Workiva (WK) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001445305
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		38,583,904
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		8,555,596

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 393,434	$ 381,742
Marketable securities	102,589	106,214
Accounts receivable, net of allowance for doubtful accounts of $890 and $866 at March 31, 2020 and December 31, 2019, respectively	45,522	60,228
Deferred commissions	12,554	14,108
Other receivables	2,683	2,432
Prepaid expenses and other	8,452	6,508
Total current assets	565,234	571,232
Property and equipment, net	39,231	39,745
Operating lease right-of-use assets	18,358	15,352
Deferred commissions, non-current	15,751	14,977
Intangible assets, net	1,639	1,651
Other assets	3,503	3,439
Total assets	643,716	646,396
Current liabilities
Accounts payable	5,501	7,057
Accrued expenses and other current liabilities	42,762	49,930
Deferred revenue	172,369	173,617
Current portion of financing obligations	1,361	1,328
Total current liabilities	221,993	231,932
Convertible senior notes, net	282,798	280,601
Deferred revenue, non-current	31,626	32,569
Other long-term liabilities	1,569	1,498
Operating lease liabilities, non-current	20,422	18,564
Financing obligations, non-current	15,536	15,889
Total liabilities	573,944	581,053
Stockholders’ equity
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	435,181	420,170
Accumulated deficit	(365,734)	(355,161)
Accumulated other comprehensive income	278	287
Total stockholders’ equity	69,772	65,343
Total liabilities and stockholders’ equity	643,716	646,396
Class A Common Stock
Stockholders’ equity
Common stock	38	38
Class B Common Stock
Stockholders’ equity
Common stock	$ 9	$ 9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 890	$ 866
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	38,489,807	38,043,444
Common stock, shares outstanding	38,489,807	38,043,444
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized	500,000,000	500,000,000
Common stock, shares issued	8,555,596	8,595,596
Common stock, shares outstanding	8,555,596	8,595,596

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Total revenue	$ 85,801	$ 69,963
Cost of revenue
Total cost of revenue	22,396	19,536
Gross profit	63,405	50,427
Operating expenses
Research and development	22,994	22,011
Sales and marketing	36,117	25,365
General and administrative	13,448	10,383
Total operating expenses	72,559	57,759
Loss from operations	(9,154)	(7,332)
Interest income	1,706	492
Interest expense	(3,554)	(440)
Other income (expense), net	718	(172)
Loss before provision for income taxes	(10,284)	(7,452)
Provision for income taxes	289	11
Net loss	$ (10,573)	$ (7,463)
Net loss per common share:
Basic and diluted (in dollars per share)	$ (0.22)	$ (0.17)
Weighted-average common shares outstanding - basic and diluted (in shares)	47,545,703	45,229,279
Subscription and support
Revenue
Total revenue	$ 68,361	$ 56,123
Cost of revenue
Total cost of revenue	12,153	9,809
Professional services
Revenue
Total revenue	17,440	13,840
Cost of revenue
Total cost of revenue	$ 10,243	$ 9,727

