Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 $.001 | |
Trading Symbol | WK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001445305 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 48,456,215 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,890,583 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 226,253 | $ 300,386 |
Marketable securities | 202,712 | 230,060 |
Accounts receivable, net of allowance for doubtful accounts of $577 and $591 at June 30, 2022 and December 31, 2021, respectively | 75,607 | 76,848 |
Deferred costs | 29,992 | 31,152 |
Other receivables | 2,949 | 3,538 |
Prepaid expenses and other | 17,776 | 15,108 |
Total current assets | 555,289 | 657,092 |
Property and equipment, net | 27,331 | 28,821 |
Operating lease right-of-use assets | 15,049 | 17,760 |
Deferred costs, non-current | 34,826 | 33,091 |
Goodwill | 109,040 | 34,556 |
Intangible assets, net | 30,162 | 10,434 |
Other assets | 5,061 | 5,005 |
Total assets | 776,758 | 786,759 |
Current liabilities | ||
Accounts payable | 5,797 | 4,114 |
Accrued expenses and other current liabilities | 85,863 | 84,126 |
Deferred revenue | 272,731 | 258,023 |
Convertible senior notes, current | 0 | 298,661 |
Finance lease obligations | 936 | 1,575 |
Total current liabilities | 365,327 | 646,499 |
Convertible senior notes, non-current | 339,608 | 0 |
Deferred revenue, non-current | 34,063 | 34,181 |
Other long-term liabilities | 1,380 | 1,605 |
Operating lease liabilities, non-current | 13,688 | 16,408 |
Finance lease obligations, non-current | 14,838 | 15,087 |
Total liabilities | 768,904 | 713,780 |
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 | 498,115 | 525,646 |
Accumulated deficit | (481,523) | (452,430) |
Accumulated other comprehensive loss | (8,790) | (288) |
Total stockholders’ equity | 7,854 | 72,979 |
Total liabilities and stockholders’ equity | 776,758 | 786,759 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 48 | 47 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | $ 4 | $ 4 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 577 | $ 591 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 48,348,270 | 47,293,775 |
Common stock, shares outstanding (in shares) | 48,348,270 | 47,293,775 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, share authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 3,890,583 | 4,150,583 |
Common stock, shares outstanding (in shares) | 3,890,583 | 4,150,583 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | ||||
Total revenue | $ 131,549 | $ 105,587 | $ 261,223 | $ 209,809 |
Cost of revenue | ||||
Total cost of revenue | 32,237 | 24,591 | 63,110 | 48,267 |
Gross profit | 99,312 | 80,996 | 198,113 | 161,542 |
Operating expenses | ||||
Research and development | 39,177 | 27,830 | 75,061 | 54,464 |
Sales and marketing | 64,219 | 41,525 | 120,319 | 82,560 |
General and administrative | 24,108 | 17,384 | 48,102 | 34,405 |
Total operating expenses | 127,504 | 86,739 | 243,482 | 171,429 |
Loss from operations | (28,192) | (5,743) | (45,369) | (9,887) |
Interest income | 605 | 255 | 885 | 615 |
Interest expense | (1,512) | (3,502) | (3,030) | (6,987) |
Other income (expense), net | 668 | (156) | 503 | (540) |
Loss before provision for income taxes | (28,431) | (9,146) | (47,011) | (16,799) |
Provision for income taxes | 430 | 368 | 343 | 39 |
Net loss | $ (28,861) | $ (9,514) | $ (47,354) | $ (16,838) |
Net loss per common share: | ||||
Basic (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Diluted (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Weighted-average common shares outstanding - basic (in shares) | 52,850,470 | 51,065,867 | 52,724,051 | 50,657,264 |
Weighted-average common shares outstanding - diluted (in shares) | 52,850,470 | 51,065,867 | 52,724,051 | 50,657,264 |
Subscription and support | ||||
Revenue | ||||
Total revenue | $ 113,353 | $ 91,205 | $ 220,473 | $ 176,141 |
Cost of revenue | ||||
Total cost of revenue | 18,915 | 14,098 | 37,448 | 27,300 |
Professional services | ||||
Revenue | ||||
Total revenue | 18,196 | 14,382 | 40,750 | 33,668 |
Cost of revenue | ||||
Total cost of revenue | $ 13,322 | $ 10,493 | $ 25,662 | $ 20,967 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (28,861) | $ (9,514) | $ (47,354) | $ (16,838) |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment | (6,172) | 48 | (6,088) | 204 |
Unrealized loss on available-for-sale securities | (554) | (25) | (2,414) | (230) |
Other comprehensive (loss) income | (6,726) | 23 | (8,502) | (26) |
Comprehensive loss | $ (35,587) | $ (9,491) | $ (55,856) | $ (16,864) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock (Class A and B) | Additional Paid-in-Capital | Additional Paid-in-Capital Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment |
Beginning of the period (in shares) 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 (loss) income | (49) | (49) | ||||||
End of period (in shares) at Mar. 31, 2021 | 49,927,000 | |||||||
End of period at Mar. 31, 2021 | 69,756 | $ 50 | 491,549 | 181 | (422,024) | |||
Beginning of the period (in shares) 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] | ||||||||
Net loss | (16,838) | |||||||
Other comprehensive (loss) income | (26) | |||||||
End of period (in shares) at Jun. 30, 2021 | 50,354,000 | |||||||
End of period at Jun. 30, 2021 | 72,066 | $ 50 | 503,350 | 204 | (431,538) | |||
Beginning of the period (in shares) at Dec. 31, 2020 | 48,789,000 | |||||||
Beginning of the period at Dec. 31, 2020 | 64,277 | $ 49 | 478,698 | 230 | (414,700) | |||
End of period (in shares) at Dec. 31, 2021 | 51,444,000 | |||||||
End of period at Dec. 31, 2021 | $ 72,979 | $ (40,299) | $ 51 | 525,646 | $ (58,560) | (288) | (452,430) | $ 18,261 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | |||||||
Beginning of the period (in shares) 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 | 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 (loss) income | 23 | 23 | ||||||
End of period (in shares) at Jun. 30, 2021 | 50,354,000 | |||||||
End of period at Jun. 30, 2021 | 72,066 | $ 50 | 503,350 | 204 | (431,538) | |||
Beginning of the period (in shares) at Dec. 31, 2021 | 51,444,000 | |||||||
Beginning of the period at Dec. 31, 2021 | $ 72,979 | (40,299) | $ 51 | 525,646 | (58,560) | (288) | (452,430) | 18,261 |
End of period at Jan. 01, 2022 | (58,600) | 18,300 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | |||||||
Beginning of the period (in shares) at Dec. 31, 2021 | 51,444,000 | |||||||
Beginning of the period at Dec. 31, 2021 | $ 72,979 | (40,299) | $ 51 | 525,646 | (58,560) | (288) | (452,430) | 18,261 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | 15,309 | 15,309 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 62,000 | |||||||
Issuance of common stock upon exercise of stock options | 825 | $ 1 | 824 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 53,000 | |||||||
Issuance of common stock under employee stock purchase plan | 5,218 | 5,218 | ||||||
Issuance of restricted stock units (in shares) | 545,000 | |||||||
Tax withholding related to net share settlements of stock-based compensation awards (in shares) | (73,000) | |||||||
Tax withholding related to net share settlements of stock-based compensation awards | (8,570) | (8,570) | ||||||
Net loss | (18,493) | (18,493) | ||||||
Other comprehensive (loss) income | (1,776) | (1,776) | ||||||
