Workiva (WK) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		43,014,051
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		7,419,610

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 322,194	$ 322,831
Marketable securities	229,419	207,207
Accounts receivable, net of allowance for doubtful accounts of $617 and $717 at June 30, 2021 and December 31, 2020, respectively	65,908	68,922
Deferred commissions	26,646	21,923
Other receivables	2,750	3,155
Prepaid expenses and other	12,045	9,047
Total current assets	658,962	633,085
Property and equipment, net	28,922	29,365
Operating lease right-of-use assets	15,558	15,844
Deferred commissions, non-current	28,797	23,421
Intangible assets, net	1,516	1,583
Other assets	5,127	3,708
Total assets	738,882	707,006
Current liabilities
Accounts payable	3,704	2,843
Accrued expenses and other current liabilities	76,682	68,256
Deferred revenue	224,952	208,990
Finance lease obligations	1,752	1,705
Total current liabilities	307,090	281,794
Convertible senior notes, net	294,040	289,490
Deferred revenue, non-current	32,219	35,894
Other long-term liabilities	1,338	1,680
Operating lease liabilities, non-current	16,355	17,209
Finance lease obligations, non-current	15,774	16,662
Total liabilities	666,816	642,729
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	503,350	478,698
Accumulated deficit	(431,538)	(414,700)
Accumulated other comprehensive income	204	230
Total stockholders’ equity	72,066	64,277
Total liabilities and stockholders’ equity	738,882	707,006
Class A Common Stock
Stockholders’ equity
Common stock	43	41
Class B Common Stock
Stockholders’ equity
Common stock	$ 7	$ 8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 617	$ 717
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	42,934,790	40,719,189
Common stock, shares outstanding	42,934,790	40,719,189
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	7,419,610	8,069,610
Common stock, shares outstanding	7,419,610	8,069,610

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Total revenue	$ 105,587	$ 83,860	$ 209,809	$ 169,661
Cost of revenue
Total cost of revenue	24,591	22,244	48,267	44,640
Gross profit	80,996	61,616	161,542	125,021
Operating expenses
Research and development	27,830	23,508	54,464	46,502
Sales and marketing	41,525	35,270	82,560	71,387
General and administrative	17,384	19,553	34,405	32,922
Total operating expenses	86,739	78,331	171,429	150,811
Loss from operations	(5,743)	(16,715)	(9,887)	(25,790)
Interest income	255	655	615	2,361
Interest expense	(3,502)	(3,489)	(6,987)	(6,967)
Other (expense) income, net	(156)	(68)	(540)	650
Loss before provision (benefit) for income taxes	(9,146)	(19,617)	(16,799)	(29,746)
Provision (benefit) for income taxes	368	(5)	39	284
Net loss	$ (9,514)	$ (19,612)	$ (16,838)	$ (30,030)
Net loss per common share:
Basic (in dollars per share)	$ (0.19)	$ (0.41)	$ (0.33)	$ (0.63)
Diluted (in dollars per share)	$ (0.19)	$ (0.41)	$ (0.33)	$ (0.63)
Weighted-average common shares outstanding - basic	51,065,867	48,171,552	50,657,264	47,858,628
Weighted-average common shares outstanding - diluted	51,065,867	48,171,552	50,657,264	47,858,628
Subscription and support
Revenue
Total revenue	$ 91,205	$ 70,696	$ 176,141	$ 139,057
Cost of revenue
Total cost of revenue	14,098	12,098	27,300	24,251
Professional services
Revenue
Total revenue	14,382	13,164	33,668	30,604
Cost of revenue
Total cost of revenue	$ 10,493	$ 10,146	$ 20,967	$ 20,389

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,514)	$ (19,612)	$ (16,838)	$ (30,030)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment, net of tax	48	(30)	204	(81)
Unrealized (loss) gain on available-for-sale securities, net of tax	(25)	420	(230)	462
Other comprehensive income (loss), net of tax	23	390	(26)	381
Comprehensive loss	$ (9,491)	$ (19,222)	$ (16,864)	$ (29,649)