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,573)	$ (7,463)
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment, net of income tax expense of $0 and $3 for the three months ended March 31, 2020 and 2019, respectively	(51)	9
Unrealized gain on available-for-sale securities, net of income tax benefit (expense) of $0 and $(15) for the three months ended March 31, 2020 and 2019, respectively	42	43
Other comprehensive (loss) income, net of tax	(9)	52
Comprehensive loss	$ (10,582)	$ (7,411)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 3
Unrealized gain on available-for-sale securities, tax benefit (expense)	$ 0	$ (15)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock (Class A and B)	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Shares, Outstanding, Beginning at Dec. 31, 2018		44,044,000
Beginning of the period at Dec. 31, 2018	$ (9,740)	$ 44	$ 297,145	$ 98	$ (307,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	8,193		8,193
Issuance of common stock upon exercise of stock options (in shares)		961,000
Issuance of common stock upon exercise of stock options	11,055	$ 1	11,054
Issuance of common stock under employee stock purchase plan (in shares)		101,000
Issuance of common stock under employee stock purchase plan	2,149		2,149
Issuance of restricted stock units (in shares)		25,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(10,000)
Tax withholding related to net share settlements of stock-based compensation awards	(390)		(390)
Net loss	(7,463)				(7,463)
Other comprehensive income (loss)	52			52
End of period at Mar. 31, 2019	3,856	$ 45	318,151	150	(314,490)
Shares, Outstanding, Ending at Mar. 31, 2019		45,121,000
Shares, Outstanding, Beginning at Dec. 31, 2019		46,639,000
Beginning of the period at Dec. 31, 2019	65,343	$ 47	420,170	287	(355,161)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 9,936		9,936
Issuance of common stock upon exercise of stock options (in shares)	225,310	225,000
Issuance of common stock upon exercise of stock options	$ 2,794		2,794
Issuance of common stock under employee stock purchase plan (in shares)		94,000
Issuance of common stock under employee stock purchase plan	3,660		3,660
Issuance of restricted stock units (in shares)		117,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(30,000)
Tax withholding related to net share settlements of stock-based compensation awards	(1,379)		(1,379)
Net loss	(10,573)				(10,573)
Other comprehensive income (loss)	(9)			(9)
End of period at Mar. 31, 2020	$ 69,772	$ 47	$ 435,181	$ 278	$ (365,734)
Shares, Outstanding, Ending at Mar. 31, 2020		47,045,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (10,573)	$ (7,463)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,142	903
Stock-based compensation expense	9,936	8,193
Provision for (recovery of) doubtful accounts	40	(187)
Amortization (accretion) of premiums and discounts on marketable securities, net	101	(81)
Amortization of debt discount and issuance costs	2,197	0
Deferred income tax	0	(18)
Changes in assets and liabilities:
Accounts receivable	14,265	14,818
Deferred commissions	603	(2,029)
Operating lease right-of-use asset	1,098	668
Other receivables	(253)	(214)
Prepaid expenses and other	(1,955)	(3,236)
Other assets	(74)	(1,464)
Accounts payable	(1,382)	(1,562)
Deferred revenue	(1,228)	1,987
Operating lease liability	(1,145)	(655)
Accrued expenses and other liabilities	(8,023)	(4,541)
Net cash provided by operating activities	4,749	5,119
Cash flows from investing activities
Purchase of property and equipment	(688)	(1,743)
Purchase of marketable securities	(20,832)	(22,155)
Sale of marketable securities	11,423	0
Maturities of marketable securities	12,975	7,390
Purchase of intangible assets	(77)	(84)
Net cash provided by (used in) investing activities	2,801	(16,592)
Cash flows from financing activities
Proceeds from option exercises	2,794	11,055
Taxes paid related to net share settlements of stock-based compensation awards	(1,379)	(390)
Proceeds from shares issued in connection with employee stock purchase plan	3,660	2,149
Principal payments on financing obligations	(320)	(294)
Net cash provided by financing activities	4,755	12,520
Effect of foreign exchange rates on cash	(613)	105
Net increase in cash and cash equivalents	11,692	1,152
Cash and cash equivalents at beginning of period	381,742	77,584
Cash and cash equivalents at end of period	393,434	78,736
Supplemental cash flow disclosure
Cash paid for interest	2,320	464
Cash paid for income taxes, net of refunds	159	233
Supplemental disclosure of noncash investing and financing activities
Allowance for tenant improvements	$ 124	$ 0

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation (together with 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 financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2019 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020. Seasonality has affected our revenue, expenses and cash flows from operations. Revenue from professional services has been higher in the first quarter as many of our customers file their Form 10-K in the first calendar quarter. Sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September, although our transition to a virtual event in 2020 may partially mitigate this trend. In addition, the timing of the payments of cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. The condensed consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on February 20, 2020. The unaudited condensed consolidated financial statements include the accounts of Workiva Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Additionally, certain prior period amounts have been reclassified for consistency with the current year presentation. The reclassification of the prior period amounts were not material to the previously reported consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, 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. Recently Adopted Accounting Pronouncements 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 are 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 became 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. Effective January 1, 2020, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements.

