Workiva (WK) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36773
Entity Registrant Name	WORKIVA INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2509828
Entity Address, Address Line One	2900 University Blvd
Entity Address, City or Town	Ames
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50010
City Area Code	888
Local Phone Number	275-3125
Title of 12(b) Security	Class A common stock, par value $.001
Trading Symbol	WK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001445305
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		49,544,653
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,845,583

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 195,485	$ 240,197
Marketable securities	244,338	190,595
Accounts receivable, net of allowance for doubtful accounts of $852 and $744 at March 31, 2023 and December 31, 2022, respectively	77,151	106,316
Deferred costs	39,668	38,350
Other receivables	5,086	6,674
Prepaid expenses and other	23,713	17,957
Total current assets	585,441	600,089
Property and equipment, net	26,049	27,096
Operating lease right-of-use assets	12,714	13,932
Deferred costs, non-current	30,819	33,682
Goodwill	110,997	109,740
Intangible assets, net	27,111	28,234
Other assets	6,943	6,847
Total assets	800,074	819,620
Current liabilities
Accounts payable	6,394	6,174
Accrued expenses and other current liabilities	79,342	83,999
Deferred revenue	309,781	316,263
Finance lease obligations	511	504
Total current liabilities	396,028	406,940
Convertible senior notes, non-current	340,582	340,257
Deferred revenue, non-current	35,601	38,237
Other long-term liabilities	1,533	1,518
Operating lease liabilities, non-current	10,948	12,102
Finance lease obligations, non-current	14,452	14,583
Total liabilities	799,144	813,637
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	575,549	537,732
Accumulated deficit	(571,266)	(525,116)
Accumulated other comprehensive loss	(3,406)	(6,686)
Total stockholders’ equity	930	5,983
Total liabilities and stockholders’ equity	800,074	819,620
Class A Common Stock
Stockholders’ equity
Common stock	49	49
Class B Common Stock
Stockholders’ equity
Common stock	$ 4	$ 4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 852	$ 744
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)	49,386,777	48,761,804
Common stock, shares outstanding (in shares)	49,386,777	48,761,804
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)	3,845,583	3,890,583
Common stock, shares outstanding (in shares)	3,845,583	3,890,583

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Total revenue	$ 150,189	$ 129,674
Cost of revenue
Total cost of revenue	38,518	30,873
Gross profit	111,671	98,801
Operating expenses
Research and development	45,791	35,884
Sales and marketing	70,710	56,100
General and administrative	42,011	23,994
Total operating expenses	158,512	115,978
Loss from operations	(46,841)	(17,177)
Interest income	3,717	280
Interest expense	(1,501)	(1,518)
Other expense, net	(940)	(165)
Loss before provision (benefit) for income taxes	(45,565)	(18,580)
Provision (benefit) for income taxes	585	(87)
Net loss	$ (46,150)	$ (18,493)
Net loss per common share:
Basic (in dollars per share)	$ (0.86)	$ (0.35)
Diluted (in dollars per share)	$ (0.86)	$ (0.35)
Weighted-average common shares outstanding - basic (in shares)	53,690,242	52,596,228
Weighted-average common shares outstanding - diluted (in shares)	53,690,242	52,596,228
Subscription and support
Revenue
Total revenue	$ 129,664	$ 107,120
Cost of revenue
Total cost of revenue	24,133	18,533
Professional services
Revenue
Total revenue	20,525	22,554
Cost of revenue
Total cost of revenue	$ 14,385	$ 12,340

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (46,150)	$ (18,493)
Other comprehensive income (loss)
Foreign currency translation adjustment	1,701	84
Unrealized gain (loss) on available-for-sale securities	1,579	(1,860)
Other comprehensive income (loss)	3,280	(1,776)
Comprehensive loss	$ (42,870)	$ (20,269)