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, 2019		46,639,000
Beginning of the period at Dec. 31, 2019	$ 54,202	$ 47	$ 420,170	$ 287	$ (366,302)
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	(10,418)				(10,418)
Other comprehensive income (loss)	(9)			(9)
Shares, Outstanding, Ending at Mar. 31, 2020		47,045,000
End of period at Mar. 31, 2020	58,786	$ 47	435,181	278	(376,720)
Shares, Outstanding, Beginning at Dec. 31, 2019		46,639,000
Beginning of the period at Dec. 31, 2019	54,202	$ 47	420,170	287	(366,302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,030)
Other comprehensive income (loss)	381
Shares, Outstanding, Ending at Jun. 30, 2020		47,620,000
End of period at Jun. 30, 2020	60,390	$ 47	456,007	668	(396,332)
Shares, Outstanding, Beginning at Mar. 31, 2020		47,045,000
Beginning of the period at Mar. 31, 2020	58,786	$ 47	435,181	278	(376,720)
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	(19,612)				(19,612)
Other comprehensive income (loss)	390			390
Shares, Outstanding, Ending at Jun. 30, 2020		47,620,000
End of period at Jun. 30, 2020	60,390	$ 47	456,007	668	(396,332)
Shares, Outstanding, Beginning at Dec. 31, 2020		48,789,000
Beginning of the period at Dec. 31, 2020	64,277	$ 49	478,698	230	(414,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11,623		11,623
Issuance of common stock upon exercise of stock options (in shares)		312,000
Issuance of common stock upon exercise of stock options	4,138	$ 1	4,137
Issuance of common stock under employee stock purchase plan (in shares)		93,000
Issuance of common stock under employee stock purchase plan	4,237		4,237
Issuance of restricted stock units (in shares)		803,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(70,000)
Tax withholding related to net share settlements of stock-based compensation awards	(7,146)		(7,146)
Net loss	(7,324)				(7,324)
Other comprehensive income (loss)	(49)			(49)
Shares, Outstanding, Ending at Mar. 31, 2021		49,927,000
End of period at Mar. 31, 2021	69,756	$ 50	491,549	181	(422,024)
Shares, Outstanding, Beginning at Dec. 31, 2020		48,789,000
Beginning of the period at Dec. 31, 2020	$ 64,277	$ 49	478,698	230	(414,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	429,696
Net loss	$ (16,838)
Other comprehensive income (loss)	(26)
Shares, Outstanding, Ending at Jun. 30, 2021		50,354,000
End of period at Jun. 30, 2021	72,066	$ 50	503,350	204	(431,538)
Shares, Outstanding, Beginning at Mar. 31, 2021		49,927,000
Beginning of the period at Mar. 31, 2021	69,756	$ 50	491,549	181	(422,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11,052		11,052
Issuance of common stock upon exercise of stock options (in shares)		117,000
Issuance of common stock upon exercise of stock options	1,480	$ 0	1,480
Issuance of restricted stock units (in shares)		318,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(8,000)
Tax withholding related to net share settlements of stock-based compensation awards	(731)		(731)
Net loss	(9,514)				(9,514)
Other comprehensive income (loss)	23			23
Shares, Outstanding, Ending at Jun. 30, 2021		50,354,000
End of period at Jun. 30, 2021	$ 72,066	$ 50	$ 503,350	$ 204	$ (431,538)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (9,514)	$ (19,612)	$ (16,838)	$ (30,030)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,097	1,052	2,151	2,115
Stock-based compensation expense	11,052	14,894	22,675	24,830
Provision for (recovery of) doubtful accounts	17	319	(101)	359
Amortization of premiums and discounts on marketable securities, net	763	112	1,388	213
Amortization of debt discount and issuance costs	2,284	2,213	4,550	4,410
Deferred income tax	362	(131)	16	(131)
Changes in assets and liabilities:
Accounts receivable	(12,106)	3,847	3,159	18,112
Deferred commissions	(9,018)	(2,166)	(10,077)	(1,563)
Operating lease right-of-use asset	977	875	1,921	1,973
Other receivables	585	58	424	(195)
Prepaid expenses and other	722	(890)	(3,025)	(2,845)
Other assets	(110)	(609)	(683)	(683)
Accounts payable	(1,172)	(1,692)	736	(3,074)
Deferred revenue	11,900	(3,640)	12,079	(4,868)
Operating lease liability	(1,202)	(1,178)	(2,278)	(2,323)
Accrued expenses and other liabilities	16,123	13,737	8,166	5,716
Net cash provided by operating activities	12,760	7,189	24,263	12,016
Cash flows from investing activities
Purchase of property and equipment	(811)	(696)	(1,660)	(1,384)
Purchase of marketable securities	(51,217)	(16,457)	(94,872)	(37,289)
Sale of marketable securities	250	0	250	11,423
Maturities of marketable securities	30,206	13,062	70,792	26,037
Purchase of intangible assets	(52)	(74)	(123)	(151)
Other investments	(750)	0	(750)	0
Net cash used in investing activities	(22,374)	(4,165)	(26,363)	(1,364)
Cash flows from financing activities
Proceeds from option exercises	1,480	6,664	5,618	9,458
Taxes paid related to net share settlements of stock-based compensation awards	(731)	(732)	(7,877)	(2,111)
Proceeds from shares issued in connection with employee stock purchase plan	0	0	4,237	3,660
Principal payments on finance lease obligations	(424)	(404)	(841)	(802)
Net cash provided by financing activities	325	5,528	1,137	10,205
Effect of foreign exchange rates on cash	310	135	326	(478)
Net (decrease) increase in cash and cash equivalents	(8,979)	8,687	(637)	20,379
Cash and cash equivalents at beginning of period	331,173	393,434	322,831	381,742
Cash and cash equivalents at end of period	322,194	402,121	322,194	402,121
Supplemental cash flow disclosure
Cash paid for interest	242	306	2,430	2,547
Cash paid for income taxes, net of refunds	86	227	106	385
Supplemental disclosure of noncash investing and financing activities
Allowance for tenant improvements	0	25	0	149
Purchases of property and equipment, accrued but not paid	$ 148	$ 0	$ 148	$ 0