End of period (in shares) at Mar. 31, 2022 | 52,031,000 | |||||||
End of period at Mar. 31, 2022 | 25,193 | $ 52 | 479,867 | (2,064) | (452,662) | |||
Beginning of the period (in shares) at Dec. 31, 2021 | 51,444,000 | |||||||
Beginning of the period at Dec. 31, 2021 | $ 72,979 | $ (40,299) | $ 51 | 525,646 | $ (58,560) | (288) | (452,430) | $ 18,261 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 138,404 | |||||||
Net loss | $ (47,354) | |||||||
Other comprehensive (loss) income | (8,502) | |||||||
End of period (in shares) at Jun. 30, 2022 | 52,239,000 | |||||||
End of period at Jun. 30, 2022 | 7,854 | $ 52 | 498,115 | (8,790) | (481,523) | |||
Beginning of the period (in shares) at Mar. 31, 2022 | 52,031,000 | |||||||
Beginning of the period at Mar. 31, 2022 | 25,193 | $ 52 | 479,867 | (2,064) | (452,662) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock-based compensation expense | 18,447 | 18,447 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 76,000 | |||||||
Issuance of common stock upon exercise of stock options | 1,145 | 1,145 | ||||||
Issuance of restricted stock units (in shares) | 144,000 | |||||||
Tax withholding related to net share settlements of stock-based compensation awards (in shares) | (12,000) | |||||||
Tax withholding related to net share settlements of stock-based compensation awards | (1,344) | (1,344) | ||||||
Net loss | (28,861) | (28,861) | ||||||
Other comprehensive (loss) income | (6,726) | (6,726) | ||||||
End of period (in shares) at Jun. 30, 2022 | 52,239,000 | |||||||
End of period at Jun. 30, 2022 | $ 7,854 | $ 52 | $ 498,115 | $ (8,790) | $ (481,523) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||||
Net loss | $ (28,861) | $ (9,514) | $ (47,354) | $ (16,838) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 2,725 | 1,097 | 4,684 | 2,151 |
Stock-based compensation expense | 18,447 | 11,052 | 33,756 | 22,675 |
Provision for (recovery of) doubtful accounts | 20 | 17 | (9) | (101) |
Amortization of premiums and discounts on marketable securities, net | 453 | 763 | 1,113 | 1,388 |
Amortization of issuance costs and debt discount | 324 | 2,284 | 648 | 4,550 |
Deferred income tax | 63 | 362 | (148) | 16 |
Changes in assets and liabilities: | ||||
Accounts receivable | (4,844) | (12,106) | 1,737 | 3,159 |
Deferred costs | (2,734) | (9,018) | (1,290) | (10,077) |
Operating lease right-of-use asset | 1,307 | 977 | 2,608 | 1,921 |
Other receivables | 385 | 585 | 565 | 424 |
Prepaid expenses and other | (1,591) | 722 | (2,723) | (3,025) |
Other assets | 12 | (110) | 35 | (683) |
Accounts payable | (2,300) | (1,172) | 2,064 | 736 |
Deferred revenue | 13,192 | 11,900 | 13,798 | 12,079 |
Operating lease liability | (1,302) | (1,202) | (2,644) | (2,278) |
Accrued expenses and other liabilities | 13,388 | 16,123 | 907 | 8,166 |
Net cash provided by operating activities | 8,684 | 12,760 | 7,747 | 24,263 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (671) | (811) | (1,203) | (1,660) |
Purchase of marketable securities | (23,798) | (51,217) | (57,946) | (94,872) |
Sale of marketable securities | 0 | 250 | 14,981 | 250 |
Maturities of marketable securities | 40,536 | 30,206 | 66,786 | 70,792 |
Acquisitions, net of cash acquired | (99,186) | 0 | (99,186) | 0 |
Purchase of intangible assets | (6) | (52) | (46) | (123) |
Other investments | 0 | (750) | 0 | (750) |
Net cash used in investing activities | (83,125) | (22,374) | (76,614) | (26,363) |
Cash flows from financing activities | ||||
Proceeds from option exercises | 1,145 | 1,480 | 1,970 | 5,618 |
Taxes paid related to net share settlements of stock-based compensation awards | (1,344) | (731) | (9,914) | (7,877) |
Proceeds from shares issued in connection with employee stock purchase plan | 0 | 0 | 5,218 | 4,237 |
Principal payments on finance lease obligations | (446) | (424) | (888) | (841) |
Net cash (used in) provided by financing activities | (645) | 325 | (3,614) | 1,137 |
Effect of foreign exchange rates on cash | (1,737) | 310 | (1,652) | 326 |
Net decrease in cash and cash equivalents | (76,823) | (8,979) | (74,133) | (637) |
Cash and cash equivalents at beginning of period | 303,076 | 331,173 | 300,386 | 322,831 |
Cash and cash equivalents at end of period | 226,253 | 322,194 | 226,253 | 322,194 |
Supplemental cash flow disclosure | ||||
Cash paid for interest | 218 | 242 | 2,383 | 2,430 |
Cash paid for income taxes, net of refunds | 438 | (86) | 628 | (66) |
Supplemental disclosure of noncash investing and financing activities | ||||
Purchases of property and equipment, accrued but not paid | $ 0 | $ 148 | $ 0 | $ 148 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 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, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. 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 September 2021 had mostly mitigated this trend, although we will sponsor a hybrid virtual and in-person event in 2022. 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, 2021 filed with the SEC on February 22, 2022. 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, goodwill, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2022. The adoption of this 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 Equit y. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments will now be accounted for as a single liability measured at amortized cost. This results in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also requires the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard is effective for interim and annual periods beginning after December 15, 2021 and can be adopted on either a modified retrospective or full retrospective basis. We adopted this standard on January 1, 2022 using the modified retrospective method under which financial results reported in prior periods were not adjusted. Adoption of the new standard resulted in a decrease to accumulated deficit of $18.3 million, a decrease to additional paid-in capital of $58.6 million, and an increase to convertible senior notes, non-current of $40.3 million on the consolidated balance sheet. See Note 5 to the condensed consolidated financial statements for more information. New Accounting Pronouncements Not Yet Adopted None. |
Supplemental Consolidated Balan
Supplemental Consolidated Balance Sheet Information | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 As of December 31, 2021 Accrued vacation $ 13,965 $ 11,221 Accrued commissions 9,587 11,122 Accrued bonuses 10,875 8,292 Accrued payroll 3,779 4,494 Estimated health insurance claims 1,942 1,814 Accrued interest 1,455 1,455 ESPP employee contributions 5,586 5,349 Customer deposits 23,728 26,517 Operating lease liabilities 5,575 6,008 Accrued other liabilities 9,371 7,854 $ 85,863 $ 84,126 |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities At June 30, 2022, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 162,180 $ — $ — $ 162,180 Commercial paper 10,492 — — 10,492 U.S. treasury debt securities 53,886 6 (917) 52,975 Corporate debt securities 142,794 — (2,033) 140,761 Foreign government debt securities 990 — (6) 984 $ 370,342 $ 6 $ (2,956) $ 367,392 Included in cash and cash equivalents $ 164,681 $ — $ (1) $ 164,680 Included in marketable securities $ 205,661 $ 6 $ (2,955) $ 202,712 At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 259,754 $ — $ — $ 259,754 Commercial paper 10,479 — — 10,479 U.S. treasury debt securities 54,809 2 (206) 54,605 Corporate debt securities 161,792 3 (334) 161,461 Foreign government debt securities 5,014 1 — 5,015 $ 491,848 $ 6 $ (540) $ 491,314 Included in cash and cash equivalents $ 261,254 $ — $ — $ 261,254 Included in marketable securities $ 230,594 $ 6 $ (540) $ 230,060 The contractual maturities of the investments classified as marketable securities are as follows (in thousands): As of June 30, 2022 Due within one year $ 129,022 Due in one to two years 72,068 Due in three to five years 1,622 $ 202,712 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, 2022, 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, 2022 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 43,754 $ (881) $ 2,464 $ (36) Corporate debt securities 135,340 (1,958) 4,171 (75) Foreign government debt securities 984 (6) — — Total $ 180,078 $ (2,845) $ 6,635 $ (111) We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of June 30, 2022, 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, 2022 | |