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet Information	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Supplemental Consolidated Balance Sheet Information	Supplemental Consolidated Balance Sheet Information Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2020 As of December 31, 2019 Accrued vacation $ 9,430 $ 8,353 Accrued commissions 2,791 5,561 Accrued bonuses 4,122 7,121 Estimated health insurance claims 1,089 1,040 ESPP employee contributions 2,114 3,734 Customer deposits 11,818 12,151 Operating lease liabilities 4,341 3,064 Accrued other liabilities 7,057 8,906 $ 42,762 $ 49,930

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities At March 31, 2020, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 367,978 $ — $ — $ 367,978 Commercial paper 2,961 — — 2,961 U.S. treasury debt securities 20,888 283 — 21,171 U.S. corporate debt securities 78,532 49 (124) 78,457 $ 470,359 $ 332 $ (124) $ 470,567 Included in cash and cash equivalents $ 367,978 $ — $ — $ 367,978 Included in marketable securities $ 102,381 $ 332 $ (124) $ 102,589 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 The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of March 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2020 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. corporate debt securities $ 48,338 $ (124) $ — $ — Total $ 48,338 $ (124) $ — $ — We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of March 31, 2020, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. Financial Assets Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of March 31, 2020, all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2. Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2, and we have no financial assets measured using Level 3 inputs. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of March 31, 2020 Fair Value Measurements as of December 31, 2019 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 367,978 $ 367,978 $ — $ 360,471 $ 360,471 $ — Commercial paper 2,961 — 2,961 — — — U.S. treasury debt securities 21,171 — 21,171 10,349 — 10,349 U.S. corporate debt securities 78,457 — 78,457 95,865 — 95,865 $ 470,567 $ 367,978 $ 102,589 $ 466,685 $ 360,471 $ 106,214 Included in cash and cash equivalents $ 367,978 $ 360,471 Included in marketable securities $ 102,589 $ 106,214 Convertible Senior Notes As of March 31, 2020, the fair value of our convertible senior notes was $269.4 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 5 to the condensed consolidated financial statements for more information.

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior NotesIn 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 March 31, 2020, the conditions allowing holders of the Notes to convert were not met. The Notes were therefore not convertible during the three months ended March 31, 2020 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): March 31, 2020 December 31, 2019 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount (55,294) (57,247) Unamortized issuance costs (6,908) (7,152) Net carrying amount $ 282,798 $ 280,601 Equity component, net of purchase discounts and issuance costs $ 58,560 $ 58,560 Interest expense related to the Notes is as follows (in thousands): Three Months Ended March 31, 2020 Contractual interest expense $ 970 Amortization of debt discount 1,953 Amortization of issuance costs 244 Total interest expense $ 3,167

