Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-37496 | |
Entity Registrant Name | RAPID7, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 35-2423994 | |
Entity Address, Address Line One | 120 Causeway Street | |
Entity Address, City or Town | Boston, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02114 | |
City Area Code | 617 | |
Local Phone Number | 247-1717 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | RPD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,006,114 | |
Entity Central Index Key | 0001560327 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 279,343 | $ 123,413 |
Short-term investments | 36,313 | 116,158 |
Accounts receivable, net of allowance for doubtful accounts of $2,608 and $1,829 at June 30, 2020 and December 31, 2019, respectively | 76,823 | 87,927 |
Deferred contract acquisition and fulfillment costs, current portion | 18,439 | 17,047 |
Prepaid expenses and other current assets | 20,708 | 20,051 |
Total current assets | 431,626 | 364,596 |
Long-term investments | 5,365 | 22,887 |
Property and equipment, net | 48,904 | 50,670 |
Operating lease right-of-use assets | 72,005 | 60,984 |
Deferred contract acquisition and fulfillment costs, non-current portion | 35,815 | 34,213 |
Goodwill | 213,686 | 97,866 |
Intangible assets, net | 47,706 | 28,561 |
Other assets | 5,304 | 5,136 |
Total assets | 860,411 | 664,913 |
Current liabilities: | ||
Accounts payable | 7,078 | 6,836 |
Accrued expenses | 36,165 | 41,021 |
Operating lease liabilities, current portion | 9,436 | 7,179 |
Deferred revenue, current portion | 227,318 | 231,518 |
Other current liabilities | 0 | 119 |
Total current liabilities | 279,997 | 286,673 |
Convertible senior notes, net | 368,161 | 185,200 |
Operating lease liabilities, non-current portion | 80,081 | 72,294 |
Deferred revenue, non-current portion | 33,280 | 36,226 |
Other long-term liabilities | 8,204 | 1,352 |
Total liabilities | 769,723 | 581,745 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized at June 30, 2020 and December 31, 2019; 0 shares issued at June 30, 2020 and December 31, 2019 | 0 | 0 |
Common stock, $0.01 par value per share; 100,000,000 shares authorized at June 30, 2020 and December 31, 2019; 51,438,042 and 50,397,922 shares issued at June 30, 2020 and December 31, 2019, respectively; 50,951,234 and 49,911,114 shares outstanding at June 30, 2020 and December 31, 2019, respectively | 509 | 499 |
Treasury stock, at cost, 486,808 shares at June 30, 2020 and December 31, 2019 | (4,764) | (4,764) |
Additional paid-in-capital | 657,678 | 605,650 |
Accumulated other comprehensive income | 85 | 213 |
Accumulated deficit | (562,820) | (518,430) |
Total stockholders’ equity | 90,688 | 83,168 |
Total liabilities and stockholders’ equity | $ 860,411 | $ 664,913 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Net of allowance for doubtful accounts | $ 2,608 | $ 1,829 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 51,438,042 | 50,397,922 |
Common stock, shares outstanding (in shares) | 50,951,234 | 49,911,114 |
Treasury stock, shares (in shares) | 486,808 | 486,808 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue: | ||||
Total revenue | $ 98,912 | $ 78,959 | $ 193,252 | $ 152,144 |
Cost of revenue: | ||||
Total cost of revenue | 29,081 | 22,181 | 56,795 | 42,154 |
Total gross profit | 69,831 | 56,778 | 136,457 | 109,990 |
Operating expenses: | ||||
Research and development | 26,120 | 19,626 | 50,322 | 37,491 |
Sales and marketing | 44,959 | 38,172 | 93,104 | 73,310 |
General and administrative | 14,484 | 11,160 | 28,583 | 21,113 |
Total operating expenses | 85,563 | 68,958 | 172,009 | 131,914 |
Loss from operations | (15,732) | (12,180) | (35,552) | (21,924) |
Other income (expense), net: | ||||
Interest income | 208 | 1,582 | 1,256 | 3,313 |
Interest expense | (5,917) | (3,312) | (9,379) | (6,541) |
Other income (expense), net | 210 | (29) | (237) | (235) |
Loss before income taxes | (21,231) | (13,939) | (43,912) | (25,387) |
Provision for (benefit from) income taxes | 235 | (519) | 478 | (294) |
Net loss | $ (21,466) | $ (13,420) | $ (44,390) | $ (25,093) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.42) | $ (0.28) | $ (0.88) | $ (0.52) |
Weighted-average common shares outstanding, basic and diluted (in shares) | 50,695,706 | 48,451,562 | 50,411,508 | 48,141,474 |
Products [Member] | ||||
Revenue: | ||||
Total revenue | $ 92,430 | $ 72,579 | $ 179,979 | $ 138,424 |
Cost of revenue: | ||||
Total cost of revenue | 23,118 | 16,637 | 44,373 | 31,006 |
Professional Services [Member] | ||||
Revenue: | ||||
Total revenue | 6,482 | 6,380 | 13,273 | 13,720 |
Cost of revenue: | ||||
Total cost of revenue | $ 5,963 | $ 5,544 | $ 12,422 | $ 11,148 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (21,466) | $ (13,420) | $ (44,390) | $ (25,093) |
Other comprehensive income (loss): | ||||
Change in fair value of investments | 128 | 189 | (107) | 382 |
Adjustments for net losses (gains) realized and included in net loss | 35 | 0 | (21) | 0 |
Total change in unrealized gains (losses) on investments | 163 | 189 | (128) | 382 |
Comprehensive loss | $ (21,303) | $ (13,231) | $ (44,518) | $ (24,711) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance (in shares) at Dec. 31, 2018 | 47,600 | 487 | ||||
Beginning balance at Dec. 31, 2018 | $ 87,319 | $ 476 | $ (4,764) | $ 556,223 | $ (31) | $ (464,585) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 19,064 | 19,064 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 111 | |||||
Issuance of common stock under employee stock purchase plan | 2,634 | $ 1 | 2,633 | |||
Vesting of restricted stock units (in shares) | 595 | |||||
Vesting of restricted stock units | 0 | $ 6 | (6) | |||
Shares withheld for employee taxes (in shares) | (58) | |||||
Shares withheld for employee taxes | (2,839) | $ (1) | (2,838) | |||
Issuance of common stock upon exercise of stock options (in shares) | 550 | |||||
Issuance of common stock upon exercise of stock options | 6,057 | $ 6 | 6,051 | |||
Net unrealized gain (loss) on investments | 382 | 382 | ||||
Net loss | (25,093) | (25,093) | ||||
Ending balance (in shares) at Jun. 30, 2019 | 48,798 | 487 | ||||
Ending balance at Jun. 30, 2019 | 87,524 | $ 488 | $ (4,764) | 581,127 | 351 | (489,678) |
Beginning balance (in shares) at Mar. 31, 2019 | 48,158 | 487 | ||||
Beginning balance at Mar. 31, 2019 | 88,851 | $ 482 | $ (4,764) | 569,229 | 162 | (476,258) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 10,430 | 10,430 | ||||
Vesting of restricted stock units (in shares) | 351 | |||||
Vesting of restricted stock units | 0 | $ 3 | (3) | |||
Shares withheld for employee taxes (in shares) | (36) | |||||
Shares withheld for employee taxes | (1,859) | $ (1) | (1,858) | |||
Issuance of common stock upon exercise of stock options (in shares) | 325 | |||||
Issuance of common stock upon exercise of stock options | 3,333 | $ 4 | 3,329 | |||
Net unrealized gain (loss) on investments | 189 | 189 | ||||
Net loss | (13,420) | (13,420) | ||||
Ending balance (in shares) at Jun. 30, 2019 | 48,798 | 487 | ||||
Ending balance at Jun. 30, 2019 | 87,524 | $ 488 | $ (4,764) | 581,127 | 351 | (489,678) |
Beginning balance (in shares) at Dec. 31, 2019 | 49,911 | 487 | ||||
Beginning balance at Dec. 31, 2019 | 83,168 | $ 499 | $ (4,764) | 605,650 | 213 | (518,430) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 28,829 | 28,829 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 102 | |||||
Issuance of common stock under employee stock purchase plan | 3,346 | $ 1 | 3,345 | |||
Vesting of restricted stock units (in shares) | 723 | |||||
Vesting of restricted stock units | 0 | $ 7 | (7) | |||
Shares withheld for employee taxes (in shares) | (69) | |||||
Shares withheld for employee taxes | (3,450) | (3,450) | ||||
Issuance of common stock upon exercise of stock options (in shares) | 285 | |||||
Issuance of common stock upon exercise of stock options | 3,733 | $ 2 | 3,731 | |||
Net unrealized gain (loss) on investments | (128) | (128) | ||||
Equity component of convertible senior notes, net | 46,835 | 46,835 | ||||
Purchase of capped calls related to convertible senior notes | (27,255) | (27,255) | ||||
Net loss | (44,390) | (44,390) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 50,952 | 487 | ||||
Ending balance at Jun. 30, 2020 | 90,688 | $ 509 | $ (4,764) | 657,678 | 85 | (562,820) |
Beginning balance (in shares) at Mar. 31, 2020 | 50,419 | 487 | ||||
Beginning balance at Mar. 31, 2020 | 76,300 | $ 504 | $ (4,764) | 621,992 | (78) | (541,354) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | 15,864 | 15,864 | ||||
Vesting of restricted stock units (in shares) | 415 | |||||
Vesting of restricted stock units | 0 | $ 4 | (4) | |||
Shares withheld for employee taxes (in shares) | (42) | |||||
Shares withheld for employee taxes | (1,917) | (1,917) | ||||
Issuance of common stock upon exercise of stock options (in shares) | 160 | |||||
Issuance of common stock upon exercise of stock options | 2,164 | $ 1 | 2,163 | |||
Net unrealized gain (loss) on investments | 163 | 163 | ||||
Equity component of convertible senior notes, net | 46,835 | 46,835 | ||||
Purchase of capped calls related to convertible senior notes | (27,255) | (27,255) | ||||
Net loss | (21,466) | (21,466) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 50,952 | 487 | ||||
Ending balance at Jun. 30, 2020 | $ 90,688 | $ 509 | $ (4,764) | $ 657,678 | $ 85 | $ (562,820) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (44,390) | $ (25,093) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 10,419 | 7,371 |
Amortization of debt discount and issuance costs | 7,007 | 5,104 |
Stock-based compensation expense | 29,793 | 19,064 |
Provision for doubtful accounts | 1,008 | 1,353 |
Deferred income taxes | 0 | (761) |
Foreign currency re-measurement loss | 199 | 191 |
Other non-cash (income) expense | (147) | (1,290) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10,835 | 4,549 |
Deferred contract acquisition and fulfillment costs | (2,994) | (3,172) |
Prepaid expenses and other assets | 1,773 | (9,334) |
Accounts payable | 137 | 2,184 |
Accrued expenses | (7,437) | (7,312) |
Deferred revenue | (11,996) | (5,066) |
Other liabilities | (980) | 1,129 |
Net cash used in operating activities | (6,773) | (11,083) |
Cash flows from investing activities: | ||
Business acquisition, net of cash acquired | (125,771) | (14,621) |
Purchases of property and equipment | (3,955) | (17,712) |
Capitalization of internal-use software costs | (2,948) | (3,152) |
Purchases of investments | (49,259) | (72,432) |
Sales/maturities of investments | 146,599 | 140,302 |
Net cash (used in) provided by investing activities | (35,334) | 32,385 |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $6,500 | 223,500 | 0 |
Purchase of capped calls related to convertible senior notes | (27,255) | 0 |
Payments of debt issuance costs | (248) | 0 |
Taxes paid related to net share settlement of equity awards | (3,450) | (2,839) |
Proceeds from employee stock purchase plan | 3,346 | 2,634 |
Proceeds from stock option exercises | 3,728 | 6,058 |
Net cash provided by financing activities | 199,621 | 5,853 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (301) | (151) |
Net increase in cash, cash equivalents and restricted cash | 157,213 | 27,004 |
Cash, cash equivalents and restricted cash, beginning of period | 123,413 | 99,565 |
Cash, cash equivalents and restricted cash, end of period | 280,626 | 126,569 |
Supplemental cash flow information: | ||
Cash paid for interest on convertible senior notes | 1,438 | 1,342 |
Cash paid for income taxes, net of refunds | 135 | 319 |
Non-cash investing activities: | ||
Leasehold improvements acquired through tenant improvement allowance | 0 | 14,016 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Total cash, cash equivalents and restricted cash | $ 280,626 | $ 126,569 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Statement of Cash Flows [Abstract] | |
Issuance costs, convertible debt | $ 6,500 |
Description of Business, Basis