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, 2022, 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 on a 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, 2022 Fair Value Measurements as of December 31, 2021 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 162,180 $ 162,180 $ — $ 259,754 $ 259,754 $ — Commercial paper 10,492 — 10,492 10,479 — 10,479 U.S. treasury debt securities 52,975 — 52,975 54,605 — 54,605 Corporate debt securities 140,761 — 140,761 161,461 — 161,461 Foreign government debt securities 984 — 984 5,015 — 5,015 $ 367,392 $ 162,180 $ 205,212 $ 491,314 $ 259,754 $ 231,560 Included in cash and cash equivalents $ 164,680 $ 261,254 Included in marketable securities $ 202,712 $ 230,060 We completed an acquisition on April 1, 2022. The values of the net assets acquired and any resulting goodwill were recorded at fair value using Level 3 inputs. The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill and definite-lived intangible assets acquired in the acquisition were externally estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. We developed internal estimates for the expected cash flows and discount rates used in the present value calculations. Convertible Senior Notes As of June 30, 2022, the fair value of our convertible senior notes was $373.2 million. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 5 to the condensed consolidated financial statements for more information. |
Convertible Senior Notes
Convertible Senior Notes | 6 Months Ended |
Jun. 30, 2022 | |
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. Holders of the Notes may convert all or a portion of their Notes prior to the close of business on May 15, 2026, in multiples of $1,000 principal amount, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on September 30, 2019 (and only during such calendar quarter), if the last reported sale price of our Class A common stock, par value $0.001 per share (which we refer to in this offering memorandum as our “Class A common stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day; • if we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or • upon the occurrence of certain specified corporate events as set forth in the indenture. On or after May 16, 2026, holders of the Notes may convert their Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture. It is our current intent to settle conversions through a combination settlement of cash and shares of our Class A common stock. The Company may redeem for cash all or any portion of the Notes, at its option, on or after August 21, 2023, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. During the second quarter of 2022 none of the conversion conditions were met and therefore the Notes are not convertible at the option of the holders. As a result, the Notes were classified as non-current liabilities on the condensed consolidated balance sheet as of June 30, 2022. As discussed in Note 1, we adopted ASU 2020‑06 on January 1, 2022 and the Notes are now accounted for as a single liability measured at amortized cost. Upon adoption, interest expense representing the amortization of the issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 1.5% over the term of the notes. Prior to the adoption of ASU 2020-06, interest expense representing the amortization of the debt discount and issuance costs as well as contractual interest expense was amortized to interest expense at an effective interest rate of 4.3%. As of June 30, 2022 the if-converted value of the Notes was less than the principal amount by $61.0 million. As of June 30, 2022, the remaining life of the Notes is approximately 4.2 years. The net carrying amount of the liability and equity components of the Notes was as follows (in thousands): June 30, 2022 December 31, 2021 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount — (41,193) Unamortized issuance costs (5,392) (5,146) Net carrying amount $ 339,608 $ 298,661 Equity component, net of purchase discounts and issuance costs $ — $ 58,560 Interest expense related to the Notes is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Contractual interest expense $ 970 $ 970 $ 1,940 $ 1,941 Amortization of debt discount — 2,031 — 4,046 Amortization of issuance costs 324 253 648 504 Total interest expense $ 1,294 $ 3,254 $ 2,588 $ 6,491 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 | |
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, performance restricted stock units, options to purchase Class A common stock and Employee Stock Purchase Plan ("ESPP") purchase rights. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (“the 2009 Plan”). The 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan (“the 2014 Plan” and, together with the 2009 Plan, “the Plans”). As of June 30, 2022, awards outstanding under the 2009 Plan consisted of stock options, and awards outstanding under the 2014 Plan consisted of stock options, restricted stock units and performance restricted stock units. On June 1, 2022, stockholders approved an amendment to the 2014 Plan that increased the number of shares available for grant by 3,000,000. As of June 30, 2022, 3,439,319 shares of Class A common stock were available for grant under the 2014 Plan. 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, 2022 2021 2022 2021 Cost of revenue Subscription and support $ 912 $ 597 $ 1,702 $ 1,093 Professional services 593 409 1,045 776 Operating expenses Research and development 3,148 2,417 5,873 4,848 Sales and marketing 5,646 2,837 9,731 6,386 General and administrative 8,148 4,792 15,405 9,572 Total $ 18,447 $ 11,052 $ 33,756 $ 22,675 Stock Options The following table summarizes the option activity under the Plans for the six months ended June 30, 2022: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at December 31, 2021 1,755,180 $ 14.42 4.0 Granted — — Forfeited (1,187) 14.97 Expired (2,970) 3.92 Exercised (138,404) 14.23 Outstanding at June 30, 2022 1,612,619 $ 14.46 3.6 Exercisable at June 30, 2022 1,612,619 $ 14.46 3.6 Restricted Stock Units The following table summarizes the restricted stock unit activity under the Plans for the six months ended June 30, 2022: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2021 1,891,699 $ 73.04 Granted 829,345 113.75 Forfeited (58,869) 88.73 Vested (1) (684,893) 57.05 Unvested at June 30, 2022 1,977,282 $ 95.26 (1) During the six months ended June 30, 