Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document 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 | 001-39156 | |
Entity Registrant Name | SPROUT SOCIAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-2404165 | |
Entity Address, Address Line One | 131 South Dearborn St. | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60603 | |
City Area Code | (866) | |
Local Phone Number | 878-3231 | |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | |
Trading Symbol | SPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001517375 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 46,880,569 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 7,780,268 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 68,561 | $ 107,114 |
Marketable securities | 105,194 | 69,821 |
Accounts receivable, net of allowances of $1,620 and $1,298 at June 30, 2022 and December 31, 2021, respectively | 24,864 | 25,483 |
Deferred commissions | 16,631 | 13,915 |
Prepaid expenses and other assets | 8,534 | 6,199 |
Total current assets | 223,784 | 222,532 |
Marketable securities, noncurrent | 7,931 | 0 |
Property and equipment, net | 12,369 | 12,854 |
Deferred commissions, net of current portion | 16,211 | 14,402 |
Operating lease, right-of-use assets | 10,170 | 9,459 |
Goodwill | 2,299 | 2,299 |
Intangible assets, net | 2,524 | 3,045 |
Other assets, net | 59 | 126 |
Total assets | 275,347 | 264,717 |
Current liabilities | ||
Accounts payable | 6,771 | 2,888 |
Deferred revenue | 80,056 | 69,220 |
Operating lease liabilities | 3,344 | 2,693 |
Accrued wages and payroll related benefits | 10,794 | 12,556 |
Accrued expenses and other | 13,081 | 11,072 |
Total current liabilities | 114,046 | 98,429 |
Deferred revenue, net of current portion | 185 | 132 |
Operating lease liabilities, net of current portion | 20,053 | 20,946 |
Total liabilities | 134,284 | 119,507 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity | ||
Additional paid-in capital | 373,519 | 351,774 |
Treasury stock, at cost | (32,037) | (30,824) |
Accumulated other comprehensive loss | (314) | 0 |
Accumulated deficit | (200,110) | (175,745) |
Total stockholders’ equity | 141,063 | 145,210 |
Total liabilities and stockholders’ equity | 275,347 | 264,717 |
Class A common stock | ||
Stockholders’ equity | ||
Common stock | 4 | 4 |
Class B common stock | ||
Stockholders’ equity | ||
Common stock | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 1,620 | $ 1,298 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized value (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 49,556,162 | 48,663,781 |
Common stock, shares outstanding (in shares) | 46,717,544 | 45,844,325 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized value (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 8,123,080 | 8,516,390 |
Common stock, shares outstanding (in shares) | 7,916,136 | 8,309,446 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | ||||
Total revenue | $ 61,432 | $ 44,685 | $ 118,861 | $ 85,503 |
Cost of revenue | ||||
Total cost of revenue | 15,140 | 11,155 | 29,131 | 21,152 |
Gross profit | 46,292 | 33,530 | 89,730 | 64,351 |
Operating expenses | ||||
Research and development | 15,374 | 9,008 | 28,439 | 17,280 |
Sales and marketing | 30,350 | 19,822 | 55,962 | 37,975 |
General and administrative | 15,101 | 10,012 | 29,471 | 20,627 |
Total operating expenses | 60,825 | 38,842 | 113,872 | 75,882 |
Loss from operations | (14,533) | (5,312) | (24,142) | (11,531) |
Interest expense | (28) | (77) | (99) | (149) |
Interest income | 321 | 65 | 444 | 117 |
Other (expense) income, net | (290) | (55) | (398) | (174) |
Loss before income taxes | (14,530) | (5,379) | (24,195) | (11,737) |
Income tax expense | 80 | 63 | 170 | 72 |
Net loss | $ (14,610) | $ (5,442) | $ (24,365) | $ (11,809) |
Net loss per share attributable to common shareholders, basic and diluted (in dollars per share) | $ (0.27) | $ (0.10) | $ (0.45) | $ (0.22) |
Weighted-average shares outstanding used to compute net loss per share, basic and diluted (in shares) | 54,502,809 | 53,684,325 | 54,356,817 | 53,557,340 |
Subscription | ||||
Revenue | ||||
Total revenue | $ 60,732 | $ 44,180 | $ 117,512 | $ 84,535 |
Cost of revenue | ||||
Total cost of revenue | 14,876 | 10,930 | 28,633 | 20,635 |
Professional services and other | ||||
Revenue | ||||
Total revenue | 700 | 505 | 1,349 | 968 |
Cost of revenue | ||||
Total cost of revenue | $ 264 | $ 225 | $ 498 | $ 517 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (14,610) | $ (5,442) | $ (24,365) | $ (11,809) |
Net unrealized loss on available-for-sale securities, net of tax | (154) | 0 | (314) | 0 |
Comprehensive loss | $ (14,764) | $ (5,442) | $ (24,679) | $ (11,809) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Stockholders Equity (Unaudited) - USD ($) $ in Thousands | Total | Voting Common Stock | Additional Paid-in Capital | Treasury Stock | AOCI Attributable to Parent | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 53,266,472 | 3,006,448 | ||||