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 Loss	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
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, 2022			52,652,000
Beginning of the period at Dec. 31, 2022	5,983		$ 53	537,732		(6,686)	(525,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 38,042			38,042
Issuance of common stock upon exercise of stock options (in shares)	102,401		102,000
Issuance of common stock upon exercise of stock options	$ 1,457			1,457
Issuance of common stock under employee stock purchase plan (in shares)			107,000
Issuance of common stock under employee stock purchase plan	5,546			5,546
Issuance of restricted stock units (in shares)			449,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(78,000)
Tax withholding related to net share settlements of stock-based compensation awards	(7,228)			(7,228)
Net loss	(46,150)						(46,150)
Other comprehensive (loss) income	3,280					3,280
End of period (in shares) at Mar. 31, 2023			53,232,000
End of period at Mar. 31, 2023	$ 930		$ 53	$ 575,549		$ (3,406)	$ (571,266)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (46,150)	$ (18,493)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	2,800	1,959
Stock-based compensation expense	38,042	15,309
Provision for (recovery of) doubtful accounts	106	(29)
Realized loss on sale of available-for-sale securities, net	561	0
(Accretion) amortization of premiums and discounts on marketable securities, net	(1,028)	660
Amortization of issuance costs and debt discount	325	324
Deferred income tax	(10)	(211)
Changes in assets and liabilities:
Accounts receivable	29,363	6,581
Deferred costs	1,770	1,444
Operating lease right-of-use asset	1,295	1,301
Other receivables	95	180
Prepaid expenses and other	(5,732)	(1,132)
Other assets	(74)	23
Accounts payable	207	4,364
Deferred revenue	(9,955)	606
Operating lease liability	(1,172)	(1,342)
Accrued expenses and other liabilities	(4,880)	(12,481)
Net cash provided by (used in) operating activities	5,563	(937)
Cash flows from investing activities
Purchase of property and equipment	(198)	(532)
Purchase of marketable securities	(125,815)	(34,148)
Sale of marketable securities	43,713	14,981
Maturities of marketable securities	31,905	26,250
Purchase of intangible assets	(79)	(40)
Net cash (used in) provided by investing activities	(50,474)	6,511
Cash flows from financing activities
Proceeds from option exercises	1,457	825
Taxes paid related to net share settlements of stock-based compensation awards	(7,228)	(8,570)
Proceeds from shares issued in connection with employee stock purchase plan	5,546	5,218
Principal payments on finance lease obligations	(124)	(442)
Net cash used in financing activities	(349)	(2,969)
Effect of foreign exchange rates on cash	548	85
Net (decrease) increase in cash and cash equivalents	(44,712)	2,690
Cash and cash equivalents at beginning of period	240,197	300,386
Cash and cash equivalents at end of period	195,485	303,076
Supplemental cash flow disclosure
Cash paid for interest	2,146	2,165
Cash paid for income taxes, net of refunds	323	190
Supplemental disclosure of noncash investing and financing activities
Purchases of property and equipment, accrued but not paid	$ 0	$ 262

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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”) is on a mission to power transparent reporting for a better world. We believe that consumers, employees, shareholders, and other stakeholders today expect more from business – more action, transparency, and disclosure of financial and non-financial information. We build solutions to meet that demand and streamline processes, connect data and teams, and ensure consistency – all within the Workiva platform, the world’s leading cloud platform for assured integrated reporting. 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. The condensed consolidated balance sheet data as of December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Seasonality affects our revenue, expenses and cash flows from operations. Revenue from professional services has been higher in the first quarter as many of our customers file their 10-K in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. With the exception of September 2020 and September 2021 when we transitioned to a virtual event, sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September. 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, 2022 filed with the SEC on February 21, 2023. 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 None. New Accounting Pronouncements Not Yet Adopted None.

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet Information	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Supplemental Consolidated Balance Sheet Information	Supplemental Consolidated Balance Sheet Information Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2023 As of December 31, 2022 Accrued vacation $ 15,481 $ 12,939 Accrued commissions 6,786 10,841 Accrued bonuses 7,405 5,597 Accrued payroll 4,338 5,318 Estimated health insurance claims 1,894 1,841 Accrued interest 485 1,455 ESPP employee contributions 3,964 5,661 Customer deposits 23,872 25,520 Operating lease liabilities 5,465 5,720 Accrued other liabilities 9,652 9,107 $ 79,342 $ 83,999

