Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 $.001 | |
Trading Symbol | WK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001445305 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,278,455 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,475,596 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 402,121 | $ 381,742 |
Marketable securities | 106,451 | 106,214 |
Accounts receivable, net of allowance for doubtful accounts of $1,210 and $866 at June 30, 2020 and December 31, 2019, respectively | 41,470 | 60,228 |
Deferred commissions | 15,650 | 14,108 |
Other receivables | 2,630 | 2,432 |
Prepaid expenses and other | 9,349 | 6,508 |
Total current assets | 577,671 | 571,232 |
Property and equipment, net | 38,913 | 39,745 |
Operating lease right-of-use assets | 17,534 | 15,352 |
Deferred commissions, non-current | 14,867 | 14,977 |
Intangible assets, net | 1,622 | 1,651 |
Other assets | 4,120 | 3,439 |
Total assets | 654,727 | 646,396 |
Current liabilities | ||
Accounts payable | 3,813 | 7,057 |
Accrued expenses and other current liabilities | 56,387 | 49,930 |
Deferred revenue | 171,378 | 173,617 |
Current portion of financing obligations | 1,395 | 1,328 |
Total current liabilities | 232,973 | 231,932 |
Convertible senior notes, net | 285,011 | 280,601 |
Deferred revenue, non-current | 29,294 | 32,569 |
Other long-term liabilities | 1,778 | 1,498 |
Operating lease liabilities, non-current | 19,274 | 18,564 |
Financing obligations, non-current | 15,174 | 15,889 |
Total liabilities | 583,504 | 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 | 456,007 | 420,170 |
Accumulated deficit | (385,499) | (355,161) |
Accumulated other comprehensive income | 668 | 287 |
Total stockholders’ equity | 71,223 | 65,343 |
Total liabilities and stockholders’ equity | 654,727 | 646,396 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 39 | 38 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | $ 8 | $ 9 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 1,210 | $ 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 | 39,144,056 | 38,043,444 |
Common stock, shares outstanding | 39,144,056 | 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 | 8,475,596 | 8,595,596 |
Common stock, shares outstanding | 8,475,596 | 8,595,596 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | ||||
Total revenue | $ 83,860 | $ 73,484 | $ 169,661 | $ 143,447 |
Cost of revenue | ||||
Total cost of revenue | 22,244 | 20,677 | 44,640 | 40,213 |
Gross profit | 61,616 | 52,807 | 125,021 | 103,234 |
Operating expenses | ||||
Research and development | 23,508 | 21,795 | 46,502 | 43,806 |
Sales and marketing | 35,270 | 28,213 | 71,387 | 53,578 |
General and administrative | 19,632 | 11,226 | 33,080 | 21,609 |
Total operating expenses | 78,410 | 61,234 | 150,969 | 118,993 |
Loss from operations | (16,794) | (8,427) | (25,948) | (15,759) |
Interest income | 655 | 641 | 2,361 | 1,133 |
Interest expense | (3,563) | (433) | (7,117) | (873) |
Other (expense) income, net | (68) | (111) | 650 | (283) |
Loss before (benefit) provision for income taxes | (19,770) | (8,330) | (30,054) | (15,782) |
(Benefit) provision for income taxes | (5) | (8) | 284 | 3 |
Net loss | $ (19,765) | $ (8,322) | $ (30,338) | $ (15,785) |
Net loss per common share: | ||||
Basic and diluted (in dollars per share) | $ (0.41) | $ (0.18) | $ (0.63) | $ (0.35) |
Weighted-average common shares outstanding - basic and diluted (in shares) | 48,171,552 | 46,166,660 | 47,858,628 | 45,700,559 |
Subscription and support | ||||
Revenue | ||||
Total revenue | $ 70,696 | $ 60,472 | $ 139,057 | $ 116,595 |
Cost of revenue | ||||
Total cost of revenue | 12,098 | 10,202 | 24,251 | 20,011 |
Professional services | ||||
Revenue | ||||
Total revenue | 13,164 | 13,012 | 30,604 | 26,852 |
Cost of revenue | ||||
Total cost of revenue | $ 10,146 | $ 10,475 | $ 20,389 | $ 20,202 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (19,765) | $ (8,322) | $ (30,338) | $ (15,785) |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustment, net of income tax benefit (expense) of $28 and $(2) for the three months ended June 30, 2020 and 2019, respectively, and net of income tax benefit (expense) of $28 and $(5) for the six months ended June 30, 2020 and 2019, respectively | (30) | 6 | (81) | 15 |