Beginning balance at Dec. 31, 2020 | $ 152,099 | $ 5 | $ 328,343 | $ (29,206) | $ (147,043) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 55,500 | |||||
Exercise of stock options | 29 | 29 | ||||
Stock-based compensation expense | 9,353 | 9,353 | ||||
Issuance of common stock from equity award settlement (in shares) | 482,302 | |||||
Issuance of common stock from equity award settlement | 0 | |||||
Taxes paid related to net share settlement of equity awards (in shares) | 16,291 | |||||
Taxes paid related to net share settlement of equity awards | (1,174) | $ (1,174) | ||||
Proceeds from disgorgement of stockholder short-swing profits | 1,664 | 1,664 | ||||
Net loss | (11,809) | (11,809) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 53,804,274 | 3,022,739 | ||||
Ending balance at Jun. 30, 2021 | 150,162 | $ 5 | 339,389 | $ (30,380) | (158,852) | |
Beginning balance (in shares) at Mar. 31, 2021 | 53,543,383 | 3,019,078 | ||||
Beginning balance at Mar. 31, 2021 | 150,409 | $ 5 | 333,939 | $ (30,125) | (153,410) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 20,000 | |||||
Exercise of stock options | 6 | 6 | ||||
Stock-based compensation expense | 5,444 | 5,444 | ||||
Issuance of common stock from equity award settlement (in shares) | 240,891 | |||||
Issuance of common stock from equity award settlement | 0 | |||||
Taxes paid related to net share settlement of equity awards (in shares) | 3,661 | |||||
Taxes paid related to net share settlement of equity awards | (255) | $ (255) | ||||
Net loss | (5,442) | (5,442) | ||||
Ending balance (in shares) at Jun. 30, 2021 | 53,804,274 | 3,022,739 | ||||
Ending balance at Jun. 30, 2021 | 150,162 | $ 5 | 339,389 | $ (30,380) | (158,852) | |
Beginning balance (in shares) at Dec. 31, 2021 | 54,153,771 | 3,026,400 | ||||
Beginning balance at Dec. 31, 2021 | 145,210 | $ 5 | 351,774 | $ (30,824) | (175,745) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 38,545 | |||||
Exercise of stock options | 14 | 14 | ||||
Stock-based compensation expense | 21,056 | 21,056 | ||||
Issuance of common stock from equity award settlement (in shares) | 427,695 | |||||
Issuance of common stock from equity award settlement | 0 | |||||
Taxes paid related to net share settlement of equity awards (in shares) | 19,162 | |||||
Taxes paid related to net share settlement of equity awards | (1,213) | $ (1,213) | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 675 | 675 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,669 | |||||
Proceeds from disgorgement of stockholder short-swing profits | 0 | |||||
Other Comprehensive Income (Loss), Net of Tax | (314) | $ (314) | ||||
Net loss | (24,365) | (24,365) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 54,633,680 | 3,045,562 | ||||
Ending balance at Jun. 30, 2022 | $ 141,063 | $ 5 | 373,519 | $ (32,037) | (314) | (200,110) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Document Period End Date | Jun. 30, 2022 | |||||
Beginning balance (in shares) at Mar. 31, 2022 | 54,407,191 | 3,040,265 | ||||
Beginning balance at Mar. 31, 2022 | $ 142,754 | $ 5 | 360,172 | $ (31,763) | (160) | (185,500) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 25,000 | |||||
Exercise of stock options | 8 | 8 | ||||
Stock-based compensation expense | 12,664 | 12,664 | ||||
Issuance of common stock from equity award settlement (in shares) | 187,820 | |||||
Issuance of common stock from equity award settlement | 0 | |||||
Taxes paid related to net share settlement of equity awards (in shares) | 5,297 | |||||
Taxes paid related to net share settlement of equity awards | (274) | $ (274) | ||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 675 | 675 | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 13,669 | |||||
Other Comprehensive Income (Loss), Net of Tax | (154) | (154) | ||||
Net loss | (14,610) | (14,610) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 54,633,680 | 3,045,562 | ||||
Ending balance at Jun. 30, 2022 | $ 141,063 | $ 5 | $ 373,519 | $ (32,037) | $ (314) | $ (200,110) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (24,365) | $ (11,809) |
Adjustments to reconcile net loss to net cash provided by operating activities | ||
Depreciation of property and equipment | 1,399 | 1,476 |
Amortization of line of credit issuance costs | 30 | 93 |
Amortization of premium on marketable securities | 143 | 303 |
Amortization of acquired intangible assets | 521 | 521 |
Amortization of deferred commissions | 8,467 | 5,439 |
Amortization of right-of-use operating lease asset | 368 | 342 |
Stock-based compensation expense | 21,056 | 9,353 |
Provision for accounts receivable allowances | 623 | 87 |
Changes in operating assets and liabilities | ||
Accounts receivable | (4) | 958 |
Prepaid expenses and other current assets | (2,275) | 2,850 |
Deferred commissions | (12,991) | (9,531) |
Accounts payable and accrued expenses | 4,128 | (1,987) |
Deferred revenue | 10,889 | 10,782 |
Lease liabilities | (1,320) | (902) |