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities At March 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 99,453 $ — $ — $ 99,453 Commercial paper 67,828 — — 67,828 U.S. treasury debt securities 45,195 123 (263) 45,055 U.S. government agency debt securities 18,263 19 — 18,282 Corporate debt securities 113,109 201 (1,114) 112,196 Foreign government debt securities 994 — (17) 977 $ 344,842 $ 343 $ (1,394) $ 343,791 Included in cash and cash equivalents $ 99,453 $ — $ — $ 99,453 Included in marketable securities $ 245,389 $ 343 $ (1,394) $ 244,338 At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 182,878 $ — $ — $ 182,878 U.S. treasury debt securities 72,151 1 (899) 71,253 Corporate debt securities 120,081 62 (1,771) 118,372 Foreign government debt securities 993 — (23) 970 $ 376,103 $ 63 $ (2,693) $ 373,473 Included in cash and cash equivalents $ 182,878 $ — $ — $ 182,878 Included in marketable securities $ 193,225 $ 63 $ (2,693) $ 190,595 The contractual maturities of the investments classified as marketable securities are as follows (in thousands): As of March 31, 2023 Due within one year $ 167,887 Due in one to two years 76,451 $ 244,338 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 March 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2023 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 24,398 $ (153) $ 5,839 $ (110) Corporate debt securities 39,998 (464) 30,549 (650) Foreign government debt securities 977 (17) — — Total $ 65,373 $ (634) $ 36,388 $ (760) We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of March 31, 2023, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. Financial Assets Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of March 31, 2023, 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 March 31, 2023 Fair Value Measurements as of December 31, 2022 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 99,453 $ 99,453 $ — $ 182,878 $ 182,878 $ — Commercial paper 67,828 — 67,828 — — — U.S. treasury debt securities 45,055 — 45,055 71,253 — 71,253 U.S. government agency debt securities 18,282 — 18,282 — — — Corporate debt securities 112,196 — 112,196 118,372 — 118,372 Foreign government debt securities 977 — 977 970 — 970 $ 343,791 $ 99,453 $ 244,338 $ 373,473 $ 182,878 $ 190,595 Included in cash and cash equivalents $ 99,453 $ 182,878 Included in marketable securities $ 244,338 $ 190,595 Convertible Senior Notes As of March 31, 2023, the fair value of our convertible senior notes was $484.5 million. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 5 to the condensed consolidated financial statements for more information.

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Convertible Senior Notes	Convertible Senior NotesIn August 2019, we issued $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the “Notes”). The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs. The initial conversion rate is 12.4756 shares of our common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $80.16 per share, subject to adjustment upon the occurrence of specified events. 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 first quarter of 2023 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 March 31, 2023. Interest expense representing the amortization of 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. As of March 31, 2023 the if-converted value of the Notes was less than the principal amount by $95.8 million. As of March 31, 2023, the remaining life of the Notes is approximately 3.4 years. The net carrying amount of the Notes was as follows (in thousands): As of March 31, 2023 December 31, 2022 Principal $ 345,000 $ 345,000 Unamortized issuance costs (4,418) (4,743) Net carrying amount $ 340,582 $ 340,257 Interest expense related to the Notes was as follows (in thousands): Three months ended March 31, 2023 2022 Contractual interest expense $ 970 $ 970 Amortization of issuance costs 325 324 Total interest expense $ 1,295 $ 1,294

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
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”). Stock-Based Compensation Expense Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Three months ended March 31, 2023 2022 Cost of revenue Subscription and support $ 1,072 $ 790 Professional services 633 452 Operating expenses Research and development 4,697 2,725 Sales and marketing 6,958 4,085 General and administrative 24,682 7,257 Total $ 38,042 $ 15,309 During the first quarter of 2023, we recognized an additional $18.1 million in stock-based compensation pursuant to certain transition agreements with former executives who retired during the period. Stock Options The following table summarizes the option activity under the Plans for the three months ended March 31, 2023: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at December 31, 2022 1,509,172 $ 14.57 3.2 Granted — — Forfeited — — Expired — — Exercised (102,401) 14.23 Outstanding at March 31, 2023 1,406,771 $ 14.59 3.0 Exercisable at March 31, 2023 1,406,771 $ 14.59 3.0 Restricted Stock Units and Performance Restricted Stock Units The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plans for the three months ended March 31, 2023: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2022 1,921,927 $ 93.80 Granted 860,651 92.24 Forfeited (26,980) 100.61 Vested (1) (435,117) 91.72 Unvested at March 31, 2023 2,320,481 $ 93.27 (1) During the three months ended March 31, 2023, in accordance with our Nonqualified Deferred Compensation Plan, recipients elected not to defer settlement of their vested restricted stock units and 14,068 shares were released from deferral. Employee Stock Purchase Plan During the three months ended March 31, 2023, 107,125 shares of common stock were purchased under the ESPP at a weighted-average price of $51.77 per share, resulting in cash proceeds of $5.5 million.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue Revenues by industry are derived from leading software providers. The following table presents our revenues disaggregated by industry (in thousands): Three months ended March 31, 2023 2022 Industrials $ 21,936 $ 18,570 Diversified financials 21,423 17,127 Information technology 16,621 14,637 Banks 15,502 12,985 Consumer discretionary 14,354 12,218 Healthcare 12,968 11,625 Insurance 8,964 7,777 Real estate 6,686 6,076 Energy 6,562 5,746 Materials 5,871 5,674 Utilities 5,537 5,960 Consumer staples 4,445 4,060 Public administration 4,341 3,402 Other 4,979 3,817 Total revenues $ 150,189 $ 129,674 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended March 31, 2023 2022 Subscription and support $ 129,664 $ 107,120 XBRL professional services 16,733 17,693 Other services 3,792 4,861 Total revenues $ 150,189 $ 129,674 Deferred Revenue We recognized $118.4 million and $98.0 million of revenue during the three months ended March 31, 2023 and 2022, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. Transaction Price Allocated to the Remaining Performance Obligations