Organization and Significant Ac

Organization and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company” or “we” or “us”) simplifies complex work for thousands of organizations worldwide. We are a leading provider of cloud-based compliance and regulatory reporting solutions that are designed to solve business challenges at the intersection of data, process and people. 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, 2020 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, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021. 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. Our sales and marketing expense also has some degree of seasonality. Sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September. Our transition to a virtual event in September 2020 and continuing in September 2021 has mostly mitigated 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, 2020 filed with the SEC on February 17, 2021. 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. 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 December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. The standard became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The standard provides different transition methods for the various provisions. Effective January 1, 2021, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The standard will be effective for us beginning January 1, 2022 and can be applied on either a fully retrospective or modified retrospective basis. Early adoption is permitted for fiscal years beginning after December 15, 2020. We intend to adopt this standard using the modified retrospective method on January 1, 2022 and are currently evaluating its impact on our consolidated financial statements.

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet Information	6 Months Ended
	Jun. 30, 2021
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, 2021 As of December 31, 2020 Accrued vacation $ 11,706 $ 10,294 Accrued commissions 12,538 12,678 Accrued bonuses 10,632 6,573 Accrued payroll 2,539 2,631 Estimated health insurance claims 1,517 1,224 Accrued interest 1,455 1,455 ESPP employee contributions 4,709 4,269 Customer deposits 20,905 18,283 Operating lease liabilities 4,578 4,541 Accrued other liabilities 6,103 6,308 $ 76,682 $ 68,256

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities At June 30, 2021, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 280,208 $ — $ — $ 280,208 Commercial paper 10,995 — — 10,995 U.S. treasury debt securities 51,298 4 (29) 51,273 Corporate debt securities 162,125 86 (45) 162,166 Foreign government debt securities 5,059 1 — 5,060 $ 509,685 $ 91 $ (74) $ 509,702 Included in cash and cash equivalents $ 280,283 $ — $ — $ 280,283 Included in marketable securities $ 229,402 $ 91 $ (74) $ 229,419 At December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 265,578 $ — $ — $ 265,578 Commercial paper 21,489 — — 21,489 U.S. treasury debt securities 51,731 80 (2) 51,809 Corporate debt securities 147,715 214 (47) 147,882 Foreign government debt securities 1,025 2 — 1,027 $ 487,538 $ 296 $ (49) $ 487,785 Included in cash and cash equivalents $ 280,578 $ — $ — $ 280,578 Included in marketable securities $ 206,960 $ 296 $ (49) $ 207,207 The contractual maturities of the investments classified as marketable securities are as follows (in thousands): As of June 30, 2021 Due within one year $ 139,833 Due in one to two years 87,574 Due in three to five years 2,012 $ 229,419 The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of June 30, 2021, 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, 2021 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 30,793 $ (29) $ — $ — Corporate debt securities 68,990 (45) — — Total $ 99,783 $ (74) $ — $ — We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of June 30, 2021, 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, 2021
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, 2021, 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, 2021 Fair Value Measurements as of December 31, 2020 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 280,208 $ 280,208 $ — $ 265,578 $ 265,578 $ — Commercial paper 10,995 — 10,995 21,489 — 21,489 U.S. treasury debt securities 51,273 — 51,273 51,809 — 51,809 Corporate debt securities 162,166 — 162,166 147,882 — 147,882 Foreign government debt securities 5,060 — 5,060 1,027 — 1,027 $ 509,702 $ 280,208 $ 229,494 $ 487,785 $ 265,578 $ 222,207 Included in cash and cash equivalents $ 280,283 $ 280,578 Included in marketable securities $ 229,419 $ 207,207 Convertible Senior Notes As of June 30, 2021, the fair value of our convertible senior notes was $521.0 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, 2021
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. 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, 2021 December 31, 2020 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount (45,300) (49,346) Unamortized issuance costs (5,660) (6,164) Net carrying amount $ 294,040 $ 289,490 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, Six months ended June 30, 2021 2020 2021 2020 Contractual interest expense $ 970 $ 970 $ 1,941 $ 1,940 Amortization of debt discount 2,031 1,967 4,046 3,920 Amortization of issuance costs 253 246 504 490 Total interest expense $ 3,254 $ 3,183 $ 6,491 $ 6,350