Net cash provided by operating activities | 6,669 | 7,975 |
Cash flows from investing activities | ||
Purchases of property and equipment | (913) | (466) |
Purchases of marketable securities | (106,832) | (63,172) |
Proceeds from maturity of marketable securities | 63,070 | 49,010 |
Net cash used in investing activities | (44,675) | (14,628) |
Cash flows from financing activities | ||
Payments for line of credit issuance costs | (23) | (124) |
Proceeds from exercise of stock options | 14 | 29 |
Proceeds from employee stock purchase plans | 675 | 0 |
Proceeds from disgorgement of stockholder short-swing profits | 0 | 1,664 |
Employee taxes paid related to the net share settlement of stock-based awards | (1,213) | (1,174) |
Net cash (used in) provided by financing activities | (547) | 395 |
Net decrease in cash and cash equivalents | (38,553) | (6,258) |
Cash and cash equivalents | ||
Beginning of period | 107,114 | 114,515 |
End of period | 68,561 | 108,257 |
Supplemental noncash disclosures | ||
Operating lease liability arising from operating ROU asset obtained | 1,079 | 0 |
Balance of property and equipment in accounts payable | $ 53 | $ 0 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Sprout Social, Inc. (“Sprout Social” or the “Company”), a Delaware corporation, began operating on April 21, 2010 to design, develop and operate a web-based comprehensive social media management tool enabling companies to manage and measure their online presence. Customers access their accounts online via a web-based interface or a mobile application. Some customers also purchase the Company’s professional services, which primarily consist of consulting and training services. The Company’s fiscal year end is December 31. The Company’s customers are primarily located throughout the United States, and a portion of customers are located in foreign countries. The Company is headquartered in Chicago, Illinois. Principles of Consolidation and Basis of Presentation The unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Company has prepared the unaudited condensed consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended December 31, 2021, and these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of the interim periods presented but are not necessarily indicative of the results of operations to be anticipated for the full year or any future period. The consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain disclosures required by GAAP on an annual basis. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 23, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances, including but not limited to the potential impacts arising from the COVID-19 pandemic. As the extent and duration of the impact of the COVID-19 pandemic remains uncertain, the Company’s estimates and judgments may evolve as conditions change. The Company is not aware of any events or circumstances that would require an update to its estimates and judgments or a revision of the carrying value of its assets or liabilities as of August 3, 2022, the date of issuance of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates. The Company’s estimates and judgments include, but are not limited to, the estimated period of benefit for incremental costs of obtaining a contract with a customer, the incremental borrowing rate for operating leases, calculation of allowance for credit losses, useful lives of long-lived assets, stock-based compensation, income taxes, commitments and contingencies and litigation, among others. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 1, “Nature of Operations and Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 23, 2022. There have been no significant changes to these policies during the six months ended June 30, 2022. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue The Company provides disaggregation of revenue based on geographic region in Note 7 and based on the subscription versus professional services and other classification on the condensed consolidated statements of operations, as it believes these best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Deferred Revenue Deferred revenue is recorded upon establishment of unconditional right to payment under non-cancelable contracts and is recognized as the revenue recognition criteria are met. The Company generally invoices customers in advance in monthly, quarterly, semi-annual and annual installments. The deferred revenue balance is influenced by several factors, including the compounding effects of renewals, invoice duration, timing and size. The amount of revenue recognized during the three months ended June 30, 2022 and 2021 that was included in deferred revenue at the beginning of each period was $36.2 million and $24.0 million, respectively. The amount of revenue recognized during the six months ended June 30, 2022 and 2021 that was included in deferred revenue at the beginning of each period was $51.6 million and $31.9 million, respectively. As of June 30, 2022, including amounts already invoiced and amounts contracted but not yet invoiced, $127.6 million of revenue is expected to be recognized from remaining performance obligations, of which 82% is expected to be recognized in the next 12 months, with the remainder thereafter. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company has operating lease agreements for offices in Chicago, Illinois, and Seattle, Washington. The Chicago lease expires in January 2028 and the Seattle lease expires in January 2031. The Company’s existing operating leases require escalating monthly rental payments ranging from $72,000 to $280,000. Under the terms of the lease agreements, the Company is also responsible for its proportionate share of taxes and operating costs, which are treated as variable lease costs. The Company’s operating leases typically contain options to extend or terminate the term of the lease. The Company currently does not include any options to extend leases in its v c lease terms as it is not reasonably certain to exercise them. As such, it has recorded lease obligations only through the initial optional termination dates above. The Company entered into a new lease agreement for an office in Dublin, Ireland, with an expected total future commitment of $1.1 million and lease commencement date of July 2022. The lease has an expected expiration date of June 2024. For accounting purposes under ASC 842, the lease commenced on June 30, 2022, resulting in the recording of a $1.1 million right-of-use operating lease asset and operating lease liability. The following table provides a summary of operating lease assets and liabilities as of June 30, 2022 (in thousands): Assets Operating lease right-of-use assets $ 10,170 Liabilities Operating lease liabilities 3,344 Operating lease liabilities, non-current 20,053 Total operating lease liabilities $ 23,397 The following table provides information about leases on the condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease expense $ 503 $ 503 $ 1,006 $ 1,002 Variable lease expense 866 839 1,733 1,678 Within the condensed consolidated statements of operations, operating and variable lease expense are recorded in General and administrative expenses. Cash payments related to operating leases for the six months ended June 30, 2022 and June 30, 2021 were $3.7 million and $3.2 million, respectively. As of June 30, 2022, the weighted-average remaining lease term is 6.3 years and the weighted-average discount rate is 5.5%. Remaining maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands): Years ending December 31, 2022 $ 2,254 2023 4,584 2024 4,394 2025 4,205 2026 4,298 Thereafter 7,994 Total future minimum lease payments $ 27,729 Less: imputed interest (4,332) Total operating lease liabilities $ 23,397 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for interim periods is generally determined using an estimate of the Company’s annual effective tax rate, excluding jurisdictions for which no tax benefit can be recognized due to valuation allowances. The Company’s effective tax rate generally differs from the U.S. federal statutory rate primarily due to a valuation allowance related to the Company’s federal and state deferred tax assets. The Company accounts for Global Intangible Low–Taxed Income (“GILTI”) as a current-period expense when incurred. Therefore, the Company has not recorded deferred taxes for basis differences expected to reverse in the future periods. There has historically been no federal or state provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. For the six months ended June 30, 2022, the Company recognized an immaterial provision related to foreign income taxes. |
Incentive Stock Plan
Incentive Stock Plan | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Stock Plan | Incentive Stock Plan Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Cost of revenue $ 766 $ 234 $ 1,214 $ 418 Research and development 3,060 937 4,785 1,654 Sales and marketing 5,959 2,725 10,177 4,477 General and administrative 2,879 1,548 4,880 2,804 Total stock-based compensation $ 12,664 $ 5,444 $ 21,056 $ 9,353 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The Company has non-cancellable minimum guaranteed purchase commitments for primarily data and services. Material contractual commitments as of June 30, 2022 that are not disclosed elsewhere are as follows (in thousands): Years ending December 31, 2022 $ 14,782 2023 16,694 2024 1,489 2025 176 2026 — Thereafter — Total contract commitments $ 33,141 Legal Matters From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. There were no material such matters as of and for the period ended June 30, 2022. Indemnification In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, investors and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. There were no material obligations under such indemnification agreements as of and for the period ended June 30, 2022. |
Segment and Geographic Data