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including convertible senior notes, outstanding stock options, stock related to unvested restricted stock units, and common stock issuable pursuant to the ESPP to the extent dilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The net loss per share is allocated based on the participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis. A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Three months ended March 31, 2023 March 31, 2022 Class A Class B Class A Class B Numerator Net loss $ (42,819) $ (3,331) $ (17,079) $ (1,414) Denominator Weighted-average common shares outstanding - basic and diluted 49,815,159 3,875,083 48,575,645 4,020,583 Basic and diluted net loss per share $ (0.86) $ (0.86) $ (0.35) $ (0.35) The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of March 31, 2023 March 31, 2022 Shares subject to outstanding common stock options 1,406,771 1,692,943 Shares subject to unvested restricted stock units and performance restricted stock units 2,320,481 1,966,276 Shares issuable pursuant to the ESPP 99,352 64,043

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 As of December 31, 2022 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 $ 15,835 $ (4,759) $ 11,076 $ 15,705 $ (3,849) $ 11,856 Acquired customer-related 10.0 15,213 (1,574) 13,639 14,969 (1,169) 13,800 Acquired trade names 2.9 2,162 (1,082) 1,080 2,151 (861) 1,290 Patents 10.0 2,995 (1,679) 1,316 2,916 (1,628) 1,288 Total 7.2 $ 36,205 $ (9,094) $ 27,111 $ 35,741 $ (7,507) $ 28,234 Amortization expense related to intangible assets was $1.5 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands): Remainder of 2023 $ 4,640 2024 5,432 2025 4,701 2026 3,391 2027 2,086 Thereafter 6,861 Total expected amortization expense $ 27,111 The changes in the carrying amount of goodwill were as follows (in thousands): December 31, 2022 $ 109,740 Foreign currency translation adjustments 1,257 March 31, 2023 $ 110,997

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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. The condensed consolidated balance sheet data as of December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023.
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	None.None.
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)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2023 As of December 31, 2022 Accrued vacation $ 15,481 $ 12,939 Accrued commissions 6,786 10,841 Accrued bonuses 7,405 5,597 Accrued payroll 4,338 5,318 Estimated health insurance claims 1,894 1,841 Accrued interest 485 1,455 ESPP employee contributions 3,964 5,661 Customer deposits 23,872 25,520 Operating lease liabilities 5,465 5,720 Accrued other liabilities 9,652 9,107 $ 79,342 $ 83,999