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
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 units, options to purchase Class A common stock and Employee Stock Purchase Plan (“ESPP”) purchase rights. As of March 31, 2020, awards outstanding under the 2009 Plan consisted of stock options, and awards outstanding under the 2014 Plan consisted of stock options and restricted stock units. As of March 31, 2020, 1,534,427 shares of Class A common stock were available for grant under the 2014 Plan. Our ESPP became effective on June 13, 2017. Under the ESPP, eligible employees are granted options to purchase shares of Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. Options to purchase shares are granted twice yearly on or about January 15 and July 15 and are exercisable on or about the succeeding July 14 and January 14, respectively, of each year. As of March 31, 2020, 4,538,213 shares of Class A common stock were available for issuance under the ESPP. No participant may purchase more than $12,500 worth of common stock in a six Stock-Based Compensation Expense Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Three months ended March 31, 2020 2019 Cost of revenue Subscription and support $ 431 $ 357 Professional services 425 409 Operating expenses Research and development 1,583 1,900 Sales and marketing 2,736 1,964 General and administrative 4,761 3,563 Total $ 9,936 $ 8,193 Stock Options The following table summarizes the option activity under the Plans for the three months ended March 31, 2020: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 4,353,167 $ 14.32 5.6 $ 120,714 Granted — — Forfeited (21,735) 20.50 Exercised (225,310) 12.40 Outstanding at March 31, 2020 4,106,122 $ 14.39 5.4 $ 73,653 Exercisable at March 31, 2020 3,703,584 $ 14.01 5.2 $ 67,834 Options to purchase Class A common stock generally vest over a three four No options were granted during the three months ended March 31, 2020 and 2019. The total fair value of options vested during the three months ended March 31, 2020 and 2019 was approximately $1.4 million and $2.7 million, respectively. Total unrecognized compensation expense of $2.5 million related to options will be recognized over a weighted-average period of 1.2 years. Restricted Stock Units Restricted stock units granted to employees generally vest over a three four three one The following table summarizes the restricted stock unit activity under the Plan for the three months ended March 31, 2020: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2019 3,039,020 $ 31.39 Granted 636,445 45.69 Forfeited (53,456) 32.91 Vested (1) (286,338) 27.23 Unvested at March 31, 2020 3,335,671 $ 34.47 (1) During the three months ended March 31, 2020, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 168,966 shares had elected to defer settlement of the vested restricted stock units and no shares were released from deferral. This resulted in total deferred units of 706,168 as of March 31, 2020. Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At March 31, 2020, there was approximately $79.0 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.6 years. Employee Stock Purchase Plan The fair value of each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our common stock. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding. The expected term for the ESPP purchase rights approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) with a maturity similar to the estimated expected term of the ESPP purchase rights. The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Three months ended March 31, 2020 2019 Expected term (in years) 0.5 0.5 Risk-free interest rate 1.5% 2.6% Expected volatility 40.6% 48.6% During the three months ended March 31, 2020, 94,020 shares of common stock were purchased under the ESPP at a weighted-average price of $38.93 per share, resulting in cash proceeds of $3.7 million.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents our revenues disaggregated by industry (in thousands). Three months ended March 31, 2020 2019 Information technology $ 11,090 $ 9,162 Diversified financials 9,867 7,438 Consumer discretionary 9,437 7,979 Industrials 9,224 7,792 Banks 8,501 6,678 Healthcare 8,420 6,584 Energy 6,424 5,644 Other 22,838 18,686 Total revenues $ 85,801 $ 69,963 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended March 31, 2020 2019 Subscription and support $ 68,361 $ 56,123 XBRL professional services 13,432 11,410 Other services 4,008 2,430 Total revenues $ 85,801 $ 69,963 Deferred Revenue We recognized $63.6 million and $51.3 million of revenue during the three months ended March 31, 2020 and 2019, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. Transaction Price Allocated to the Remaining Performance Obligations

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per ShareBasic 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 convertible senior notes, outstanding stock options, stock related to unvested restricted stock units, and common stock issuable pursuant to the ESPP to the extent dilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The net loss per share is allocated based on the participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Three months ended March 31, 2020 March 31, 2019 Class A Class B Class A Class B Numerator Net loss $ (8,662) $ (1,911) $ (5,898) $ (1,565) Denominator Weighted-average common shares outstanding - basic and diluted 38,952,305 8,593,398 35,746,572 9,482,707 Basic and diluted net loss per share $ (0.22) $ (0.22) $ (0.17) $ (0.17) The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of March 31, 2020 March 31, 2019 Shares subject to outstanding common stock options 4,106,122 5,430,220 Shares subject to unvested restricted stock units 3,335,671 2,700,493 Shares issuable pursuant to the ESPP 107,331 92,664 Additionally, approximately 4.3 million shares of our Class A common stock underlying the conversion option in the Notes, are not considered in the calculation of diluted net loss per share as the effect would be anti-dilutive. We use the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable. During the year ended March 31, 2020, the average market price of our Class A common stock did not exceed the conversion price of the Notes of $80.16 per share.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2019 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three months ended March 31, 2020 are not necessarily indicative of the results expected for the full year ending December 31, 2020.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
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.
Recently Adopted Accounting Pronouncements	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 are 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 became 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. Effective January 1, 2020, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements.
Fair Value of Financial Instruments	Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service.
Stock-based Compensation	The fair value of each share issued under the ESPP is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on the historical volatility of our common stock. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding. The expected term for the ESPP purchase rights approximates the offering period. The risk-free interest rate is based on yields on U.S. Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities) with a maturity similar to the estimated expected term of the ESPP purchase rights.