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies | Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies Description of Business Rapid7, Inc. and subsidiaries (we, us or our) is advancing security with visibility, analytics, and automation delivered through our Insight Platform. Our solutions simplify the complex, allowing security teams to work more effectively with IT and development to reduce vulnerabilities, monitor for malicious behavior, investigate and shut down attacks, and automate routine tasks. Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the United States of America (GAAP), as well as pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), regarding interim financial reporting. Accordingly, certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020. The consolidated financial statements include our results of operations and those of our wholly-owned subsidiaries and reflect all adjustments (consisting solely of normal, recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the determination of the estimated economic life of perpetual licenses for revenue recognition, the determination of standalone selling prices in revenue transactions with multiple performance obligations, the estimated period of benefit for deferred contract acquisition and fulfillment costs, the useful lives of long-lived assets, the valuation of allowance for doubtful accounts, the valuation of stock-based compensation, the valuation of intangible assets acquired in a business combination, the incremental borrowing rate for operating leases and the valuation for deferred tax assets. We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results could differ from those estimates. The COVID-19 pandemic is expected to result in a sustained global slowdown of economic activity that is likely to decrease demand for a broad variety of goods and services, including from our customers. We currently expect our operational and financial performance to be negatively impacted by the slowdown in activity associated with the COVID-19 pandemic for the quarters ending September 30, 2020 and December 31, 2020 and the year ending December 31, 2020 and beyond. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained and will be recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our financial statements. Reclassification Prior to the fiscal year beginning January 1, 2020, we have presented revenue on our consolidated statement of operations as products, maintenance and support and professional services revenue. For the three and six months ended June 30, 2020, we have combined products and maintenance and support revenue as products revenue on our consolidated statement of operations as our customers continue to migrate from our on-premise products to our SaaS Insight Platform. Given this continued migration, we believe it is more relevant to categorize maintenance and support revenue together as products revenue. Prior periods have been adjusted to conform with this presentation. Significant Accounting Policies Our significant accounting policies are described in Note 2, Summary of Significant Accounting Policies , to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. There have been no changes to the significant accounting policies during the three and six-month periods ended June 30, 2020. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard on January 1, 2020 using the prospective adoption approach. The impact to our consolidated financial statements as a result of the adoption was not material. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, modifies and adds disclosure requirements for fair value measurements. We adopted this standard on January 1, 2020 and there was no impact to our consolidated financial statements as a result of the adoption. Accounting Pronouncements Not Yet Effective In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to GAAP guidance on contract modifications to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) to alternative reference rates. We may elect to apply the amendments prospectively through December 31, 2022. The impact to our consolidated financial statements from the adoption of this standard is expected to be immaterial. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. The new standard will be effective for us in the first quarter of 2021, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently assessing the impact of adopting this standard but do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers We generate products revenue from the sale of (1) cloud-based subscriptions for our InsightIDR, InsightVM, InsightAppSec and InsightConnect products, (2) managed services offerings which utilize our products and (3) term or perpetual software licenses for our Nexpose, Metasploit, AppSpider and DivvyCloud products, and associated content subscriptions for our Nexpose and Metasploit products. We also generate appliance revenue that is included in our products revenue and is associated with hardware sold with our Nexpose product to certain customers. We generate maintenance and support revenue that is included in our products revenue and is associated with customers’ purchases of our software licenses for Nexpose, Metasploit and AppSpider products. We generate professional service revenue from the sale of our deployment and training services related to our solutions, incident response services, penetration testing and security advisory services. Our deployment services educate and assist our customers on the best use and best practices to deploy our solutions. The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Subscription revenue $ 72,796 $ 52,309 $ 141,421 $ 99,278 Term and perpetual software licenses 11,281 10,315 21,552 18,991 Maintenance and support 8,150 9,372 16,572 18,929 Professional services 6,482 6,380 13,273 13,720 Other 203 583 434 1,226 Total revenue $ 98,912 $ 78,959 $ 193,252 $ 152,144 Subscription Revenue Subscription revenue consists of revenue from our cloud-based subscription, managed services offerings and content subscriptions associated with our software licenses. • We generate cloud-based subscription revenue primarily from sales of subscriptions to access our cloud platform, together with related support services to our customers. These arrangements do not provide the customer with the right to take possession of our software operating on our cloud platform at any time. Instead, customers are granted continuous access to our cloud platform over the contractual period. Revenue is recognized over time on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our cloud-based subscription contracts generally have annual or multi-year contractual terms which are billed in advance of the annual subscription period and are non-cancellable. • Managed services offerings consist of fees generated when we operate our software and provide our capabilities on behalf of our customers. Revenue is recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our managed services offerings generally have annual or multi-year contractual terms which are billed in advance of the annual subscription period and are non-cancellable. • Revenue related to our content subscriptions associated with our software licenses is recognized ratably over the contractual period. Term and Perpetual Software Licenses For our perpetual software licenses where the utility to the customer is dependent on the continued delivery of content subscriptions, the content subscription renewal options result in a material right with respect to the perpetual software license. As a result, the revenue attributable to the perpetual software license is recognized ratably over the customer’s estimated economic life of five years, which represents a longer period of time in comparison to the initial contractual period of maintenance and support. The estimated economic life of five years represents the period which the customer is expected to benefit from the material right. We estimated this period of benefit by taking into consideration several factors, including the terms and conditions of our customer contracts and renewals and the expected useful life of our technology. For our term software licenses where the utility to the customer is dependent on the continued delivery of content subscriptions, we recognize the license revenue over the contractual term of the arrangement as a material right does not exist. For our term and perpetual software licenses, which are not dependent on the continued delivery of content subscriptions, the license is considered distinct from the maintenance and support, and we therefore recognize revenue attributable to the license at the time of delivery. Maintenance and support services are sold with our perpetual and term software licenses. As maintenance and support services are distinct from the perpetual and term software license, revenue attributable to maintenance and support services is recognized ratably over the contractual period. Professional Services All of our professional services are considered distinct performance obligations when sold stand alone or with other products. These contracts generally have terms of one year or less. For the majority of these contracts, revenue is recognized over time based upon the proportion of work performed to date. Other Other revenue primarily includes revenue from delivery of appliances and other miscellaneous revenue. Contracts with Multiple Performance Obligations The majority of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (SSP) basis. We determine SSP of our products and services based on our overall pricing objectives using all information reasonably available to us, taking into consideration market conditions and other factors, including the geographic locations of our customers, negotiated discounts from price lists and selling method (i.e., partner or direct). When available, we use directly observable stand-alone transactions to determine SSP. When not regularly sold on a stand-alone basis, we estimate SSP for our products and services utilizing historical sales data, including discounts from list price. The historical data is aggregated and analyzed by geographic location and selling method to establish a median or average price. Once SSP is established it is applied consistently to all transactions including that product or service utilizing a portfolio approach. Contract Balances Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period consistent with the above methodology. For the three months ended June 30, 2020 and 2019, we recognized revenue of $84.8 million and $66.6 million, respectively, and for the six months ended June 30, 2020 and 2019, we recognized $149.3 million and $117.2 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods presented. Deferred revenue that will be realized during the succeeding 12-month period is recorded as current, and the remaining deferred revenue is recorded as non-current. We receive payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Unbilled receivables include amounts related to our contractual right to consideration for both completed and partially completed performance obligations that have not been invoiced. If the right to consideration is based on satisfaction of another performance obligation in the contract other than the passage of time, we record a contract asset. As of June 30, 2020 and December 31, 2019, unbilled receivables of $1.5 million and $0.8 million, respectively, are included in prepaid expenses and other current assets in our consolidated balance sheet. As of June 30, 2020 and December 31, 2019, we had no contract assets recorded on our consolidated balance sheet. Transaction price allocated to the remaining performance obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2020. The estimated revenues do not include unexercised contract renewals. Next Twelve Months Thereafter (in thousands) Subscription revenue $ 189,769 $ 37,159 Term and perpetual software licenses 30,151 15,613 Maintenance and support 18,784 3,520 Professional services 11,357 — The amounts presented in the table above