Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-36773 | ||
Entity Registrant Name | WORKIVA INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-2509828 | ||
Entity Address, Address Line One | 2900 University Blvd | ||
Entity Address, City or Town | Ames | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 50010 | ||
City Area Code | 888 | ||
Local Phone Number | 275-3125 | ||
Title of 12(b) Security | Class A common stock, par value $.001 | ||
Trading Symbol | WK | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 2.1 | ||
Documents Incorporated by Reference | Information required in response to Part III of Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2020. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2019. | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Entity Central Index Key | 0001445305 | ||
Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 38,298,548 | ||
Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,595,596 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 381,742 | $ 77,584 |
Marketable securities | 106,214 | 20,764 |
Accounts receivable, net of allowance for doubtful accounts of $866 and $956 at December 31, 2019 and December 31, 2018, respectively | 60,228 | 65,107 |
Deferred commissions | 14,108 | 8,178 |
Other receivables | 2,432 | 1,181 |
Prepaid expenses and other | 6,508 | 4,417 |
Total current assets | 571,232 | 177,231 |
Property and equipment, net | 39,745 | |
Property and equipment, net | 41,468 | |
Operating lease right-of-use assets | 15,352 | |
Deferred commissions, non-current | 14,977 | 10,569 |
Intangible assets, net | 1,651 | 1,266 |
Other assets | 3,439 | 577 |
Total assets | 646,396 | 231,111 |
Current liabilities | ||
Accounts payable | 7,057 | 5,461 |
Accrued expenses and other current liabilities | 49,930 | 36,353 |
Deferred revenue | 173,617 | 148,545 |
Current portion of financing obligations | 1,328 | 1,222 |
Total current liabilities | 231,932 | 191,581 |
Convertible senior notes, net | 280,601 | 0 |
Deferred revenue, non-current | 32,569 | 25,171 |
Other long-term liabilities | 1,498 | 6,891 |
Operating lease liabilities, non-current | 18,564 | |
Financing obligations, non-current | 15,889 | |
Financing obligations, non-current | 17,208 | |
Total liabilities | 581,053 | 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 | 420,170 | 297,145 |
Accumulated deficit | (355,161) | (307,027) |
Accumulated other comprehensive income | 287 | 98 |
Total stockholders’ equity (deficit) | 65,343 | (9,740) |
Total liabilities and stockholders’ equity (deficit) | 646,396 | 231,111 |
Class A Common Stock | ||
Stockholders’ equity (deficit) | ||
Common stock | 38 | 34 |
Class B Common Stock | ||
Stockholders’ equity (deficit) | ||
Common stock | $ 9 | $ 10 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 866 | $ 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, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 38,043,444 | 34,498,391 |
Common stock, shares outstanding | 38,043,444 | 34,498,391 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 8,595,596 | 9,545,596 |
Common stock, shares outstanding | 8,595,596 | 9,545,596 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||||||||||
Total revenue | $ 80,265 | $ 74,179 | $ 73,484 | $ 69,963 | $ 64,435 | $ 60,873 | $ 59,130 | $ 59,906 | $ 297,891 | $ 244,344 | $ 207,869 |
Cost of revenue | |||||||||||
Total cost of revenue | 23,048 | 21,751 | 20,677 | 19,536 | 17,394 | 15,659 | 16,296 | 16,511 | 85,012 | 65,860 | 60,245 |
Gross profit | 57,217 | 52,428 | 52,807 | 50,427 | 47,041 | 45,214 | 42,834 | 43,395 | 212,879 | 178,484 | 147,624 |
Operating expenses | |||||||||||
Research and development | 23,216 | 22,899 | 21,795 | 22,011 | 20,773 | 19,984 | 20,718 | 20,127 | 89,921 | 81,602 | 68,172 |
Sales and marketing | 33,732 | 32,990 | 28,213 | 25,365 | 23,011 | 24,068 | 22,252 | 21,006 | 120,300 | 90,337 | 84,161 |
General and administrative | 14,754 | 12,017 | 11,226 | 10,383 | 11,047 | 11,864 | 21,654 | 11,768 | 48,380 | 56,333 | 39,594 |
Total operating expenses | 71,702 | 67,906 | 61,234 | 57,759 | 54,831 | 55,916 | 64,624 | 52,901 | 258,601 | 228,272 | 191,927 |
Loss from operations | (14,485) | (15,478) | (8,427) | (7,332) | (7,790) | (10,702) | (21,790) | (9,506) | (45,722) | (49,788) | (44,303) |
Interest income | 2,064 | 1,460 | 641 | 492 | 435 | 341 | 279 | 223 | 4,657 | 1,278 | 586 |
Interest expense | (3,534) | (1,959) | (433) | (440) | (480) | (448) | (449) | (450) | (6,366) | (1,827) | (1,845) |
Other (expense) and income, net | (305) | 24 | (111) | (172) | 318 | (138) | 213 | 120 | (564) | 513 | 1,197 |
Loss before provision for income taxes | (16,260) | (15,953) | (8,330) | (7,452) | (7,517) | (10,947) | (21,747) | (9,613) | (47,995) | (49,824) | (44,365) |
Provision for income taxes | 38 | 98 | (8) | 11 | 204 | 17 | 21 | 5 | 139 | 247 | 61 |
Net loss | $ (16,298) | $ (16,051) | $ (8,322) | $ (7,463) | $ (7,721) | $ (10,964) | $ (21,768) | $ (9,618) | $ (48,134) | $ (50,071) | $ (44,426) |
Earnings Per Share [Abstract] | |||||||||||
Basic and diluted (in dollars per share) | $ (0.35) | $ (0.34) | $ (0.18) | $ (0.17) | $ (0.17) | $ (0.25) | $ (0.50) | $ (0.22) | $ (1.04) | $ (1.15) | $ (1.07) |
Weighted-average common shares outstanding - basic and diluted (in shares) | 47,058,209 | 46,731,663 | 46,166,660 | 45,229,279 | 44,472,672 | 43,973,428 | 43,234,655 | 42,858,756 | 46,302,656 | 43,640,408 | 41,618,838 |
Subscription and support | |||||||||||
Revenue | |||||||||||
Total revenue | $ 66,148 | $ 63,022 | $ 60,472 | $ 56,123 | $ 53,779 | $ 51,306 | $ 48,837 | $ 46,470 | $ 245,765 | $ 200,392 | $ 169,283 |
Cost of revenue | |||||||||||
Total cost of revenue | 11,946 | 10,924 | 10,202 | 9,809 | 8,637 | 8,139 | 8,637 | 8,802 | 42,881 | 34,215 | 32,646 |
Professional services | |||||||||||
Revenue | |||||||||||
Total revenue | 14,117 | 11,157 | 13,012 | 13,840 | 10,656 | 9,567 | 10,293 | 13,436 | 52,126 | 43,952 | 38,586 |
Cost of revenue | |||||||||||
Total cost of revenue | $ 11,102 | $ 10,827 | $ 10,475 | $ 9,727 | $ 8,757 | $ 7,520 | $ 7,659 | $ 7,709 | $ 42,131 | $ 31,645 | $ 27,599 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (48,134) | $ (50,071) | $ (44,426) |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustment, net of income tax (expense) of ($5), ($9), and ($2) for the years ended December 31, 2019, 2018 and 2017, respectively | 13 | 26 | (159) |
Unrealized gain (loss) on available-for-sale securities, net of income tax (expense) benefit of ($60), $0, and $2 for the years ended December 31, 2019, 2018 and 2017, respectively | 176 | 0 | (60) |
Other comprehensive income (loss), net of tax | 189 | 26 | (219) |
Comprehensive loss | $ (47,945) | $ (50,045) | $ (44,645) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax (expense) benefit | $ (5) | $ (9) | $ (2) |
Unrealized gain on available-for-sale securities, tax benefit (expense) | $ (60) | $ 0 | $ 2 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock (Class A and B) | Additional Paid-in-Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance at the beginning of the period (in shares) at Dec. 31, 2016 | 41,261,000 | ||||
Beginning of the period at Dec. 31, 2016 | $ (3,125) | $ 41 | $ 217,454 | $ 291 | $ (220,911) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 19,476 | 19,476 | |||
Issuance of common stock upon exercise of stock options (in shares) | 1,159,000 | ||||
Issuance of common stock upon exercise of stock options | 12,485 | $ 1 | 12,484 | ||
Issuance of restricted stock units (in shares) | 30,000 | ||||
Tax withholdings related to net share settlements of stock-based compensation awards (in shares) | (81,000) | ||||
Tax withholdings related to net share settlements of stock-based compensation awards | (1,125) | (1,125) | |||
Net loss | (44,426) | (44,426) | |||
Other comprehensive income | (219) | (219) | |||
Balance at the end of the period (in shares) at Dec. 31, 2017 | 42,369,000 | ||||
End 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 | 30,841 | 30,841 | |||
Issuance of common stock upon exercise of stock options (in shares) | 1,481,000 | ||||
Issuance of common stock upon exercise of stock options | 16,662 | $ 2 | 16,660 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 179,000 | ||||
Issuance of common stock under employee stock purchase plan | 3,216 | 3,216 | |||
Issuance of restricted stock units (in shares) | 99,000 | ||||
Tax withholdings related to net share settlements of stock-based compensation awards (in shares) | (84,000) | ||||
Tax withholdings related to net share settlements of stock-based compensation awards | (1,861) | (1,861) | |||
Net loss | (50,071) | (50,071) | |||
Other comprehensive income | 26 | 26 | |||
Balance at the end of the period (in shares) at Dec. 31, 2018 | 44,044,000 | ||||
End 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 | $ 35,784 | 35,784 | |||
Issuance of common stock upon exercise of stock options (in shares) | 1,996,571 | 1,997,000 | |||
Issuance of common stock upon exercise of stock options | $ 24,152 | $ 3 | 24,149 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 188,000 | ||||
Issuance of common stock under employee stock purchase plan | 4,922 | 4,922 | |||
Issuance of restricted stock units (in shares) | 420,000 | ||||
Tax withholdings related to net share settlements of stock-based compensation awards (in shares) | (10,000) | ||||
Tax withholdings related to net share settlements of stock-based compensation awards | (390) | (390) | |||
Equity component of convertible senior notes, net | 58,560 | 58,560 | |||
Net loss | (48,134) | (48,134) | |||
Other comprehensive income | 189 | 189 | |||
Balance at the end of the period (in shares) at Dec. 31, 2019 | 46,639,000 | ||||
End of the period at Dec. 31, 2019 | $ 65,343 | $ 47 | $ 420,170 | $ 287 | $ (355,161) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net loss | $ (48,134) | $ (50,071) | $ (44,426) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 4,160 | 3,781 | 3,546 |
Stock-based compensation expense | 35,784 | 30,841 | 19,476 |
(Recovery of) provision for doubtful accounts | (92) | 550 | (517) |
Amortization of premiums and discounts on marketable securities, net | 13 | (141) | 101 |
Amortization of debt discount and issuance costs | 3,262 | 0 | 0 |
Recognition of deferred government grant obligation | 0 | 0 | (1,578) |
Deferred income tax | (65) | (9) | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | 5,166 | (20,216) | (5,546) |
Deferred commissions | (10,268) | (11,155) | (498) |
Operating lease right-of-use asset | 2,552 | ||
Other receivables | (1,250) | (205) | 577 |
Prepaid expenses and other | (2,084) | 2,020 | 2,952 |
Other assets | (1,860) | 276 | 618 |
Accounts payable | 2,153 | 1,699 | 2,206 |
Deferred revenue | 32,039 | 40,144 | 29,367 |
Operating lease liability | (3,035) | ||
Accrued expenses and other liabilities | 12,225 | 8,886 | (758) |
Net cash provided by operating activities | 30,566 | 6,400 | 5,520 |
Cash flows from investing activities | |||
Purchase of property and equipment | (3,104) | (1,122) | (1,188) |
Purchase of marketable securities | (112,565) | (24,659) | (14,369) |
Maturities of marketable securities | 26,840 | 20,400 | 9,281 |
Sale of marketable securities | 498 | 0 | 0 |
Purchase of intangible assets | (734) | (251) | (197) |
Other investments | (1,000) | 0 | 0 |
Net cash used in investing activities | (90,065) | (5,632) | (6,473) |
Cash flows from financing activities | |||
Proceeds from option exercises | 24,152 | 16,662 | 12,485 |
Taxes paid related to net share settlements of stock-based compensation awards | (390) | (1,861) | (1,125) |
Proceeds from shares issued in connection with employee stock purchase plan | 4,922 | 3,216 | 0 |
Proceeds from the issuance of convertible senior notes, net of issuance costs | 335,899 | 0 | 0 |
Repayment of other long-term debt | 0 | 0 | (73) |
Principal payments on financing obligations | (1,213) | ||
Principal payments on capital lease obligations | (1,163) | (1,435) | |
Proceeds from government grants | 0 | 22 | 51 |
Deferred financing costs | 0 | 0 | (81) |
Net cash provided by financing activities | 363,370 | 16,876 | 9,822 |
Effect of foreign exchange rates on cash | 287 | (393) | 183 |
Net increase in cash and cash equivalents | 304,158 | 17,251 | 9,052 |
Cash and cash equivalents at beginning of year | 77,584 | 60,333 | 51,281 |
Cash and cash equivalents at end of year | 381,742 | 77,584 | 60,333 |
Supplemental cash flow disclosure | |||
Cash paid for interest | 1,692 | 1,734 | 1,627 |
Cash paid for income taxes, net of refunds | 371 | 67 | 42 |
Supplemental disclosure of noncash investing and financing activities | |||
Allowance for tenant improvements | 270 | 2,192 | 0 |