Unrealized gain on available-for-sale securities, net of income tax benefit (expense) of $(159) and $(26) for the three months ended June 30, 2020 and 2019, respectively, and net of income tax benefit (expense) of $(159) and $(41) for the six months ended June 30, 2020 and 2019, respectively | 420 | 76 | 462 | 119 |
Other comprehensive income, net of tax | 390 | 82 | 381 | 134 |
Comprehensive loss | $ (19,375) | $ (8,240) | $ (29,957) | $ (15,651) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax benefit (expense) | $ 28 | $ (2) | $ 28 | $ (5) |
Unrealized gain on available-for-sale securities, tax benefit (expense) | $ (159) | $ (26) | $ (159) | $ (41) |
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, 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] | |||||
Net loss | (15,785) | ||||
Other comprehensive income (loss) | 134 | ||||
End of period at Jun. 30, 2019 | 9,627 | $ 46 | 332,161 | 232 | (322,812) |
Shares, Outstanding, Ending at Jun. 30, 2019 | 45,899,000 | ||||
Shares, Outstanding, Beginning at Mar. 31, 2019 | 45,121,000 | ||||
Beginning of the period at Mar. 31, 2019 | 3,856 | $ 45 | 318,151 | 150 | (314,490) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 8,513 | 8,513 | |||
Issuance of common stock upon exercise of stock options (in shares) | 455,000 | ||||
Issuance of common stock upon exercise of stock options | 5,498 | $ 1 | 5,497 | ||
Issuance of restricted stock units (in shares) | 323,000 | ||||
Net loss | (8,322) | (8,322) | |||
Other comprehensive income (loss) | 82 | 82 | |||
End of period at Jun. 30, 2019 | 9,627 | $ 46 | 332,161 | 232 | (322,812) |
Shares, Outstanding, Ending at Jun. 30, 2019 | 45,899,000 | ||||
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) | 225,000 | ||||
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 | ||||
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] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 668,220 | ||||
Net loss | $ (30,338) | ||||
Other comprehensive income (loss) | 381 | ||||
End of period at Jun. 30, 2020 | 71,223 | $ 47 | 456,007 | 668 | (385,499) |
Shares, Outstanding, Ending at Jun. 30, 2020 | 47,620,000 | ||||
Shares, Outstanding, Beginning at Mar. 31, 2020 | 47,045,000 | ||||
Beginning of the period at Mar. 31, 2020 | 69,772 | $ 47 | 435,181 | 278 | (365,734) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 14,894 | 14,894 | |||
Issuance of common stock upon exercise of stock options (in shares) | 443,000 | ||||
Issuance of common stock upon exercise of stock options | 6,664 | $ 0 | 6,664 | ||
Issuance of restricted stock units (in shares) | 153,000 | ||||
Tax withholding related to net share settlements of stock-based compensation awards (in shares) | (21,000) | ||||
Tax withholding related to net share settlements of stock-based compensation awards | (732) | (732) | |||
Net loss | (19,765) | (19,765) | |||
Other comprehensive income (loss) | 390 | 390 | |||
End of period at Jun. 30, 2020 | $ 71,223 | $ 47 | $ 456,007 | $ 668 | $ (385,499) |
Shares, Outstanding, Ending at Jun. 30, 2020 | 47,620,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||||
Net loss | $ (19,765) | $ (8,322) | $ (30,338) | $ (15,785) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,131 | 971 | 2,273 | 1,874 |
Stock-based compensation expense | 14,894 | 8,513 | 24,830 | 16,706 |
Provision for doubtful accounts | 319 | 233 | 359 | 46 |
Amortization (accretion) of premiums and discounts on marketable securities, net | 112 | (23) | 213 | (104) |
Amortization of debt discount and issuance costs | 2,213 | 0 | 4,410 | 0 |
Deferred income tax | (131) | (28) | (131) | (46) |
Changes in assets and liabilities: | ||||
Accounts receivable | 3,847 | 3,133 | 18,112 | 17,951 |
Deferred commissions | (2,166) | (3,833) | (1,563) | (5,862) |
Operating lease right-of-use asset | 875 | 556 | 1,973 | 1,224 |
Other receivables | 58 | 161 | (195) | (53) |
Prepaid expenses and other | (890) | (310) | (2,845) | (3,546) |
Other assets | (609) | 58 | (683) | (1,406) |
Accounts payable | (1,692) | 1,206 | (3,074) | (356) |