primarily consist of fixed fees, which are typically recognized ratably as the performance obligation is satisfied. The following table summarizes the activity of the deferred contract acquisition and fulfillment costs for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 2019 (in thousands) Beginning balance $ 51,260 $ 39,955 Capitalization of contract acquisition and fulfillment costs 12,378 10,067 Amortization of deferred contract acquisition and fulfillment costs (9,384) (6,896) Ending balance $ 54,254 $ 43,126 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Divvy Cloud Corporation On May 1, 2020, we acquired Divvy Cloud Corporation (DivvyCloud), a Cloud Security Posture Management (CSPM) company, for a purchase price with an aggregate fair value of $137.8 million. The purchase consideration consisted of $130.8 million in cash paid at closing, $7.4 million in deferred cash payments and $0.1 million in estimated working capital and other purchase price adjustments. The deferred cash payments will be held by Rapid7 to satisfy indemnification obligations and certain post-closing purchase price adjustments. The deferred cash payments for post-closing purchase price adjustments is payable three months from the acquisition date in the amount of $0.2 million and the remaining $7.2 million is payable on the fifteenth month anniversary of the acquisition date. We have determined the fair value of the deferred cash payments was $7.0 million as of the acquisition date. In addition, in connection with the acquisition, we will issue an aggregate of 200,596 shares of Rapid7’s common stock to the founders of DivvyCloud in three equal annual installments beginning on the first anniversary of the closing date. The 200,596 shares of common stock were accounted for as stock-based compensation expense as continued service was required. The fair value of the 200,596 shares of common stock was $8.9 million. In the three and six months ended June 30, 2020, we recognized stock-based compensation expense related to such shares in the amount of $0.5 million. In the three and six months ended June 30, 2020, we recorded $0.8 million and $1.1 million, respectively, of acquisition-related costs in general and administrative expense. The following table summarizes the preliminary allocation of purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands): Consideration: Cash $ 130,810 Deferred cash consideration 6,963 Estimated working capital and other purchase price adjustments 68 Fair value of total consideration transferred $ 137,841 Recognized amounts of identifiable assets and liabilities assumed: Cash and cash equivalents $ 5,039 Accounts receivable, net 904 Prepaid expenses and other current assets 810 Property and equipment, net 492 Operating lease right-of-use assets 3,320 Accounts payable (288) Accrued expenses (1,308) Operating lease liabilities, current portion (313) Deferred revenue, current portion (3,491) Operating lease liabilities, non-current portion (2,984) Deferred revenue, non-current portion (1,360) Intangible assets 21,200 Total identifiable net assets assumed $ 22,021 Goodwill 115,820 Net purchase price $ 137,841 The fair value of identifiable intangible assets was based on valuations using the income approach. The estimated fair value and useful life of identifiable intangible assets are as follows: Amount Weighted Average Life (in thousands) (in years) Developed technology $ 18,600 6 Customer relationships 1,700 6 Trade name 900 5 Total identifiable intangible assets $ 21,200 The excess of the purchase price over the tangible assets acquired, identifiable intangible assets acquired and assumed liabilities was recorded as goodwill. We believe the goodwill is attributable to expanded product offerings resulting from the integration of the technology acquired with our existing product offerings and increased opportunities to successfully market and sell these new products and features to our customer base. The goodwill was allocated to our one reporting unit. The acquired goodwill and intangible assets were not deductible for tax purposes. These preliminary amounts are subject to subsequent adjustment as we obtain additional information to finalize certain components of working capital. Following the acquisition, we granted to certain retained employees of DivvyCloud restricted stock units (RSUs) for an aggregate of 153,643 shares of our common stock, which will vest over three years subject to continued service. In addition, we granted certain retained employees of DivvyCloud performance-based restricted stock units (PSUs) for an aggregate of 109,760 shares of our common stock, which will vest over a maximum of three years based upon achievement of certain performance conditions and continued service. The RSUs and PSUs are expensed as stock-based compensation expense over the required service periods, assuming the service and performance conditions are achieved. Pro Forma Financial Information The unaudited pro forma financial information in the table below summarizes the combined results of our operations and DivvyCloud, on a pro forma basis, as though we had acquired DivvyCloud on January 1, 2019. The unaudited pro forma financial information for all periods presented also includes the effects of business combination accounting resulting from the acquisition, including an adjustment to revenue for the deferred revenue fair value adjustment, amortization expense from acquired intangibles assets, reversal of acquisition-related expenses and the stock-compensation expense recorded to retain certain employees. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue $ 100,437 $ 79,963 $ 197,299 $ 154,068 Net loss $ (21,666) $ (22,671) $ (49,600) $ (40,228) NetFort Technologies Limited On April 1, 2019, we acquired NetFort Technologies Limited (NetFort), a provider of end-to-end network traffic visibility and analytics across cloud, virtual and physical platforms for a purchase price of $16.1 million. The $16.1 million purchase price was funded with cash. In the three and six months ended June 30, 2019, we recorded $0.3 million and $0.5 million, respectively, of acquisition-related costs in general and administrative expense. The assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The excess of the purchase price over the assets acquired and liabilities assumed was recorded as goodwill. The fair value of net assets acquired, goodwill and intangible assets were $0.6 million, $9.4 million and $6.1 million, respectively. The goodwill was allocated to our one reporting unit. The acquired goodwill and intangible asset will not be deductible for tax purposes. Accordingly, a $0.8 million deferred tax benefit was recorded resulting from a partial release of our valuation allowance to account for the creation of a deferred tax liability for the developed technology intangible asset acquired. Following the acquisition, certain retained employees and non-employee contractors of NetFort received an aggregate of 123,623 restricted stock units (RSUs), which vest over a maximum of three years. The vesting of the RSUs is subject to the employee's continued service with us. Accordingly, the compensation expense associated with the RSUs is expensed as incurred in our post-acquisition financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We measure certain financial assets and liabilities 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 : Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 : Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or 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 and that are significant to the fair value of the asset or liability. We consider an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and we consider an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. The following table presents our financial assets measured and recorded at fair value on a recurring basis using the above input categories: As of June 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Description: Assets: Money market funds $ 253,786 $ — $ — $ 253,786 U.S. government agencies 24,977 — — 24,977 Corporate bonds — 13,702 — 13,702 Commercial paper — 3,000 — 3,000 Total assets $ 278,763 $ 16,702 $ — $ 295,465 As of December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Description: Assets: Money market funds $ 106,781 $ — $ — $ 106,781 Corporate bonds — 60,878 — 60,878 U.S. government agencies 36,979 — — 36,979 Commercial paper — 19,966 — 19,966 Agency bonds — 12,242 — 12,242 Asset-backed securities — 8,980 — 8,980 Total assets $ 143,760 $ 102,066 $ — $ 245,826 As of June 30, 2020, the fair values of our 1.25% and 2.25% convertible senior notes due 2023 and 2025, respectively, as further described in Note 8, Debt , were $309.1 million and $247.9 million, respectively, based upon quoted market prices. We consider the fair values of the convertible senior notes to be a Level 2 measurement due to the limited trading activity of both notes. We had no other liabilities measured and recorded at fair value on a recurring basis as of June 30, 2020 or December 31, 2019. Our investments, which are all classified as available-for-sale, consisted of the following: As of June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Description: U.S. government agencies 24,981 — (4) 24,977 Corporate bonds 13,613 90 (1) 13,702 Commercial paper 3,000 — — 3,000 Total assets $ 41,594 $ 90 $ (5) $ 41,679 As of December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Description: U.S. government agencies $ 36,880 $ 99 $ — $ 36,979 Corporate bonds 60,803 77 (2) 60,878 Commercial paper 19,965 1 — 19,966 Agency bonds 12,198 44 — 12,242 Asset-backed securities 8,986 1 (7) 8,980 Total assets $ 138,832 $ 222 $ (9) $ 139,045 As of June 30, 2020, our available-for-sale investments had maturities ranging from four |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and consist of the following: As of June 30, 2020 As of December 31, 2019 (in thousands) Computer equipment and software $ 14,765 $ 13,106 Furniture and fixtures 8,339 7,522 Leasehold improvements 44,676 44,050 Total 67,780 64,678 Less accumulated depreciation (18,876) (14,008) Property and equipment, net $ 48,904 $ 50,670 Depreciation expense was $2.9 million and $2.1 million for the three months ended June 30, 2020 and 2019, respectively, and $5.4 million and $3.9 million for the six months ended June 30, 2020 and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill was $213.7 million and $97.9 million as of June 30, 2020 and December 31, 2019, respectively. The following table displays the changes in goodwill: Amount (in thousands) Balance at December 31, 2019 $ 97,866 DivvyCloud acquisition 115,820 Balance at June 30, 2020 $ 213,686 The following table presents details of our intangible assets, which include acquired identifiable intangible assets and capitalized internal-use software costs: As of June 30, 2020 As of December 31, 2019 Weighted- Gross Carrying Accumulated Net Book Value Gross Carrying Accumulated Net Book Value (in thousands) Intangible assets subject to amortization: Developed technology 5.6 $ 54,455 $ (19,913) $ 34,542 $ 35,855 $ (16,080) $ 19,775 Customer relationships 6.3 2,700 (753) 1,947 1,000 (641) 359 Trade names 5.4 1,419 (549) 870 519 (519) — Non-compete agreements 2.0 40 (40) — 40 (40) — Total acquired intangible assets 58,614 (21,255) 37,359 37,414 (17,280) 20,134 Internal-use software 3.0 12,821 (2,474) 10,347 9,873 (1,446) 8,427 Total intangible assets $ 71,435 $ (23,729) $ 47,706 $ 47,287 $ (18,726) $ 28,561 Amortization expense was $2.8 million and $1.9 million for the three months ended June 30, 2020 and 2019, respectively, and $5.0 million and $3.5 million for the six months ended June 30, 2020 and 2019, respectively. Estimated future amortization expense of the acquired identifiable intangible assets and completed capitalized internal-use software costs as of June 30, 2020 was as follows (in thousands): 2020 (for the remaining six months) $ 6,285 2021 11,810 2022 8,939 2023 6,426 2024 3,871 2025 and thereafter 4,571 Total $ 41,902 |