Purchases of property and equipment, accrued but not paid | $ 588 | $ 1,287 | $ 0 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 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”) provides the world’s leading connected reporting and compliance platform, which is used by thousands of public and private companies, government agencies and higher-education institutions. The Workiva platform offers controlled collaboration, data linking, data integrations, granular permissions, process management and a full audit trail. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, the Asia-Pacific region and Canada. Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Additionally, certain prior year 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. 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 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 for cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. Segments Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one operating and reportable segment. Foreign Currency We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity (deficit). Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within “Other income, net” on the consolidated statements of operations. 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, the fair value of the liability and equity components of the convertible senior notes, 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. Cash and Cash Equivalents Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. Marketable Securities Our marketable securities consist of commercial paper, U.S. corporate debt securities, and U.S. treasury debt securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” on the consolidated balance sheets until realized. Dividend income is reported within “Other income, net” on the consolidated statements of operations. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in “Other income, net” on the consolidated statements of operations. Fair Value of Financial Instruments Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities. Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions. We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances. We did not have a significant concentration of accounts receivable from any single customer or from customers in any single country outside of the United States at December 31, 2019 or 2018. Deferred Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions paid where the amortization period is one year or less are expensed as incurred. All other sales commissions are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our standard contract terms and conditions, rate of technological change and other factors. Amortization expense is included in sales and marketing expense in the accompanying consolidated statements of operations. Property and Equipment, net Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three Revenue Recognition We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We recognize revenue when control of these services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation We report revenue net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our subscription contracts are generally twelve Professional Services Revenue and Customer Options Professional services revenues primarily consist of fees for document set up, XBRL tagging, and consulting with our customers on business processes and best practices. We have determined that an agreement to purchase these professional services constitutes an option to purchase services in accordance with ASC 606 rather than an agreement that creates enforceable rights and obligations because of the customer's contractual right to cancel services that have not yet been used. In the limited case of agreements where we determined that the option provides the customer with a material right, we allocate a portion of the transaction price to the material right based upon the relative standalone selling price. Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligation in the event that we determine a material right exists. For these contracts, we account for the individual performance obligations separately when they are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. If these criteria are not met, the promised services are accounted for as a combined performance obligation. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the size of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements. Deferred Revenue We typically invoice our customers for subscription and support fees annually in advance on one- to three-year contract terms. For contracts with a two or three year term, customers sometimes elect to pay the entire multi-year subscription term in advance. Unpaid invoice amounts for non-cancelable services starting in future periods are included in accounts receivable and deferred revenue. The portion of deferred revenue that we anticipate will be recognized after the succeeding twelve-month period is recorded as non-current deferred revenue, and the remaining portion is recorded as current deferred revenue. Customer Deposits As an agreement to purchase professional services constitutes a customer option, fees received in advance of these services being performed are considered customer deposits and are included in accrued expenses and other current liabilities on the consolidated balance sheets. Unpaid invoice amounts for these professional services starting in future periods are excluded from accounts receivable and accrued expenses and other current liabilities. Cost of Revenue Cost of revenue consists primarily of personnel and related costs directly associated with the professional services and customer success teams and training personnel, including salaries, benefits, bonuses, and stock-based compensation; the costs of contracted third-party vendors; the costs of server usage by our customers; information technology costs; and facility costs. Sales and Marketing Expenses Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. Advertising costs are charged to sales and marketing expense as incurred. Advertising expense totaled $3.4 million, $2.9 million and $2.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. Research and Development Expenses Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs. General and Administrative Expenses General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. 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 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. Intangible Assets We account for intangible assets under Accounting Standards Codification (ASC) 350, Goodwill and Other . Intangible assets consist primarily of legal fees incurred for patents and are recorded at cost and amortized over the useful lives of the assets of ten years, using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized. Accumulated amortization of patents as of December 31, 2019 and 2018 was approximately $592,000 and $320,000, respectively. Future amortization expense for legally approved patents is estimated at $353,000 per year through 2021, $209,000 in 2022, $124,000 in 2023, $110,000 in 2024 and approximately $222,000 thereafter. 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. Stock-Based Compensation We measure all share-based payments, including grants of options to purchase common stock and the issuance of restricted stock or restricted stock units to employees, service providers and board members, using a fair-value based method. We record forfeitures as they occur. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of stock option awards. For restricted stock and restricted stock units, fair value is based on the closing price of our common stock on the grant date. Income Taxes We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to U.S. federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. On December 22, 2017, the U.S. federal government enacted legislation commonly referred to as the “Tax Cuts and Jobs Act” (the “TCJA”). The TCJA made widespread changes to the Internal Revenue Code, including, among other items, the introduction of a new international “Global Intangible Low-Taxed Income” (“GILTI”) regime effective January 1, 2018. Companies may adopt one of two views in regards to establishing deferred taxes in accordance with the new (“GILTI”) regime under ASC 740. Companies may account for the effects of GILTI either (1) in the period the entity becomes subject to GILTI, or (2) establish deferred taxes (similar to the guidance that currently exists with respect to basis differences that will reverse under current Subpart F rules) for basis differences that upon reversal will be subject to GILTI. We have elected to account for GILTI in the period incurred. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheets. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted. Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance codified in ASC 606, Revenue Recognition - Revenue from Contracts with Customers (ASU 2014-09), which amends the guidance in former ASC 605, Revenue Recognition . The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Effective January 1, 2018, we adopted ASU 2014-09 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized an $8.4 million cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of our December 31, 2018 accumulated deficit. The primary impact of adopting the new revenue standard included the deferral of incremental commission cost of obtaining subscription contracts, recording deferred revenue for payments due in advance of our subscription-based contract performance and reclassification of amounts collected in advance related to the purchase of professional services from deferred revenue to accrued expenses and other current liabilities as these agreements constitute a customer option. The comparative information for fiscal year ended December 31, 2017 has not been restated and continues to be reported under the accounting standards in effect for those periods. In February 2016, the 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 for 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 for 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 an impact on our 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 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 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 adopted this standard prospectively effective April 1, 2019. The adoption of this new guidance did not have a material impact on our consolidated financial statements. 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 do not expect a material impact on our consolidated financials. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard will become effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating whether we will early adopt. The guidance is not expected to have a material impact on our consolidated financial statements. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities At December 31, 2019, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 360,471 $ — $ — $ 360,471 U.S. treasury debt securities 10,342 8 (1) 10,349 U.S. corporate debt securities 95,706 164 (5) 95,865 $ 466,519 $ 172 $ (6) $ 466,685 Included in cash and cash equivalents $ 360,471 $ — $ — $ 360,471 Included in marketable securities $ 106,048 $ 172 $ (6) $ 106,214 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 December 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 December 31, 2019 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 2,020 $ (1) $ — $ — U.S. corporate debt securities 7,065 (4) 2,000 (1) Total $ 9,085 $ (5) $ 2,000 $ (1) |
Supplemental Consolidated Balan
Supplemental Consolidated Balance Sheet and Statement of Operations Information | 12 Months Ended |
Dec. 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 Property and Equipment, net Property and equipment, net as of December 31, 2019 and 2018 consisted of (in thousands): As of December 31, 2019 2018 Buildings $ 36,608 $ 36,608 Computers, equipment and software 8,029 6,602 Furniture and fixtures 8,494 8,839 Vehicles 97 97 Leasehold improvements 7,500 7,678 Construction in process 34 15 60,762 59,839 Less: accumulated depreciation and amortization (21,017) (18,371) $ 39,745 $ 41,468 The following assets included in property and equipment, net were acquired under financing leases (see Note 6) (in thousands): As of December 31, 2019 2018 Buildings $ 36,608 $ 36,608 36,608 36,608 Less: accumulated amortization (7,481) (6,237) $ 29,127 $ 30,371 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of December 31, 2019 and 2018 consisted of (in thousands): As of December 31, 2019 2018 Accrued vacation $ 8,353 $ 6,906 Accrued commissions 5,561 7,265 Accrued bonuses 7,121 5,643 Estimated health insurance claims 1,040 1,100 ESPP employee contributions 3,734 2,156 Customer deposits 12,151 7,395 Operating lease liabilities 3,064 — Accrued other liabilities 8,906 5,888 $ 49,930 $ 36,353 Other Income, net Other income, net for the years ended December 31, 2019, 2018 and 2017 consisted of (in thousands): Year ended December 31, 2019 2018 2017 Income from training reimbursement program $ — — 1,578 Gains (losses) on foreign currency transactions (609) 289 (372) Other 45 224 (9) $ (564) $ 513 $ 1,197 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31, 2019 and 2018, 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 December 31, 2019 Fair Value Measurements as of December 31, 2018 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 360,471 $ 360,471 $ — $ 52,068 $ 52,068 $ — Commercial paper — — — 7,448 — 7,448 U.S. treasury debt securities 10,349 — 10,349 2,493 — 2,493 U.S. corporate debt securities 95,865 — 95,865 10,823 — 10,823 $ 466,685 $ 360,471 $ 106,214 $ 72,832 $ 52,068 $ 20,764 Included in cash and cash equivalents $ 360,471 $ 52,068 Included in marketable securities $ 106,214 $ 20,764 Convertible Senior Notes As of December 31, 2019, the fair value of our convertible senior notes was $309.2 million. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 8 to the consolidated financial statements for more information. |
Deferred Costs