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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. Leases In July 2021, we signed an operating lease agreement to lease office space in London starting on September 1, 2021. The agreement has a term of three years with an optional two-year extension and a base rent of approximately $1.6 million per year.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 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, 2021 2020 2021 2020 Cost of revenue Subscription and support $ 597 $ 436 $ 1,093 $ 867 Professional services 409 365 776 790 Operating expenses Research and development 2,417 2,040 4,848 3,623 Sales and marketing 2,837 2,944 6,386 5,680 General and administrative 4,792 9,109 9,572 13,870 Total $ 11,052 $ 14,894 $ 22,675 $ 24,830 Stock Options The following table summarizes the option activity under the Plans for the six months ended June 30, 2021: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at December 31, 2020 2,903,167 $ 14.48 4.7 Granted — — Forfeited (3,930) 20.41 Exercised (429,696) 13.07 Outstanding at June 30, 2021 2,469,541 $ 14.72 4.3 Exercisable at June 30, 2021 2,439,821 $ 14.64 4.3 Restricted Stock Units The following table summarizes the restricted stock unit activity under the Plan for the six months ended June 30, 2021: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2020 2,904,616 $ 35.72 Granted 686,931 100.02 Forfeited (141,751) 60.53 Vested (1) (1,509,833) 29.45 Unvested at June 30, 2021 1,939,963 $ 61.88 (1) During the six months ended June 30, 2021, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 402,832 shares had elected to defer settlement of the vested restricted stock units and 13,937 shares were released from deferral. This resulted in total deferred units of 952,499 as of June 30, 2021. Employee Stock Purchase Plan During the six months ended June 30, 2021, 92,846 shares of common stock were purchased under the ESPP at a weighted-average price of $45.63 per share, resulting in cash proceeds of $4.2 million.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 2021 2020 Information technology $ 14,897 $ 11,191 $ 28,856 $ 22,281 Diversified financials 12,296 10,700 24,556 20,567 Consumer discretionary 10,894 9,312 21,871 18,749 Healthcare 11,261 8,325 22,143 16,745 Industrials 11,213 9,179 21,913 18,403 Banks 10,000 8,454 20,307 16,955 Insurance 7,486 5,404 14,559 11,345 Energy 6,529 5,557 13,360 11,981 Utilities 5,612 3,384 10,755 7,169 Real estate 4,359 3,689 9,119 8,041 Materials 4,073 3,371 8,470 6,911 Other 6,967 5,294 13,900 10,514 Total revenues $ 105,587 $ 83,860 $ 209,809 $ 169,661 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, 2021 2020 2021 2020 Subscription and support $ 91,205 $ 70,696 $ 176,141 $ 139,057 XBRL professional services 10,069 8,313 24,555 21,745 Other services 4,313 4,851 9,113 8,859 Total revenues $ 105,587 $ 83,860 $ 209,809 $ 169,661 Deferred Revenue We recognized $84.2 million and $64.1 million of revenue during the three months ended June 30, 2021 and 2020, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $145.6 million and $113.0 million of revenue during the six months ended June 30, 2021 and 2020, 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, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including 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, 2021 June 30, 2020 Class A Class B Class A Class B Numerator Net loss $ (8,069) $ (1,445) $ (16,132) $ (3,480) Denominator Weighted-average common shares outstanding - basic and diluted 43,310,488 7,755,379 39,622,989 8,548,563 Basic and diluted net loss per share $ (0.19) $ (0.19) $ (0.41) $ (0.41) Six months ended June 30, 2021 June 30, 2020 Class A Class B Class A Class B Numerator Net loss $ (14,223) $ (2,615) $ (24,652) $ (5,378) Denominator Weighted-average common shares outstanding - basic and diluted 42,790,278 7,866,986 39,287,647 8,570,981 Basic and diluted net loss per share $ (0.33) $ (0.33) $ (0.63) $ (0.63) 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, 2021 June 30, 2020 Shares subject to outstanding common stock options 2,469,541 3,639,228 Shares subject to unvested restricted stock units 1,939,963 3,006,717 Shares issuable pursuant to the ESPP 57,485 103,231