Cash Equivalents and Marketab_2

Cash Equivalents and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	At March 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 99,453 $ — $ — $ 99,453 Commercial paper 67,828 — — 67,828 U.S. treasury debt securities 45,195 123 (263) 45,055 U.S. government agency debt securities 18,263 19 — 18,282 Corporate debt securities 113,109 201 (1,114) 112,196 Foreign government debt securities 994 — (17) 977 $ 344,842 $ 343 $ (1,394) $ 343,791 Included in cash and cash equivalents $ 99,453 $ — $ — $ 99,453 Included in marketable securities $ 245,389 $ 343 $ (1,394) $ 244,338 At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 182,878 $ — $ — $ 182,878 U.S. treasury debt securities 72,151 1 (899) 71,253 Corporate debt securities 120,081 62 (1,771) 118,372 Foreign government debt securities 993 — (23) 970 $ 376,103 $ 63 $ (2,693) $ 373,473 Included in cash and cash equivalents $ 182,878 $ — $ — $ 182,878 Included in marketable securities $ 193,225 $ 63 $ (2,693) $ 190,595
Schedule of Cash and Cash Equivalents	At March 31, 2023, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 99,453 $ — $ — $ 99,453 Commercial paper 67,828 — — 67,828 U.S. treasury debt securities 45,195 123 (263) 45,055 U.S. government agency debt securities 18,263 19 — 18,282 Corporate debt securities 113,109 201 (1,114) 112,196 Foreign government debt securities 994 — (17) 977 $ 344,842 $ 343 $ (1,394) $ 343,791 Included in cash and cash equivalents $ 99,453 $ — $ — $ 99,453 Included in marketable securities $ 245,389 $ 343 $ (1,394) $ 244,338 At December 31, 2022, cash equivalents and marketable securities consisted of the following (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Money market funds $ 182,878 $ — $ — $ 182,878 U.S. treasury debt securities 72,151 1 (899) 71,253 Corporate debt securities 120,081 62 (1,771) 118,372 Foreign government debt securities 993 — (23) 970 $ 376,103 $ 63 $ (2,693) $ 373,473 Included in cash and cash equivalents $ 182,878 $ — $ — $ 182,878 Included in marketable securities $ 193,225 $ 63 $ (2,693) $ 190,595
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 March 31, 2023 Due within one year $ 167,887 Due in one to two years 76,451 $ 244,338
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 March 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands): As of March 31, 2023 Less than 12 months 12 months or greater Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. treasury debt securities $ 24,398 $ (153) $ 5,839 $ (110) Corporate debt securities 39,998 (464) 30,549 (650) Foreign government debt securities 977 (17) — — Total $ 65,373 $ (634) $ 36,388 $ (760)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Measured on Recurring Basis	The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands): Fair Value Measurements as of March 31, 2023 Fair Value Measurements as of December 31, 2022 Description Total Level 1 Level 2 Total Level 1 Level 2 Money market funds $ 99,453 $ 99,453 $ — $ 182,878 $ 182,878 $ — Commercial paper 67,828 — 67,828 — — — U.S. treasury debt securities 45,055 — 45,055 71,253 — 71,253 U.S. government agency debt securities 18,282 — 18,282 — — — Corporate debt securities 112,196 — 112,196 118,372 — 118,372 Foreign government debt securities 977 — 977 970 — 970 $ 343,791 $ 99,453 $ 244,338 $ 373,473 $ 182,878 $ 190,595 Included in cash and cash equivalents $ 99,453 $ 182,878 Included in marketable securities $ 244,338 $ 190,595

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The net carrying amount of the Notes was as follows (in thousands): As of March 31, 2023 December 31, 2022 Principal $ 345,000 $ 345,000 Unamortized issuance costs (4,418) (4,743) Net carrying amount $ 340,582 $ 340,257 Interest expense related to the Notes was as follows (in thousands): Three months ended March 31, 2023 2022 Contractual interest expense $ 970 $ 970 Amortization of issuance costs 325 324 Total interest expense $ 1,295 $ 1,294

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands): Three months ended March 31, 2023 2022 Cost of revenue Subscription and support $ 1,072 $ 790 Professional services 633 452 Operating expenses Research and development 4,697 2,725 Sales and marketing 6,958 4,085 General and administrative 24,682 7,257 Total $ 38,042 $ 15,309
Schedule of Stock-Option Activity	The following table summarizes the option activity under the Plans for the three months ended March 31, 2023: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding at December 31, 2022 1,509,172 $ 14.57 3.2 Granted — — Forfeited — — Expired — — Exercised (102,401) 14.23 Outstanding at March 31, 2023 1,406,771 $ 14.59 3.0 Exercisable at March 31, 2023 1,406,771 $ 14.59 3.0
Schedule of Restricted Stock Units and Performance Restricted Stock Units Activity	The following table summarizes the restricted stock unit and performance restricted stock unit activity under the Plans for the three months ended March 31, 2023: Number of Shares Weighted- Average Grant Date Fair Value Unvested at December 31, 2022 1,921,927 $ 93.80 Granted 860,651 92.24 Forfeited (26,980) 100.61 Vested (1) (435,117) 91.72 Unvested at March 31, 2023 2,320,481 $ 93.27