Deferred Costs | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Costs | Deferred CostsDeferred costs, which primarily consist of costs to obtain contracts with customers, were $29.1 million and $18.7 million for the years ended December 31, 2019 and 2018, respectively. Amortization expense for the deferred costs was $15.2 million and $10.1 million for the years ended December 31, 2019 and 2018, respectively. There were no significant impairment losses in relation to the costs capitalized for the periods presented.Revenue Recognition Disaggregation of Revenue The following table presents our revenues disaggregated by industry (in thousands): For the year ended December 31, 2019 2018 Information technology $ 39,417 $ 31,063 Consumer discretionary 33,658 28,325 Industrials 33,281 28,023 Diversified financials 33,783 27,335 Banks 28,788 23,818 Healthcare 28,100 21,672 Energy 22,551 19,617 Other 78,313 64,491 Total revenues $ 297,891 $ 244,344 The following table presents our revenues disaggregated by type of good or service (in thousands): For the year ended December 31, 2019 2018 Subscription and support $ 245,765 $ 200,392 XBRL professional services 38,734 30,562 Other services 13,392 13,390 Total revenues $ 297,891 $ 244,344 Deferred Revenue During the year ended December 31, 2019, we recognized $129.4 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 As of December 31, 2019, revenue of approximately $254.8 million is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $184.6 million of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Build to Suit We entered into a lease agreement for land and an office building in Ames, Iowa, which was constructed in two phases. As part of the lease agreement, the landlord was responsible for constructing the building in accordance with our specifications and agreed to fund $11.8 million for the first phase and $11.1 million for the second phase of construction. We were the developer of the project and responsible for construction costs in excess of these amounts. As a result of this involvement, we were deemed the “owner” for accounting purposes during the construction period and were required to capitalize the construction costs associated with the office building. Upon completion of each phase of the project, we performed a sale-leaseback analysis to determine if the building could be removed from the balance sheet. We determined there was continuing involvement, which precluded derecognition of the building. The construction liability of $11.8 million was reclassified to a financing obligation, and $17.1 million of costs capitalized during construction was placed in service during June 2013 for the initial phase. Upon completion of the second phase of the project, the construction liability of $11.1 million was reclassified to a financing obligation, and $19.9 million of costs capitalized during construction was placed in service during 2014. Total cash payments due under the arrangement were allocated on a relative fair value basis between rent related to the land lease and debt service payments related to the financing obligation. The portion of the lease payments allocated to the land is treated as an operating lease (see Note 7). The lease contains purchase options to acquire the landlord’s interest in the land lease and building at any time beginning three years from the commencement date of the lease. In addition, the lease requires us upon certain events, such as a change in control, to purchase the building from the landlord. As of December 31, 2019, future estimated minimum payments under financing arrangements were as follows (in thousands): Financing Obligations 2020 $ 2,840 2021 2,840 2022 2,611 2023 1,471 2024 1,471 Thereafter 23,398 Total minimum lease payments 34,631 Less: Amount representing interest (17,414) Present value of financing obligations $ 17,217 Other Purchase Commitments We enter into certain non-cancelable agreements with third-party providers for our use of cloud services and cloud infrastructure services in the ordinary course of business. Under these agreements, we are committed to purchase $13.1 million in fiscal year 2020, $10.3 million in fiscal year 2021, and $7.5 million in fiscal year 2022. 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. |
Leases
Leases | 12 Months Ended |
Dec. 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 recognized under ASC 842 were as follows (in thousands): Year ended December 31, 2019 Operating lease cost $ 3,544 Short-term lease cost 1,324 Variable lease cost 923 $ 5,791 Under ASC 840, rent expense for the years ended December 31, 2018 and 2017 was $5.6 million and $4.7 million, respectively. Supplemental cash flow information related to leases was as follows (in thousands): Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,018 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,207 Other supplemental information related to leases was as follows: As of December 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 7.6 Weighted Average Discount Rate Operating leases 5.7 % As of December 31, 2019, future estimated minimum lease payments under non-cancelable operating leases were as follows (in thousands): Operating Leases 2020 $ 4,198 2021 4,327 2022 3,872 2023 3,540 2024 2,751 Thereafter 8,504 Total minimum lease payments 27,192 Less: Amount representing interest (5,564) Total $ 21,628 In June 2019, we signed an operating lease agreement to lease office space in Amsterdam starting on January 13, 2020 for three years, which was conditional upon termination of our current lease. We will pay the landlord a base rent of approximately $73,000 per month for three floors of a larger building. Subsequently, on November 1, 2019, we entered into an agreement with our current landlord to terminate our lease, effective January 12, 2020. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Other Long-Term Debt In August 2014, we entered into a credit facility with Silicon Valley Bank, which provided us with a revolving line of credit. Under the agreement, we could borrow up to $15.0 million with interest accrued at the bank’s prime lending rate. In August 2019, we terminated our credit facility with Silicon Valley Bank. No amounts were outstanding at the time of termination. Convertible Senior Notes In August 2019, we issued $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the “Notes”). The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs. The initial conversion rate is 12.4756 shares of our common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $80.16 per share, subject to adjustment upon the occurrence of specified events. The Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding May 15, 2026 only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on September 30, 2019 (and only during such calendar quarter), if the last reported sale price of our Class A common stock, par value $0.001 per share (which we refer to in this offering memorandum as our “Class A common stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day; • if we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or • upon the occurrence of certain specified corporate events as set forth in the indenture. On or after May 15, 2026 until the close of business on the business day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture. It is our current intent to settle conversions through a combination settlement of cash and shares of our Class A common stock with a specified dollar amount per $1,000 principal amount of Notes of $1,000. If we undergo a fundamental change (as defined in the indenture), holders may require us to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will increase, in certain circumstances, the conversion rate for a holder who elects to convert its Notes in connection with such corporate event or notice of redemption, as the case may be. During the three months ended December 31, 2019, the conditions allowing holders of the Notes to convert were not met. The Notes were therefore not convertible as of December 31, 2019 and are classified as long-term debt on our condensed consolidated balance sheets. We may not redeem the Notes prior to August 21, 2023. We may redeem for cash all or any portion of the Notes, at our option, on or after August 21, 2023 if the last reported sale price of our Class A common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In accounting for the issuance of the Notes, we separated the Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar debt instruments that do not have an associated convertible feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability components from the par value of the Notes. The difference represents the debt discount that is amortized to interest expense at an effective interest rate of 4.3% over the term of the Notes. The carrying amount of the equity component was $60.1 million and is recorded in additional paid-in-capital. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Notes, we allocated the total amount incurred to the liability and equity components of the Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component were $7.5 million. The issuance costs allocated to the liability component are amortized to interest expense under the effective interest rate method over the contractual term of the Notes. Issuance costs attributable to the equity component of the Notes were $1.6 million and are netted against the equity components representing the conversion option in additional paid-in capital. The net carrying amount of the liability and equity components of the Notes was as follows (in thousands): December 31, 2019 Liability component: Principal $ 345,000 Unamortized discount (57,247) Unamortized issuance costs (7,152) Net carrying amount $ 280,601 Equity component, net of purchase discounts and issuance costs $ 58,560 Interest expense related to the Notes is as follows (in thousands): Year ended December 31, 2019 Contractual interest expense $ 1,444 Amortization of debt discount 2,900 Amortization of issuance costs 362 Total interest expense $ 4,706 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | Stockholders’ Equity (Deficit)We have two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of our Class A common stock and our Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to ten votes per share and is convertible into one share of our Class A common stock at any time. Our Class B common stock also will automatically convert into shares of our Class A common stock upon certain transfers and other events. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 ESPP purchase rights. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (the 2009 Plan). Immediately prior to our IPO, the 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan (the 2014 Plan and, together with the 2009 Plan, the Plans). As of December 31, 2019, awards granted under the 2009 Plan consisted of stock options and awards granted under the 2014 Plan consisted of stock options and restricted stock units. There were no other grants of any other award types under the Plans. In June 2016 and June 2018, stockholders approved amendments to the 2014 Plan that increased the number of shares available for grant by 3,900,000 and 3,000,000, respectively. As of December 31, 2019, 2,066,342 shares of Class A common stock were available for grant under the 2014 Plan. Our Employee Stock Purchase Plan (“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 July 15 and January 15 and are exercisable on or about the succeeding January 14 and July 14, respectively, of each year. As of December 31, 2019, 4,632,233 shares of Class A common stock were available for issuance under the ESPP. No participant may purchase more than $12,500 worth of Class A 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): Year ended December 31, 2019 2018 2017 Cost of revenue Subscription and support $ 1,554 $ 700 $ 738 Professional services 1,725 619 465 Operating expenses Research and development 8,006 5,842 2,224 Sales and marketing 8,792 5,416 2,983 General and administrative 15,707 18,264 13,066 Total $ 35,784 $ 30,841 $ 19,476 The fair value of each option grant and each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. For stock options, expected volatility is based on the historical volatility of our Class A common stock and historical volatilities for publicly traded stock of comparable companies over the estimated expected life of the options. For the ESPP purchase rights, expected volatility is based on the historical volatility of our Class A common stock. The expected term represents the period of time the options and the ESPP purchase rights are expected to be outstanding. For stock options, the expected term is based on the “simplified method” as defined by SEC Staff Accounting Bulletin No. 110 (Topic 14.D.2). We use the “simplified method” due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the options. 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 options and ESPP purchase rights. The fair value of our stock options and ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Year ended December 31, 2019 2018 2017 Stock Options Expected term (in years) — — 0.2 - 6.1 Risk-free interest rate — — 1.5% - 2.2% Expected volatility — — 23.7% - 43.8% ESPP Expected term (in years) 0.5 0.5 0.5 Risk-free interest rate 1.9% - 2.6% 1.8% - 2.4% 1.2% Expected volatility 35.0% - 49.0% 22.2% - 36.4% 28.5% Stock Options The following table summarizes the option activity under the Plans for the year ended December 31, 2019: Options Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 6,400,175 $ 13.65 6.1 $ 142,340 Granted — — Forfeited (50,437) 17.32 Exercised (1,996,571) 12.10 Outstanding at December 31, 2019 4,353,167 $ 14.32 5.6 $ 120,714 Exercisable at December 31, 2019 3,723,394 $ 13.89 5.3 $ 104,868 Options to purchase Class A common stock generally vest over a three four The weighted-average grant-date fair value of options granted during the year ended 2017 was$6.79. No options were granted during the years ended December 31, 2019 and 2018. The total fair value of options vested during the years ended December 31, 2019, 2018 and 2017 was approximately $5.8 million, $12.4 million and $10.2 million, respectively. Total unrecognized compensation expense of $3.4 million related to options will be recognized over a weighted-average period of 1.4 years. Restricted Stock Awards We have granted restricted stock awards to our executive officers that vest in three Compensation expense associated with unvested restricted stock awards is recognized on a straight-line basis over the vesting period. At December 31, 2019, there was no unrecognized compensation expense related to restricted stock awards. 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 year ended December 31, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2018 2,359,261 $ 23.95 Granted 1,157,679 43.26 Forfeited (75,349) 32.16 Vested (1) (402,571) 21.75 Unvested at December 31, 2019 3,039,020 $ 31.39 (1) During the year ended December 31, 2019, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 256,660 shares had elected to defer settlement of the vested restricted stock units and 274,079 were released from deferral. This resulted in total deferred units of 537,202 as of December 31, 2019. Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At December 31, 2019, there was approximately $60.3 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.4 years. Employee Stock Purchase Plan During the year ended December 31, 2019, 188,390 shares of common stock were purchased under the ESPP at a weighted-average price of $26.13 per share, resulting in cash proceeds of $4.9 million. Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At December 31, 2019, there was approximately $88,478 of total unrecognized compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 0.04 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2019, 2018 and 2017 (in thousands): Accumulated translation adjustment Accumulated unrealized holding gains (losses) on available-for-sale securities Accumulated other comprehensive income Balance at December 31, 2016 $ 298 $ (7) $ 291 Other comprehensive loss (159) (60) (219) Balance at December 31, 2017 139 (67) 72 Other comprehensive income 26 — 26 Balance at December 31, 2018 165 (67) 98 Other comprehensive income 13 176 189 Balance at December 31, 2019 $ 178 $ 109 $ 287 |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information Revenues by geographical region consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Americas $ 286,131 $ 237,290 $ 203,655 Other 11,760 7,054 4,214 $ 297,891 $ 244,344 $ 207,869 Revenues by geography are determined based on the region of our contracting entity, which may be different than the region of the customer. Americas revenue attributed to the United States was approximately 96% during each of the years ended December 31, 2019, 2018, and 2017, respectively. No other country represented more than 10% of total revenue during the years presented. During the years ended December 31, 2019 , |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Deferred CostsDeferred costs, which primarily consist of costs to obtain contracts with customers, were $29.1 million and $18.7 million for the years ended December 31, 2019 and 2018, respectively. Amortization expense for the deferred costs was $15.2 million and $10.1 million for the years ended December 31, 2019 and 2018, respectively. There were no significant impairment losses in relation to the costs capitalized for the periods presented.Revenue Recognition Disaggregation of Revenue The following table presents our revenues disaggregated by industry (in thousands): For the year ended December 31, 2019 2018 Information technology $ 39,417 $ 31,063 Consumer discretionary 33,658 28,325 Industrials 33,281 28,023 Diversified financials 33,783 27,335 Banks 28,788 23,818 Healthcare 28,100 21,672 Energy 22,551 19,617 Other 78,313 64,491 Total revenues $ 297,891 $ 244,344 The following table presents our revenues disaggregated by type of good or service (in thousands): For the year ended December 31, 2019 2018 Subscription and support $ 245,765 $ 200,392 XBRL professional services 38,734 30,562 Other services 13,392 13,390 Total revenues $ 297,891 $ 244,344 Deferred Revenue During the year ended December 31, 2019, we recognized $129.4 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 As of December 31, 2019, revenue of approximately $254.8 million is expected to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $184.6 million of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Loss before income tax provision (benefit) consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 United States $ (47,235) $ (50,268) $ (44,246) Foreign (760) 444 (119) Total $ (47,995) $ (49,824) $ (44,365) The provision (benefit) for income taxes consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Current State $ 59 $ 48 $ 42 Foreign 252 203 19 Total Current $ 311 $ 251 $ 61 Deferred Federal $ (65) $ (8) $ — Foreign (107) 4 — Total Deferred $ (172) $ (4) $ — Total $ 139 $ 247 $ 61 During the years ended December 31, 2019, 2018 and 2017, we recorded a federal income tax benefit of $65,000, $8,000, and $0, respectively. That benefit was primarily related to the allocation of tax expense (benefit) between continuing operations and other comprehensive income (loss) when applying the exception to the ASC 740 intraperiod tax allocation rule. Intraperiod tax allocation rules require us to allocate the provision for income taxes between continuing operations and other categories of earnings, such as other comprehensive income. In periods in which we have a year-to-date pre-tax loss from continuing operations and pre-tax income in other categories of earnings, such as other comprehensive income, we must allocate the tax provision to the other categories of earnings and then record a related tax benefit in continuing operations. This exception to the general rule applies even when a valuation allowance is in place at the beginning and end of the year. The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Federal statutory rate 21.0 % 21.0 % 35.0 % Effect of: Tax benefit at federal statutory rate $ (10,079) $ (10,463) $ (15,528) State taxes, net of federal benefit (5,015) (2,587) (1,802) Revaluation of deferred tax items due to tax rate change (federal and state) — — 22,880 Revaluation of deferred tax asset for current year net operating loss due to tax rate change — — 4,134 Section 162(m) limitations 2,944 1,625 37 Stock-based compensation (14,728) (2,327) (559) Permanent differences including gain on foreign restructuring, and meals & entertainment 1,103 2,815 5,663 Tax benefit of federal R&D credit (3,141) (3,289) (2,366) Recognition of excess tax benefits related to share-based payments — — (3,606) Valuation allowance 29,236 14,044 (8,586) Other (181) 429 (206) Total income tax provision $ 139 $ 247 $ 61 The components of deferred tax assets and liabilities were as follows (in thousands): As of December 31, 2019 2018 Deferred tax assets: Property and equipment $ 6 $ 18 Accruals and reserves 197 283 Deferred rent 1,599 1,601 Compensation and benefits 16,391 13,925 Deferred revenue 5,973 5,338 Net operating loss and credits 78,983 51,931 Other 1,559 701 Total deferred tax assets 104,708 73,797 Valuation allowance (86,580) (72,683) Total deferred tax assets 18,128 1,114 Deferred tax liabilities: Property and equipment (599) (529) Convertible Notes (14,598) — Other deferred tax liabilities (2,822) (587) Deferred tax liabilities (18,019) (1,116) Total $ 109 $ (2) Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2019. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, we recognized a full valuation allowance against our net US deferred tax asset at December 31, 2019, because we believe it is more likely than not that these benefits will not be realized. As of December 31, 2019, we have federal and state net operating loss carryforwards of approximately $250.3 million and $203.8 million, respectively, available to reduce any future taxable income. The federal net operating loss carryforwards will expire in varying amounts beginning in 2034. As a result of the TCJA the federal and some state net operating losses incurred after 2017 will have an indefinite carryforward. The state net operating loss carryforwards will expire in varying amounts beginning in 2021. Additionally, we have total net operating loss carryforwards from international operations of $1.7 million that do not expire. We also have approximately $12.6 million of federal and $2.2 million of state tax credit carryforwards as of December 31, 2019. The federal credits will expire in varying amounts between the years 2034 and 2038. The state credits expire beginning in 2021. Utilization of our net operating loss and tax credit carryforwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code, as amended, and similar state provisions. A reconciliation of the gross unrecognized tax benefits is as follows (in thousands): For the year ended December 31, 2019 2018 2017 Unrecognized tax benefits-beginning of period $ 182 $ 191 $ 168 Additions for tax positions related to prior year — — — Reductions for tax positions related to prior year — — — Foreign currency adjustments (4) (9) 23 Additions for tax positions related to current year — — — Unrecognized tax benefits-end of period $ 178 $ 182 $ 191 We have analyzed our inventory of tax positions taken with respect to all applicable income tax issues for all open tax years. The gross unrecognized tax benefits, if recognized, would not materially affect the effective tax rate as of December 31, 2019, due to the availability of net operating losses. We do not expect our gross unrecognized tax benefits to change significantly over the next 12 months. Our policy is to classify interest and penalties associated with uncertain tax positions, if any, as a component of our income tax provision. Interest and penalties were not significant during the years ended December 31, 2019, 2018 and 2017. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 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 convertible senior notes, outstanding stock options, stock related to unvested restricted stock awards, 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 contractual 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. We consider unvested restricted stock awards granted under the 2014 Equity Incentive Plan to be participating securities because holders of such shares have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares. In future periods to the extent we are profitable, we will subtract earnings allocated to these participating securities from net income to determine net income attributable to common stockholders. 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): Year ended December 31, 2019 December 31, 2018 December 31, 2017 Class A Class B Class A Class B Class A Class B Numerator Net loss $ (38,661) $ (9,473) $ (38,733) $ (11,338) $ (33,016) $ (11,410) Denominator Weighted-average common shares outstanding - basic and diluted 37,190,224 9,112,432 33,758,623 9,881,785 30,929,899 10,688,939 Basic and diluted net loss per share $ (1.04) $ (1.04) $ (1.15) $ (1.15) $ (1.07) $ (1.07) 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 December 31, 2019 2018 2017 Shares subject to outstanding common stock options 4,353,167 6,400,175 8,145,777 Shares subject to unvested restricted stock awards — — 163,332 Shares subject to unvested restricted stock units 3,039,020 2,359,261 574,072 Shares issuable pursuant to the ESPP 76,466 105,583 85,509 |
Unaudited Quarterly Results of
Unaudited Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results of Operations | Unaudited Quarterly Results of Operations The following tables set forth selected unaudited quarterly consolidated statement of operations data for each of the quarters indicated as well as the percentage of total revenue for each line item shown. The unaudited information should be read in conjunction with our financial statements and related notes included elsewhere in this report. We believe that the following unaudited information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three months ended Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 (in thousands) Revenue Subscription and support $ 66,148 $ 63,022 $ 60,472 $ 56,123 $ 53,779 $ 51,306 $ 48,837 $ 46,470 Professional services 14,117 11,157 13,012 13,840 10,656 9,567 10,293 13,436 Total revenue 80,265 74,179 73,484 69,963 64,435 60,873 59,130 59,906 Cost of revenue Subscription and support 11,946 10,924 10,202 9,809 8,637 8,139 8,637 8,802 Professional services 11,102 10,827 10,475 9,727 8,757 7,520 7,659 7,709 Total cost of revenue 23,048 21,751 20,677 19,536 17,394 15,659 16,296 16,511 Gross profit 57,217 52,428 52,807 50,427 47,041 45,214 42,834 43,395 Operating expenses Research and development 23,216 22,899 21,795 22,011 20,773 19,984 20,718 20,127 Sales and marketing 33,732 32,990 28,213 25,365 23,011 24,068 22,252 21,006 General and administrative (1) 14,754 12,017 11,226 10,383 11,047 11,864 21,654 11,768 Total operating expenses 71,702 67,906 61,234 57,759 54,831 55,916 64,624 52,901 Loss from operations (14,485) (15,478) (8,427) (7,332) (7,790) (10,702) (21,790) (9,506) Interest income 2,064 1,460 641 492 435 341 279 223 Interest expense (3,534) (1,959) (433) (440) (480) (448) (449) (450) Other income, net (305) 24 (111) (172) 318 (138) 213 120 Loss before provision (benefit) for income taxes (16,260) (15,953) (8,330) (7,452) (7,517) (10,947) (21,747) (9,613) Provision (benefit) for income taxes 38 98 (8) 11 204 17 21 5 Net loss $ (16,298) $ (16,051) $ (8,322) $ (7,463) $ (7,721) $ (10,964) $ (21,768) $ (9,618) Net loss per common share: Basic and diluted $ (0.35) $ (0.34) $ (0.18) $ (0.17) $ (0.17) $ (0.25) $ (0.50) $ (0.22) Weighted-average common shares outstanding - basic and diluted 47,058,209 46,731,663 46,166,660 45,229,279 44,472,672 43,973,428 43,234,655 42,858,756 (1) During the second quarter of 2018, we recorded an additional $5.9 million and $3.6 million of cash-based and equity-based compensation, respectively, to general and administrative expense pursuant to a separation agreement with our former CEO. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Workiva Inc. and its wholly owned subsidiaries. |
Principles of Consolidation | All intercompany accounts and transactions have been eliminated in consolidation. |
Reclassifications | Additionally, certain prior year 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. |
Segments | Our chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable by the chief operating decision maker, or anyone else, for operations, operating results and planning for levels or components below the consolidated unit level. Accordingly, we determined we have one operating and reportable segment. |
Foreign Currency | We translate the financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity (deficit). Gains and losses resulting from foreign currency transactions that are denominated in currencies other than the entity's functional currency are included within “Other income, net” on the consolidated statements of operations. |
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, the fair value of the liability and equity components of the convertible senior notes, 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. |
Cash and Cash Equivalents | Cash consists of cash on deposit with banks that is stated at cost, which approximates fair value. We invest our excess cash primarily in highly liquid money market funds and marketable securities. We classify all highly liquid investments with stated maturities of three months or less from date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. |