Deferred revenue | (3,640) | 8,295 | (4,868) | 10,282 |
Operating lease liability | (1,178) | (813) | (2,323) | (1,468) |
Accrued expenses and other liabilities | 13,735 | 8,966 | 5,712 | 4,425 |
Net cash provided by operating activities | 7,113 | 18,763 | 11,862 | 23,882 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (696) | (454) | (1,384) | (2,197) |
Purchase of marketable securities | (16,457) | (18,562) | (37,289) | (40,717) |
Sale of marketable securities | 0 | 0 | 11,423 | 0 |
Maturities of marketable securities | 13,062 | 11,500 | 26,037 | 18,890 |
Purchase of intangible assets | (74) | (577) | (151) | (661) |
Net cash used in investing activities | (4,165) | (8,093) | (1,364) | (24,685) |
Cash flows from financing activities | ||||
Proceeds from option exercises | 6,664 | 5,498 | 9,458 | 16,553 |
Taxes paid related to net share settlements of stock-based compensation awards | (732) | 0 | (2,111) | (390) |
Proceeds from shares issued in connection with employee stock purchase plan | 0 | 0 | 3,660 | 2,149 |
Principal payments on financing obligations | (328) | (301) | (648) | (595) |
Net cash provided by financing activities | 5,604 | 5,197 | 10,359 | 17,717 |
Effect of foreign exchange rates on cash | 135 | 110 | (478) | 215 |
Net increase in cash and cash equivalents | 8,687 | 15,977 | 20,379 | 17,129 |
Cash and cash equivalents at beginning of period | 393,434 | 78,736 | 381,742 | 77,584 |
Cash and cash equivalents at end of period | 402,121 | 94,713 | 402,121 | 94,713 |
Supplemental cash flow disclosure | ||||
Cash paid for interest | 382 | 422 | 2,702 | 886 |
Cash paid for income taxes, net of refunds | 227 | 28 | 385 | 261 |
Supplemental disclosure of noncash investing and financing activities | ||||
Allowance for tenant improvements | 25 | 0 | 149 | 0 |
Purchases of property and equipment, accrued but not paid | $ 0 | $ 444 | $ 0 | $ 444 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 is expected to 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2020 As of December 31, 2019 Accrued vacation $ 10,824 $ 8,353 Accrued commissions 5,570 5,561 Accrued bonuses 7,999 7,121 Estimated health insurance claims 1,076 1,040 ESPP employee contributions 3,862 3,734 Customer deposits 13,526 12,151 Operating lease liabilities 4,385 3,064 Accrued other liabilities 9,145 8,906 $ 56,387 $ 49,930 |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities At June 30, 2020, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 378,501 $ — $ — $ 378,501 Commercial paper 8,959 — — 8,959 U.S. treasury debt securities 20,860 190 — 21,050 U.S. corporate debt securities 75,844 599 (1) 76,442 $ 484,164 $ 789 $ (1) $ 484,952 Included in cash and cash equivalents $ 378,501 $ — $ — $ 378,501 Included in marketable securities $ 105,663 $ 789 $ (1) $ 106,451 At December 31, 2019, cash equivalents and 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 June 30, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of June 30, 2020 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. corporate debt securities $ 3,846 $ (1) $ — $ — Total $ 3,846 $ (1) $ — $ — We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2020 Fair Value Measurements as of December 31, 2019 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 378,501 $ 378,501 $ — $ 360,471 $ 360,471 $ — Commercial paper 8,959 — 8,959 — — — U.S. treasury debt securities 21,050 — 21,050 10,349 — 10,349 U.S. corporate debt securities 76,442 — 76,442 95,865 — 95,865 $ 484,952 $ 378,501 $ 106,451 $ 466,685 $ 360,471 $ 106,214 Included in cash and cash equivalents $ 378,501 $ 360,471 Included in marketable securities $ 106,451 $ 106,214 Convertible Senior Notes As of June 30, 2020, the fair value of our convertible senior notes was $314.1 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 | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 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. Interest expense representing the amortization of the debt discount and issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 4.3% over the term of the Notes. The net carrying amount of the liability and equity components of the Notes was as follows (in thousands): June 30, 2020 December 31, 2019 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount (53,327) (57,247) Unamortized issuance costs (6,662) (7,152) Net carrying amount $ 285,011 $ 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 June 30, 2020 Six Months Ended June 30, 2020 Contractual interest expense $ 970 $ 1,940 Amortization of debt discount 1,967 3,920 Amortization of issuance costs 246 490 Total interest expense $ 3,183 $ 6,350 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2020, 1,523,110 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 June 30, 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-month offering period. 