Supplemental Consolidated Bal_2

Supplemental Consolidated Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2020 As of December 31, 2019 Accrued vacation $ 9,430 $ 8,353 Accrued commissions 2,791 5,561 Accrued bonuses 4,122 7,121 Estimated health insurance claims 1,089 1,040 ESPP employee contributions 2,114 3,734 Customer deposits 11,818 12,151 Operating lease liabilities 4,341 3,064 Accrued other liabilities 7,057 8,906 $ 42,762 $ 49,930

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	At March 31, 2020, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 367,978 $ — $ — $ 367,978 Commercial paper 2,961 — — 2,961 U.S. treasury debt securities 20,888 283 — 21,171 U.S. corporate debt securities 78,532 49 (124) 78,457 $ 470,359 $ 332 $ (124) $ 470,567 Included in cash and cash equivalents $ 367,978 $ — $ — $ 367,978 Included in marketable securities $ 102,381 $ 332 $ (124) $ 102,589 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
Schedule of Cash and Cash Equivalents	At March 31, 2020, marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 367,978 $ — $ — $ 367,978 Commercial paper 2,961 — — 2,961 U.S. treasury debt securities 20,888 283 — 21,171 U.S. corporate debt securities 78,532 49 (124) 78,457 $ 470,359 $ 332 $ (124) $ 470,567 Included in cash and cash equivalents $ 367,978 $ — $ — $ 367,978 Included in marketable securities $ 102,381 $ 332 $ (124) $ 102,589 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
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position	The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of March 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2020 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. corporate debt securities $ 48,338 $ (124) $ — $ — Total $ 48,338 $ (124) $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured on Recurring Basis	The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of March 31, 2020 Fair Value Measurements as of December 31, 2019 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 367,978 $ 367,978 $ — $ 360,471 $ 360,471 $ — Commercial paper 2,961 — 2,961 — — — U.S. treasury debt securities 21,171 — 21,171 10,349 — 10,349 U.S. corporate debt securities 78,457 — 78,457 95,865 — 95,865 $ 470,567 $ 367,978 $ 102,589 $ 466,685 $ 360,471 $ 106,214 Included in cash and cash equivalents $ 367,978 $ 360,471 Included in marketable securities $ 102,589 $ 106,214

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount (55,294) (57,247) Unamortized issuance costs (6,908) (7,152) Net carrying amount $ 282,798 $ 280,601 Equity component, net of purchase discounts and issuance costs $ 58,560 $ 58,560 Interest expense related to the Notes is as follows (in thousands): Three Months Ended March 31, 2020 Contractual interest expense $ 970 Amortization of debt discount 1,953 Amortization of issuance costs 244 Total interest expense $ 3,167

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
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): Three months ended March 31, 2020 2019 Cost of revenue Subscription and support $ 431 $ 357 Professional services 425 409 Operating expenses Research and development 1,583 1,900 Sales and marketing 2,736 1,964 General and administrative 4,761 3,563 Total $ 9,936 $ 8,193
Schedule of Stock-Option Activity	The following table summarizes the option activity under the Plans for the three months ended March 31, 2020: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 4,353,167 $ 14.32 5.6 $ 120,714 Granted — — Forfeited (21,735) 20.50 Exercised (225,310) 12.40 Outstanding at March 31, 2020 4,106,122 $ 14.39 5.4 $ 73,653 Exercisable at March 31, 2020 3,703,584 $ 14.01 5.2 $ 67,834
Summary of Restricted Stock Units	The following table summarizes the restricted stock unit activity under the Plan for the three months ended March 31, 2020: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2019 3,039,020 $ 31.39 Granted 636,445 45.69 Forfeited (53,456) 32.91 Vested (1) (286,338) 27.23 Unvested at March 31, 2020 3,335,671 $ 34.47
Schedule of Valuation Assumptions, Employee Stock Purchase Plans	The fair value of our ESPP purchase rights was estimated assuming no expected dividends and the following weighted-average assumptions: Three months ended March 31, 2020 2019 Expected term (in years) 0.5 0.5 Risk-free interest rate 1.5% 2.6% Expected volatility 40.6% 48.6%

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenues disaggregated by industry (in thousands). Three months ended March 31, 2020 2019 Information technology $ 11,090 $ 9,162 Diversified financials 9,867 7,438 Consumer discretionary 9,437 7,979 Industrials 9,224 7,792 Banks 8,501 6,678 Healthcare 8,420 6,584 Energy 6,424 5,644 Other 22,838 18,686 Total revenues $ 85,801 $ 69,963 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended March 31, 2020 2019 Subscription and support $ 68,361 $ 56,123 XBRL professional services 13,432 11,410 Other services 4,008 2,430 Total revenues $ 85,801 $ 69,963