Marketable Securities | Our marketable securities consist of commercial paper, U.S. corporate debt securities, and U.S. treasury debt securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” on the consolidated balance sheets until realized. Dividend income is reported within “Other income, net” on the consolidated statements of operations. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in “Other income, net” on the consolidated statements of operations. |
Fair Value of Financial Instruments | Our financial assets, which include cash equivalents and marketable securities, are measured and recorded at fair value on a recurring basis. Our other current financial assets and our other current financial liabilities have fair values that approximate their carrying value due to their short-term maturities. |
Concentration of Credit Risk | Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, we have not experienced any losses on our cash and cash equivalents. We perform periodic evaluations of the relative credit standing of the financial institutions.We perform ongoing credit evaluations of our customers’ financial condition and require no collateral from our customers. We maintain an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable balances. |
Deferred Commissions | Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions paid where the amortization period is one year or less are expensed as incurred. All other sales commissions are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration our standard contract terms and conditions, rate of technological change and other factors. Amortization expense is included in sales and marketing expense in the accompanying consolidated statements of operations. |
Property and Equipment, net | Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, generally three |
Revenue Recognition | We generate revenue through the sale of subscriptions to our cloud-based software and the delivery of professional services. We recognize revenue when control of these services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, we satisfy a performance obligation We report revenue net of sales and other taxes collected from customers to be remitted to government authorities. Subscription and Support Revenue We recognize subscription and support revenue on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our subscription contracts are generally twelve Professional Services Revenue and Customer Options Professional services revenues primarily consist of fees for document set up, XBRL tagging, and consulting with our customers on business processes and best practices. We have determined that an agreement to purchase these professional services constitutes an option to purchase services in accordance with ASC 606 rather than an agreement that creates enforceable rights and obligations because of the customer's contractual right to cancel services that have not yet been used. In the limited case of agreements where we determined that the option provides the customer with a material right, we allocate a portion of the transaction price to the material right based upon the relative standalone selling price. Professional service agreements that do not contain a material right are accounted for when the customer exercises its option to purchase additional services. Revenue is recognized for document set ups when the service is complete and control has transferred to the customer. Revenues from XBRL tagging and consulting services are recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligation in the event that we determine a material right exists. For these contracts, we account for the individual performance obligations separately when they are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. If these criteria are not met, the promised services are accounted for as a combined performance obligation. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and entity-specific factors, including the size of our arrangements, length of term, customer demographics and the numbers and types of users within our arrangements. |
Sales and Marketing Expenses | Sales and marketing expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, commissions, travel, and stock-based compensation. Other costs included in this expense are marketing and promotional events, our annual user conference, online marketing, product marketing, information technology costs, and facility costs. |
Advertising Costs | Advertising costs are charged to sales and marketing expense as incurred. |
Research and Development Expenses | Research and development expenses consist primarily of personnel and related costs, including salaries, benefits, bonuses, and stock-based compensation, costs of server usage by our developers, information technology costs, and facility costs. |
General and Administrative Expenses | General and administrative expenses consist primarily of personnel and related costs for our executive, finance, legal, human resources, and administrative personnel, including salaries, benefits, bonuses, and stock-based compensation; legal, accounting, and other professional service fees; other corporate expenses; information technology costs; and facility costs. |
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 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. |
Intangible Assets | We account for intangible assets under Accounting Standards Codification (ASC) 350, Goodwill and Other |
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. |
Stock-based Compensation | We measure all share-based payments, including grants of options to purchase common stock and the issuance of restricted stock or restricted stock units to employees, service providers and board members, using a fair-value based method. We record forfeitures as they occur. The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date or reporting date, if required to be remeasured, and amortized on a straight-line basis over the requisite service period. We use the Black-Scholes option-pricing model to determine the fair values of stock option awards. For restricted stock and restricted stock units, fair value is based on the closing price of our common stock on the grant date. |
Income Taxes | We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to U.S. federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate. We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment rate. On December 22, 2017, the U.S. federal government enacted legislation commonly referred to as the “Tax Cuts and Jobs Act” (the “TCJA”). The TCJA made widespread changes to the Internal Revenue Code, including, among other items, the introduction of a new international “Global Intangible Low-Taxed Income” (“GILTI”) regime effective January 1, 2018. Companies may adopt one of two views in regards to establishing deferred taxes in accordance with the new (“GILTI”) regime under ASC 740. Companies may account for the effects of GILTI either (1) in the period the entity becomes subject to GILTI, or (2) establish deferred taxes (similar to the guidance that currently exists with respect to basis differences that will reverse under current Subpart F rules) for basis differences that upon reversal will be subject to GILTI. We have elected to account for GILTI in the period incurred. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740, Income Taxes, on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable are recorded at the invoiced amount net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on our assessment of the collectability of customer accounts. We regularly review our receivables that remain outstanding past their applicable payment terms and established an allowance for potential write-offs by considering factors such as historical experience, credit quality, age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay. Accounts receivable deemed uncollectible are charged against the allowance once collection efforts have been exhausted. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance codified in ASC 606, Revenue Recognition - Revenue from Contracts with Customers (ASU 2014-09), which amends the guidance in former ASC 605, Revenue Recognition . The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Effective January 1, 2018, we adopted ASU 2014-09 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recognized an $8.4 million cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of our December 31, 2018 accumulated deficit. The primary impact of adopting the new revenue standard included the deferral of incremental commission cost of obtaining subscription contracts, recording deferred revenue for payments due in advance of our subscription-based contract performance and reclassification of amounts collected in advance related to the purchase of professional services from deferred revenue to accrued expenses and other current liabilities as these agreements constitute a customer option. The comparative information for fiscal year ended December 31, 2017 has not been restated and continues to be reported under the accounting standards in effect for those periods. In February 2016, the 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 for 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 for 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 an impact on our 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 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 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 adopted this standard prospectively effective April 1, 2019. The adoption of this new guidance did not have a material impact on our consolidated financial statements. 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 do not expect a material impact on our consolidated financials. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard will become effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating whether we will early adopt. The guidance is not expected to have a material impact on our consolidated financial statements. |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 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 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities | At December 31, 2019, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 360,471 $ — $ — $ 360,471 U.S. treasury debt securities 10,342 8 (1) 10,349 U.S. corporate debt securities 95,706 164 (5) 95,865 $ 466,519 $ 172 $ (6) $ 466,685 Included in cash and cash equivalents $ 360,471 $ — $ — $ 360,471 Included in marketable securities $ 106,048 $ 172 $ (6) $ 106,214 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 December 31, 2019, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 360,471 $ — $ — $ 360,471 U.S. treasury debt securities 10,342 8 (1) 10,349 U.S. corporate debt securities 95,706 164 (5) 95,865 $ 466,519 $ 172 $ (6) $ 466,685 Included in cash and cash equivalents $ 360,471 $ — $ — $ 360,471 Included in marketable securities $ 106,048 $ 172 $ (6) $ 106,214 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 December 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 December 31, 2019 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 2,020 $ (1) $ — $ — U.S. corporate debt securities 7,065 (4) 2,000 (1) Total $ 9,085 $ (5) $ 2,000 $ (1) |
Supplemental Consolidated Bal_2
Supplemental Consolidated Balance Sheet and Statement of Operations Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net as of December 31, 2019 and 2018 consisted of (in thousands): As of December 31, 2019 2018 Buildings $ 36,608 $ 36,608 Computers, equipment and software 8,029 6,602 Furniture and fixtures 8,494 8,839 Vehicles 97 97 Leasehold improvements 7,500 7,678 Construction in process 34 15 60,762 59,839 Less: accumulated depreciation and amortization (21,017) (18,371) $ 39,745 $ 41,468 The following assets included in property and equipment, net were acquired under financing leases (see Note 6) (in thousands): As of December 31, 2019 2018 Buildings $ 36,608 $ 36,608 36,608 36,608 Less: accumulated amortization (7,481) (6,237) $ 29,127 $ 30,371 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of December 31, 2019 and 2018 consisted of (in thousands): As of December 31, 2019 2018 Accrued vacation $ 8,353 $ 6,906 Accrued commissions 5,561 7,265 Accrued bonuses 7,121 5,643 Estimated health insurance claims 1,040 1,100 ESPP employee contributions 3,734 2,156 Customer deposits 12,151 7,395 Operating lease liabilities 3,064 — Accrued other liabilities 8,906 5,888 $ 49,930 $ 36,353 |
Schedule of Other Income and (Expense), net | Other income, net for the years ended December 31, 2019, 2018 and 2017 consisted of (in thousands): Year ended December 31, 2019 2018 2017 Income from training reimbursement program $ — — 1,578 Gains (losses) on foreign currency transactions (609) 289 (372) Other 45 224 (9) $ (564) $ 513 $ 1,197 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 December 31, 2019 Fair Value Measurements as of December 31, 2018 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 360,471 $ 360,471 $ — $ 52,068 $ 52,068 $ — Commercial paper — — — 7,448 — 7,448 U.S. treasury debt securities 10,349 — 10,349 2,493 — 2,493 U.S. corporate debt securities 95,865 — 95,865 10,823 — 10,823 $ 466,685 $ 360,471 $ 106,214 $ 72,832 $ 52,068 $ 20,764 Included in cash and cash equivalents $ 360,471 $ 52,068 Included in marketable securities $ 106,214 $ 20,764 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Financing Obligation Payments | As of December 31, 2019, future estimated minimum payments under financing arrangements were as follows (in thousands): Financing Obligations 2020 $ 2,840 2021 2,840 2022 2,611 2023 1,471 2024 1,471 Thereafter 23,398 Total minimum lease payments 34,631 Less: Amount representing interest (17,414) Present value of financing obligations $ 17,217 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Lease Expense Components, Supplemental Cash Flow Information and Other Information | The components of lease expense recognized under ASC 842 were as follows (in thousands): Year ended December 31, 2019 Operating lease cost $ 3,544 Short-term lease cost 1,324 Variable lease cost 923 $ 5,791 Under ASC 840, rent expense for the years ended December 31, 2018 and 2017 was $5.6 million and $4.7 million, respectively. Supplemental cash flow information related to leases was as follows (in thousands): Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,018 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,207 Other supplemental information related to leases was as follows: As of December 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 7.6 Weighted Average Discount Rate Operating leases 5.7 % |
Summary of Future Estimated Minimum Lease Payments | As of December 31, 2019, future estimated minimum lease payments under non-cancelable operating leases were as follows (in thousands): Operating Leases 2020 $ 4,198 2021 4,327 2022 3,872 2023 3,540 2024 2,751 Thereafter 8,504 Total minimum lease payments 27,192 Less: Amount representing interest (5,564) Total $ 21,628 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Convertible Debt | The net carrying amount of the liability and equity components of the Notes was as follows (in thousands): December 31, 2019 Liability component: Principal $ 345,000 Unamortized discount (57,247) Unamortized issuance costs (7,152) Net carrying amount $ 280,601 Equity component, net of purchase discounts and issuance costs $ 58,560 Interest expense related to the Notes is as follows (in thousands): Year ended December 31, 2019 Contractual interest expense $ 1,444 Amortization of debt discount 2,900 Amortization of issuance costs 362 Total interest expense $ 4,706 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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): Year ended December 31, 2019 2018 2017 Cost of revenue Subscription and support $ 1,554 $ 700 $ 738 Professional services 1,725 619 465 Operating expenses Research and development 8,006 5,842 2,224 Sales and marketing 8,792 5,416 2,983 General and administrative 15,707 18,264 13,066 Total $ 35,784 $ 30,841 $ 19,476 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of our stock options and ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Year ended December 31, 2019 2018 2017 Stock Options Expected term (in years) — — 0.2 - 6.1 Risk-free interest rate — — 1.5% - 2.2% Expected volatility — — 23.7% - 43.8% ESPP Expected term (in years) 0.5 0.5 0.5 Risk-free interest rate 1.9% - 2.6% 1.8% - 2.4% 1.2% Expected volatility 35.0% - 49.0% 22.2% - 36.4% 28.5% |
Schedule of Share-based Payment Award, ESPP, Valuation Assumptions | The fair value of our stock options and ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Year ended December 31, 2019 2018 2017 Stock Options Expected term (in years) — — 0.2 - 6.1 Risk-free interest rate — — 1.5% - 2.2% Expected volatility — — 23.7% - 43.8% ESPP Expected term (in years) 0.5 0.5 0.5 Risk-free interest rate 1.9% - 2.6% 1.8% - 2.4% 1.2% Expected volatility 35.0% - 49.0% 22.2% - 36.4% 28.5% |
Schedule of Stock-Option Activity | The following table summarizes the option activity under the Plans for the year ended December 31, 2019: Options Weighted- Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 6,400,175 $ 13.65 6.1 $ 142,340 Granted — — Forfeited (50,437) 17.32 Exercised (1,996,571) 12.10 Outstanding at December 31, 2019 4,353,167 $ 14.32 5.6 $ 120,714 Exercisable at December 31, 2019 3,723,394 $ 13.89 5.3 $ 104,868 |
Summary of Restricted Stock Units | The following table summarizes the restricted stock unit activity under the Plan for the year ended December 31, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2018 2,359,261 $ 23.95 Granted 1,157,679 43.26 Forfeited (75,349) 32.16 Vested (1) (402,571) 21.75 Unvested at December 31, 2019 3,039,020 $ 31.39 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table summarizes the activity of accumulated other comprehensive income during the years ended December 31, 2019, 2018 and 2017 (in thousands): Accumulated translation adjustment Accumulated unrealized holding gains (losses) on available-for-sale securities Accumulated other comprehensive income Balance at December 31, 2016 $ 298 $ (7) $ 291 Other comprehensive loss (159) (60) (219) Balance at December 31, 2017 139 (67) 72 Other comprehensive income 26 — 26 Balance at December 31, 2018 165 (67) 98 Other comprehensive income 13 176 189 Balance at December 31, 2019 $ 178 $ 109 $ 287 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Region | Revenues by geographical region consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Americas $ 286,131 $ 237,290 $ 203,655 Other 11,760 7,054 4,214 $ 297,891 $ 244,344 $ 207,869 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our revenues disaggregated by industry (in thousands): For the year ended December 31, 2019 2018 Information technology $ 39,417 $ 31,063 Consumer discretionary 33,658 28,325 Industrials 33,281 28,023 Diversified financials 33,783 27,335 Banks 28,788 23,818 Healthcare 28,100 21,672 Energy 22,551 19,617 Other 78,313 64,491 Total revenues $ 297,891 $ 244,344 The following table presents our revenues disaggregated by type of good or service (in thousands): For the year ended December 31, 2019 2018 Subscription and support $ 245,765 $ 200,392 XBRL professional services 38,734 30,562 Other services 13,392 13,390 Total revenues $ 297,891 $ 244,344 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Loss before income tax provision (benefit) consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 United States $ (47,235) $ (50,268) $ (44,246) Foreign (760) 444 (119) Total $ (47,995) $ (49,824) $ (44,365) |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Current State $ 59 $ 48 $ 42 Foreign 252 203 19 Total Current $ 311 $ 251 $ 61 Deferred Federal $ (65) $ (8) $ — Foreign (107) 4 — Total Deferred $ (172) $ (4) $ — Total $ 139 $ 247 $ 61 |
Schedule of Effective Income Tax Rate Reconciliation | The items accounting for the difference between income taxes computed at the federal statutory income tax rate and the provision for income taxes consisted of the following (in thousands): For the year ended December 31, 2019 2018 2017 Federal statutory rate 21.0 % 21.0 % 35.0 % Effect of: Tax benefit at federal statutory rate $ (10,079) $ (10,463) $ (15,528) State taxes, net of federal benefit (5,015) (2,587) (1,802) Revaluation of deferred tax items due to tax rate change (federal and state) — — 22,880 Revaluation of deferred tax asset for current year net operating loss due to tax rate change — — 4,134 Section 162(m) limitations 2,944 1,625 37 Stock-based compensation (14,728) (2,327) (559) Permanent differences including gain on foreign restructuring, and meals & entertainment 1,103 2,815 5,663 Tax benefit of federal R&D credit (3,141) (3,289) (2,366) Recognition of excess tax benefits related to share-based payments — — (3,606) Valuation allowance 29,236 14,044 (8,586) Other (181) 429 (206) Total income tax provision $ 139 $ 247 $ 61 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities were as follows (in thousands): As of December 31, 2019 2018 Deferred tax assets: Property and equipment $ 6 $ 18 Accruals and reserves 197 283 Deferred rent 1,599 1,601 Compensation and benefits 16,391 13,925 Deferred revenue 5,973 5,338 Net operating loss and credits 78,983 51,931 Other 1,559 701 Total deferred tax assets 104,708 73,797 Valuation allowance (86,580) (72,683) Total deferred tax assets 18,128 1,114 Deferred tax liabilities: Property and equipment (599) (529) Convertible Notes (14,598) — Other deferred tax liabilities (2,822) (587) Deferred tax liabilities (18,019) (1,116) Total $ 109 $ (2) |
Schedule of Unrecognized Tax Benefits | A reconciliation of the gross unrecognized tax benefits is as follows (in thousands): For the year ended December 31, 2019 2018 2017 Unrecognized tax benefits-beginning of period $ 182 $ 191 $ 168 Additions for tax positions related to prior year — — — Reductions for tax positions related to prior year — — — Foreign currency adjustments (4) (9) 23 Additions for tax positions related to current year — — — Unrecognized tax benefits-end of period $ 178 $ 182 $ 191 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 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): Year ended December 31, 2019 December 31, 2018 December 31, 2017 Class A Class B Class A Class B Class A Class B Numerator Net loss $ (38,661) $ (9,473) $ (38,733) $ (11,338) $ (33,016) $ (11,410) Denominator Weighted-average common shares outstanding - basic and diluted 37,190,224 9,112,432 33,758,623 9,881,785 30,929,899 10,688,939 Basic and diluted net loss per share $ (1.04) $ (1.04) $ (1.15) $ (1.15) $ (1.07) $ (1.07) |
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 December 31, 2019 2018 2017 Shares subject to outstanding common stock options 4,353,167 6,400,175 8,145,777 Shares subject to unvested restricted stock awards — — 163,332 Shares subject to unvested restricted stock units 3,039,020 2,359,261 574,072 Shares issuable pursuant to the ESPP 76,466 105,583 85,509 |
Unaudited Quarterly Results o_2
Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables set forth selected unaudited quarterly consolidated statement of operations data for each of the quarters indicated as well as the percentage of total revenue for each line item shown. The unaudited information should be read in conjunction with our financial statements and related notes included elsewhere in this report. We believe that the following unaudited information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three months ended Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 (in thousands) Revenue Subscription and support $ 66,148 $ 63,022 $ 60,472 $ 56,123 $ 53,779 $ 51,306 $ 48,837 $ 46,470 Professional services 14,117 11,157 13,012 13,840 10,656 9,567 10,293 13,436 Total revenue 80,265 74,179 73,484 69,963 64,435 60,873 59,130 59,906 Cost of revenue Subscription and support 11,946 10,924 10,202 9,809 8,637 8,139 8,637 8,802 Professional services 11,102 10,827 10,475 9,727 8,757 7,520 7,659 7,709 Total cost of revenue 23,048 21,751 20,677 19,536 17,394 15,659 16,296 16,511 Gross profit 57,217 52,428 52,807 50,427 47,041 45,214 42,834 43,395 Operating expenses Research and development 23,216 22,899 21,795 22,011 20,773 19,984 20,718 20,127 Sales and marketing 33,732 32,990 28,213 25,365 23,011 24,068 22,252 21,006 General and administrative (1) 14,754 12,017 11,226 10,383 11,047 11,864 21,654 11,768 Total operating expenses 71,702 67,906 61,234 57,759 54,831 55,916 64,624 52,901 Loss from operations (14,485) (15,478) (8,427) (7,332) (7,790) (10,702) (21,790) (9,506) Interest income 2,064 1,460 641 492 435 341 279 223 Interest expense (3,534) (1,959) (433) (440) (480) (448) (449) (450) Other income, net (305) 24 (111) (172) 318 (138) 213 120 Loss before provision (benefit) for income taxes (16,260) (15,953) (8,330) (7,452) (7,517) (10,947) (21,747) (9,613) Provision (benefit) for income taxes 38 98 (8) 11 204 17 21 5 Net loss $ (16,298) $ (16,051) $ (8,322) $ (7,463) $ (7,721) $ (10,964) $ (21,768) $ (9,618) Net loss per common share: Basic and diluted $ (0.35) $ (0.34) $ (0.18) $ (0.17) $ (0.17) $ (0.25) $ (0.50) $ (0.22) Weighted-average common shares outstanding - basic and diluted 47,058,209 46,731,663 46,166,660 45,229,279 44,472,672 43,973,428 43,234,655 42,858,756 (1) During the second quarter of 2018, we recorded an additional $5.9 million and $3.6 million of cash-based and equity-based compensation, respectively, to general and administrative expense pursuant to a separation agreement with our former CEO. |
Organization and Significant _4
Organization and Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Sales commissions amortization period | 3 years |
Organization and Significant _5
Organization and Significant Accounting Policies - Property and Equipment, net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 3.7 | $ 3.4 | $ 3.4 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Organization and Significant _6
Organization and Significant Accounting Policies - Revenue Recognition and Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Advertising expense | $ 3.4 | $ 2.9 | $ 2.7 |
Subscription and support | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Revenue recognition, customer contract period, min | 12 months | ||
Revenue recognition, customer contract period, max | 36 months |
Organization and Significant _7
Organization and Significant Accounting Policies - Intangible Assets (Details) - Patents - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years | |
Finite-lived intangible assets, accumulated amortization | $ 592 | $ 320 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | 353 | |
2021 | 353 | |
2022 | 209 | |
2023 | 124 | |
2024 | 110 | |
Thereafter | $ 222 |
Organization and Significant _8
Organization and Significant Accounting Policies - Effect of Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment in connection with the adoption of ASU 2014-09 | $ 8,381 | |||
ASSETS | ||||
Operating lease right-of-use assets | $ 15,352 | $ 15,694 | ||
Liabilities | ||||
Accrued expenses and other current liabilities | 49,930 | 38,672 | $ 36,353 | |
Other long-term liabilities | 1,498 | 884 | $ 6,891 | |
Operating lease liabilities, non-current | $ 18,564 | 19,382 | ||
Accounting Standards Update 2016-02 | ||||
ASSETS | ||||
Operating lease right-of-use assets | 15,694 | |||
Liabilities | ||||
Accrued expenses and other current liabilities | 2,319 | |||
Other long-term liabilities | (6,007) | |||
Operating lease liabilities, non-current | $ 19,382 | |||
Accumulated Deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment in connection with the adoption of ASU 2014-09 | 8,381 | |||
Accumulated Deficit | Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative-effect adjustment in connection with the adoption of ASU 2014-09 | $ 8,400 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 381,742 | $ 77,584 |
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized Gains | 172 | 0 |
Unrealized Losses | (6) | (68) |
Cash and cash equivalents and available-for-sale securities, amortized cost | 466,519 | 72,900 |
Cash and cash equivalents and available-for-sale securities | 466,685 | 72,832 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,448 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 7,448 | |
U.S. treasury debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,342 | 2,494 |
Unrealized Gains | 8 | 0 |
Unrealized Losses | (1) | (1) |
Aggregate Fair Value | 10,349 | 2,493 |
U.S. corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 95,706 | 10,890 |
Unrealized Gains | 164 | 0 |
Unrealized Losses | (5) | (67) |
Aggregate Fair Value | 95,865 | 10,823 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 360,471 | 52,068 |
Cash and cash equivalents, aggregate fair value | 360,471 | 52,068 |
Cash and cash equivalents | Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 360,471 | 52,068 |
Cash and cash equivalents, aggregate fair value | 360,471 | 52,068 |
Marketable securities | U.S. corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 106,048 | 20,832 |
Unrealized Gains | 172 | 0 |
Unrealized Losses | (6) | (68) |
Aggregate Fair Value | $ 106,214 | $ 20,764 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value | |
Less than 12 months | $ 9,085 |
12 months or greater | 2,000 |
Unrealized Loss | |
Less than 12 months | (5) |
12 months or greater | (1) |
U.S. treasury debt securities | |
Fair Value | |
Less than 12 months | 2,020 |
12 months or greater | 0 |
Unrealized Loss | |
Less than 12 months | (1) |
12 months or greater | 0 |
U.S. corporate debt securities | |
Fair Value | |
Less than 12 months | 7,065 |
12 months or greater | 2,000 |
Unrealized Loss | |
Less than 12 months | (4) |
12 months or greater | $ (1) |
Supplemental Consolidated Bal_3
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Financing leased assets, gross | $ 36,608 | |
Property and equipment, gross | $ 59,839 | |
Property, plant, and equipment and finance lease right-of-use asset, gross | 60,762 | |
Property, plant, and equipment and finance lease right-of-use asset, accumulated depreciation | (21,017) | |
Property, plant, and equipment and finance lease right-of-use asset | 39,745 | |
Less: accumulated depreciation and amortization | (18,371) | |
Property and equipment | 41,468 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract] | ||
Financing leased assets, gross | 36,608 | |
Less: accumulated amortization | (6,237) | |
Financing leased assets | 30,371 | |
Finance Lease, Right-Of-Use Asset, After Accumulated Amortization [Abstract] | ||
Financing leased assets, gross | 36,608 | |
Less: accumulated amortization | (7,481) | |
Financing leased assets | 29,127 | |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Financing leased assets, gross | 36,608 | |
Property and equipment, gross | 36,608 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract] | ||
Financing leased assets, gross | 36,608 | |
Finance Lease, Right-Of-Use Asset, After Accumulated Amortization [Abstract] | ||
Financing leased assets, gross | 36,608 | |
Computers, equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,029 | 6,602 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,494 | 8,839 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 97 | 97 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 7,500 | 7,678 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 34 | $ 15 |
Supplemental Consolidated Bal_4
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | |||
Accrued vacation | $ 8,353 | $ 6,906 | |
Accrued commissions | 5,561 | 7,265 | |
Accrued bonuses | 7,121 | 5,643 | |
Estimated health insurance claims | 1,040 | 1,100 | |
ESPP employee contributions | 3,734 | 2,156 | |
Customer deposits | 12,151 | 7,395 | |
Operating lease liabilities | 3,064 | ||
Accrued other liabilities | 8,906 | 5,888 | |
Accrued expenses and other current liabilities | $ 49,930 | $ 38,672 | $ 36,353 |
Supplemental Consolidated Bal_5
Supplemental Consolidated Balance Sheet and Statement of Operations Information - Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Nonoperating Income (Expense) [Abstract] | |||||||||||
Income from training reimbursement program | $ 0 | $ 0 | $ 1,578 | ||||||||
Gains (losses) on foreign currency transactions | (609) | 289 | (372) | ||||||||
Other | 45 | 224 | (9) | ||||||||
Other Income, net | $ (305) | $ 24 | $ (111) | $ (172) | $ 318 | $ (138) | $ 213 | $ 120 | $ (564) | $ 513 | $ 1,197 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 7,448 | |
U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 10,349 | 2,493 |
U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 95,865 | 10,823 |
U.S. corporate debt securities | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 106,214 | 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 | 360,471 | 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 | 360,471 | 52,068 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of convertible debt | 309,200 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 466,685 | 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 | 360,471 | 52,068 |
Recurring | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 106,214 | 20,764 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 7,448 |
Recurring | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,349 | 2,493 |
Recurring | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 95,865 | 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 | 360,471 | 52,068 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 360,471 | 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 | 360,471 | 52,068 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 106,214 | 20,764 |
Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 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 | 10,349 | 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 | 95,865 | 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 |
Deferred Costs (Details)
Deferred Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred costs | $ 29,100 | $ 18,700 |
Amortization expense for deferred costs | 15,200 | 10,100 |
Impairment loss | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Build to Suit (Details) - Ames, Iowa Building Lease $ in Millions | 1 Months Ended | 12 Months Ended | |
Jun. 20, 2013USD ($) | Dec. 31, 2019USD ($)phase | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of phases | phase | 2 | ||
Lessor committed fundings, phase 1 | $ 11.8 | ||
Lessor committed fundings, phase 2 | $ 11.1 | ||
Reclassification to financing obligation | $ 11.8 | $ 11.1 | |
Purchase option period | 3 years | ||
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Assets placed into service | $ 17.1 | $ 19.9 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Lease Payments Under Operating and Financing Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Obligations | |
2020 | $ 2,840 |
2021 | 2,840 |
2022 | 2,611 |
2023 | 1,471 |
2024 | 1,471 |
Thereafter | 23,398 |
Total minimum lease payments | 34,631 |
Less: Amount representing interest | (17,414) |
Present value of financing obligations | $ 17,217 |
Commitments and Contingencies_3
Commitments and Contingencies - Other Purchase Commitments (Details) - Cloud Services Arrangement $ in Millions | Dec. 31, 2019USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Other purchase commitments, due in fiscal year 2020 | $ 13.1 |
Other purchase commitments, due in fiscal year 2021 | 10.3 |
Other purchase commitments, due in fiscal year 2022 | $ 7.5 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)renewal_option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Rent expense | $ 5,600 | $ 4,700 | ||
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 3,544 | |||
Short-term lease cost | 1,324 | |||
Variable lease cost | 923 | |||
Lease cost | 5,791 | |||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 4,018 | |||
Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 2,207 | |||
Weighted Average Remaining Lease Term (in years) - Operating leases | 7 years 7 months 6 days | |||
Weighted Average Discount Rate - Operating leases | 5.70% | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||||
2020 | $ 4,198 | |||
2021 | 4,327 | |||
2022 | 3,872 | |||
2023 | 3,540 | |||
2024 | 2,751 | |||
Thereafter | 8,504 | |||
Total minimum lease payments | 27,192 | |||
Less: Amount representing interest | (5,564) | |||
Total | $ 21,628 | |||
Office | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of renewal options (or more) | renewal_option | 1 | |||
Office | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 3 years | |||
Office | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 5 years | |||
Amsterdam office space lease | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 3 years | |||
Monthly operating lease payment | $ 73 |
Debt (Details)
Debt (Details) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2019USD ($)day$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Aug. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||||
Proceeds from the issuance of convertible senior notes, net of issuance costs | $ 335,899,000 | $ 0 | $ 0 | ||
Line of Credit | Silicon Valley Bank | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | ||||
Convertible debt | 1.125% Convertible Senior Notes, Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issued | $ 345,000,000 | ||||
Stated interest percentage | 1.125% | ||||
Proceeds from the issuance of convertible senior notes, net of issuance costs | $ 335,900,000 | ||||
Conversion ratio | 0.0124756 | ||||
Conversion price (in dollars per share) | $ / shares | $ 80.16 | ||||
Threshold number of trading days (day) | day | 20 | ||||
Threshold number of consecutive trading days (day) | day | 30 | ||||
Threshold percentage of stock price trigger | 130.00% | ||||
Redemption price, percentage | 100.00% | ||||
Effective interest percentage | 4.30% | ||||
Equity component, gross amount | $ 60,100,000 | ||||
Issuance costs attributable to the liability component | 7,500,000 | ||||
Issuance costs attributable to the equity component | 1,600,000 | ||||
Convertible debt | 1.125% Convertible Senior Notes, Due 2026, Over-Allotment option | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issued | $ 45,000,000 | ||||
Class A Common Stock | |||||
Debt Instrument [Line Items] | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Debt conversion terms one | Convertible debt | 1.125% Convertible Senior Notes, Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Threshold number of trading days (day) | day | 20 | ||||
Threshold number of consecutive trading days (day) | day | 30 | ||||
Threshold percentage of stock price trigger | 130.00% | ||||
Debt conversion terms two | Convertible debt | 1.125% Convertible Senior Notes, Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Threshold number of trading days (day) | day | 5 | ||||
Threshold number of consecutive trading days (day) | day | 10 | ||||
Threshold percentage of stock trading price | 98.00% |
Debt - Summary of Convertible D
Debt - Summary of Convertible Debt (Details) - Convertible debt - 1.125% Convertible Senior Notes, Due 2026 $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Principal | $ 345,000 |
Unamortized discount | (57,247) |
Unamortized issuance costs | (7,152) |
Net carrying amount | 280,601 |
Equity component, net of purchase discounts and issuance costs | $ 58,560 |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Disclosure [Abstract] | |
Contractual interest expense | $ 1,444 |
Amortization of debt discount | 2,900 |
Amortization of issuance costs | 362 |
Total interest expense | $ 4,706 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details) | 12 Months Ended |
Dec. 31, 2019classvote | |
Equity [Abstract] | |
Number of classes of common stock | class | 2 |
Class A Common Stock | |
Class of Stock [Line Items] | |
Common stock, number of votes per share | 1 |
Class B Common Stock | |
Class of Stock [Line Items] | |
Common stock, number of votes per share | 10 |
Common stock, conversion rate | 1 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | Jun. 13, 2017 | Jun. 30, 2018 | Jun. 30, 2016 | Dec. 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 (in shares) | 4,632,233 | |||
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] | ||||
Increase in number of shares available for grant (in shares) | 3,000,000 | 3,900,000 | ||
Number of shares available for grant (in shares) | 2,066,342 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 35,784 | $ 30,841 | $ 19,476 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 8,006 | 5,842 | 2,224 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 8,792 | 5,416 | 2,983 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 15,707 | 18,264 | 13,066 |
Subscription and support | Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 1,554 | 700 | 738 |
Professional services | Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 1,725 | $ 619 | $ 465 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee stock options | |||
Weighted-Average Assumptions | |||
Risk-free interest rate, min (as percent) | 1.50% | ||
Risk-free interest rate, max (as percent) | 2.20% | ||
Expected volatility, min (as percent) | 23.70% | ||
Expected volatility, max (as percent) | 43.80% | ||
Employee stock options | Minimum | |||
Weighted-Average Assumptions | |||
Expected term (in years) | 2 months 12 days | ||
Employee stock options | Maximum | |||
Weighted-Average Assumptions | |||
Expected term (in years) | 6 years 1 month 6 days | ||
Employee Stock Purchase Plan | |||
Weighted-Average Assumptions | |||
Expected term (in years) | 6 months | 6 months | 6 months |
Risk-free interest rate, min (as percent) | 1.90% | 1.80% | |
Risk-free interest rate, max (as percent) | 2.60% | 2.40% | |
Risk-free interest rate (as percent) | 1.20% | ||
Expected volatility, min (as percent) | 35.00% | 22.20% | |
Expected volatility, max (as percent) | 49.00% | 36.40% | |
Expected volatility (as percent) | 28.50% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options (in shares): | |||
Outstanding beginning of the period (in shares) | 6,400,175 | ||
Granted (in shares) | 0 | 0 | |
Forfeited (in shares) | (50,437) | ||
Exercised (in shares) | (1,996,571) | ||
Outstanding end of the period (in shares) | 4,353,167 | 6,400,175 | |
Exercisable at end of the period (in shares) | 3,723,394 | ||
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) | 17.32 | ||
Exercised (in dollars per share) | 12.10 | ||
Outstanding end of the period (in dollars per share) | 14.32 | $ 13.65 | |
Exercisable at the end of the period (in dollars per share) | $ 13.89 | ||
Outstanding, weighted-average remaining contractual term (years) | 5 years 7 months 6 days | 6 years 1 month 6 days | |
Exercisable, weighted-average remaining contractual term (years) | 5 years 3 months 18 days | ||
Outstanding, aggregate intrinsic value | $ 120,714 | $ 142,340 | |
Exercisable, aggregate intrinsic value | 104,868 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options exercised intrinsic value | 75,600 | 27,500 | $ 9,800 |
Options grants in period, weighted average grant date fair value (in dollars per share) | $ 6.79 | ||
Options vested in period fair value | 5,800 | $ 12,400 | $ 10,200 |
Options unrecognized compensation expense | $ 3,400 | ||
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 4 months 24 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 Awards (Details) - Restricted stock awards - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in period, fair value | $ 2,200,000 | $ 2,700,000 | |
Unrecognized compensation expense | $ 0 | ||
Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (years) | 3 years |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested in period, fair value | $ 8.8 | $ 7.7 | $ 3.6 |
Number of Shares (in shares) | |||
Unvested at beginning of period (in shares) | 2,359,261 | ||
Granted (in shares) | 1,157,679 | ||
Forfeited (in shares) | (75,349) | ||
Vested (in shares) | (402,571) | ||
Unvested at end of period (in shares) | 3,039,020 | 2,359,261 | |
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) | 43.26 | ||
Forfeited (in dollars per share) | 32.16 | ||
Vested (in dollars per share) | 21.75 | ||
Unvested at end of period (in dollars per share) | $ 31.39 | $ 23.95 | |
Number of vested shares recipient elected to defer settlement (in shares) | 256,660 | ||
Number of vested shares recipients elected to defer settlement, released during period (in shares) | 274,079 | ||
Number of deferred shares vested and outstanding (in shares) | 537,202 | ||
Unrecognized compensation expense | $ 60.3 | ||
Unrecognized compensation expense, period for recognition (years) | 2 years 4 months 24 days | ||
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 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from shares issued in connection with employee stock purchase plan | $ 4,922,000 | $ 3,216,000 | $ 0 |
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 88,478 | ||
Unrecognized compensation expense, period for recognition (years) | 14 days | ||
Class A Common Stock | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued during period (in shares) | 188,390 | ||
Shares issued during period, weighted average price per share (in dollars per share) | $ 26.13 | ||
Proceeds from shares issued in connection with employee stock purchase plan | $ 4,900,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of the period | $ (9,740) | $ (16,934) | $ (3,125) |
Other comprehensive income (loss) | 189 | 26 | (219) |
End of the period | 65,343 | (9,740) | (16,934) |
Accumulated translation adjustment | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of the period | 165 | 139 | 298 |
Other comprehensive income (loss) | 13 | 26 | (159) |
End of the period | 178 | 165 | 139 |
Accumulated unrealized holding gains (losses) on available-for-sale securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of the period | (67) | (67) | (7) |
Other comprehensive income (loss) | 176 | 0 | (60) |
End of the period | 109 | (67) | (67) |
Accumulated Other Comprehensive Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of the period | 98 | 72 | 291 |
Other comprehensive income (loss) | 189 | 26 | (219) |
End of the period | $ 287 | $ 98 | $ 72 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||||||||||
Total revenue | $ 80,265 | $ 74,179 | $ 73,484 | $ 69,963 | $ 64,435 | $ 60,873 | $ 59,130 | $ 59,906 | $ 297,891 | $ 244,344 | $ 207,869 |
Americas | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Total revenue | 286,131 | 237,290 | 203,655 | ||||||||
Other | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Total revenue | $ 11,760 | $ 7,054 | $ 4,214 | ||||||||
Revenue From Contract With Customer, Americas Revenue | Geographic concentration risk | United States | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration risk percentage | 96.00% | 96.00% | 96.00% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 80,265 | $ 74,179 | $ 73,484 | $ 69,963 | $ 64,435 | $ 60,873 | $ 59,130 | $ 59,906 | $ 297,891 | $ 244,344 | $ 207,869 |
Subscription and support | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 66,148 | $ 63,022 | $ 60,472 | $ 56,123 | $ 53,779 | $ 51,306 | $ 48,837 | $ 46,470 | 245,765 | 200,392 | $ 169,283 |
XBRL professional services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 38,734 | 30,562 | |||||||||
Other services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 13,392 | 13,390 | |||||||||
Information technology | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 39,417 | 31,063 | |||||||||
Consumer discretionary | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 33,658 | 28,325 | |||||||||
Industrials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 33,281 | 28,023 | |||||||||
Diversified financials | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 33,783 | 27,335 | |||||||||
Banks | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 28,788 | 23,818 | |||||||||
Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 28,100 | 21,672 | |||||||||
Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 22,551 | 19,617 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 78,313 | $ 64,491 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Deferred revenue recognized | $ 129.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | 254.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | $ 184.6 |
Expected period of recognition | 12 months |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ (47,235) | $ (50,268) | $ (44,246) | ||||||||
Foreign | (760) | 444 | (119) | ||||||||
Loss before provision for income taxes | $ (16,260) | $ (15,953) | $ (8,330) | $ (7,452) | $ (7,517) | $ (10,947) | $ (21,747) | $ (9,613) | $ (47,995) | $ (49,824) | $ (44,365) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||||||||||
State | $ 59 | $ 48 | $ 42 | ||||||||
Foreign | 252 | 203 | 19 | ||||||||
Total Current | 311 | 251 | 61 | ||||||||
Deferred | |||||||||||
Federal | (65) | (8) | 0 | ||||||||
Foreign | (107) | 4 | 0 | ||||||||
Total Deferred | (172) | (4) | 0 | ||||||||
Total income tax provision | $ 38 | $ 98 | $ (8) | $ 11 | $ 204 | $ 17 | $ 21 | $ 5 | $ 139 | $ 247 | $ 61 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax benefit | $ 65 | $ 8 | $ 0 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal statutory rate | 21.00% | 21.00% | 35.00% | ||||||||
Tax benefit at federal statutory rate | $ (10,079) | $ (10,463) | $ (15,528) | ||||||||
State taxes, net of federal benefit | (5,015) | (2,587) | (1,802) | ||||||||
Revaluation of deferred tax items due to tax rate change (federal and state) | 0 | 0 | 22,880 | ||||||||
Revaluation of deferred tax asset for current year net operating loss due to tax rate change | 0 | 0 | 4,134 | ||||||||
Section 162(m) limitations | 2,944 | 1,625 | 37 | ||||||||
Stock-based compensation | (14,728) | (2,327) | (559) | ||||||||
Permanent differences including gain on foreign restructuring, and meals & entertainment | 1,103 | 2,815 | 5,663 | ||||||||
Tax benefit of federal R&D credit | (3,141) | (3,289) | (2,366) | ||||||||
Recognition of excess tax benefits related to share-based payments | 0 | 0 | (3,606) | ||||||||
Valuation allowance | 29,236 | 14,044 | (8,586) | ||||||||
Other | (181) | 429 | (206) | ||||||||
Total income tax provision | $ 38 | $ 98 | $ (8) | $ 11 | $ 204 | $ 17 | $ 21 | $ 5 | $ 139 | $ 247 | $ 61 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Property and equipment | $ 6 | $ 18 |
Accruals and reserves | 197 | 283 |
Deferred rent | 1,599 | 1,601 |
Compensation and benefits | 16,391 | 13,925 |
Deferred revenue | 5,973 | 5,338 |
Net operating loss and credits | 78,983 | 51,931 |
Other | 1,559 | 701 |
Total deferred tax assets | 104,708 | 73,797 |
Valuation allowance | (86,580) | (72,683) |
Total deferred tax assets | 18,128 | 1,114 |
Deferred tax liabilities: | ||
Property and equipment | (599) | (529) |
Convertible Notes | (14,598) | 0 |
Other deferred tax liabilities | (2,822) | (587) |
Deferred tax liabilities | (18,019) | (1,116) |
Total | $ (2) | |
Total | $ 109 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2019USD ($) |
Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 250.3 |
State Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 203.8 |
Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 1.7 |
Income Taxes - Tax Credit Carry
Income Taxes - Tax Credit Carryforwards (Details) $ in Millions | Dec. 31, 2019USD ($) |
Domestic Tax Authority | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward | $ 12.6 |
State Tax Authority | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward | $ 2.2 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits-beginning of period | $ 182 | $ 191 | $ 168 |
Additions for tax positions related to prior year | 0 | 0 | 0 |
Reductions for tax positions related to prior year | 0 | 0 | 0 |
Foreign currency adjustments | (4) | (9) | |
Foreign currency adjustments | 23 | ||
Additions for tax positions related to current year | 0 | 0 | 0 |
Unrecognized tax benefits-end of period | 178 | 182 | 191 |
Interest and penalties | $ 0 | $ 0 | $ 0 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Denominator | |||||||||||
Weighted-average common shares outstanding - basic and diluted (in shares) | 47,058,209 | 46,731,663 | 46,166,660 | 45,229,279 | 44,472,672 | 43,973,428 | 43,234,655 | 42,858,756 | 46,302,656 | 43,640,408 | 41,618,838 |
Basic and diluted net loss per share (in dollars per share) | $ (0.35) | $ (0.34) | $ (0.18) | $ (0.17) | $ (0.17) | $ (0.25) | $ (0.50) | $ (0.22) | $ (1.04) | $ (1.15) | $ (1.07) |
Class A Common Stock | |||||||||||
Numerator | |||||||||||
Net loss | $ (38,661) | $ (38,733) | $ (33,016) | ||||||||
Denominator | |||||||||||
Weighted-average common shares outstanding - basic and diluted (in shares) | 37,190,224 | 33,758,623 | 30,929,899 | ||||||||
Basic and diluted net loss per share (in dollars per share) | $ (1.04) | $ (1.15) | $ (1.07) | ||||||||
Class B Common Stock | |||||||||||
Numerator | |||||||||||
Net loss | $ (9,473) | $ (11,338) | $ (11,410) | ||||||||
Denominator | |||||||||||
Weighted-average common shares outstanding - basic and diluted (in shares) | 9,112,432 | 9,881,785 | 10,688,939 | ||||||||
Basic and diluted net loss per share (in dollars per share) | $ (1.04) | $ (1.15) | $ (1.07) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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) | 4,353,167 | 6,400,175 | 8,145,777 |
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) | 0 | 0 | 163,332 |
Shares subject to unvested restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,039,020 | 2,359,261 | 574,072 |
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) | 76,466 | 105,583 | 85,509 |
Class A Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,300,000 |
Unaudited Quarterly Results o_3
Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | |||||||||||
Total revenue | $ 80,265 | $ 74,179 | $ 73,484 | $ 69,963 | $ 64,435 | $ 60,873 | $ 59,130 | $ 59,906 | $ 297,891 | $ 244,344 | $ 207,869 |
Cost of revenue | |||||||||||
Total cost of revenue | 23,048 | 21,751 | 20,677 | 19,536 | 17,394 | 15,659 | 16,296 | 16,511 | 85,012 | 65,860 | 60,245 |
Gross profit | 57,217 | 52,428 | 52,807 | 50,427 | 47,041 | 45,214 | 42,834 | 43,395 | 212,879 | 178,484 | 147,624 |
Operating expenses | |||||||||||
Research and development | 23,216 | 22,899 | 21,795 | 22,011 | 20,773 | 19,984 | 20,718 | 20,127 | 89,921 | 81,602 | 68,172 |
Sales and marketing | 33,732 | 32,990 | 28,213 | 25,365 | 23,011 | 24,068 | 22,252 | 21,006 | 120,300 | 90,337 | 84,161 |
General and administrative | 14,754 | 12,017 | 11,226 | 10,383 | 11,047 | 11,864 | 21,654 | 11,768 | 48,380 | 56,333 | 39,594 |
Total operating expenses | 71,702 | 67,906 | 61,234 | 57,759 | 54,831 | 55,916 | 64,624 | 52,901 | 258,601 | 228,272 | 191,927 |
Loss from operations | (14,485) | (15,478) | (8,427) | (7,332) | (7,790) | (10,702) | (21,790) | (9,506) | (45,722) | (49,788) | (44,303) |
Interest income | 2,064 | 1,460 | 641 | 492 | 435 | 341 | 279 | 223 | 4,657 | 1,278 | 586 |
Interest expense | (3,534) | (1,959) | (433) | (440) | (480) | (448) | (449) | (450) | (6,366) | (1,827) | (1,845) |
Other income, net | (305) | 24 | (111) | (172) | 318 | (138) | 213 | 120 | (564) | 513 | 1,197 |
Loss before provision for income taxes | (16,260) | (15,953) | (8,330) | (7,452) | (7,517) | (10,947) | (21,747) | (9,613) | (47,995) | (49,824) | (44,365) |
Provision (benefit) for income taxes | 38 | 98 | (8) | 11 | 204 | 17 | 21 | 5 | 139 | 247 | 61 |
Net loss | $ (16,298) | $ (16,051) | $ (8,322) | $ (7,463) | $ (7,721) | $ (10,964) | $ (21,768) | $ (9,618) | $ (48,134) | $ (50,071) | $ (44,426) |
Basic and diluted (in dollars per share) | $ (0.35) | $ (0.34) | $ (0.18) | $ (0.17) | $ (0.17) | $ (0.25) | $ (0.50) | $ (0.22) | $ (1.04) | $ (1.15) | $ (1.07) |
Weighted-average common shares outstanding - basic and diluted (in shares) | 47,058,209 | 46,731,663 | 46,166,660 | 45,229,279 | 44,472,672 | 43,973,428 | 43,234,655 | 42,858,756 | 46,302,656 | 43,640,408 | 41,618,838 |
Subscription and support | |||||||||||
Revenue | |||||||||||
Total revenue | $ 66,148 | $ 63,022 | $ 60,472 | $ 56,123 | $ 53,779 | $ 51,306 | $ 48,837 | $ 46,470 | $ 245,765 | $ 200,392 | $ 169,283 |
Cost of revenue | |||||||||||
Total cost of revenue | 11,946 | 10,924 | 10,202 | 9,809 | 8,637 | 8,139 | 8,637 | 8,802 | 42,881 | 34,215 | 32,646 |
Professional services | |||||||||||
Revenue | |||||||||||
Total revenue | 14,117 | 11,157 | 13,012 | 13,840 | 10,656 | 9,567 | 10,293 | 13,436 | 52,126 | 43,952 | 38,586 |
Cost of revenue | |||||||||||
Total cost of revenue | $ 11,102 | $ 10,827 | $ 10,475 | $ 9,727 | $ 8,757 | $ 7,520 | 7,659 | $ 7,709 | $ 42,131 | $ 31,645 | $ 27,599 |
Chief Executive Officer | General and administrative | |||||||||||
Operating expenses | |||||||||||
Severance costs | 5,900 | ||||||||||
Compensation expense | $ 3,600 |