2022, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 18,491 shares had elected to defer settlement of the vested restricted stock units and 22,006 shares were released from deferral. During the first quarter of 2022, performance restricted stock units (“PSUs”) were granted for the first time to our executives under the 2014 Plan. The fair value of a PSU is determined using the closing price of our common stock on the grant date. Each PSU grant vests in annual tranches over a three-year service period. Total units earned for grants made in 2022 may vary between 0% and 200% of the units granted based on the attainment of company-specific performance targets during the related three-year period and upon continued service. Stock-based compensation expense for PSUs is recognized on a graded-vesting basis if it is probable that the performance conditions will be achieved. Adjustments to compensation expense are made each period based on changes in our estimate of the number of PSUs that are probable of vesting. PSUs will vest with continued service and upon achievement of the relevant performance targets. The recipient of a restricted stock unit award under the 2014 Plan will have no rights as a stockholder until share certificates are issued by us. At the Annual Meeting of Stockholders on June 1, 2022, our stockholders approved the amendment and restatement of the Workiva Inc. Amended and Restated 2014 Equity Incentive Plan which prohibits payment of dividends or dividend equivalents on full-value awards prior to the vesting of such award. Additionally, until the shares are issued, they have no voting rights and may not be bought or sold. Employee Stock Purchase Plan During the six months ended June 30, 2022, 52,546 shares of common stock were purchased under the ESPP at a weighted-average price of $99.30 per share, resulting in cash proceeds of $5.2 million. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 2022 2021 Industrials $ 19,018 $ 14,504 $ 37,588 $ 28,381 Diversified financials 17,265 13,883 34,392 27,162 Information technology 15,498 11,046 30,135 21,709 Banks 13,087 11,502 26,072 23,112 Consumer discretionary 12,628 9,824 24,846 19,355 Healthcare 11,832 9,524 23,457 18,581 Insurance 7,745 6,252 15,522 12,836 Real estate 5,928 4,911 12,004 10,250 Energy 5,846 5,161 11,592 10,445 Utilities 5,457 4,978 11,417 9,806 Materials 5,159 4,397 10,833 9,243 Other 12,086 9,605 23,365 18,929 Total revenues $ 131,549 $ 105,587 $ 261,223 $ 209,809 Revenues by industry are derived from leading software providers. In the fourth quarter of 2021 we refined our policy surrounding customer industry categorization and accordingly the prior year amounts have been updated to reflect these refinements. 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, 2022 2021 2022 2021 Subscription and support $ 113,353 $ 91,205 $ 220,473 $ 176,141 XBRL professional services 13,517 10,069 31,210 24,555 Other services 4,679 4,313 9,540 9,113 Total revenues $ 131,549 $ 105,587 $ 261,223 $ 209,809 Deferred Revenue We recognized $106.9 million and $84.2 million of revenue during the three months ended June 30, 2022 and 2021, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $188.6 million and $145.6 million of revenue during the six months ended June 30, 2022 and 2021, 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, 2022 | |
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. At the Annual Meeting of Stockholders on June 1, 2022, our stockholders approved the amendment and restatement of the Workiva Inc. Amended and Restated 2014 Equity Incentive Plan which prohibits payment of dividends or dividend equivalents on full-value awards prior to the vesting of such award. As such, we no longer consider unvested restricted stock granted under the 2014 Equity Incentive Plan to be participating securities. 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, 2022 June 30, 2021 Class A Class B Class A Class B Numerator Net loss $ (26,736) $ (2,125) $ (8,069) $ (1,445) Denominator Weighted-average common shares outstanding - basic and diluted 48,959,887 3,890,583 43,310,488 7,755,379 Basic and diluted net loss per share $ (0.55) $ (0.55) $ (0.19) $ (0.19) Six months ended June 30, 2022 June 30, 2021 Class A Class B Class A Class B Numerator Net loss $ (43,802) $ (3,552) $ (14,223) $ (2,615) Denominator Weighted-average common shares outstanding - basic and diluted 48,768,827 3,955,224 42,790,278 7,866,986 Basic and diluted net loss per share $ (0.90) $ (0.90) $ (0.33) $ (0.33) 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, 2022 June 30, 2021 Shares subject to outstanding common stock options 1,612,619 2,469,541 Shares subject to unvested restricted stock units 1,977,282 1,939,963 Shares issuable pursuant to the ESPP 60,892 57,485 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On April 1, 2022, we acquired all of the issued and outstanding equity interests in Denmark-based ParsePort ApS (“ParsePort”), a leading solution provider for the European Single Electronic Format (“ESEF”) financial reporting mandate, which complements Workiva's cloud platform, for $99.2 million net of cash acquired of $1.6 million. The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair values of assets acquired and liabilities assumed may change over the measurement period as additional information is received. The primary area subject to change includes our review of the valuation of intangible assets. We expect to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill. The goodwill recognized was primarily attributable to the assembled workforce, operational synergies, and strategic benefits that are expected to be achieved and is not deductible for income tax purposes. The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands) : Cash consideration $ 100,744 Total consideration $ 100,744 Cash $ 1,558 Accounts receivable, net 1,403 Intangible assets 23,300 Goodwill 78,925 Other assets 440 Accounts payable (29) Accrued liabilities (1,444) Deferred revenue (3,299) Other liabilities (110) Fair value of assets and liabilities $ 100,744 We incurred costs related to the acquisition of approximately $0.6 million during the six months ended June 30, 2022. Substantially all acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in our condensed consolidated statements of operations. The amount of revenues and net loss from the acquisition included in our condensed consolidated statements of operations for the three and six months ended June 30, 2022 were insignificant. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table presents the components of net intangible assets (in thousands): As of June 30, 2022 As of December 31, 2021 Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology 4.5 $ 15,281 $ (2,059) $ 13,222 $ 7,920 $ (701) $ 7,219 Acquired customer-related 10.0 14,421 (395) 14,026 360 (14) 346 Acquired trade names 2.8 2,045 (419) 1,626 1,478 (21) 1,457 Patents 10 2,786 (1,498) 1,288 2,740 (1,328) 1,412 Total 7.1 $ 34,533 $ (4,371) $ 30,162 $ 12,498 $ (2,064) $ 10,434 Amortization expense related to intangible assets was $1.5 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $2.3 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands): Remainder of 2022 $ 3,000 2023 5,961 2024 5,199 2025 4,469 2026 3,159 2027 1,955 Thereafter 6,419 Total expected amortization expense $ 30,162 The changes in the carrying amount of goodwill were as follows (in thousands): December 31, 2021 $ 34,556 Acquisition 78,925 Foreign currency translation adjustments (4,441) June 30, 2022 $ 109,040 |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 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, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. |