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Cost of revenue Subscription and support $ 436 $ 399 $ 867 $ 756 Professional services 365 431 790 840 Operating expenses Research and development 2,040 1,851 3,623 3,751 Sales and marketing 2,944 2,032 5,680 3,996 General and administrative 9,109 3,800 13,870 7,363 Total $ 14,894 $ 8,513 $ 24,830 $ 16,706 Stock Options The following table summarizes the option activity under the Plans for the six months ended June 30, 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 (45,719) 21.47 Exercised (668,220) 14.15 Outstanding at June 30, 2020 3,639,228 $ 14.26 5.1 $ 142,764 Exercisable at June 30, 2020 3,376,057 $ 13.97 4.9 $ 133,426 Options to purchase Class A common stock generally vest over a three No options were granted during the six months ended June 30, 2020 and 2019. The total fair value of options vested during the six months ended June 30, 2020 and 2019 was approximately $2.5 million and $3.9 million, respectively. Total unrecognized compensation expense of $1.6 million related to options will be recognized over a weighted-average period of one year. Restricted Stock Units Restricted stock units granted to employees generally vest over a three The following table summarizes the restricted stock unit activity under the Plan for the six months ended June 30, 2020: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2019 3,039,020 $ 31.39 Granted 882,672 43.00 Forfeited (243,540) 37.02 Vested (1) (671,435) 31.90 Unvested at June 30, 2020 3,006,717 $ 35.09 (1) During the six months ended June 30, 2020, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 409,302 shares had elected to defer settlement of the vested restricted stock units and 7,420 shares were released from deferral. This resulted in total deferred units of 939,084 as of June 30, 2020. Compensation expense associated with unvested restricted stock units is recognized on a straight-line basis over the vesting period. At June 30, 2020, there was approximately $69.9 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: Six months ended June 30, 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 six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Information technology $ 11,191 $ 10,001 $ 22,281 $ 19,163 Diversified financials 10,700 8,263 20,567 15,701 Consumer discretionary 9,312 8,329 18,749 16,308 Industrials 9,179 8,212 18,403 16,004 Banks 8,454 6,945 16,955 13,623 Healthcare 8,325 6,930 16,745 13,514 Energy 5,557 5,446 11,981 11,090 Other 21,142 19,358 43,980 38,044 Total revenues $ 83,860 $ 73,484 $ 169,661 $ 143,447 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Subscription and support $ 70,696 $ 60,472 $ 139,057 $ 116,595 XBRL professional services 8,313 9,522 21,745 20,932 Other services 4,851 3,490 8,859 5,920 Total revenues $ 83,860 $ 73,484 $ 169,661 $ 143,447 Deferred Revenue We recognized $64.1 million and $51.6 million of revenue during the three months ended June 30, 2020 and 2019, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $113.0 million and $88.1 million of revenue during the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2020 June 30, 2019 Class A Class B Class A Class B Numerator Net loss $ (16,257) $ (3,508) $ (6,626) $ (1,696) Denominator Weighted-average common shares outstanding - basic and diluted 39,622,989 8,548,563 36,758,866 9,407,794 Basic and diluted net loss per share $ (0.41) $ (0.41) $ (0.18) $ (0.18) Six months ended June 30, 2020 June 30, 2019 Class A Class B Class A Class B Numerator Net loss $ (24,905) $ (5,433) $ (12,523) $ (3,262) Denominator Weighted-average common shares outstanding - basic and diluted 39,287,647 8,570,981 36,255,515 9,445,044 Basic and diluted net loss per share $ (0.63) $ (0.63) $ (0.35) $ (0.35) 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 June 30, 2020 June 30, 2019 Shares subject to outstanding common stock options 3,639,228 4,957,839 Shares subject to unvested restricted stock units 3,006,717 2,780,345 Shares issuable pursuant to the ESPP 103,231 89,311 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 six months ended June 30, 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) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 As of December 31, 2019 Accrued vacation $ 10,824 $ 8,353 Accrued commissions 5,570 5,561 Accrued bonuses 7,999 7,121 Estimated health insurance claims 1,076 1,040 ESPP employee contributions 3,862 3,734 Customer deposits 13,526 12,151 Operating lease liabilities 4,385 3,064 Accrued other liabilities 9,145 8,906 $ 56,387 $ 49,930 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | At June 30, 2020, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 378,501 $ — $ — $ 378,501 Commercial paper 8,959 — — 8,959 U.S. treasury debt securities 20,860 190 — 21,050 U.S. corporate debt securities 75,844 599 (1) 76,442 $ 484,164 $ 789 $ (1) $ 484,952 Included in cash and cash equivalents $ 378,501 $ — $ — $ 378,501 Included in marketable securities $ 105,663 $ 789 $ (1) $ 106,451 At December 31, 2019, cash equivalents and 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 June 30, 2020, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 378,501 $ — $ — $ 378,501 Commercial paper 8,959 — — 8,959 U.S. treasury debt securities 20,860 190 — 21,050 U.S. corporate debt securities 75,844 599 (1) 76,442 $ 484,164 $ 789 $ (1) $ 484,952 Included in cash and cash equivalents $ 378,501 $ — $ — $ 378,501 Included in marketable securities $ 105,663 $ 789 $ (1) $ 106,451 At December 31, 2019, cash equivalents and 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 June 30, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of June 30, 2020 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. corporate debt securities $ 3,846 $ (1) $ — $ — Total $ 3,846 $ (1) $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 Fair Value Measurements as of December 31, 2019 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 378,501 $ 378,501 $ — $ 360,471 $ 360,471 $ — Commercial paper 8,959 — 8,959 — — — U.S. treasury debt securities 21,050 — 21,050 10,349 — 10,349 U.S. corporate debt securities 76,442 — 76,442 95,865 — 95,865 $ 484,952 $ 378,501 $ 106,451 $ 466,685 $ 360,471 $ 106,214 Included in cash and cash equivalents $ 378,501 $ 360,471 Included in marketable securities $ 106,451 $ 106,214 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2020 December 31, 2019 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount (53,327) (57,247) Unamortized issuance costs (6,662) (7,152) Net carrying amount $ 285,011 $ 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 June 30, 2020 Six Months Ended June 30, 2020 Contractual interest expense $ 970 $ 1,940 Amortization of debt discount 1,967 3,920 Amortization of issuance costs 246 490 Total interest expense $ 3,183 $ 6,350 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Cost of revenue Subscription and support $ 436 $ 399 $ 867 $ 756 Professional services 365 431 790 840 Operating expenses Research and development 2,040 1,851 3,623 3,751 Sales and marketing 2,944 2,032 5,680 3,996 General and administrative 9,109 3,800 13,870 7,363 Total $ 14,894 $ 8,513 $ 24,830 $ 16,706 |
Schedule of Stock-Option Activity | The following table summarizes the option activity under the Plans for the six months ended June 30, 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 (45,719) 21.47 Exercised (668,220) 14.15 Outstanding at June 30, 2020 3,639,228 $ 14.26 5.1 $ 142,764 Exercisable at June 30, 2020 3,376,057 $ 13.97 4.9 $ 133,426 |
Summary of Restricted Stock Units | The following table summarizes the restricted stock unit activity under the Plan for the six months ended June 30, 2020: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2019 3,039,020 $ 31.39 Granted 882,672 43.00 Forfeited (243,540) 37.02 Vested (1) (671,435) 31.90 Unvested at June 30, 2020 3,006,717 $ 35.09 |