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 30, 2021, we acquired all of the equity interest in OneCloud, Inc., an integration platform as a service (iPaaS) company, in order to extend our integration and data preparation capabilities. We are currently in the process of valuing the assets acquired and liabilities assumed pursuant to the transaction. The accounting for this transaction is incomplete as of the date of our filing.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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, 2020 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, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021.
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 and New Accounting Pronouncements Not Yet Adopted	In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which was issued to simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes, performing intraperiod allocation, and calculating income taxes in interim periods. Further, ASU 2019-12 adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax basis goodwill and allocating taxes to members of a consolidated group. The standard became effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The standard provides different transition methods for the various provisions. Effective January 1, 2021, we adopted this standard. The adoption of this new standard did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for certain convertible instruments, amends guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share (EPS) calculations as a result of these changes. The standard will be effective for us beginning January 1, 2022 and can be applied on either a fully retrospective or modified retrospective basis. Early adoption is permitted for fiscal years beginning after December 15, 2020. We intend to adopt this standard using the modified retrospective method on January 1, 2022 and are currently evaluating its 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.

Supplemental Consolidated Bal_2

Supplemental Consolidated Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 As of December 31, 2020 Accrued vacation $ 11,706 $ 10,294 Accrued commissions 12,538 12,678 Accrued bonuses 10,632 6,573 Accrued payroll 2,539 2,631 Estimated health insurance claims 1,517 1,224 Accrued interest 1,455 1,455 ESPP employee contributions 4,709 4,269 Customer deposits 20,905 18,283 Operating lease liabilities 4,578 4,541 Accrued other liabilities 6,103 6,308 $ 76,682 $ 68,256

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	At June 30, 2021, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 280,208 $ — $ — $ 280,208 Commercial paper 10,995 — — 10,995 U.S. treasury debt securities 51,298 4 (29) 51,273 Corporate debt securities 162,125 86 (45) 162,166 Foreign government debt securities 5,059 1 — 5,060 $ 509,685 $ 91 $ (74) $ 509,702 Included in cash and cash equivalents $ 280,283 $ — $ — $ 280,283 Included in marketable securities $ 229,402 $ 91 $ (74) $ 229,419 At December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 265,578 $ — $ — $ 265,578 Commercial paper 21,489 — — 21,489 U.S. treasury debt securities 51,731 80 (2) 51,809 Corporate debt securities 147,715 214 (47) 147,882 Foreign government debt securities 1,025 2 — 1,027 $ 487,538 $ 296 $ (49) $ 487,785 Included in cash and cash equivalents $ 280,578 $ — $ — $ 280,578 Included in marketable securities $ 206,960 $ 296 $ (49) $ 207,207
Schedule of Cash and Cash Equivalents	At June 30, 2021, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 280,208 $ — $ — $ 280,208 Commercial paper 10,995 — — 10,995 U.S. treasury debt securities 51,298 4 (29) 51,273 Corporate debt securities 162,125 86 (45) 162,166 Foreign government debt securities 5,059 1 — 5,060 $ 509,685 $ 91 $ (74) $ 509,702 Included in cash and cash equivalents $ 280,283 $ — $ — $ 280,283 Included in marketable securities $ 229,402 $ 91 $ (74) $ 229,419 At December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 265,578 $ — $ — $ 265,578 Commercial paper 21,489 — — 21,489 U.S. treasury debt securities 51,731 80 (2) 51,809 Corporate debt securities 147,715 214 (47) 147,882 Foreign government debt securities 1,025 2 — 1,027 $ 487,538 $ 296 $ (49) $ 487,785 Included in cash and cash equivalents $ 280,578 $ — $ — $ 280,578 Included in marketable securities $ 206,960 $ 296 $ (49) $ 207,207
Summary of Investments Classified by Contractual Maturity Date	The contractual maturities of the investments classified as marketable securities are as follows (in thousands): As of June 30, 2021 Due within one year $ 139,833 Due in one to two years 87,574 Due in three to five years 2,012 $ 229,419
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position	The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of June 30, 2021, 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, 2021 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 30,793 $ (29) $ — $ — Corporate debt securities 68,990 (45) — — Total $ 99,783 $ (74) $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Fair Value Measurements as of December 31, 2020 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 280,208 $ 280,208 $ — $ 265,578 $ 265,578 $ — Commercial paper 10,995 — 10,995 21,489 — 21,489 U.S. treasury debt securities 51,273 — 51,273 51,809 — 51,809 Corporate debt securities 162,166 — 162,166 147,882 — 147,882 Foreign government debt securities 5,060 — 5,060 1,027 — 1,027 $ 509,702 $ 280,208 $ 229,494 $ 487,785 $ 265,578 $ 222,207 Included in cash and cash equivalents $ 280,283 $ 280,578 Included in marketable securities $ 229,419 $ 207,207