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, goodwill, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2022. The adoption of this 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 Equit y. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments will now be accounted for as a single liability measured at amortized cost. This results in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also requires the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard is effective for interim and annual periods beginning after December 15, 2021 and can be adopted on either a modified retrospective or full retrospective basis. |
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, 2022 | |
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, 2022 As of December 31, 2021 Accrued vacation $ 13,965 $ 11,221 Accrued commissions 9,587 11,122 Accrued bonuses 10,875 8,292 Accrued payroll 3,779 4,494 Estimated health insurance claims 1,942 1,814 Accrued interest 1,455 1,455 ESPP employee contributions 5,586 5,349 Customer deposits 23,728 26,517 Operating lease liabilities 5,575 6,008 Accrued other liabilities 9,371 7,854 $ 85,863 $ 84,126 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | At June 30, 2022, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 162,180 $ — $ — $ 162,180 Commercial paper 10,492 — — 10,492 U.S. treasury debt securities 53,886 6 (917) 52,975 Corporate debt securities 142,794 — (2,033) 140,761 Foreign government debt securities 990 — (6) 984 $ 370,342 $ 6 $ (2,956) $ 367,392 Included in cash and cash equivalents $ 164,681 $ — $ (1) $ 164,680 Included in marketable securities $ 205,661 $ 6 $ (2,955) $ 202,712 At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 259,754 $ — $ — $ 259,754 Commercial paper 10,479 — — 10,479 U.S. treasury debt securities 54,809 2 (206) 54,605 Corporate debt securities 161,792 3 (334) 161,461 Foreign government debt securities 5,014 1 — 5,015 $ 491,848 $ 6 $ (540) $ 491,314 Included in cash and cash equivalents $ 261,254 $ — $ — $ 261,254 Included in marketable securities $ 230,594 $ 6 $ (540) $ 230,060 |
Schedule of Cash and Cash Equivalents | At June 30, 2022, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 162,180 $ — $ — $ 162,180 Commercial paper 10,492 — — 10,492 U.S. treasury debt securities 53,886 6 (917) 52,975 Corporate debt securities 142,794 — (2,033) 140,761 Foreign government debt securities 990 — (6) 984 $ 370,342 $ 6 $ (2,956) $ 367,392 Included in cash and cash equivalents $ 164,681 $ — $ (1) $ 164,680 Included in marketable securities $ 205,661 $ 6 $ (2,955) $ 202,712 At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 259,754 $ — $ — $ 259,754 Commercial paper 10,479 — — 10,479 U.S. treasury debt securities 54,809 2 (206) 54,605 Corporate debt securities 161,792 3 (334) 161,461 Foreign government debt securities 5,014 1 — 5,015 $ 491,848 $ 6 $ (540) $ 491,314 Included in cash and cash equivalents $ 261,254 $ — $ — $ 261,254 Included in marketable securities $ 230,594 $ 6 $ (540) $ 230,060 |
Schedule 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, 2022 Due within one year $ 129,022 Due in one to two years 72,068 Due in three to five years 1,622 $ 202,712 |
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, 2022, 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, 2022 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 43,754 $ (881) $ 2,464 $ (36) Corporate debt securities 135,340 (1,958) 4,171 (75) Foreign government debt securities 984 (6) — — Total $ 180,078 $ (2,845) $ 6,635 $ (111) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Fair Value Measurements as of December 31, 2021 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 162,180 $ 162,180 $ — $ 259,754 $ 259,754 $ — Commercial paper 10,492 — 10,492 10,479 — 10,479 U.S. treasury debt securities 52,975 — 52,975 54,605 — 54,605 Corporate debt securities 140,761 — 140,761 161,461 — 161,461 Foreign government debt securities 984 — 984 5,015 — 5,015 $ 367,392 $ 162,180 $ 205,212 $ 491,314 $ 259,754 $ 231,560 Included in cash and cash equivalents $ 164,680 $ 261,254 Included in marketable securities $ 202,712 $ 230,060 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | The net carrying amount of the liability and equity components of the Notes was as follows (in thousands): June 30, 2022 December 31, 2021 Liability component: Principal $ 345,000 $ 345,000 Unamortized discount — (41,193) Unamortized issuance costs (5,392) (5,146) Net carrying amount $ 339,608 $ 298,661 Equity component, net of purchase discounts and issuance costs $ — $ 58,560 Interest expense related to the Notes is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Contractual interest expense $ 970 $ 970 $ 1,940 $ 1,941 Amortization of debt discount — 2,031 — 4,046 Amortization of issuance costs 324 253 648 504 Total interest expense $ 1,294 $ 3,254 $ 2,588 $ 6,491 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 2022 2021 Cost of revenue Subscription and support $ 912 $ 597 $ 1,702 $ 1,093 Professional services 593 409 1,045 776 Operating expenses Research and development 3,148 2,417 5,873 4,848 Sales and marketing 5,646 2,837 9,731 6,386 General and administrative 8,148 4,792 15,405 9,572 Total $ 18,447 $ 11,052 $ 33,756 $ 22,675 |
Schedule of Stock-Option Activity | The following table summarizes the option activity under the Plans for the six months ended June 30, 2022: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at December 31, 2021 1,755,180 $ 14.42 4.0 Granted — — Forfeited (1,187) 14.97 Expired (2,970) 3.92 Exercised (138,404) 14.23 Outstanding at June 30, 2022 1,612,619 $ 14.46 3.6 Exercisable at June 30, 2022 1,612,619 $ 14.46 3.6 |
Summary of Restricted Stock Units | The following table summarizes the restricted stock unit activity under the Plans for the six months ended June 30, 2022: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2021 1,891,699 $ 73.04 Granted 829,345 113.75 Forfeited (58,869) 88.73 Vested (1) (684,893) 57.05 Unvested at June 30, 2022 1,977,282 $ 95.26 (1) During the six months ended June 30, 2022, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 18,491 shares had elected to defer settlement of the vested restricted stock units and 22,006 shares were released from deferral. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 2022 2021 Industrials $ 19,018 $ 14,504 $ 37,588 $ 28,381 Diversified financials 17,265 13,883 34,392 27,162 Information technology 15,498 11,046 30,135 21,709 Banks 13,087 11,502 26,072 23,112 Consumer discretionary 12,628 9,824 24,846 19,355 Healthcare 11,832 9,524 23,457 18,581 Insurance 7,745 6,252 15,522 12,836 Real estate 5,928 4,911 12,004 10,250 Energy 5,846 5,161 11,592 10,445 Utilities 5,457 4,978 11,417 9,806 Materials 5,159 4,397 10,833 9,243 Other 12,086 9,605 23,365 18,929 Total revenues $ 131,549 $ 105,587 $ 261,223 $ 209,809 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, 2022 2021 2022 2021 Subscription and support $ 113,353 $ 91,205 $ 220,473 $ 176,141 XBRL professional services 13,517 10,069 31,210 24,555 Other services 4,679 4,313 9,540 9,113 Total revenues $ 131,549 $ 105,587 $ 261,223 $ 209,809 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 June 30, 2021 Class A Class B Class A Class B Numerator Net loss $ (26,736) $ (2,125) $ (8,069) $ (1,445) Denominator Weighted-average common shares outstanding - basic and diluted 48,959,887 3,890,583 43,310,488 7,755,379 Basic and diluted net loss per share $ (0.55) $ (0.55) $ (0.19) $ (0.19) Six months ended June 30, 2022 June 30, 2021 Class A Class B Class A Class B Numerator Net loss $ (43,802) $ (3,552) $ (14,223) $ (2,615) Denominator Weighted-average common shares outstanding - basic and diluted 48,768,827 3,955,224 42,790,278 7,866,986 Basic and diluted net loss per share $ (0.90) $ (0.90) $ (0.33) $ (0.33) |