Segment and Geographic Data | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographic Data | Segment and Geographic Data The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information for purposes of making operating decisions, assessing financial performance and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis. As the Company operates as one operating segment, all required segment financial information is found in the condensed consolidated financial statements. Long-lived assets by geographical region are based on the location of the legal entity that owns the assets. As of June 30, 2022 and December 31, 2021, there were no significant long-lived assets held by entities outside of the United States. Revenue by geographical region is determined by location of the Company’s customers. Revenue from customers outside of the United States was approximately 28% and 29% for the six months ended June 30, 2022 and 2021, respectively. Revenue by geographical region is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Americas $ 48,285 $ 35,032 $ 93,515 $ 67,110 EMEA 10,275 7,355 19,729 13,955 Asia Pacific 2,872 2,298 5,617 4,438 Total $ 61,432 $ 44,685 $ 118,861 $ 85,503 |
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 calculated by dividing the net loss by the weighted average number of outstanding shares of common stock for each period. Diluted net loss per share is calculated by giving effect to all potential dilutive common stock equivalents, which includes stock options, restricted stock units, and restricted stock awards. Because the Company incurred net losses each period, the basic and diluted calculations are the same. Basic and diluted net loss per share are the same for each class of common stock, as both Class A and Class B stockholders are entitled to the same liquidation and dividend rights. The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss attributable to common shareholders $ (14,610) $ (5,442) $ (24,365) $ (11,809) Weighted average common shares outstanding 54,502,809 53,684,325 54,356,817 53,557,340 Net loss per share, basic and diluted $ (0.27) $ (0.10) $ (0.45) $ (0.22) The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. June 30, 2022 2021 Stock options outstanding 59,510 105,510 RSUs 2,697,798 1,992,113 Total potentially dilutive shares 2,757,308 2,097,623 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe Company measures certain financial assets at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity. The following tables present information about the Company’s financial assets that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Marketable Securities: Corporate bonds $ — $ 17,664 $ — $ 17,664 Commercial paper — 52,442 — 52,442 U.S. Treasury securities — 30,376 — 30,376 Asset-backed securities — 12,643 — 12,643 Total assets $ — $ 113,125 $ — $ 113,125 December 31, 2021 Level 1 Level 2 Level 3 Total Marketable Securities: Corporate bonds $ — $ 26,274 $ — $ 26,274 Commercial paper — 33,481 — 33,481 Asset-backed securities — $ 10,066 $ — 10,066 Total assets $ — $ 69,821 $ — $ 69,821 Marketable securities are classified within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market. The carrying amounts of certain financial instruments, including cash held in banks, cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their short-term maturities and are excluded from the fair value tables above. For the periods presented, the Company held investment-grade marketable securities which were accounted for as available-for-sale securities. As of June 30, 2022 and December 31, 2021, there was not a significant difference between the amortized cost and fair value of these securities. The gross unrealized gains and losses associated with these securities were immaterial in the periods presented. The following table classifies our marketable securities by contractual maturity (in thousands): June 30, 2022 December 31, 2021 Due in one year or less 105,194 69,821 Due after one year and within two years 7,931 — Total 113,125 69,821 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Company has prepared the unaudited condensed consolidated financial statements on a basis substantially consistent with the audited consolidated financial statements of the Company as of and for the year ended December 31, 2021, and these unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the results of the interim periods presented but are not necessarily indicative of the results of operations to be anticipated for the full year or any future period. The consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date but does not include all disclosures including certain disclosures required by GAAP on an annual basis. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. |