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 December 31, 2020 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount (45,300) (49,346) Unamortized issuance costs (5,660) (6,164) Net carrying amount $ 294,040 $ 289,490 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, Six months ended June 30, 2021 2020 2021 2020 Contractual interest expense $ 970 $ 970 $ 1,941 $ 1,940 Amortization of debt discount 2,031 1,967 4,046 3,920 Amortization of issuance costs 253 246 504 490 Total interest expense $ 3,254 $ 3,183 $ 6,491 $ 6,350

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 2021 2020 Cost of revenue Subscription and support $ 597 $ 436 $ 1,093 $ 867 Professional services 409 365 776 790 Operating expenses Research and development 2,417 2,040 4,848 3,623 Sales and marketing 2,837 2,944 6,386 5,680 General and administrative 4,792 9,109 9,572 13,870 Total $ 11,052 $ 14,894 $ 22,675 $ 24,830
Schedule of Stock-Option Activity	The following table summarizes the option activity under the Plans for the six months ended June 30, 2021: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at December 31, 2020 2,903,167 $ 14.48 4.7 Granted — — Forfeited (3,930) 20.41 Exercised (429,696) 13.07 Outstanding at June 30, 2021 2,469,541 $ 14.72 4.3 Exercisable at June 30, 2021 2,439,821 $ 14.64 4.3
Summary of Restricted Stock Units	The following table summarizes the restricted stock unit activity under the Plan for the six months ended June 30, 2021: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2020 2,904,616 $ 35.72 Granted 686,931 100.02 Forfeited (141,751) 60.53 Vested (1) (1,509,833) 29.45 Unvested at June 30, 2021 1,939,963 $ 61.88

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 2021 2020 Information technology $ 14,897 $ 11,191 $ 28,856 $ 22,281 Diversified financials 12,296 10,700 24,556 20,567 Consumer discretionary 10,894 9,312 21,871 18,749 Healthcare 11,261 8,325 22,143 16,745 Industrials 11,213 9,179 21,913 18,403 Banks 10,000 8,454 20,307 16,955 Insurance 7,486 5,404 14,559 11,345 Energy 6,529 5,557 13,360 11,981 Utilities 5,612 3,384 10,755 7,169 Real estate 4,359 3,689 9,119 8,041 Materials 4,073 3,371 8,470 6,911 Other 6,967 5,294 13,900 10,514 Total revenues $ 105,587 $ 83,860 $ 209,809 $ 169,661 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, 2021 2020 2021 2020 Subscription and support $ 91,205 $ 70,696 $ 176,141 $ 139,057 XBRL professional services 10,069 8,313 24,555 21,745 Other services 4,313 4,851 9,113 8,859 Total revenues $ 105,587 $ 83,860 $ 209,809 $ 169,661

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 Class A Class B Class A Class B Numerator Net loss $ (8,069) $ (1,445) $ (16,132) $ (3,480) Denominator Weighted-average common shares outstanding - basic and diluted 43,310,488 7,755,379 39,622,989 8,548,563 Basic and diluted net loss per share $ (0.19) $ (0.19) $ (0.41) $ (0.41) Six months ended June 30, 2021 June 30, 2020 Class A Class B Class A Class B Numerator Net loss $ (14,223) $ (2,615) $ (24,652) $ (5,378) Denominator Weighted-average common shares outstanding - basic and diluted 42,790,278 7,866,986 39,287,647 8,570,981 Basic and diluted net loss per share $ (0.33) $ (0.33) $ (0.63) $ (0.63)
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, 2021 June 30, 2020 Shares subject to outstanding common stock options 2,469,541 3,639,228 Shares subject to unvested restricted stock units 1,939,963 3,006,717 Shares issuable pursuant to the ESPP 57,485 103,231