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, 2022 June 30, 2021 Shares subject to outstanding common stock options 1,612,619 2,469,541 Shares subject to unvested restricted stock units 1,977,282 1,939,963 Shares issuable pursuant to the ESPP 60,892 57,485 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands) : Cash consideration $ 100,744 Total consideration $ 100,744 Cash $ 1,558 Accounts receivable, net 1,403 Intangible assets 23,300 Goodwill 78,925 Other assets 440 Accounts payable (29) Accrued liabilities (1,444) Deferred revenue (3,299) Other liabilities (110) Fair value of assets and liabilities $ 100,744 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table presents the components of net intangible assets (in thousands): As of June 30, 2022 As of December 31, 2021 Weighted Average Useful Life (Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired technology 4.5 $ 15,281 $ (2,059) $ 13,222 $ 7,920 $ (701) $ 7,219 Acquired customer-related 10.0 14,421 (395) 14,026 360 (14) 346 Acquired trade names 2.8 2,045 (419) 1,626 1,478 (21) 1,457 Patents 10 2,786 (1,498) 1,288 2,740 (1,328) 1,412 Total 7.1 $ 34,533 $ (4,371) $ 30,162 $ 12,498 $ (2,064) $ 10,434 |
Schedule of Expected Amortization Expense of Intangible Assets | As of June 30, 2022, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands): Remainder of 2022 $ 3,000 2023 5,961 2024 5,199 2025 4,469 2026 3,159 2027 1,955 Thereafter 6,419 Total expected amortization expense $ 30,162 |
Schedule in the Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill were as follows (in thousands): December 31, 2021 $ 34,556 Acquisition 78,925 Foreign currency translation adjustments (4,441) June 30, 2022 $ 109,040 |
Organization and Significant _3
Organization and Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jan. 01, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 [Member] | Accounting Standards Update 2020-06 [Member] | |||||
Increase (decrease) in stockholders' equity | $ 72,979 | $ 7,854 | $ 25,193 | $ 72,066 | $ 69,756 | $ 64,277 | |
Convertible senior notes, non-current | 0 | 339,608 | |||||
Accumulated Deficit | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase (decrease) in stockholders' equity | (452,430) | (481,523) | (452,662) | (431,538) | (422,024) | (414,700) | |
Additional Paid-in-Capital | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase (decrease) in stockholders' equity | 525,646 | $ 498,115 | $ 479,867 | $ 503,350 | $ 491,549 | $ 478,698 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase (decrease) in stockholders' equity | (40,299) | ||||||
Convertible senior notes, non-current | $ 40,300 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase (decrease) in stockholders' equity | 18,300 | 18,261 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-in-Capital | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase (decrease) in stockholders' equity | $ (58,600) | $ (58,560) |
Supplemental Consolidated Bal_3
Supplemental Consolidated Balance Sheet Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued vacation | $ 13,965 | $ 11,221 |
Accrued commissions | 9,587 | 11,122 |
Accrued bonuses | 10,875 | 8,292 |
Accrued payroll | 3,779 | 4,494 |
Estimated health insurance claims | 1,942 | 1,814 |
Accrued interest | 1,455 | 1,455 |
ESPP employee contributions | 5,586 | 5,349 |
Customer deposits | 23,728 | 26,517 |
Operating lease liabilities | 5,575 | 6,008 |
Accrued other liabilities | 9,371 | 7,854 |
Accrued expenses and other current liabilities | $ 85,863 | $ 84,126 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 226,253 | $ 300,386 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 205,661 | 230,594 |
Cash and cash equivalents and available-for-sale securities, amortized cost | 370,342 | 491,848 |
Unrealized Gains | 6 | 6 |
Unrealized Losses | (2,955) | (540) |
Cash and cash equivalents and available-for-sale securities, unrealized Losses | (2,956) | |
Aggregate Fair Value | 202,712 | 230,060 |
Cash and cash equivalents and available-for-sale securities | 367,392 | 491,314 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,492 | 10,479 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Aggregate Fair Value | 10,492 | 10,479 |
U.S. treasury debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash and cash equivalents and available-for-sale securities, amortized cost | 53,886 | 54,809 |
Unrealized Gains | 6 | 2 |
Unrealized Losses | (206) | |
Cash and cash equivalents and available-for-sale securities, unrealized Losses | (917) | |
Cash and cash equivalents and available-for-sale securities | 52,975 | 54,605 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 142,794 | 161,792 |
Unrealized Gains | 0 | 3 |
Unrealized Losses | (2,033) | (334) |
Aggregate Fair Value | 140,761 | 161,461 |
Foreign government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 990 | 5,014 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (6) | 0 |
Aggregate Fair Value | 984 | 5,015 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 162,180 | 259,754 |
Aggregate Fair Value | 162,180 | 259,754 |
Cash Equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 164,681 | 261,254 |
Unrealized Losses | (1) | |
Aggregate Fair Value | $ 164,680 | $ 261,254 |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 129,022 | |
Due in one to two years | 72,068 | |
Due in three to five years | 1,622 | |
Marketable securities | $ 202,712 | $ 230,060 |
Cash Equivalents and Marketab_5
Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Fair Value | |
Less than 12 months | $ 180,078 |
12 months or greater | 6,635 |
Unrealized Loss | |
Less than 12 months | (2,845) |
12 months or greater | (111) |
U.S. treasury debt securities | |
Fair Value | |
Less than 12 months | 43,754 |
12 months or greater | 2,464 |
Unrealized Loss | |
Less than 12 months | (881) |
12 months or greater | (36) |
Corporate debt securities | |
Fair Value | |
Less than 12 months | 135,340 |
12 months or greater | 4,171 |
Unrealized Loss | |
Less than 12 months | (1,958) |
12 months or greater | (75) |
Foreign government debt securities | |
Fair Value | |
Less than 12 months | 984 |
12 months or greater | 0 |
Unrealized Loss | |
Less than 12 months | (6) |
12 months or greater | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 202,712 | $ 230,060 |
Cash and cash equivalents and available-for-sale securities | 367,392 | 491,314 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,492 | 10,479 |
U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents and available-for-sale securities | 52,975 | 54,605 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 140,761 | 161,461 |
Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 984 | 5,015 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents - money market funds | 162,180 | 259,754 |
Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents - money market funds | 164,680 | 261,254 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of convertible debt | 373,200 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 202,712 | 230,060 |
Total assets measured at fair value | 367,392 | 491,314 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,492 | 10,479 |
Recurring | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents and available-for-sale securities | 52,975 | 54,605 |
Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 140,761 | 161,461 |
Recurring | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 984 | 5,015 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents - money market funds | 162,180 | 259,754 |
Recurring | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents - money market funds | 164,680 | 261,254 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 162,180 | 259,754 |
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] | ||
Cash and cash equivalents and available-for-sale 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 | 162,180 | 259,754 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 205,212 | 231,560 |
Recurring | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,492 | 10,479 |
Recurring | Level 2 | U.S. treasury debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents and available-for-sale securities | 52,975 | 54,605 |
Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 140,761 | 161,461 |
Recurring | Level 2 | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 984 | 5,015 |
Recurring | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents - money market funds | $ 0 | $ 0 |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2019 USD ($) day $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jan. 01, 2022 | Dec. 31, 2021 $ / shares | |
Class A Common Stock | ||||
Debt Instrument [Line Items] | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Convertible debt | 1.125% Convertible Senior Notes Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt issued | $ | $ 345,000,000 | |||
Stated interest percentage | 1.125% | |||
Proceeds from the issuance of convertible senior notes, net of issuance costs | $ | $ 335,900,000 | |||
Conversion ratio | 0.0124756 | |||
Conversion price (in dollars per share) | $ / shares | $ 80.16 | |||
Threshold number of trading days (day) | 20 | |||
Threshold number of consecutive trading days (day) | 30 | |||
Threshold percentage of stock price trigger | 130% | |||
Redemption price, percentage | 100% | |||
Effective interest percentage | 4.30% | 1.50% | ||
If-converted value less than principal | $ | $ 61,000,000 | |||
Remaining life of debt instrument | 4 years 2 months 12 days | |||
Convertible debt | 1.125% Convertible Senior Notes Due 2026 | Debt Conversion Terms, One | ||||
Debt Instrument [Line Items] | ||||
Threshold number of trading days (day) | 20 | |||
Threshold number of consecutive trading days (day) | 30 | |||
Threshold percentage of stock price trigger | 130% | |||
Convertible debt | 1.125% Convertible Senior Notes Due 2026 | Debt Conversion Terms, Two | ||||
Debt Instrument [Line Items] | ||||
Threshold number of trading days (day) | 5 | |||
Threshold number of consecutive trading days (day) | 10 | |||
Threshold percentage of stock trading price | 98% | |||
Convertible debt | 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, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal | $ 345,000 | $ 345,000 |
Unamortized discount | 0 | (41,193) |
Unamortized issuance costs | (5,392) | (5,146) |
Net carrying amount | $ 339,608 | 298,661 |
Equity component, net of purchase discounts and issuance costs | $ 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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Contractual interest expense | $ 970 | $ 970 | $ 1,940 | $ 1,941 |
Amortization of debt discount | 0 | 2,031 | 0 | 4,046 |
Amortization of issuance costs | 324 | 253 | 648 | 504 |
Total interest expense | $ 1,294 | $ 3,254 | $ 2,588 | $ 6,491 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - 2014 Plan - Class A Common Stock - shares | Jun. 30, 2022 | Jun. 01, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of additional shares available for grant (in shares) | 3,000,000 | |
Number of shares available for grant (in shares) | 3,439,319 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 18,447 | $ 11,052 | $ 33,756 | $ 22,675 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 3,148 | 2,417 | 5,873 | 4,848 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 5,646 | 2,837 | 9,731 | 6,386 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 8,148 | 4,792 | 15,405 | 9,572 |
Subscription and support | Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 912 | 597 | 1,702 | 1,093 |
Professional services | Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ 593 | $ 409 | $ 1,045 | $ 776 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Options (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Options (in shares): | ||
Outstanding beginning of the period (in shares) | shares | 1,755,180 | |
Granted (in shares) | shares | 0 | |
Forfeited (in shares) | shares | (1,187) | |
Expired (in shares) | shares | (2,970) | |
Exercised (in shares) | shares | (138,404) | |
Outstanding end of the period (in shares) | shares | 1,612,619 | 1,755,180 |
Exercisable (in shares) | shares | 1,612,619 | |
Weighted-Average Exercise Price (in dollars per share): | ||
Outstanding beginning of the period (in dollars per share) | $ / shares | $ 14.42 | |
Granted (in dollars per share) | $ / shares | 0 | |
Forfeited (in dollars per share) | $ / shares | 14.97 | |
Expired (in dollars per share) | $ / shares | 3.92 | |
Exercised (in dollars per share) | $ / shares | 14.23 | |
Outstanding end of the period (in dollars per share) | $ / shares | 14.46 | $ 14.42 |
Exercisable (in dollars per share) | $ / shares | $ 14.46 | |
Outstanding, weighted-average remaining contractual term (years) | 3 years 7 months 6 days | 4 years |
Exercisable, weighted-average remaining contractual term (years) | 3 years 7 months 6 days |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Restricted stock units | |
Number of Shares (in shares) | |
Unvested at beginning of period (in shares) | 1,891,699 |
Granted (in shares) | 829,345 |
Forfeited (in shares) | (58,869) |
Vested (in shares) | (684,893) |
Unvested at end of period (in shares) | 1,977,282 |
Weighted- Average Grant Date Fair Value (in dollars per share) | |
Unvested at beginning of period (in dollars per share) | $ / shares | $ 73.04 |
Granted (in dollars per share) | $ / shares | 113.75 |
Forfeited (in dollars per share) | $ / shares | 88.73 |
Vested (in dollars per share) | $ / shares | 57.05 |
Unvested at end of period (in dollars per share) | $ / shares | $ 95.26 |
Number of vested shares recipient elected to defer settlement (in shares) | 18,491 |
Number of vested shares recipients elected to defer settlement, released during period (in shares) | 22,006 |
Performance Shares | |
Weighted- Average Grant Date Fair Value (in dollars per share) | |
Award vesting period (years) | 3 years |
Performance Shares | Minimum | |
Weighted- Average Grant Date Fair Value (in dollars per share) | |
Units earned, percentage of units granted | 0% |