Principles of Consolidation | All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances, including but not limited to the potential impacts arising from the COVID-19 pandemic. As the extent and duration of the impact of the COVID-19 pandemic remains uncertain, the Company’s estimates and judgments may evolve as conditions change. The Company is not aware of any events or circumstances that would require an update to its estimates and judgments or a revision of the carrying value of its assets or liabilities as of August 3, 2022, the date of issuance of this Quarterly Report on Form 10-Q. Actual results could differ from those estimates. The Company’s estimates and judgments include, but are not limited to, the estimated period of benefit for incremental costs of obtaining a contract with a customer, the incremental borrowing rate for |
Deferred Revenue | Deferred revenue is recorded upon establishment of unconditional right to payment under non-cancelable contracts and is recognized as the revenue recognition criteria are met. The Company generally invoices customers in advance in monthly, quarterly, semi-annual and annual installments. The deferred revenue balance is influenced by several factors, including the compounding effects of renewals, invoice duration, timing and size. |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of operating lease assets and liabilities | The following table provides a summary of operating lease assets and liabilities as of June 30, 2022 (in thousands): Assets Operating lease right-of-use assets $ 10,170 Liabilities Operating lease liabilities 3,344 Operating lease liabilities, non-current 20,053 Total operating lease liabilities $ 23,397 |
Schedule of lease cost | The following table provides information about leases on the condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease expense $ 503 $ 503 $ 1,006 $ 1,002 Variable lease expense 866 839 1,733 1,678 |
Schedule of remaining maturities of operating lease liabilities | Remaining maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands): Years ending December 31, 2022 $ 2,254 2023 4,584 2024 4,394 2025 4,205 2026 4,298 Thereafter 7,994 Total future minimum lease payments $ 27,729 Less: imputed interest (4,332) Total operating lease liabilities $ 23,397 |
Incentive Stock Plan (Tables)
Incentive Stock Plan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense | Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Cost of revenue $ 766 $ 234 $ 1,214 $ 418 Research and development 3,060 937 4,785 1,654 Sales and marketing 5,959 2,725 10,177 4,477 General and administrative 2,879 1,548 4,880 2,804 Total stock-based compensation $ 12,664 $ 5,444 $ 21,056 $ 9,353 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual commitments | Material contractual commitments as of June 30, 2022 that are not disclosed elsewhere are as follows (in thousands): Years ending December 31, 2022 $ 14,782 2023 16,694 2024 1,489 2025 176 2026 — Thereafter — Total contract commitments $ 33,141 |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of revenue by geographical region | Revenue by geographical region is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Americas $ 48,285 $ 35,032 $ 93,515 $ 67,110 EMEA 10,275 7,355 19,729 13,955 Asia Pacific 2,872 2,298 5,617 4,438 Total $ 61,432 $ 44,685 $ 118,861 $ 85,503 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net loss per share | The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net loss attributable to common shareholders $ (14,610) $ (5,442) $ (24,365) $ (11,809) Weighted average common shares outstanding 54,502,809 53,684,325 54,356,817 53,557,340 Net loss per share, basic and diluted $ (0.27) $ (0.10) $ (0.45) $ (0.22) |
Schedule of shares excluded from the calculation of diluted net loss per share | The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. June 30, 2022 2021 Stock options outstanding 59,510 105,510 RSUs 2,697,798 1,992,113 Total potentially dilutive shares 2,757,308 2,097,623 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value | The following tables present information about the Company’s financial assets that are measured at fair value and indicate the fair value hierarchy of the valuation inputs used (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Marketable Securities: Corporate bonds $ — $ 17,664 $ — $ 17,664 Commercial paper — 52,442 — 52,442 U.S. Treasury securities — 30,376 — 30,376 Asset-backed securities — 12,643 — 12,643 Total assets $ — $ 113,125 $ — $ 113,125 December 31, 2021 Level 1 Level 2 Level 3 Total Marketable Securities: Corporate bonds $ — $ 26,274 $ — $ 26,274 Commercial paper — 33,481 — 33,481 Asset-backed securities — $ 10,066 $ — 10,066 Total assets $ — $ 69,821 $ — $ 69,821 |
Investments Classified by Contractual Maturity Date | The following table classifies our marketable securities by contractual maturity (in thousands): June 30, 2022 December 31, 2021 Due in one year or less 105,194 69,821 Due after one year and within two years 7,931 — Total 113,125 69,821 |
Revenue Recognition (Details)
Revenue Recognition (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] | ||||
Revenue recognized previously deferred | $ 36.2 | $ 24 | $ 51.6 | $ 31.9 |