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: Six months ended June 30, 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) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our revenues disaggregated by industry (in thousands). Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Information technology $ 11,191 $ 10,001 $ 22,281 $ 19,163 Diversified financials 10,700 8,263 20,567 15,701 Consumer discretionary 9,312 8,329 18,749 16,308 Industrials 9,179 8,212 18,403 16,004 Banks 8,454 6,945 16,955 13,623 Healthcare 8,325 6,930 16,745 13,514 Energy 5,557 5,446 11,981 11,090 Other 21,142 19,358 43,980 38,044 Total revenues $ 83,860 $ 73,484 $ 169,661 $ 143,447 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Subscription and support $ 70,696 $ 60,472 $ 139,057 $ 116,595 XBRL professional services 8,313 9,522 21,745 20,932 Other services 4,851 3,490 8,859 5,920 Total revenues $ 83,860 $ 73,484 $ 169,661 $ 143,447 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2020 June 30, 2019 Class A Class B Class A Class B Numerator Net loss $ (16,257) $ (3,508) $ (6,626) $ (1,696) Denominator Weighted-average common shares outstanding - basic and diluted 39,622,989 8,548,563 36,758,866 9,407,794 Basic and diluted net loss per share $ (0.41) $ (0.41) $ (0.18) $ (0.18) Six months ended June 30, 2020 June 30, 2019 Class A Class B Class A Class B Numerator Net loss $ (24,905) $ (5,433) $ (12,523) $ (3,262) Denominator Weighted-average common shares outstanding - basic and diluted 39,287,647 8,570,981 36,255,515 9,445,044 Basic and diluted net loss per share $ (0.63) $ (0.63) $ (0.35) $ (0.35) |
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 June 30, 2020 June 30, 2019 Shares subject to outstanding common stock options 3,639,228 4,957,839 Shares subject to unvested restricted stock units 3,006,717 2,780,345 Shares issuable pursuant to the ESPP 103,231 89,311 |
Supplemental Consolidated Bal_3
Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued vacation | $ 10,824 | $ 8,353 |
Accrued commissions | 5,570 | 5,561 |
Accrued bonuses | 7,999 | 7,121 |
Estimated health insurance claims | 1,076 | 1,040 |
ESPP employee contributions | 3,862 | 3,734 |
Customer deposits | 13,526 | 12,151 |
Operating lease liabilities | 4,385 | 3,064 |
Accrued other liabilities | 9,145 | 8,906 |
Accrued expenses and other current liabilities | $ 56,387 | $ 49,930 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 402,121 | $ 381,742 |
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized Gains | 789 | 172 |
Unrealized Losses | (1) | (6) |
Cash and cash equivalents and available-for-sale securities, amortized cost | 484,164 | 466,519 |
Cash, cash equivalents, and available-for-sale securities | 484,952 | 466,685 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,959 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Aggregate Fair Value | 8,959 | |
U.S. treasury debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,860 | 10,342 |
Unrealized Gains | 190 | 8 |
Unrealized Losses | 0 | (1) |
Aggregate Fair Value | 21,050 | 10,349 |
U.S. corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 75,844 | 95,706 |
Unrealized Gains | 599 | 164 |
Unrealized Losses | (1) | (5) |
Aggregate Fair Value | 76,442 | 95,865 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 378,501 | 360,471 |
Cash and cash equivalents, aggregate fair value | 378,501 | 360,471 |
Cash and cash equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 378,501 | 360,471 |
Cash and cash equivalents, aggregate fair value | 378,501 | 360,471 |
Marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 105,663 | 106,048 |
Unrealized Gains | 789 | 172 |
Unrealized Losses | (1) | (6) |
Aggregate Fair Value | $ 106,451 | $ 106,214 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Fair Value | |
Less than 12 months | $ 3,846 |
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 | 3,846 |
12 months or greater | 0 |
Unrealized Loss | |
Less than 12 months | (1) |