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 11,706	$ 10,294
Accrued commissions	12,538	12,678
Accrued bonuses	10,632	6,573
Accrued payroll	2,539	2,631
Estimated health insurance claims	1,517	1,224
Accrued interest	1,455	1,455
ESPP employee contributions	4,709	4,269
Customer deposits	20,905	18,283
Operating lease liabilities	4,578	4,541
Accrued other liabilities	6,103	6,308
Accrued expenses and other current liabilities	$ 76,682	$ 68,256

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 322,194	$ 322,831
Debt Securities, Available-for-sale [Line Items]
Unrealized Gains	91	296
Unrealized Losses	(74)	(49)
Aggregate Fair Value	229,419
Cash and cash equivalents and available-for-sale securities, amortized cost	509,685	487,538
Cash, cash equivalents, and available-for-sale securities	509,702	487,785
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,995	21,489
Unrealized Gains	0	0
Unrealized Losses	0	0
Aggregate Fair Value	10,995	21,489
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51,298	51,731
Unrealized Gains	4	80
Unrealized Losses	(29)	(2)
Aggregate Fair Value	51,273	51,809
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	162,125	147,715
Unrealized Gains	86	214
Unrealized Losses	(45)	(47)
Aggregate Fair Value	162,166	147,882
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,059	1,025
Unrealized Gains	1	2
Unrealized Losses	0	0
Aggregate Fair Value	5,060	1,027
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	280,208	265,578
Cash and cash equivalents, aggregate fair value	280,208	265,578
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	280,283	280,578
Cash and cash equivalents, aggregate fair value	280,283	280,578
Marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	229,402	206,960
Unrealized Gains	91	296
Unrealized Losses	(74)	(49)
Aggregate Fair Value	$ 229,419	$ 207,207

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 139,833
Due in one to two years	87,574
Due in three to five years	2,012
Marketable securities	$ 229,419

Cash Equivalents and Marketab_5

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2021USD ($)
Fair Value
Less than 12 months	$ 99,783
12 months or greater	0
Unrealized Loss
Less than 12 months	(74)
12 months or greater	0
U.S. treasury debt securities
Fair Value
Less than 12 months	30,793
12 months or greater	0
Unrealized Loss
Less than 12 months	(29)
12 months or greater	0
Corporate debt securities
Fair Value
Less than 12 months	68,990
12 months or greater	0
Unrealized Loss
Less than 12 months	(45)
12 months or greater	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 229,419
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	280,283	$ 280,578
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	229,419	207,207
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,995	21,489
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	51,273	51,809
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	162,166	147,882
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,060	1,027
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	280,208	265,578
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	521,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	509,702	487,785
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	280,283	280,578
Recurring | Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	229,419	207,207
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,995	21,489
Recurring | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	51,273	51,809
Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	162,166	147,882
Recurring | Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,060	1,027
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	280,208	265,578
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	280,208	265,578
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 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | Foreign government 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	280,208	265,578
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	229,494	222,207
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	10,995	21,489
Recurring | Level 2 | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	51,273	51,809
Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	162,166	147,882
Recurring | Level 2 | Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,060	1,027
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, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized discount	(45,300)	(49,346)
Unamortized issuance costs	(5,660)	(6,164)
Net carrying amount	294,040	289,490
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Disclosure [Abstract]
Contractual interest expense	$ 970	$ 970	$ 1,941	$ 1,940
Amortization of debt discount	2,031	1,967	4,046	3,920
Amortization of issuance costs	253	246	504	490
Total interest expense	$ 3,254	$ 3,183	$ 6,491	$ 6,350

Commitments and Contingencies (

Commitments and Contingencies (Details) - Subsequent Event $ in Millions	Jul. 31, 2021USD ($)
Subsequent Event [Line Items]
Operating lease, term of contract	3 years
Renewal term	2 years
Operating lease annual base rent expense	$ 1.6

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 11,052	$ 14,894	$ 22,675	$ 24,830
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,417	2,040	4,848	3,623
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	2,837	2,944	6,386	5,680
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	4,792	9,109	9,572	13,870
Subscription and support | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	597	436	1,093	867
Professional services | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 409	$ 365	$ 776	$ 790