Revenue expected to be recognized | $ 127.6 | $ 127.6 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Revenue expected to be recognized, percentage | 82% | 82% | ||
Revenue, remaining performance obligation, period | 12 months | 12 months |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease, right-of-use assets | $ 10,170 | $ 9,459 | |
Operating lease liability | 23,397 | ||
Payments related to operating leases | $ 3,700 | $ 3,200 | |
Weighted-average remaining lease term | 6 years 3 months 18 days | ||
Weighted-average discount rate | 5.50% | ||
Ireland Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, right-of-use assets | $ 1,100 | ||
Operating lease liability | 1,100 | ||
Operating Lease Expected Future Commitment | 1,100 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Monthly rental payments | 72 | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Monthly rental payments | $ 280 |
Operating Leases - Summary of o
Operating Leases - Summary of operating lease assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease, right-of-use assets | $ 10,170 | $ 9,459 |
Operating lease liabilities | 3,344 | 2,693 |
Operating lease liabilities, net of current portion | 20,053 | $ 20,946 |
Total operating lease liabilities | $ 23,397 |
Operating Leases - Lease cost (
Operating Leases - Lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease expense | $ 503 | $ 503 | $ 1,006 | $ 1,002 |
Variable lease expense | $ 866 | $ 839 | $ 1,733 | $ 1,678 |
Operating Leases - Remaining ma
Operating Leases - Remaining maturities of operating lease liabilities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 2,254 |
2023 | 4,584 |
2024 | 4,394 |
2025 | 4,205 |
2026 | 4,298 |
Thereafter | 7,994 |
Total future minimum lease payments | 27,729 |
Less: imputed interest | (4,332) |
Total operating lease liabilities | $ 23,397 |
Incentive Stock Plan (Details)
Incentive Stock Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 12,664 | $ 5,444 | $ 21,056 | $ 9,353 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 766 | 234 | 1,214 | 418 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 3,060 | 937 | 4,785 | 1,654 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 5,959 | 2,725 | 10,177 | 4,477 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 2,879 | $ 1,548 | $ 4,880 | $ 2,804 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 14,782 |
2023 | 16,694 |
2024 | 1,489 |
2025 | 176 |
2026 | 0 |
Thereafter | 0 |
Total contract commitments | $ 33,141 |
Segment and Geographic Data (De
Segment and Geographic Data (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of operating segments | segment | 1 | |||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 61,432 | $ 44,685 | $ 118,861 | $ 85,503 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 48,285 | 35,032 | 93,515 | 67,110 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 10,275 | 7,355 | 19,729 | 13,955 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,872 | $ 2,298 | $ 5,617 | $ 4,438 |
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark | Outside of the United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 28% | 29% |
Net Loss per Share - Basic and
Net Loss per Share - Basic and diluted net loss per share (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 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to common shareholders | $ (14,610) | $ (5,442) | $ (24,365) | $ (11,809) |
Weighted average common shares outstanding (in shares) | 54,502,809 | 53,684,325 | 54,356,817 | 53,557,340 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.27) | $ (0.10) | $ (0.45) | $ (0.22) |
Net Loss per Share - Shares exc
Net Loss per Share - Shares excluded from the calculation of diluted net loss per share (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares (in shares) | 2,757,308 | 2,097,623 |
Stock options outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares (in shares) | 59,510 | 105,510 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares (in shares) | 2,697,798 | 1,992,113 |
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] | ||
Total assets | $ 113,125 | $ 69,821 |
Marketable securities, noncurrent | 7,931 | 0 |
Marketable securities | 105,194 | 69,821 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 113,125 | 69,821 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 17,664 | 26,274 |
Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 17,664 | 26,274 |
Corporate bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 52,442 | 33,481 |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 52,442 | 33,481 |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 30,376 | |
U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 30,376 | |
U.S. Treasury securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 12,643 | 10,066 |
Asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 12,643 | 10,066 |
Asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |