabilities		2,319
Other long-term liabilities		(6,007)
Operating lease liabilities, non-current		$ 19,382

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet and Statement of Operations Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 7,592		$ 6,906
Accrued commissions	3,704		7,265
Accrued bonuses	3,729		5,643
Estimated health insurance claims	1,050		1,100
ESPP employee contributions	1,510		2,156
Customer deposits	7,364		7,395
Operating lease liabilities	2,740
Accrued other liabilities	5,727		5,888
Accrued expenses and other current liabilities	$ 33,416	$ 38,672	$ 36,353

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 78,736	$ 77,584
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	20	0
Unrealized Losses	(30)	(68)
Cash and cash equivalents and available-for-sale securities, amortized cost	90,895	72,900
Cash and cash equivalents and available-for-sale securities	90,885	72,832
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,483	7,448
Unrealized Gains	0	0
Unrealized Losses	0	0
Aggregate Fair Value	7,483	7,448
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,917	2,494
Unrealized Gains	1	0
Unrealized Losses	0	(1)
Aggregate Fair Value	3,918	2,493
U.S. corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,278	10,890
Unrealized Gains	19	0
Unrealized Losses	(30)	(67)
Aggregate Fair Value	24,267	10,823
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	55,217	52,068
Cash and cash equivalents, aggregate fair value	55,217	52,068
Cash and cash equivalents | Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	55,217	52,068
Cash and cash equivalents, aggregate fair value	55,217	52,068
Marketable securities | U.S. corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,678	20,832
Unrealized Gains	20	0
Unrealized Losses	(30)	(68)
Aggregate Fair Value	$ 35,668	$ 20,764

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2019USD ($)
Fair Value
Less than 12 months	$ 4,980
12 months or greater	5,479
Unrealized Loss
Less than 12 months	(1)
12 months or greater	(29)
U.S. treasury debt securities
Fair Value
Less than 12 months	0
12 months or greater	0
Unrealized Loss
Less than 12 months	0
12 months or greater	0
U.S. corporate debt securities
Fair Value
Less than 12 months	4,980
12 months or greater	5,479
Unrealized Loss
Less than 12 months	(1)
12 months or greater	$ (29)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 7,483	$ 7,448
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,918	2,493
U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	24,267	10,823
U.S. corporate debt securities | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	35,668	20,764
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	55,217	52,068
Money market funds | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	55,217	52,068
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	90,885	72,832
Recurring | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	55,217	52,068
Recurring | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	35,668	20,764
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	7,483	7,448
Recurring | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,918	2,493
Recurring | U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	24,267	10,823
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	55,217	52,068
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	55,217	52,068
Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	55,217	52,068
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	35,668	20,764
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	7,483	7,448
Recurring | Level 2 | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,918	2,493
Recurring | Level 2 | U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	24,267	10,823
Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	$ 0	$ 0

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lease, Cost [Abstract]
Operating lease cost	$ 925
Short-term lease cost	239
Variable lease cost	203
Total lease cost	1,367
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	960
Right-of-use assets obtained in exchange for lease obligations: Operating leases	$ 2,033
Weighted Average Remaining Lease Term (in years) - Operating leases	8 years 2 months 12 days
Weighted Average Discount Rate - Operating leases	5.70%
Operating Lease Liabilities, Payments Due [Abstract]
Remainder of 2019	$ 3,011
2020	4,193
2021	4,233
2022	3,867
2023	3,536
Thereafter	11,255
Total minimum lease payments	30,095
Less: Amount representing interest	(6,509)
Total	$ 23,586
Office | Minimum
Lessee, Lease, Description [Line Items]
Renewal term	3 years
Office | Maximum
Lessee, Lease, Description [Line Items]
Renewal term	5 years

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	Jun. 13, 2017	Mar. 31, 2019
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchase offering period		6 months
Employee Stock Purchase Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant		4,719,674
Purchase price of common stock, percentage of fair market value	85.00%
Maximum stock purchase value per employee	$ 12,500
2014 Equity Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant		2,521,272

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 8,193	$ 5,905
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,900	1,021
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,964	1,113
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	3,563	3,450
Subscription and support | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	357	171
Professional Services | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 409	$ 150

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Options (in shares):
Outstanding beginning of the period (in shares)	6,400,175
Granted (in shares)	0	0
Forfeited (in shares)	(9,153)
Exercised (in shares)	(960,802)
Outstanding end of the period (in shares)	5,430,220		6,400,175
Exercisable (in shares)	4,330,467
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share)	$ 13.65
Granted (in dollars per share)	0
Forfeited (in dollars per share)	16.65
Exercised (in dollars per share)	11.51
Outstanding end of the period (in dollars per share)	14.02		$ 13.65
Exercisable (in dollars per share)	$ 13.34
Outstanding, weighted-average remaining contractual term (years)	6 years 1 month 6 days		6 years 1 month 6 days
Exercisable, weighted-average remaining contractual term (years)	5 years 8 months 12 days
Outstanding, aggregate intrinsic value	$ 199,157		$ 142,340
Exercisable, aggregate intrinsic value	161,785
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised intrinsic value	34,300	$ 3,600
Options vested in period fair value	2,700	$ 4,600
Options unrecognized compensation expense	$ 6,900
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options unrecognized compensation expense, period for recognition (years)	1 year 9 months 18 days
Class A Common Stock | Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expiration period (years)	10 years
Minimum | Class A Common Stock | Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Award vesting period (years)	3 years
Maximum | Class A Common Stock | Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Award vesting period (years)	4 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 4.3	$ 3
Number of Shares (in shares)
Unvested at beginning of period (in shares)	2,359,261
Granted (in shares)	613,889
Forfeited (in shares)	(25,238)
Vested (in shares)	(247,419)
Unvested at end of period (in shares)	2,700,493
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share)	$ 23.95
Granted (in dollars per share)	39.24
Forfeited (in dollars per share)	26.43
Vested (in dollars per share)	17.50
Unvested at end of period (in dollars per share)	$ 27.99
Number of vested shares recipients elected to defer settlement (in shares)	777,235
Unrecognized compensation expense	$ 58.7
Unrecognized compensation expense, period for recognition (years)	2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	4 years
Cliff-vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	3 years
Cliff-vesting | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)	1 year
Deferred Settlement
Number of Shares (in shares)
Vested (in shares)	(222,614)

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 2,149	$ 1,370
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Risk-free interest rate (as percent)	2.60%	1.80%
Expected volatility (as percent)	48.60%	22.20%
Unrecognized compensation expense	$ 580
Unrecognized compensation expense, period for recognition (years)	3 months 18 days
Class A Common Stock | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period	100,949
Shares issued during period, weighted average price per share (in dollars per share)	$ 21.29
Proceeds from shares issued in connection with employee stock purchase plan	$ 2,100

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 69,963	$ 59,906
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenues	56,123	46,470
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenues	11,410	9,852
Other services
Disaggregation of Revenue [Line Items]
Total revenues	2,430	3,584
Information technology
Disaggregation of Revenue [Line Items]
Total revenues	9,162	7,359
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenues	7,979	6,851
Industrials
Disaggregation of Revenue [Line Items]
Total revenues	7,792	6,872
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenues	7,438	6,898
Banks
Disaggregation of Revenue [Line Items]
Total revenues	6,678	5,843
Healthcare
Disaggregation of Revenue [Line Items]
Total revenues	6,584	5,344
Energy
Disaggregation of Revenue [Line Items]
Total revenues	5,644	4,852
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 18,686	$ 15,887

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 51.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 151.3
Expected period of recognition	12 months

Net Loss Per Share - Earnings P

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	45,229,279	42,858,756
Basic and diluted net loss per share (in dollars per share)	$ (0.17)	$ (0.22)
Class A Common Stock
Numerator
Net loss	$ (5,898)	$ (7,330)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	35,746,572	32,662,318
Basic and diluted net loss per share (in dollars per share)	$ (0.17)	$ (0.22)
Class B Common Stock
Numerator
Net loss	$ (1,565)	$ (2,288)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	9,482,707	10,196,438
Basic and diluted net loss per share (in dollars per share)	$ (0.17)	$ (0.22)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shares subject to outstanding common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,430,220	7,807,606
Shares subject to unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,700,493	1,917,048
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	92,664	107,764

Uncategorized Items - wk-201903

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 8,381,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 8,381,000