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Three months ended March 31, 2020 March 31, 2019 Class A Class B Class A Class B Numerator Net loss $ (8,662) $ (1,911) $ (5,898) $ (1,565) Denominator Weighted-average common shares outstanding - basic and diluted 38,952,305 8,593,398 35,746,572 9,482,707 Basic and diluted net loss per share $ (0.22) $ (0.22) $ (0.17) $ (0.17)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of March 31, 2020 March 31, 2019 Shares subject to outstanding common stock options 4,106,122 5,430,220 Shares subject to unvested restricted stock units 3,335,671 2,700,493 Shares issuable pursuant to the ESPP 107,331 92,664

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 9,430	$ 8,353
Accrued commissions	2,791	5,561
Accrued bonuses	4,122	7,121
Estimated health insurance claims	1,089	1,040
ESPP employee contributions	2,114	3,734
Customer deposits	11,818	12,151
Operating lease liabilities	4,341	3,064
Accrued other liabilities	7,057	8,906
Accrued expenses and other current liabilities	$ 42,762	$ 49,930

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 393,434	$ 381,742
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	332	172
Unrealized Losses	(124)	(6)
Cash and cash equivalents and available-for-sale securities, amortized cost	470,359	466,519
Cash, cash equivalents, and available-for-sale securities	470,567	466,685
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,961
Unrealized Gains	0
Unrealized Losses	0
Aggregate Fair Value	2,961
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,888	10,342
Unrealized Gains	283	8
Unrealized Losses	0	(1)
Aggregate Fair Value	21,171	10,349
U.S. corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	78,532	95,706
Unrealized Gains	49	164
Unrealized Losses	(124)	(5)
Aggregate Fair Value	78,457	95,865
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	367,978	360,471
Cash and cash equivalents, aggregate fair value	367,978	360,471
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	367,978	360,471
Cash and cash equivalents, aggregate fair value	367,978	360,471
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	102,381	106,048
Unrealized Gains	332	172
Unrealized Losses	(124)	(6)
Aggregate Fair Value	$ 102,589	$ 106,214

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2020USD ($)
Fair Value
Less than 12 months	$ 48,338
12 months or greater	0
Unrealized Loss
Less than 12 months	(124)
12 months or greater	0
U.S. corporate debt securities
Fair Value
Less than 12 months	48,338
12 months or greater	0
Unrealized Loss
Less than 12 months	(124)
12 months or greater	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	$ 367,978	$ 360,471
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	102,589	106,214
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,961
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,171	10,349
U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	78,457	95,865
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	367,978	360,471
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	269,400
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	470,567	466,685
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	367,978	360,471
Recurring | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	102,589	106,214
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,961	0
Recurring | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,171	10,349
Recurring | U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	78,457	95,865
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	367,978	360,471
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	367,978	360,471
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	367,978	360,471
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	102,589	106,214
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,961	0
Recurring | Level 2 | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,171	10,349
Recurring | Level 2 | U.S. corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	78,457	95,865
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

Convertible Senior Notes (Detai

Convertible Senior Notes (Details)	1 Months Ended
	Aug. 31, 2019USD ($)day$ / shares	Mar. 31, 2020$ / shares	Dec. 31, 2019$ / shares
Class A Common Stock
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
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 percentage of stock price trigger	130.00%
Threshold percentage of stock trading price	98.00%
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 | Over-allotment option
Debt Instrument [Line Items]
Face amount of debt issued	$ 45,000,000
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
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

Convertible Senior Notes - Summ

Convertible Senior Notes - Summary of Convertible Debt (Details) - 1.125% Convertible Senior Notes Due 2026 - Convertible debt - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized discount	(55,294)	(57,247)
Unamortized issuance costs	(6,908)	(7,152)
Net carrying amount	282,798	280,601
Equity component, net of purchase discounts and issuance costs	$ 58,560	$ 58,560

Convertible Senior Notes - Su_2

Convertible Senior Notes - Summary of Interest Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
Contractual interest expense	$ 970
Amortization of debt discount	1,953
Amortization of issuance costs	244
Total interest expense	$ 3,167

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	Jun. 13, 2017	Mar. 31, 2020
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)		4,538,213
Purchase price of common stock, percentage of fair market value	85.00%
Maximum stock purchase value per employee	$ 12,500
2014 Equity Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		1,534,427

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 9,936	$ 8,193
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,583	1,900
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,736	1,964
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	4,761	3,563
Subscription and support | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	431	357
Professional services | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 425	$ 409

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Options (in shares):
Outstanding beginning of the period (in shares)	4,353,167
Granted (in shares)	0	0
Forfeited (in shares)	(21,735)
Exercised (in shares)	(225,310)
Outstanding end of the period (in shares)	4,106,122		4,353,167
Exercisable (in shares)	3,703,584
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share)	$ 14.32
Granted (in dollars per share)	0
Forfeited (in dollars per share)	20.50
Exercised (in dollars per share)	12.40
Outstanding end of the period (in dollars per share)	14.39		$ 14.32
Exercisable (in dollars per share)	$ 14.01
Outstanding, weighted-average remaining contractual term (years)	5 years 4 months 24 days		5 years 7 months 6 days
Exercisable, weighted-average remaining contractual term (years)	5 years 2 months 12 days
Outstanding, aggregate intrinsic value	$ 73,653		$ 120,714
Exercisable, aggregate intrinsic value	67,834
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercised intrinsic value	6,600	$ 34,300
Options vested in period fair value	1,400	$ 2,700
Options unrecognized compensation expense	$ 2,500
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 2 months 12 days
Class A Common Stock | Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expiration period (years)	10 years
Minimum | Class A Common Stock | Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Award vesting period (years)	3 years
Maximum | Class A Common Stock | Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Award vesting period (years)	4 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 7.8	$ 4.3
Number of Shares (in shares)
Unvested at beginning of period (in shares)	3,039,020
Granted (in shares)	636,445
Forfeited (in shares)	(53,456)
Vested (in shares)	(286,338)
Unvested at end of period (in shares)	3,335,671
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share)	$ 31.39
Granted (in dollars per share)	45.69
Forfeited (in dollars per share)	32.91
Vested (in dollars per share)	27.23
Unvested at end of period (in dollars per share)	$ 34.47
Number of vested shares recipient elected to defer settlement (in shares)	168,966
Number of vested shares recipients elected to defer settlement, released during period (in shares)	0
Number of deferred shares vested and outstanding (in shares)	706,168
Unrecognized compensation expense	$ 79
Unrecognized compensation expense, period for recognition (years)	2 years 7 months 6 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 ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 3,660	$ 2,149
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Risk-free interest rate (as percent)	1.50%	2.60%
Expected volatility (as percent)	40.60%	48.60%
Unrecognized compensation expense	$ 750
Unrecognized compensation expense, period for recognition (years)	3 months 18 days
Class A Common Stock | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	94,020
Shares issued during period, weighted average price per share (in dollars per share)	$ 38.93
Proceeds from shares issued in connection with employee stock purchase plan	$ 3,700

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 85,801	$ 69,963
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	68,361	56,123
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	13,432	11,410
Other services
Disaggregation of Revenue [Line Items]
Total revenue	4,008	2,430
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	11,090	9,162
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	9,867	7,438
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	9,437	7,979
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	9,224	7,792
Banks
Disaggregation of Revenue [Line Items]
Total revenue	8,501	6,678
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	8,420	6,584
Energy
Disaggregation of Revenue [Line Items]
Total revenue	6,424	5,644
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 22,838	$ 18,686

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 63.6	$ 51.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	269.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 187.4
Expected period of recognition	12 months

Net Loss Per Share - Earnings P

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	47,545,703	45,229,279
Basic and diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.17)
Class A Common Stock
Numerator
Net loss	$ (8,662)	$ (5,898)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	38,952,305	35,746,572
Basic and diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.17)
Class B Common Stock
Numerator
Net loss	$ (1,911)	$ (1,565)
Denominator
Weighted-average common shares outstanding - basic and diluted (in shares)	8,593,398	9,482,707
Basic and diluted net loss per share (in dollars per share)	$ (0.22)	$ (0.17)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Aug. 31, 2019
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
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)	4,106,122	5,430,220
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)	3,335,671	2,700,493
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)	107,331	92,664
Convertible debt | 1.125% Convertible Senior Notes Due 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)			$ 80.16