Performance Shares | Maximum | |
Weighted- Average Grant Date Fair Value (in dollars per share) | |
Units earned, percentage of units granted | 200% |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from shares issued in connection with employee stock purchase plan | $ 0 | $ 0 | $ 5,218 | $ 4,237 |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 200 | $ 200 | ||
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) | 52,546 | |||
Shares issued during period, weighted average price per share (in dollars per share) | $ 99.3 | |||
Proceeds from shares issued in connection with employee stock purchase plan | $ 5,200 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 131,549 | $ 105,587 | $ 261,223 | $ 209,809 |
Subscription and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 113,353 | 91,205 | 220,473 | 176,141 |
XBRL professional services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 13,517 | 10,069 | 31,210 | 24,555 |
Other services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,679 | 4,313 | 9,540 | 9,113 |
Industrials | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 19,018 | 14,504 | 37,588 | 28,381 |
Diversified financials | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,265 | 13,883 | 34,392 | 27,162 |
Information technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15,498 | 11,046 | 30,135 | 21,709 |
Banks | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 13,087 | 11,502 | 26,072 | 23,112 |
Consumer discretionary | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,628 | 9,824 | 24,846 | 19,355 |
Healthcare | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,832 | 9,524 | 23,457 | 18,581 |
Insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 7,745 | 6,252 | 15,522 | 12,836 |
Real estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,928 | 4,911 | 12,004 | 10,250 |
Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,846 | 5,161 | 11,592 | 10,445 |
Utilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,457 | 4,978 | 11,417 | 9,806 |
Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,159 | 4,397 | 10,833 | 9,243 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 12,086 | $ 9,605 | $ 23,365 | $ 18,929 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue recognized | $ 106.9 | $ 84.2 | $ 188.6 | $ 145.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue expected to be recognized | 628.2 | 628.2 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue expected to be recognized | $ 361 | $ 361 | ||
Expected period of recognition | 12 months | 12 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | ||||
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Denominator | ||||
Weighted-average common shares outstanding - basic (in shares) | 52,850,470 | 51,065,867 | 52,724,051 | 50,657,264 |
Weighted-average common shares outstanding - diluted (in shares) | 52,850,470 | 51,065,867 | 52,724,051 | 50,657,264 |
Basic net loss per share (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Diluted net loss per share (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Class A Common Stock | ||||
Numerator | ||||
Net loss, basic | $ (26,736) | $ (8,069) | $ (43,802) | $ (14,223) |
Net loss, diluted | $ (26,736) | $ (8,069) | $ (43,802) | $ (14,223) |
Denominator | ||||
Weighted-average common shares outstanding - basic (in shares) | 48,959,887 | 43,310,488 | 48,768,827 | 42,790,278 |
Weighted-average common shares outstanding - diluted (in shares) | 48,959,887 | 43,310,488 | 48,768,827 | 42,790,278 |
Basic net loss per share (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Diluted net loss per share (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Class B Common Stock | ||||
Numerator | ||||
Net loss, basic | $ (2,125) | $ (1,445) | $ (3,552) | $ (2,615) |
Net loss, diluted | $ (2,125) | $ (1,445) | $ (3,552) | $ (2,615) |
Denominator | ||||
Weighted-average common shares outstanding - basic (in shares) | 3,890,583 | 7,755,379 | 3,955,224 | 7,866,986 |
Weighted-average common shares outstanding - diluted (in shares) | 3,890,583 | 7,755,379 | 3,955,224 | 7,866,986 |
Basic net loss per share (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
Diluted net loss per share (in dollars per share) | $ (0.55) | $ (0.19) | $ (0.90) | $ (0.33) |
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, 2022 | Jun. 30, 2021 | |
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 | 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) | 1,612,619 | 2,469,541 |
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) | 1,977,282 | 1,939,963 |
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) | 60,892 | 57,485 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | |||||
Payments to acquire business, net of cash acquired | $ 99,186,000 | $ 0 | $ 99,186,000 | $ 0 | |
ParsePort ApS | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business, net of cash acquired | $ 99,200,000 | ||||
Cash acquired from acquisition | 1,600,000 | ||||
Goodwill tax deductible amount | $ 0 | ||||
Acquisition related costs | $ 600,000 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 109,040 | $ 34,556 | |
ParsePort ApS | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 100,744 | ||
Total consideration | 100,744 | ||
Cash | 1,558 | ||
Accounts receivable, net | 1,403 | ||
Intangible assets | 23,300 | ||
Goodwill | 78,925 | ||
Other assets | 440 | ||
Accounts payable | (29) | ||
Accrued liabilities | (1,444) | ||
Deferred revenue | (3,299) | ||
Other liabilities | (110) | ||
Fair value of assets and liabilities | $ 100,744 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Intangible Asset Components (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (Years) | 7 years 1 month 6 days | |
Gross Carrying Amount | $ 34,533 | $ 12,498 |
Accumulated Amortization | (4,371) | (2,064) |
Net Carrying Amount | $ 30,162 | 10,434 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (Years) | 4 years 6 months | |
Gross Carrying Amount | $ 15,281 | 7,920 |
Accumulated Amortization | (2,059) | (701) |
Net Carrying Amount | $ 13,222 | 7,219 |
Acquired customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (Years) | 10 years | |
Gross Carrying Amount | $ 14,421 | 360 |
Accumulated Amortization | (395) | (14) |
Net Carrying Amount | $ 14,026 | 346 |
Acquired trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (Years) | 2 years 9 months 18 days | |
Gross Carrying Amount | $ 2,045 | 1,478 |
Accumulated Amortization | (419) | (21) |
Net Carrying Amount | $ 1,626 | 1,457 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (Years) | 10 years | |
Gross Carrying Amount | $ 2,786 | 2,740 |
Accumulated Amortization | (1,498) | (1,328) |
Net Carrying Amount | $ 1,288 | $ 1,412 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense related to intangible assets | $ 1.5 | $ 0.1 | $ 2.3 | $ 0.2 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Amortization of Intangible Assets by Fiscal Year (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 3,000 | |
2023 | 5,961 | |
2024 | 5,199 | |
2025 | 4,469 | |
2026 | 3,159 | |
2027 | 1,955 | |
Thereafter | 6,419 | |
Net Carrying Amount | $ 30,162 | $ 10,434 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Goodwill Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 34,556 |
Acquisition | 78,925 |
Foreign currency translation adjustments | (4,441) |
Goodwill, ending balance | $ 109,040 |