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Options (in shares):
Outstanding beginning of the period (in shares) | shares	2,903,167
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(3,930)
Exercised (in shares) | shares	(429,696)
Outstanding end of the period (in shares) | shares	2,469,541	2,903,167
Exercisable (in shares) | shares	2,439,821
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share) | $ / shares	$ 14.48
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	20.41
Exercised (in dollars per share) | $ / shares	13.07
Outstanding end of the period (in dollars per share) | $ / shares	14.72	$ 14.48
Exercisable (in dollars per share) | $ / shares	$ 14.64
Outstanding, weighted-average remaining contractual term (years)	4 years 3 months 18 days	4 years 8 months 12 days
Exercisable, weighted-average remaining contractual term (years)	4 years 3 months 18 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Number of Shares (in shares)
Unvested at beginning of period (in shares)	2,904,616
Granted (in shares)	686,931
Forfeited (in shares)	(141,751)
Vested (in shares)	(1,509,833)
Unvested at end of period (in shares)	1,939,963
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share) | $ / shares	$ 35.72
Granted (in dollars per share) | $ / shares	100.02
Forfeited (in dollars per share) | $ / shares	60.53
Vested (in dollars per share) | $ / shares	29.45
Unvested at end of period (in dollars per share) | $ / shares	$ 61.88
Number of vested shares recipient elected to defer settlement (in shares)	402,832
Number of vested shares recipients elected to defer settlement, released during period (in shares)	13,937
Number of deferred shares vested and outstanding (in shares)	952,499

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 0	$ 0	$ 4,237	$ 3,660
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 120		$ 120
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)			92,846
Shares issued during period, weighted average price per share (in dollars per share)			$ 45.63
Proceeds from shares issued in connection with employee stock purchase plan			$ 4,200

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 105,587	$ 83,860	$ 209,809	$ 169,661
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	91,205	70,696	176,141	139,057
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	10,069	8,313	24,555	21,745
Other services
Disaggregation of Revenue [Line Items]
Total revenue	4,313	4,851	9,113	8,859
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	14,897	11,191	28,856	22,281
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	12,296	10,700	24,556	20,567
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	10,894	9,312	21,871	18,749
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	11,261	8,325	22,143	16,745
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	11,213	9,179	21,913	18,403
Banks
Disaggregation of Revenue [Line Items]
Total revenue	10,000	8,454	20,307	16,955
Insurance
Disaggregation of Revenue [Line Items]
Total revenue	7,486	5,404	14,559	11,345
Energy
Disaggregation of Revenue [Line Items]
Total revenue	6,529	5,557	13,360	11,981
Utilities
Disaggregation of Revenue [Line Items]
Total revenue	5,612	3,384	10,755	7,169
Real estate
Disaggregation of Revenue [Line Items]
Total revenue	4,359	3,689	9,119	8,041
Materials
Disaggregation of Revenue [Line Items]
Total revenue	4,073	3,371	8,470	6,911
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 6,967	$ 5,294	$ 13,900	$ 10,514

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 84.2	$ 64.1	$ 145.6	$ 113
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	477.1		477.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 282.4		$ 282.4
Expected period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected period of recognition	24 months		24 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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Denominator
Weighted-average common shares outstanding - basic	51,065,867	48,171,552	50,657,264	47,858,628
Weighted-average common shares outstanding - diluted	51,065,867	48,171,552	50,657,264	47,858,628
Basic net loss per share (in dollars per share)	$ (0.19)	$ (0.41)	$ (0.33)	$ (0.63)
Diluted net loss per share (in dollars per share)	$ (0.19)	$ (0.41)	$ (0.33)	$ (0.63)
Class A Common Stock
Numerator
Net loss, basic	$ (8,069)	$ (16,132)	$ (14,223)	$ (24,652)
Net loss, diluted	$ (8,069)	$ (16,132)	$ (14,223)	$ (24,652)
Denominator
Weighted-average common shares outstanding - basic	43,310,488	39,622,989	42,790,278	39,287,647
Weighted-average common shares outstanding - diluted	43,310,488	39,622,989	42,790,278	39,287,647
Basic net loss per share (in dollars per share)	$ (0.19)	$ (0.41)
Diluted net loss per share (in dollars per share)	$ (0.19)	$ (0.41)	$ (0.33)	$ (0.63)
Class B Common Stock
Numerator
Net loss, basic	$ (1,445)	$ (3,480)	$ (2,615)	$ (5,378)
Net loss, diluted	$ (1,445)	$ (3,480)	$ (2,615)	$ (5,378)
Denominator
Weighted-average common shares outstanding - basic	7,755,379	8,548,563	7,866,986	8,570,981
Weighted-average common shares outstanding - diluted	7,755,379	8,548,563	7,866,986	8,570,981
Basic net loss per share (in dollars per share)	$ (0.19)	$ (0.41)
Diluted net loss per share (in dollars per share)	$ (0.19)	$ (0.41)	$ (0.33)	$ (0.63)

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, 2021	Jun. 30, 2020
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)	2,469,541	3,639,228
Shares subject to unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,939,963	3,006,717
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)	57,485	103,231