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenues disaggregated by industry (in thousands): Three months ended March 31, 2023 2022 Industrials $ 21,936 $ 18,570 Diversified financials 21,423 17,127 Information technology 16,621 14,637 Banks 15,502 12,985 Consumer discretionary 14,354 12,218 Healthcare 12,968 11,625 Insurance 8,964 7,777 Real estate 6,686 6,076 Energy 6,562 5,746 Materials 5,871 5,674 Utilities 5,537 5,960 Consumer staples 4,445 4,060 Public administration 4,341 3,402 Other 4,979 3,817 Total revenues $ 150,189 $ 129,674 The following table presents our revenues disaggregated by type of good or service (in thousands): Three months ended March 31, 2023 2022 Subscription and support $ 129,664 $ 107,120 XBRL professional services 16,733 17,693 Other services 3,792 4,861 Total revenues $ 150,189 $ 129,674

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data): Three months ended March 31, 2023 March 31, 2022 Class A Class B Class A Class B Numerator Net loss $ (42,819) $ (3,331) $ (17,079) $ (1,414) Denominator Weighted-average common shares outstanding - basic and diluted 49,815,159 3,875,083 48,575,645 4,020,583 Basic and diluted net loss per share $ (0.86) $ (0.86) $ (0.35) $ (0.35)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows: As of March 31, 2023 March 31, 2022 Shares subject to outstanding common stock options 1,406,771 1,692,943 Shares subject to unvested restricted stock units and performance restricted stock units 2,320,481 1,966,276 Shares issuable pursuant to the ESPP 99,352 64,043

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following table presents the components of net intangible assets (in thousands): As of March 31, 2023 As of December 31, 2022 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 $ 15,835 $ (4,759) $ 11,076 $ 15,705 $ (3,849) $ 11,856 Acquired customer-related 10.0 15,213 (1,574) 13,639 14,969 (1,169) 13,800 Acquired trade names 2.9 2,162 (1,082) 1,080 2,151 (861) 1,290 Patents 10.0 2,995 (1,679) 1,316 2,916 (1,628) 1,288 Total 7.2 $ 36,205 $ (9,094) $ 27,111 $ 35,741 $ (7,507) $ 28,234
Schedule of Expected Amortization Expense of Intangible Assets	As of March 31, 2023, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands): Remainder of 2023 $ 4,640 2024 5,432 2025 4,701 2026 3,391 2027 2,086 Thereafter 6,861 Total expected amortization expense $ 27,111
Schedule of the Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill were as follows (in thousands): December 31, 2022 $ 109,740 Foreign currency translation adjustments 1,257 March 31, 2023 $ 110,997

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 15,481	$ 12,939
Accrued commissions	6,786	10,841
Accrued bonuses	7,405	5,597
Accrued payroll	4,338	5,318
Estimated health insurance claims	1,894	1,841
Accrued interest	485	1,455
ESPP employee contributions	3,964	5,661
Customer deposits	23,872	25,520
Operating lease liabilities	5,465	5,720
Accrued other liabilities	9,652	9,107
Accrued expenses and other current liabilities	$ 79,342	$ 83,999

Cash Equivalents and Marketab_3

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	$ 195,485	$ 240,197
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	245,389	193,225
Marketable securities, unrealized gains	343	63
Marketable securities, unrealized losses	(1,394)	(2,693)
Marketable securities, aggregate fair value	244,338	190,595
Cash and cash equivalents and available-for-sale securities, amortized cost	344,842	376,103
Cash and cash equivalents and marketable securities, aggregate fair value	343,791	373,473
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	67,828
Marketable securities, unrealized gains	0
Marketable securities, unrealized losses	0
Marketable securities, aggregate fair value	67,828
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	45,195	72,151
Marketable securities, unrealized gains	123	1
Marketable securities, unrealized losses	(263)	(899)
Marketable securities, aggregate fair value	45,055	71,253
U.S. government agency debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	18,263
Marketable securities, unrealized gains	19
Marketable securities, unrealized losses	0
Marketable securities, aggregate fair value	18,282
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	113,109	120,081
Marketable securities, unrealized gains	201	62
Marketable securities, unrealized losses	(1,114)	(1,771)
Marketable securities, aggregate fair value	112,196	118,372
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable securities, amortized cost	994	993
Marketable securities, unrealized gains	0	0
Marketable securities, unrealized losses	(17)	(23)
Marketable securities, aggregate fair value	977	970
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	99,453	182,878
Cash and cash equivalents, aggregate fair value	99,453	182,878
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amortized cost	99,453	182,878
Cash and cash equivalents, aggregate fair value	$ 99,453	$ 182,878

Cash Equivalents and Marketab_4

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 167,887
Due in one to two years	76,451
Marketable securities	$ 244,338	$ 190,595

Cash Equivalents and Marketab_5

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value
Less than 12 months	$ 65,373
12 months or greater	36,388
Unrealized Loss
Less than 12 months	(634)
12 months or greater	(760)
U.S. treasury debt securities
Fair Value
Less than 12 months	24,398
12 months or greater	5,839
Unrealized Loss
Less than 12 months	(153)
12 months or greater	(110)
Corporate debt securities
Fair Value
Less than 12 months	39,998
12 months or greater	30,549
Unrealized Loss
Less than 12 months	(464)
12 months or greater	(650)
Foreign government debt securities
Fair Value
Less than 12 months	977
12 months or greater	0
Unrealized Loss
Less than 12 months	(17)
12 months or greater	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 244,338	$ 190,595
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	67,828
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45,055	71,253
U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	18,282
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	112,196	118,372
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	977	970
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,453	182,878
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,453	182,878
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	484,500
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	244,338	190,595
Total assets measured at fair value	343,791	373,473
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	67,828	0
Recurring | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45,055	71,253
Recurring | U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	18,282	0
Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	112,196	118,372
Recurring | Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	977	970
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,453	182,878
Recurring | Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,453	182,878
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	99,453	182,878
Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	99,453	182,878
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	244,338	190,595
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	67,828	0
Recurring | Level 2 | U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45,055	71,253
Recurring | Level 2 | U.S. government agency debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	18,282	0
Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	112,196	118,372
Recurring | Level 2 | Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	977	970
Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details)	1 Months Ended	3 Months Ended
	Aug. 31, 2019 USD ($) day $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / 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		1.50%
If-converted value less than principal | $		$ 95,800,000
Remaining life of debt instrument		3 years 4 months 24 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	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized issuance costs	(4,418)	(4,743)
Net carrying amount	$ 340,582	$ 340,257

Convertible Senior Notes - Su_2

Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Contractual interest expense	$ 970	$ 970
Amortization of issuance costs	325	324
Total interest expense	$ 1,295	$ 1,294

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 38,042	$ 15,309
Former executives who retired
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	18,100
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	4,697	2,725
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	6,958	4,085
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	24,682	7,257
Subscription and support | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,072	790
Professional services | Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 633	$ 452

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Options (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options (in shares):
Outstanding beginning of the period (in shares)	1,509,172
Granted (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Exercised (in shares)	(102,401)
Outstanding end of the period (in shares)	1,406,771	1,509,172
Exercisable (in shares)	1,406,771
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share)	$ 14.57
Granted (in dollars per share)	0
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Exercised (in dollars per share)	14.23
Outstanding end of the period (in dollars per share)	14.59	$ 14.57
Exercisable (in dollars per share)	$ 14.59
Outstanding, weighted-average remaining contractual term (years)	3 years	3 years 2 months 12 days
Exercisable, weighted-average remaining contractual term (years)	3 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units and Performance Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares subject to unvested restricted stock units and performance restricted stock units
Number of Shares (in shares)
Unvested at beginning of period (in shares)	1,921,927
Granted (in shares)	860,651
Forfeited (in shares)	(26,980)
Vested (in shares)	(435,117)
Unvested at end of period (in shares)	2,320,481
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share) | $ / shares	$ 93.80
Granted (in dollars per share) | $ / shares	92.24
Forfeited (in dollars per share) | $ / shares	100.61
Vested (in dollars per share) | $ / shares	91.72
Unvested at end of period (in dollars per share) | $ / shares	$ 93.27
Restricted stock units
Weighted- Average Grant Date Fair Value (in dollars per share)
Number of vested shares recipients elected to defer settlement, released during period (in shares)	14,068

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 5,546	$ 5,218
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,600
Unrecognized compensation expense, period for recognition (years)	3 months 18 days
Class A Common Stock | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	107,125
Shares issued during period, weighted average price per share (in dollars per share)	$ 51.77
Proceeds from shares issued in connection with employee stock purchase plan	$ 5,500

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 150,189	$ 129,674
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	129,664	107,120
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	16,733	17,693
Other services
Disaggregation of Revenue [Line Items]
Total revenue	3,792	4,861
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	21,936	18,570
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	21,423	17,127
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	16,621	14,637
Banks
Disaggregation of Revenue [Line Items]
Total revenue	15,502	12,985
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	14,354	12,218
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	12,968	11,625
Insurance
Disaggregation of Revenue [Line Items]
Total revenue	8,964	7,777
Real estate
Disaggregation of Revenue [Line Items]
Total revenue	6,686	6,076
Energy
Disaggregation of Revenue [Line Items]
Total revenue	6,562	5,746
Materials
Disaggregation of Revenue [Line Items]
Total revenue	5,871	5,674
Utilities
Disaggregation of Revenue [Line Items]
Total revenue	5,537	5,960
Consumer staples
Disaggregation of Revenue [Line Items]
Total revenue	4,445	4,060
Public administration
Disaggregation of Revenue [Line Items]
Total revenue	4,341	3,402
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,979	$ 3,817

Revenue Recognition - Deferred

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 118.4	$ 98
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	777.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 435.3
Expected period of recognition	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected period of recognition	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
	Mar. 31, 2023	Mar. 31, 2022
Denominator
Weighted-average common shares outstanding - basic (in shares)	53,690,242	52,596,228
Weighted-average common shares outstanding - diluted (in shares)	53,690,242	52,596,228
Basic net loss per share (in dollars per share)	$ (0.86)	$ (0.35)
Diluted net loss per share (in dollars per share)	$ (0.86)	$ (0.35)
Class A Common Stock
Numerator
Net loss, basic	$ (42,819)	$ (17,079)
Net loss, diluted	$ (42,819)	$ (17,079)
Denominator
Weighted-average common shares outstanding - basic (in shares)	49,815,159	48,575,645
Weighted-average common shares outstanding - diluted (in shares)	49,815,159	48,575,645
Basic net loss per share (in dollars per share)	$ (0.86)	$ (0.35)
Diluted net loss per share (in dollars per share)	$ (0.86)	$ (0.35)
Class B Common Stock
Numerator
Net loss, basic	$ (3,331)	$ (1,414)
Net loss, diluted	$ (3,331)	$ (1,414)
Denominator
Weighted-average common shares outstanding - basic (in shares)	3,875,083	4,020,583
Weighted-average common shares outstanding - diluted (in shares)	3,875,083	4,020,583
Basic net loss per share (in dollars per share)	$ (0.86)	$ (0.35)
Diluted net loss per share (in dollars per share)	$ (0.86)	$ (0.35)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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)	1,406,771	1,692,943
Shares subject to unvested restricted stock units and performance 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)	2,320,481	1,966,276
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)	99,352	64,043

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Asset Components (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	7 years 2 months 12 days
Gross Carrying Amount	$ 36,205	$ 35,741
Accumulated Amortization	(9,094)	(7,507)
Net Carrying Amount	$ 27,111	28,234
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	4 years 6 months
Gross Carrying Amount	$ 15,835	15,705
Accumulated Amortization	(4,759)	(3,849)
Net Carrying Amount	$ 11,076	11,856
Acquired customer-related
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 15,213	14,969
Accumulated Amortization	(1,574)	(1,169)
Net Carrying Amount	$ 13,639	13,800
Acquired trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	2 years 10 months 24 days
Gross Carrying Amount	$ 2,162	2,151
Accumulated Amortization	(1,082)	(861)
Net Carrying Amount	$ 1,080	1,290
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 2,995	2,916
Accumulated Amortization	(1,679)	(1,628)
Net Carrying Amount	$ 1,316	$ 1,288

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 1.5	$ 0.8

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Amortization of Intangible Assets by Fiscal Year (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 4,640
2024	5,432
2025	4,701
2026	3,391
2027	2,086
Thereafter	6,861
Net Carrying Amount	$ 27,111	$ 28,234

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Goodwill Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 109,740
Foreign currency translation adjustments	1,257
Goodwill, ending balance	$ 110,997

Uncategorized Items - wk-202303

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]