12 months or greater | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 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 | $ 378,501 | $ 360,471 |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 106,451 | 106,214 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 8,959 | |
U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,050 | 10,349 |
U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 76,442 | 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 | 378,501 | 360,471 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of convertible debt | 314,100 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 484,952 | 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 | 378,501 | 360,471 |
Recurring | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 106,451 | 106,214 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 8,959 | 0 |
Recurring | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,050 | 10,349 |
Recurring | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 76,442 | 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 | 378,501 | 360,471 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 378,501 | 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 | 378,501 | 360,471 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 106,451 | 106,214 |
Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 8,959 | 0 |
Recurring | Level 2 | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 21,050 | 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 | 76,442 | 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) - Convertible debt | 1 Months Ended |
Aug. 31, 2019USD ($)$ / shares | |
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 |
Effective interest percentage | 4.30% |
Over-allotment option | |
Debt Instrument [Line Items] | |
Face amount of debt issued | $ 45,000,000 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary of Convertible Debt (Details) - 1.125% Convertible Senior Notes Due 2026 - Convertible debt - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Principal | $ 345,000 | $ 345,000 |
Unamortized discount | (53,327) | (57,247) |
Unamortized issuance costs | (6,662) | (7,152) |
Net carrying amount | 285,011 | 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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | ||
Contractual interest expense | $ 970 | $ 1,940 |
Amortization of debt discount | 1,967 | 3,920 |
Amortization of issuance costs | 246 | 490 |
Total interest expense | $ 3,183 | $ 6,350 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | Jun. 13, 2017 | Jun. 30, 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) | 1,523,110 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 14,894 | $ 8,513 | $ 24,830 | $ 16,706 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 2,040 | 1,851 | 3,623 | 3,751 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 2,944 | 2,032 | 5,680 | 3,996 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 9,109 | 3,800 | 13,870 | 7,363 |
Subscription and support | Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 436 | 399 | 867 | 756 |
Professional services | Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 365 | $ 431 | $ 790 | $ 840 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 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) | (45,719) | ||
Exercised (in shares) | (668,220) | ||
Outstanding end of the period (in shares) | 3,639,228 | 4,353,167 | |
Exercisable (in shares) | 3,376,057 | ||
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) | 21.47 | ||
Exercised (in dollars per share) | 14.15 | ||
Outstanding end of the period (in dollars per share) | 14.26 | $ 14.32 | |
Exercisable (in dollars per share) | $ 13.97 | ||
Outstanding, weighted-average remaining contractual term (years) | 5 years 1 month 6 days | 5 years 7 months 6 days | |
Exercisable, weighted-average remaining contractual term (years) | 4 years 10 months 24 days | ||
Outstanding, aggregate intrinsic value | $ 142,764 | $ 120,714 | |
Exercisable, aggregate intrinsic value | 133,426 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options exercised intrinsic value | 18,900 | $ 53,300 | |
Options vested in period fair value | 2,500 | $ 3,900 | |
Options unrecognized compensation expense | $ 1,600 | ||
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 | ||
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 | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested in period, fair value | $ 21.5 | $ 6.3 |
Number of Shares (in shares) | ||
Unvested at beginning of period (in shares) | 3,039,020 | |
Granted (in shares) | 882,672 | |
Forfeited (in shares) | (243,540) | |
Vested (in shares) | (671,435) | |
Unvested at end of period (in shares) | 3,006,717 | |
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) | 43 | |
Forfeited (in dollars per share) | 37.02 | |
Vested (in dollars per share) | 31.90 | |
Unvested at end of period (in dollars per share) | $ 35.09 | |
Number of vested shares recipient elected to defer settlement (in shares) | 409,302 | |
Number of vested shares recipients elected to defer settlement, released during period (in shares) | 7,420 | |
Number of deferred shares vested and outstanding (in shares) | 939,084 | |
Unrecognized compensation expense | $ 69.9 | |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from shares issued in connection with employee stock purchase plan | $ 0 | $ 0 | $ 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 | $ 96 | $ 96 | ||
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) | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 83,860 | $ 73,484 | $ 169,661 | $ 143,447 |
Subscription and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 70,696 | 60,472 | 139,057 | 116,595 |
XBRL professional services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,313 | 9,522 | 21,745 | 20,932 |
Other services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,851 | 3,490 | 8,859 | 5,920 |
Information technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,191 | 10,001 | 22,281 | 19,163 |
Diversified financials | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 10,700 | 8,263 | 20,567 | 15,701 |
Consumer discretionary | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,312 | 8,329 | 18,749 | 16,308 |
Industrials | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,179 | 8,212 | 18,403 | 16,004 |
Banks | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,454 | 6,945 | 16,955 | 13,623 |
Healthcare | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,325 | 6,930 | 16,745 | 13,514 |
Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,557 | 5,446 | 11,981 | 11,090 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 21,142 | $ 19,358 | $ 43,980 | $ 38,044 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue recognized | $ 64.1 | $ 51.6 | $ 113 | $ 88.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue expected to be recognized | 296.2 | 296.2 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue expected to be recognized | $ 194.8 | $ 194.8 | ||
Expected period of recognition | 12 months | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Denominator | ||||
Weighted-average common shares outstanding - basic and diluted (in shares) | 48,171,552 | 46,166,660 | 47,858,628 | 45,700,559 |
Basic and diluted net loss per share (in dollars per share) | $ (0.41) | $ (0.18) | $ (0.63) | $ (0.35) |
Class A Common Stock | ||||
Numerator | ||||
Net loss | $ (16,257) | $ (6,626) | $ (24,905) | $ (12,523) |
Denominator | ||||
Weighted-average common shares outstanding - basic and diluted (in shares) | 39,622,989 | 36,758,866 | 39,287,647 | 36,255,515 |
Basic and diluted net loss per share (in dollars per share) | $ (0.41) | $ (0.18) | $ (0.63) | $ (0.35) |
Class B Common Stock | ||||
Numerator | ||||
Net loss | $ (3,508) | $ (1,696) | $ (5,433) | $ (3,262) |
Denominator | ||||
Weighted-average common shares outstanding - basic and diluted (in shares) | 8,548,563 | 9,407,794 | 8,570,981 | 9,445,044 |
Basic and diluted net loss per share (in dollars per share) | $ (0.41) | $ (0.18) | $ (0.63) | $ (0.35) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 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) | 3,639,228 | 4,957,839 | |
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) | 3,006,717 | 2,780,345 | |
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) | 103,231 | 89,311 | |
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 |