Deferred Contract Acquisition a
Deferred Contract Acquisition and Fulfillment Costs | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Contract Acquisition and Fulfillment Costs | Revenue from Contracts with Customers We generate products revenue from the sale of (1) cloud-based subscriptions for our InsightIDR, InsightVM, InsightAppSec and InsightConnect products, (2) managed services offerings which utilize our products and (3) term or perpetual software licenses for our Nexpose, Metasploit, AppSpider and DivvyCloud products, and associated content subscriptions for our Nexpose and Metasploit products. We also generate appliance revenue that is included in our products revenue and is associated with hardware sold with our Nexpose product to certain customers. We generate maintenance and support revenue that is included in our products revenue and is associated with customers’ purchases of our software licenses for Nexpose, Metasploit and AppSpider products. We generate professional service revenue from the sale of our deployment and training services related to our solutions, incident response services, penetration testing and security advisory services. Our deployment services educate and assist our customers on the best use and best practices to deploy our solutions. The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Subscription revenue $ 72,796 $ 52,309 $ 141,421 $ 99,278 Term and perpetual software licenses 11,281 10,315 21,552 18,991 Maintenance and support 8,150 9,372 16,572 18,929 Professional services 6,482 6,380 13,273 13,720 Other 203 583 434 1,226 Total revenue $ 98,912 $ 78,959 $ 193,252 $ 152,144 Subscription Revenue Subscription revenue consists of revenue from our cloud-based subscription, managed services offerings and content subscriptions associated with our software licenses. • We generate cloud-based subscription revenue primarily from sales of subscriptions to access our cloud platform, together with related support services to our customers. These arrangements do not provide the customer with the right to take possession of our software operating on our cloud platform at any time. Instead, customers are granted continuous access to our cloud platform over the contractual period. Revenue is recognized over time on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our cloud-based subscription contracts generally have annual or multi-year contractual terms which are billed in advance of the annual subscription period and are non-cancellable. • Managed services offerings consist of fees generated when we operate our software and provide our capabilities on behalf of our customers. Revenue is recognized on a ratable basis over the contract term beginning on the date that our service is made available to the customer. Our managed services offerings generally have annual or multi-year contractual terms which are billed in advance of the annual subscription period and are non-cancellable. • Revenue related to our content subscriptions associated with our software licenses is recognized ratably over the contractual period. Term and Perpetual Software Licenses For our perpetual software licenses where the utility to the customer is dependent on the continued delivery of content subscriptions, the content subscription renewal options result in a material right with respect to the perpetual software license. As a result, the revenue attributable to the perpetual software license is recognized ratably over the customer’s estimated economic life of five years, which represents a longer period of time in comparison to the initial contractual period of maintenance and support. The estimated economic life of five years represents the period which the customer is expected to benefit from the material right. We estimated this period of benefit by taking into consideration several factors, including the terms and conditions of our customer contracts and renewals and the expected useful life of our technology. For our term software licenses where the utility to the customer is dependent on the continued delivery of content subscriptions, we recognize the license revenue over the contractual term of the arrangement as a material right does not exist. For our term and perpetual software licenses, which are not dependent on the continued delivery of content subscriptions, the license is considered distinct from the maintenance and support, and we therefore recognize revenue attributable to the license at the time of delivery. Maintenance and support services are sold with our perpetual and term software licenses. As maintenance and support services are distinct from the perpetual and term software license, revenue attributable to maintenance and support services is recognized ratably over the contractual period. Professional Services All of our professional services are considered distinct performance obligations when sold stand alone or with other products. These contracts generally have terms of one year or less. For the majority of these contracts, revenue is recognized over time based upon the proportion of work performed to date. Other Other revenue primarily includes revenue from delivery of appliances and other miscellaneous revenue. Contracts with Multiple Performance Obligations The majority of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (SSP) basis. We determine SSP of our products and services based on our overall pricing objectives using all information reasonably available to us, taking into consideration market conditions and other factors, including the geographic locations of our customers, negotiated discounts from price lists and selling method (i.e., partner or direct). When available, we use directly observable stand-alone transactions to determine SSP. When not regularly sold on a stand-alone basis, we estimate SSP for our products and services utilizing historical sales data, including discounts from list price. The historical data is aggregated and analyzed by geographic location and selling method to establish a median or average price. Once SSP is established it is applied consistently to all transactions including that product or service utilizing a portfolio approach. Contract Balances Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are recognized as revenue over the contractual period consistent with the above methodology. For the three months ended June 30, 2020 and 2019, we recognized revenue of $84.8 million and $66.6 million, respectively, and for the six months ended June 30, 2020 and 2019, we recognized $149.3 million and $117.2 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods presented. Deferred revenue that will be realized during the succeeding 12-month period is recorded as current, and the remaining deferred revenue is recorded as non-current. We receive payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Unbilled receivables include amounts related to our contractual right to consideration for both completed and partially completed performance obligations that have not been invoiced. If the right to consideration is based on satisfaction of another performance obligation in the contract other than the passage of time, we record a contract asset. As of June 30, 2020 and December 31, 2019, unbilled receivables of $1.5 million and $0.8 million, respectively, are included in prepaid expenses and other current assets in our consolidated balance sheet. As of June 30, 2020 and December 31, 2019, we had no contract assets recorded on our consolidated balance sheet. Transaction price allocated to the remaining performance obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2020. The estimated revenues do not include unexercised contract renewals. Next Twelve Months Thereafter (in thousands) Subscription revenue $ 189,769 $ 37,159 Term and perpetual software licenses 30,151 15,613 Maintenance and support 18,784 3,520 Professional services 11,357 — The amounts presented in the table above primarily consist of fixed fees, which are typically recognized ratably as the performance obligation is satisfied. The following table summarizes the activity of the deferred contract acquisition and fulfillment costs for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 2019 (in thousands) Beginning balance $ 51,260 $ 39,955 Capitalization of contract acquisition and fulfillment costs 12,378 10,067 Amortization of deferred contract acquisition and fulfillment costs (9,384) (6,896) Ending balance $ 54,254 $ 43,126 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Convertible Senior Notes In August 2018, we issued $230.0 million aggregate principal amount of convertible senior notes due August 1, 2023 (the 2023 Notes) and in May 2020, we issued $230.0 million aggregate principal amount of convertible senior notes due May 1, 2025 (the 2025 Notes), collectively (the Notes). The 2023 Notes bear interest at a fixed rate of 1.25% per annum, payable semi-annually in arrears on February 1 and August 1 of each year. The 2025 Notes bear interest at a fixed rate of 2.25% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2020. The 2023 Notes and the 2025 Notes mature on August 1, 2023 and May 1, 2025, respectively unless earlier converted, redeemed or repurchased. The 2023 Notes and 2025 Notes are senior unsecured obligations, do not contain any financial covenants and are governed by an indenture between the Company, as issuer, and U.S. Bank National Association, as trustee (the 2023 Indenture and the 2025 Indenture, respectively). The total net proceeds from the 2023 Notes and the 2025 Notes offerings, after deducting initial purchase discounts and estimated debt issuance costs, were $223.1 million and $222.8 million, respectively. Terms of the 2023 Notes and the 2025 Notes The holders of the Notes may convert their respective Notes at their option at any time prior to the close of business on the business day immediately preceding their respective convertible dates only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on December 31, 2018 for the 2023 Notes and September 30, 2020 for the 2025 Notes (and only during such calendar quarter), if the last reported sale price of our 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 of the respective Notes on each applicable trading day; • during the five business day period after any five consecutive trading day period (measurement period) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the applicable series 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 common stock and the conversion rate of the respective Notes on each such trading day; • if we call any or all of the respective Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the respective redemption date; or • upon the occurrence of specified corporate events (as set forth in the Indenture). As of June 30, 2020, the Notes are not convertible at the option of the holder. The following table presents details of the Notes (number of shares in millions): Initial Conversion Price per $1,000 Principal Initial Conversion Price Initial Number of Shares 2023 Notes 24.0460 $ 41.59 5.5 2025 Notes 16.3875 $ 61.02 3.8 The holders may convert the 2023 Notes and 2025 Notes at any time on or after February 1, 2023 and November 1, 2024, respectively, until the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in the manner and subject to the terms and conditions provided in the Indenture. If we undergo a fundamental change (as set forth in the Indentures) at any time prior to the maturity date, holders of the Notes will have the right, at their option, to require us to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or following our issuance of a notice of redemption, in each case as described in the Indentures, we will increase the conversion rate for a holder of the Notes who elects to convert its Notes in connection with such a corporate event or during the related redemption period in certain circumstances. We may not redeem the 2023 Notes or 2025 Notes prior to August 6, 2021 and May 6, 2023 (Redemption Dates), respectively. On or after the respective Redemption Dates, we may redeem for cash all or any portion of the 2023 Notes or 2025 Notes, at our option, if the last reported sale price of our 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 we provide the redemption notice at a redemption price equal to 100% principal amount of the 2023 Notes or 2025 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The foregoing description is qualified in its entirety by reference to the text of the Indenture and the Form of the 2023 Notes, which were incorporated by reference as Exhibits 4.4 and 4.5 to our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 28, 2020. The 2025 Notes were incorporated by reference as Exhibits 4.1 and 4.2 to our Current Report on Form 8-K, filed with the SEC on May 4, 2020. Accounting for the 2023 Notes and the 2025 Notes In accounting for the transactions, the 2023 Notes and the 2025 Notes have been separated into liability and equity components. The initial carrying amounts of the liability components were calculated by measuring the fair value of similar debt instruments that do not have an associated convertible feature. The initial carrying amounts of the equity components representing the Conversion Option was $53.8 million and $48.3 million for the 2023 Notes and the 2025 Notes, respectively, and were determined by deducting the fair values of the liability components from the par value of the 2023 Notes and 2025 Notes. The equity components were recorded as an increase to additional paid-in capital and are not remeasured as long as they continue to meet the conditions for equity classification. The excess of the principal amount of the 2023 Notes and the 2025 Notes over their respective carrying amount of the liability component, or debt discount, are amortized to interest expense using the effective interest method over the contractual terms of the respective Notes. In accounting for the debt issuance costs of $6.9 million and $7.2 million related to the 2023 Notes and the 2025 Notes, respectively, we allocated the total amount incurred to the liability and equity components of the 2023 Notes and 2025 Notes based on their relative values. Issuance costs attributable to the liability component were $5.3 million and $5.7 million, for the 2023 Notes and the 2025 Notes, respectively, and will be amortized to interest expense using the effective interest method over the contractual term of the 2023 Notes and 2025 Notes, respectively. Issuance costs attributable to the equity component of $1.6 million and $1.5 million for the 2023 Notes and the 2025 Notes, respectively, were netted with the equity component in additional paid-in capital. The effective interest rates for the 2023 Notes and the 2025 Notes were 7.36% and 7.85%, respectively. The net carrying amounts of the liability components of the 2023 Notes and the 2025 Notes were as follows (in thousands): As of June 30, 2020 As of December 31, 2019 2023 Notes 2025 Notes Total 2023 Notes Principal $ 230,000 $ 230,000 $ 460,000 $ 230,000 Unamortized debt discount (35,728) (47,053) (82,781) (40,768) Unamortized issuance costs (3,534) (5,524) (9,058) (4,032) Net carrying amount $ 190,738 $ 177,423 $ 368,161 $ 185,200 The net carrying amount of the equity component as of June 30, 2020 and December 31, 2019 (for the 2023 Notes) was as follows (in thousands): 2023 Notes 2025 Notes Total Debt discount for conversion option $ 53,820 $ 48,346 $ 102,166 Issuance costs (1,626) (1,511) (3,137) Net carrying amount $ 52,194 $ 46,835 $ 99,029 Interest expense related to the 2023 Notes and the 2025 Notes was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2023 2025 2023 2025 2023 2025 2023 2025 Notes Notes Total Notes Notes Total Notes Notes Total Notes Notes Total Contractual interest expense $ 719 $ 863 $ 1,582 $ 718 $ — $ 718 $ 1,438 $ 863 $ 2,301 $ 1,437 $ — $ 1,437 Amortization of debt discount 2,543 1,293 3,836 2,361 — 2,361 5,039 1,293 6,332 4,645 — 4,645 Amortization of issuance costs 251 152 403 233 — 233 498 152 650 459 — 459 Total interest expense $ 3,513 $ 2,308 $ 5,821 $ 3,312 $ — $ 3,312 $ 6,975 $ 2,308 $ 9,283 $ 6,541 $ — $ 6,541 Capped Calls In connection with the offering of the 2023 Notes and the 2025 Notes, we entered into privately negotiated capped call transactions with certain counterparties, the (2023 Capped Calls and 2025 Capped Calls). The initial strike prices for the 2023 Capped Calls and the 2025 Capped Calls are $41.59 and $61.02 per share, respectively, subject to certain adjustments, which correspond to the initial conversion price of the 2023 Notes and the 2025 Notes. The initial cap prices for the 2023 Capped Calls and the 2025 Capped Calls are $63.98 and $93.88 per share, respectively, subject to certain adjustments. The 2023 Capped Calls and the 2025 Capped Calls are expected to offset potential dilution to our common stock upon conversion of the respective 2023 Notes or the 2025 Notes, with such offset subject to a cap based on the cap price. The 2023 Capped Calls and the 2025 Capped Calls cover, subject to anti-dilution adjustments, approximately 5.5 million and 3.8 million shares of our common stock, respectively. For accounting purposes, the 2023 Capped Calls and the 2025 Capped Calls are separate transactions, and not part of the terms of the 2023 Notes and the 2025 Notes. The 2023 Capped Calls and the 2025 Capped Calls are recorded in stockholders' equity and are not accounted for as derivatives. Accordingly, the cost of $26.9 million and $27.3 million, respectively, for the 2023 Capped Calls and 2025 Capped Calls was recorded as a reduction to additional paid-in capital. The net impact to our stockholders' equity, included in additional paid-in capital, of the above components of the 2023 Notes and the 2025 Notes was as follows (in thousands): 2023 Notes 2025 Notes Conversion option $ 53,820 $ 48,346 Purchase of capped calls (26,910) (27,255) Issuance costs (1,626) (1,511) Total $ 25,284 $ 19,580 Credit Agreement On April 23, 2020, we entered into a Credit and Security Agreement (the Credit Agreement), with KeyBank National Association that provides for a $30.0 million revolving credit facility, with a letter of credit sublimit of $15.0 million and an accordion feature under which we can increase the credit facility to up to $70.0 million. We incurred fees of $0.4 million in connection with entering into the Credit Agreement. The fees are recorded in other current assets on the consolidated balance sheet and are amortized on a straight-line basis over the contractual term of the arrangement. The commitment fee of 0.2% per annum on the unused portion of the credit facility is expensed as incurred and included within interest expense on the consolidated statement of operations. The Credit Agreement matures on April 23, 2023 and contains certain financial covenants including a requirement that we maintain specified minimum recurring revenue and liquidity amounts. In May 2020, we utilized the accordion feature to increase the credit facility to $50.0 million. The borrowings under the Credit Agreement bear interest, at our option, at a rate equal to either the London Interbank Offered Rate (LIBOR) rate (subject to a 1.00% floor), plus an applicable margin equal to 2.50% per annum or the alternate base rate (subject to a floor), plus an applicable margin equal to 0% per annum. As of June 30, 2020, we did not have any outstanding borrowings under the Credit Agreement. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases Our leases primarily relate to office facilities that have remaining terms of up to 10.4 years, some of which include one or more options to renew with renewal terms of up to 5 years and some of which include options to terminate the leases within the next 6 years. All of our leases are classified as operating leases. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 3,881 $ 3,055 $ 7,252 $ 5,022 Short-term lease costs 224 137 514 286 Variable lease costs 1,367 592 2,289 1,009 Total lease costs $ 5,472 $ 3,784 $ 10,055 $ 6,317 Supplemental balance sheet information related to the operating leases was as follows: As of June 30, 2020 As of December 31, 2019 (in thousands, except lease term and discount rate) Operating lease right-of-use (ROU) assets $ 72,005 $ 60,984 Operating lease liabilities, current portion $ 9,436 $ 7,179 Operating lease liabilities, non-current portion 80,081 72,294 Total operating lease liabilities $ 89,517 $ 79,473 Weighted average remaining lease term (in years) - operating leases 8.2 8.7 Weighted average discount rate - operating leases 7.7 % 7.6 % Supplemental cash flow information related to leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 2,524 $ 2,578 $ 6,360 $ 4,506 Operating lease ROU assets obtained in exchange for new lease obligations $ 11,607 $ 58,906 $ 15,597 $ 60,772 Maturities of operating lease liabilities as of June 30, 2020 were as follows (in thousands): 2020 (for the remaining six months) $ 6,837 2021 16,380 2022 13,721 2023 13,954 2024 13,253 2025 and thereafter 53,501 Total lease payments $ 117,646 Less: imputed interest (28,129) Total $ 89,517 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense | Stock-Based Compensation Expense (a) General Stock-based compensation expense for restricted stock units, stock options and issuances of common stock pursuant to our employee stock purchase plan was classified in the accompanying consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Stock-based compensation expense: Cost of revenue $ 1,131 $ 718 $ 2,062 $ 1,291 Research and development 6,389 4,054 11,034 7,228 Sales and marketing 4,345 2,942 8,023 5,406 General and administrative 4,581 2,716 8,674 5,139 Total stock-based compensation expense $ 16,446 $ 10,430 $ 29,793 $ 19,064 We recognize compensation cost of all awards on a straight-line basis over the applicable vesting period, which is generally four years. In the first quarter of 2020, our Compensation Committee adopted and approved the performance goals, targets and payout formulas for 2020 under our bonus plans, including permitting our executive officers and other employees the opportunity to receive payment of their earned bonuses for fiscal year 2020 in the form of common stock (in lieu of cash). During the three and six months ended June 30, 2020, we recognized stock-based compensation expense related to such bonuses in the amount of $0.4 million a nd $0.8 million, respectively, based on the probable expected performance against the pre-established corporate financial objectives as of June 30, 2020. For all employees, including executive officers, who elected to receive their 2020 bonuses in the form of common stock (in lieu of cash), the payouts are expected to be made in the form of fully vested stock awards in the first quarter of 2021 pursuant to our 2015 Equity Incentive Plan, as amended. The number of shares underlying such awards shall be determined by dividing the dollar value of the actual bonus award payment by the closing price per share of our common stock on the date of grant. (b) Restricted Stock Units Restricted stock unit activity during the six months ended June 30, 2020 was as follows: Shares Weighted-Average Unvested balance as of December 31, 2019 2,936,924 $ 32.43 Granted 1,548,989 56.48 Vested (723,742) 32.01 Forfeited (122,463) 36.03 Unvested balance as of June 30, 2020 3,639,708 $ 42.65 As of June 30, 2020, the unrecognized compensation expense related to our unvested restricted stock units expected to vest was $145.2 million. This unrecognized compensation expense will be recognized over an estimated weighted-average amortization period of 2.6 years. (c) Stock Options Stock option activity during the six months ended June 30, 2020 was as follows: Shares Weighted Weighted Aggregate Outstanding as of December 31, 2019 2,705,458 $ 10.18 Granted — — Exercised (284,962) 13.10 $ 10,137 Forfeited/cancelled (16,484) 17.01 Outstanding as of June 30, 2020 2,404,012 $ 9.79 4.5 $ 99,113 Vested and exercisable as of June 30, 2020 2,171,711 $ 9.20 4.3 $ 90,811 As of June 30, 2020, the unrecognized compensation expense related to our unvested stock options expected to vest was $1.4 million. This unrecognized compensation expense will be recognized over an estimated weighted-average amortization period of 0.8 years. The total fair value of stock options vested in the six months ended June 30, 2020 was $1.3 million. (d) Employee Stock Purchase Plan Under the Rapid7, Inc. 2015 Employee Stock Purchase Plan (ESPP), employees may set aside up to 15% of their gross earnings, on an after-tax basis, to purchase our common stock at a discounted price, which is calculated at 85% of the lesser of: (i) the market value of our common stock at the beginning of each offering period and (ii) the market value of our common stock on the applicable purchase date. On March 15, 2019, we issued 110,822 shares of common stock to employees for aggregate proceeds of $2.6 million. The purchase prices of the shares were $30.46 and $21.96 per share, which were discounted in accordance with the terms of the ESPP from the closing prices of our common stock on September 17, 2018 of $35.84 and on March 16, 2018 of $25.84, respectively. On September 13, 2019, we issued 74,221 shares of common stock to employees for aggregate proceeds of $2.9 million. The purchase prices of the shares were $30.46 and $42.22 per share, which were discounted in accordance with the terms of the ESPP from the closing prices of our common stock on September 17, 2018 of $35.84 and on September 13, 2019 of $49.67, respectively. On March 15, 2020, we issued 101,806 shares of common stock to employees for aggregate proceeds of $3.3 million. The purchase price of the shares was $32.87 per share, which was discounted in accordance with the terms of the ESPP from the closing price of our common stock on March 13, 2020 of $38.67. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The following table summarizes the computation of basic and diluted net loss per share of our common stock for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ (21,466) $ (13,420) $ (44,390) $ (25,093) Denominator: Weighted-average common shares outstanding, basic and diluted 50,695,706 48,451,562 50,411,508 48,141,474 Net loss per share attributable to common stockholders, basic and diluted $ (0.42) $ (0.28) $ (0.88) $ (0.52) The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been anti-dilutive: Three and Six Months Ended June 30, 2020 2019 Options to purchase common stock 2,404,012 3,137,554 Unvested restricted stock units 3,639,708 3,513,781 Common shares to be issued 200,596 — Shares to be issued under ESPP 77,926 46,331 Total 6,322,242 6,697,666 The shares underlying the conversion options in the 2023 Notes and the 2025 Notes were not considered in the calculation of diluted net loss per share as the effect would have been anti-dilutive. Based on the initial conversion prices, the entire outstanding principal amount of the 2023 Notes and the 2025 Notes as of June 30, 2020 would have been convertible into approximately 5.5 million and 3.8 million shares, respectively. We expect to settle the principal amount of the 2023 Notes and the 2025 Notes in cash. As a result, only the amount by which the conversion value exceeds the aggregate principal amount of |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Warranty We provide limited product warranties. Historically, any payments made under these provisions have been immaterial. (b) Litigation and Claims In October 2018, Finjan, Inc. (Finjan) filed a complaint against us and our wholly-owned subsidiary, Rapid7 LLC, in the United States District Court, District of Delaware, alleging patent infringement of seven patents held by them. In the complaint, Finjan sought unspecified damages, attorneys' fees and injunctive relief. We intend to vigorously contest Finjan's claims. This litigation is still in its early stages and the final outcome, including our liability, if any, with respect to Finjan's claims, is uncertain. 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. In addition, from time to time, we are a party to litigation or subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of these ordinary course matters will not have a material adverse effect on our business, financial condition or results of operations. 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. (c) Indemnification Obligations We agree to standard indemnification provisions in the ordinary course of business. Pursuant to these provisions, we agree to indemnify, hold harmless and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally our customers, in connection with any United States patent, copyright or other intellectual property infringement claim by any third party arising from the use of our products or services in accordance with the agreement or arising from our gross negligence, willful misconduct or violation of the law (provided that there is not gross or willful misconduct on the part of the other party) with respect to our products or services. The term of these indemnification provisions is generally perpetual from the time of execution of the agreement. We carry insurance that covers certain third-party claims relating to our services and limits our exposure. We have never incurred costs to defend lawsuits or settle claims related to these indemnification provisions. As permitted under Delaware law, we have entered into indemnification agreements with our officers and directors, indemnifying them for certain events or occurrences while they serve as officers or directors of the company. |
Segment Information and Informa
Segment Information and Information about Geographic Areas | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information and Information about Geographic Areas | Segment Information and Information about Geographic Areas We operate in one segment. Our chief operating decision maker is our Chief Executive Officer, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. Net revenues by geographic area presented based upon the location of the customer were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) United States $ 79,457 $ 64,106 $ 155,295 $ 124,046 Other 19,455 14,853 37,957 28,098 Total $ 98,912 $ 78,959 $ 193,252 $ 152,144 Property and equipment, net by geographic area was as follows: As of June 30, 2020 As of December 31, 2019 (in thousands) United States $ 43,349 $ 42,570 Other 5,555 8,100 Total $ 48,904 $ 50,670 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the United States of America (GAAP), as well as pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), regarding interim financial reporting. Accordingly, certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020. The consolidated financial statements include our results of operations and those of our wholly-owned subsidiaries and reflect all adjustments (consisting solely of normal, recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the determination of the estimated economic life of perpetual licenses for revenue recognition, the determination of standalone selling prices in revenue transactions with multiple performance obligations, the estimated period of benefit for deferred contract acquisition and fulfillment costs, the useful lives of long-lived assets, the valuation of allowance for doubtful accounts, the valuation of stock-based compensation, the valuation of intangible assets acquired in a business combination, the incremental borrowing rate for operating leases and the valuation for deferred tax assets. We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results could differ from those estimates. The COVID-19 pandemic is expected to result in a sustained global slowdown of economic activity that is likely to decrease demand for a broad variety of goods and services, including from our customers. We currently expect our operational and financial performance to be negatively impacted by the slowdown in activity associated with the COVID-19 pandemic for the quarters ending September 30, 2020 and December 31, 2020 and the year ending December 31, 2020 and beyond. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained and will be recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our financial statements. |
Reclassification | Reclassification Prior to the fiscal year beginning January 1, 2020, we have presented revenue on our consolidated statement of operations as products, maintenance and support and professional services revenue. For the three and six months ended June 30, 2020, we have combined products and maintenance and support revenue as products revenue on our consolidated statement of operations as our customers continue to migrate from our on-premise products to our SaaS Insight Platform. Given this continued migration, we believe it is more relevant to categorize maintenance and support revenue together as products revenue. Prior periods have been adjusted to conform with this presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard on January 1, 2020 using the prospective adoption approach. The impact to our consolidated financial statements as a result of the adoption was not material. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, modifies and adds disclosure requirements for fair value measurements. We adopted this standard on January 1, 2020 and there was no impact to our consolidated financial statements as a result of the adoption. Accounting Pronouncements Not Yet Effective In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to GAAP guidance on contract modifications to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) to alternative reference rates. We may elect to apply the amendments prospectively through December 31, 2022. The impact to our consolidated financial statements from the adoption of this standard is expected to be immaterial. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. The new standard will be effective for us in the first quarter of 2021, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. We are currently assessing the impact of adopting this standard but do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Revenue | We generate products revenue from the sale of (1) cloud-based subscriptions for our InsightIDR, InsightVM, InsightAppSec and InsightConnect products, (2) managed services offerings which utilize our products and (3) term or perpetual software licenses for our Nexpose, Metasploit, AppSpider and DivvyCloud products, and associated content subscriptions for our Nexpose and Metasploit products. We also generate appliance revenue that is included in our products revenue and is associated with hardware sold with our Nexpose product to certain customers. We generate maintenance and support revenue that is included in our products revenue and is associated with customers’ purchases of our software licenses for Nexpose, Metasploit and AppSpider products. We generate professional service revenue from the sale of our deployment and training services related to our solutions, incident response services, penetration testing and security advisory services. Our deployment services educate and assist our customers on the best use and best practices to deploy our solutions. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contracts with Customers and Revenue by Region | The following table summarizes revenue from contracts with customers for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Subscription revenue $ 72,796 $ 52,309 $ 141,421 $ 99,278 Term and perpetual software licenses 11,281 10,315 21,552 18,991 Maintenance and support 8,150 9,372 16,572 18,929 Professional services 6,482 6,380 13,273 13,720 Other 203 583 434 1,226 Total revenue $ 98,912 $ 78,959 $ 193,252 $ 152,144 |
Summary of Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations | The estimated revenues do not include unexercised contract renewals. Next Twelve Months Thereafter (in thousands) Subscription revenue $ 189,769 $ 37,159 Term and perpetual software licenses 30,151 15,613 Maintenance and support 18,784 3,520 Professional services 11,357 — |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of Purchase Price to Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands): Consideration: Cash $ 130,810 Deferred cash consideration 6,963 Estimated working capital and other purchase price adjustments 68 Fair value of total consideration transferred $ 137,841 Recognized amounts of identifiable assets and liabilities assumed: Cash and cash equivalents $ 5,039 Accounts receivable, net 904 Prepaid expenses and other current assets 810 Property and equipment, net 492 Operating lease right-of-use assets 3,320 Accounts payable (288) Accrued expenses (1,308) Operating lease liabilities, current portion (313) Deferred revenue, current portion (3,491) Operating lease liabilities, non-current portion (2,984) Deferred revenue, non-current portion (1,360) Intangible assets 21,200 Total identifiable net assets assumed $ 22,021 Goodwill 115,820 Net purchase price $ 137,841 |
Summary of Estimated Fair Value and Useful Life of Identifiable Intangible Assets | The fair value of identifiable intangible assets was based on valuations using the income approach. The estimated fair value and useful life of identifiable intangible assets are as follows: Amount Weighted Average Life (in thousands) (in years) Developed technology $ 18,600 6 Customer relationships 1,700 6 Trade name 900 5 Total identifiable intangible assets $ 21,200 |
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information in the table below summarizes the combined results of our operations and DivvyCloud, on a pro forma basis, as though we had acquired DivvyCloud on January 1, 2019. The unaudited pro forma financial information for all periods presented also includes the effects of business combination accounting resulting from the acquisition, including an adjustment to revenue for the deferred revenue fair value adjustment, amortization expense from acquired intangibles assets, reversal of acquisition-related expenses and the stock-compensation expense recorded to retain certain employees. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue $ 100,437 $ 79,963 $ 197,299 $ 154,068 Net loss $ (21,666) $ (22,671) $ (49,600) $ (40,228) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured and Recorded at Fair Value on Recurring Basis | The following table presents our financial assets measured and recorded at fair value on a recurring basis using the above input categories: As of June 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Description: Assets: Money market funds $ 253,786 $ — $ — $ 253,786 U.S. government agencies 24,977 — — 24,977 Corporate bonds — 13,702 — 13,702 Commercial paper — 3,000 — 3,000 Total assets $ 278,763 $ 16,702 $ — $ 295,465 As of December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Description: Assets: Money market funds $ 106,781 $ — $ — $ 106,781 Corporate bonds — 60,878 — 60,878 U.S. government agencies 36,979 — — 36,979 Commercial paper — 19,966 — 19,966 Agency bonds — 12,242 — 12,242 Asset-backed securities — 8,980 — 8,980 Total assets $ 143,760 $ 102,066 $ — $ 245,826 |
Summary of Investments Classified as Available-For-Sale | Our investments, which are all classified as available-for-sale, consisted of the following: As of June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Description: U.S. government agencies 24,981 — (4) 24,977 Corporate bonds 13,613 90 (1) 13,702 Commercial paper 3,000 — — 3,000 Total assets $ 41,594 $ 90 $ (5) $ 41,679 As of December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Description: U.S. government agencies $ 36,880 $ 99 $ — $ 36,979 Corporate bonds 60,803 77 (2) 60,878 Commercial paper 19,965 1 — 19,966 Agency bonds 12,198 44 — 12,242 Asset-backed securities 8,986 1 (7) 8,980 Total assets $ 138,832 $ 222 $ (9) $ 139,045 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment are recorded at cost and consist of the following: As of June 30, 2020 As of December 31, 2019 (in thousands) Computer equipment and software $ 14,765 $ 13,106 Furniture and fixtures 8,339 7,522 Leasehold improvements 44,676 44,050 Total 67,780 64,678 Less accumulated depreciation (18,876) (14,008) Property and equipment, net $ 48,904 $ 50,670 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Identifiable Intangible Assets | The following table presents details of our intangible assets, which include acquired identifiable intangible assets and capitalized internal-use software costs: As of June 30, 2020 As of December 31, 2019 Weighted- Gross Carrying Accumulated Net Book Value Gross Carrying Accumulated Net Book Value (in thousands) Intangible assets subject to amortization: Developed technology 5.6 $ 54,455 $ (19,913) $ 34,542 $ 35,855 $ (16,080) $ 19,775 Customer relationships 6.3 2,700 (753) 1,947 1,000 (641) 359 Trade names 5.4 1,419 (549) 870 519 (519) — Non-compete agreements 2.0 40 (40) — 40 (40) — Total acquired intangible assets 58,614 (21,255) 37,359 37,414 (17,280) 20,134 Internal-use software 3.0 12,821 (2,474) 10,347 9,873 (1,446) 8,427 Total intangible assets $ 71,435 $ (23,729) $ 47,706 $ 47,287 $ (18,726) $ 28,561 |
Schedule of Estimated Amortization Expense | Estimated future amortization expense of the acquired identifiable intangible assets and completed capitalized internal-use software costs as of June 30, 2020 was as follows (in thousands): 2020 (for the remaining six months) $ 6,285 2021 11,810 2022 8,939 2023 6,426 2024 3,871 2025 and thereafter 4,571 Total $ 41,902 |
Schedule of Goodwill | The following table displays the changes in goodwill: Amount (in thousands) Balance at December 31, 2019 $ 97,866 DivvyCloud acquisition 115,820 Balance at June 30, 2020 $ 213,686 |
Deferred Contract Acquisition_2
Deferred Contract Acquisition and Fulfillment Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Activity of Deferred Contract Acquisition and Fulfillment Costs | The following table summarizes the activity of the deferred contract acquisition and fulfillment costs for the six months ended June 30, 2020 and 2019: Six Months Ended June 30, 2020 2019 (in thousands) Beginning balance $ 51,260 $ 39,955 Capitalization of contract acquisition and fulfillment costs 12,378 10,067 Amortization of deferred contract acquisition and fulfillment costs (9,384) (6,896) Ending balance $ 54,254 $ 43,126 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Liability and Equity Components of Convertible Debt | The following table presents details of the Notes (number of shares in millions): Initial Conversion Price per $1,000 Principal Initial Conversion Price Initial Number of Shares 2023 Notes 24.0460 $ 41.59 5.5 2025 Notes 16.3875 $ 61.02 3.8 The net carrying amounts of the liability components of the 2023 Notes and the 2025 Notes were as follows (in thousands): As of June 30, 2020 As of December 31, 2019 2023 Notes 2025 Notes Total 2023 Notes Principal $ 230,000 $ 230,000 $ 460,000 $ 230,000 Unamortized debt discount (35,728) (47,053) (82,781) (40,768) Unamortized issuance costs (3,534) (5,524) (9,058) (4,032) Net carrying amount $ 190,738 $ 177,423 $ 368,161 $ 185,200 The net carrying amount of the equity component as of June 30, 2020 and December 31, 2019 (for the 2023 Notes) was as follows (in thousands): 2023 Notes 2025 Notes Total Debt discount for conversion option $ 53,820 $ 48,346 $ 102,166 Issuance costs (1,626) (1,511) (3,137) Net carrying amount $ 52,194 $ 46,835 $ 99,029 Interest expense related to the 2023 Notes and the 2025 Notes was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 2023 2025 2023 2025 2023 2025 2023 2025 Notes Notes Total Notes Notes Total Notes Notes Total Notes Notes Total Contractual interest expense $ 719 $ 863 $ 1,582 $ 718 $ — $ 718 $ 1,438 $ 863 $ 2,301 $ 1,437 $ — $ 1,437 Amortization of debt discount 2,543 1,293 3,836 2,361 — 2,361 5,039 1,293 6,332 4,645 — 4,645 Amortization of issuance costs 251 152 403 233 — 233 498 152 650 459 — 459 Total interest expense $ 3,513 $ 2,308 $ 5,821 $ 3,312 $ — $ 3,312 $ 6,975 $ 2,308 $ 9,283 $ 6,541 $ — $ 6,541 The net impact to our stockholders' equity, included in additional paid-in capital, of the above components of the 2023 Notes and the 2025 Notes was as follows (in thousands): 2023 Notes 2025 Notes Conversion option $ 53,820 $ 48,346 Purchase of capped calls (26,910) (27,255) Issuance costs (1,626) (1,511) Total $ 25,284 $ 19,580 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Components of Lease Expense and Supplemental Cash Flow Information Related to Leases | The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 3,881 $ 3,055 $ 7,252 $ 5,022 Short-term lease costs 224 137 514 286 Variable lease costs 1,367 592 2,289 1,009 Total lease costs $ 5,472 $ 3,784 $ 10,055 $ 6,317 Supplemental cash flow information related to leases was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 2,524 $ 2,578 $ 6,360 $ 4,506 Operating lease ROU assets obtained in exchange for new lease obligations $ 11,607 $ 58,906 $ 15,597 $ 60,772 |
Summary of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to the operating leases was as follows: As of June 30, 2020 As of December 31, 2019 (in thousands, except lease term and discount rate) Operating lease right-of-use (ROU) assets $ 72,005 $ 60,984 Operating lease liabilities, current portion $ 9,436 $ 7,179 Operating lease liabilities, non-current portion 80,081 72,294 Total operating lease liabilities $ 89,517 $ 79,473 Weighted average remaining lease term (in years) - operating leases 8.2 8.7 Weighted average discount rate - operating leases 7.7 % 7.6 % |
Summary of Maturities of Operating Lease Liabilities and Future Minimum Payments under Non-cancellable Leases | Maturities of operating lease liabilities as of June 30, 2020 were as follows (in thousands): 2020 (for the remaining six months) $ 6,837 2021 16,380 2022 13,721 2023 13,954 2024 13,253 2025 and thereafter 53,501 Total lease payments $ 117,646 Less: imputed interest (28,129) Total $ 89,517 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense for restricted stock units, stock options and issuances of common stock pursuant to our employee stock purchase plan was classified in the accompanying consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Stock-based compensation expense: Cost of revenue $ 1,131 $ 718 $ 2,062 $ 1,291 Research and development 6,389 4,054 11,034 7,228 Sales and marketing 4,345 2,942 8,023 5,406 General and administrative 4,581 2,716 8,674 5,139 Total stock-based compensation expense $ 16,446 $ 10,430 $ 29,793 $ 19,064 |
Summary of Restricted Stock and Restricted Stock Unit Activity | Restricted stock unit activity during the six months ended June 30, 2020 was as follows: Shares Weighted-Average Unvested balance as of December 31, 2019 2,936,924 $ 32.43 Granted 1,548,989 56.48 Vested (723,742) 32.01 Forfeited (122,463) 36.03 Unvested balance as of June 30, 2020 3,639,708 $ 42.65 |
Summary of Stock Option Activity | Stock option activity during the six months ended June 30, 2020 was as follows: Shares Weighted Weighted Aggregate Outstanding as of December 31, 2019 2,705,458 $ 10.18 Granted — — Exercised (284,962) 13.10 $ 10,137 Forfeited/cancelled (16,484) 17.01 Outstanding as of June 30, 2020 2,404,012 $ 9.79 4.5 $ 99,113 Vested and exercisable as of June 30, 2020 2,171,711 $ 9.20 4.3 $ 90,811 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share of Common Stock | The following table summarizes the computation of basic and diluted net loss per share of our common stock for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ (21,466) $ (13,420) $ (44,390) $ (25,093) Denominator: Weighted-average common shares outstanding, basic and diluted 50,695,706 48,451,562 50,411,508 48,141,474 Net loss per share attributable to common stockholders, basic and diluted $ (0.42) $ (0.28) $ (0.88) $ (0.52) |
Anti-Dilutive Securities Excluded from Computation Diluted Weighted Average Shares Outstanding | The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been anti-dilutive: Three and Six Months Ended June 30, 2020 2019 Options to purchase common stock 2,404,012 3,137,554 Unvested restricted stock units 3,639,708 3,513,781 Common shares to be issued 200,596 — Shares to be issued under ESPP 77,926 46,331 Total 6,322,242 6,697,666 |
Segment Information and Infor_2
Segment Information and Information about Geographic Areas (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Net Revenues of Customer by Geographic Area | Net revenues by geographic area presented based upon the location of the customer were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) United States $ 79,457 $ 64,106 $ 155,295 $ 124,046 Other 19,455 14,853 37,957 28,098 Total $ 98,912 $ 78,959 $ 193,252 $ 152,144 |
Property and Equipment, Net By Geographic Area | Property and equipment, net by geographic area was as follows: As of June 30, 2020 As of December 31, 2019 (in thousands) United States $ 43,349 $ 42,570 Other 5,555 8,100 Total $ 48,904 $ 50,670 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers and Revenue by Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 98,912 | $ 78,959 | $ 193,252 | $ 152,144 |
Subscription Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 72,796 | 52,309 | 141,421 | 99,278 |
Term and Perpetual Software Licenses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,281 | 10,315 | 21,552 | 18,991 |
Maintenance and Support [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,150 | 9,372 | 16,572 | 18,929 |
Professional Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,482 | 6,380 | 13,273 | 13,720 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 203 | $ 583 | $ 434 | $ 1,226 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue recognized | $ 84.8 | $ 66.6 | $ 149.3 | $ 117.2 | |
Contract assets | $ 1.5 | $ 1.5 | $ 0.8 | ||
Term and Perpetual Software Licenses [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Economic life | 5 years | ||||
Professional Services [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contractual period | 1 year |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Estimated Revenue Expected to be Recognized in Future Related to Performance Obligations (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Subscription Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 189,769 |
Expected timing of satisfaction, period | 12 months |
Subscription Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 37,159 |
Expected timing of satisfaction, period | |
Term and Perpetual Software Licenses [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 30,151 |
Expected timing of satisfaction, period | 12 months |
Term and Perpetual Software Licenses [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 15,613 |
Expected timing of satisfaction, period | |
Maintenance and Support [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 18,784 |
Expected timing of satisfaction, period | 12 months |
Maintenance and Support [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3,520 |
Expected timing of satisfaction, period | |
Professional Services [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 11,357 |
Expected timing of satisfaction, period | 12 months |
Professional Services [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Expected timing of satisfaction, period |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | May 01, 2020USD ($)installmentreportingUnitshares | Apr. 01, 2019USD ($)reportingUnitshares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||||
Share-based payment arrangement, expense | $ 16,446,000 | $ 10,430,000 | $ 29,793,000 | $ 19,064,000 | |||
Vesting period | 4 years | ||||||
Goodwill | 213,686,000 | $ 213,686,000 | $ 97,866,000 | ||||
Number of reporting units | reportingUnit | 1 | 1 | |||||
Divvy Cloud Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total cash consideration | $ 137,841,000 | ||||||
Payments to acquire businesses, gross | 130,810,000 | ||||||
Deferred cash consideration | 7,400,000 | ||||||
Working capital adjustment | 68,000 | ||||||
Deferred cash payments, due in three months from acquisition | 200,000 | ||||||
Working capital adjustment, due fifteen months after acquisition bate | 7,200,000 | ||||||
Deferred cash consideration | $ 6,963,000 | ||||||
Equity awards granted to certain retained employees (in shares) | shares | 200,596 | ||||||
Number of installments | installment | 3 | ||||||
Equity interest issued or issuable, value assigned | $ 8,900,000 | ||||||
Share-based payment arrangement, expense | 500,000 | 500,000 | |||||
Acquisition related costs | 800,000 | 1,100,000 | |||||
Net assets acquired | 22,021,000 | ||||||
Goodwill | 115,820,000 | ||||||
Intangible assets | $ 21,200,000 | ||||||
Expected tax deductible amount | 0 | 0 | |||||
Divvy Cloud Corporation [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity awards granted to certain retained employees (in shares) | shares | 153,643 | ||||||
Vesting period | 3 years | ||||||
Divvy Cloud Corporation [Member] | Performance Shares [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity awards granted to certain retained employees (in shares) | shares | 109,760 | ||||||
Vesting period | 3 years | ||||||
NetFort Technologies [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 16,100,000 | ||||||
Acquisition related costs | $ 300,000 | $ 500,000 | |||||
Net assets acquired | 600,000 | ||||||
Goodwill | 9,400,000 | ||||||
Intangible assets | 6,100,000 | ||||||
Expected tax deductible amount | $ 0 | $ 0 | |||||
Deferred tax benefit recognized during period for release of valuation allowance | $ 800,000 | ||||||
NetFort Technologies [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity awards granted to certain retained employees (in shares) | shares | 123,623 | ||||||
Vesting period | 3 years |
Business Combinations - Summary
Business Combinations - Summary of Preliminary Allocation of Purchase Price to Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | May 01, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Recognized amounts of identifiable assets and liabilities assumed: | |||
Goodwill | $ 213,686 | $ 97,866 | |
Divvy Cloud Corporation [Member] | |||
Consideration: | |||
Cash | $ 130,810 | ||
Deferred cash consideration | 6,963 | ||
Estimated working capital and other purchase price adjustments | 68 | ||
Fair value of total consideration transferred | 137,841 | ||
Recognized amounts of identifiable assets and liabilities assumed: | |||
Cash and cash equivalents | 5,039 | ||
Accounts receivable, net | 904 | ||
Prepaid expenses and other current assets | 810 | ||
Property and equipment, net | 492 | ||
Operating lease right-of-use assets | 3,320 | ||
Accounts payable | (288) | ||
Accrued expenses | (1,308) | ||
Operating lease liabilities, current portion | (313) | ||
Deferred revenue, current portion | (3,491) | ||
Operating lease liabilities, non-current portion | (2,984) | ||
Deferred revenue, non-current portion | (1,360) | ||
Intangible assets | 21,200 | ||
Total identifiable net assets assumed | 22,021 | ||
Goodwill | 115,820 | ||
Net purchase price | $ 137,841 |
Business Combinations - Summa_2
Business Combinations - Summary of Estimated Fair Value and Useful Life of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | May 01, 2020 | Jun. 30, 2020 |
Divvy Cloud Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 21,200 | |
Developed Technology [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average life | 5 years 7 months 6 days | |
Developed Technology [Member] | Divvy Cloud Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 18,600 | |
Weighted average life | 6 years | |
Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average life | 6 years 3 months 18 days | |
Customer Relationships [Member] | Divvy Cloud Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 1,700 | |
Weighted average life | 6 years | |
Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Weighted average life | 5 years 4 months 24 days | |
Trade Names [Member] | Divvy Cloud Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Identifiable intangible assets | $ 900 | |
Weighted average life | 5 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Financial Information (Details) - Divvy Cloud Corporation [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 100,437 | $ 79,963 | $ 197,299 | $ 154,068 |
Net loss | $ (21,666) | $ (22,671) | $ (49,600) | $ (40,228) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured and Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | $ 41,679 | $ 139,045 | |
2023 Notes [Member] | Convertible Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 1.25% | 1.25% | |
Convertible debt, fair value | $ 309,100 | ||
2025 Notes [Member] | Convertible Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 2.25% | 2.25% | |
Convertible debt, fair value | $ 247,900 | ||
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 295,465 | 245,826 | |
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 278,763 | 143,760 | |
Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 16,702 | 102,066 | |
Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 0 | 0 | |
U.S. Government Agencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 24,977 | 36,979 | |
U.S. Government Agencies [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 24,977 | 36,979 | |
U.S. Government Agencies [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 24,977 | 36,979 | |
U.S. Government Agencies [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
U.S. Government Agencies [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 13,702 | 60,878 | |
Corporate Bonds [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 13,702 | 60,878 | |
Corporate Bonds [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Corporate Bonds [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 13,702 | 60,878 | |
Corporate Bonds [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 3,000 | 19,966 | |
Commercial Paper [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 3,000 | 19,966 | |
Commercial Paper [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Commercial Paper [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 3,000 | 19,966 | |
Commercial Paper [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Agency Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 12,242 | ||
Agency Bonds [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 12,242 | ||
Agency Bonds [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Agency Bonds [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 12,242 | ||
Agency Bonds [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Asset-backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 8,980 | ||
Asset-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 8,980 | ||
Asset-backed Securities [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Asset-backed Securities [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 8,980 | ||
Asset-backed Securities [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Money Market Funds [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 253,786 | 106,781 | |
Money Market Funds [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 253,786 | 106,781 | |
Money Market Funds [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Money Market Funds [Member] | Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Classified as Available-For-Sale (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 41,594 | $ 138,832 |
Gross Unrealized Gains | 90 | 222 |
Gross Unrealized Losses | (5) | (9) |
Fair Value | $ 41,679 | $ 139,045 |
Minimum [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity | 4 months | 3 months |
Maximum [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Remaining maturity | 15 months | 2 years |
U.S. Government Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 24,981 | $ 36,880 |
Gross Unrealized Gains | 0 | 99 |
Gross Unrealized Losses | (4) | 0 |
Fair Value | 24,977 | 36,979 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,613 | 60,803 |
Gross Unrealized Gains | 90 | 77 |
Gross Unrealized Losses | (1) | (2) |
Fair Value | 13,702 | 60,878 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,000 | 19,965 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 3,000 | 19,966 |
Agency Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,198 | |
Gross Unrealized Gains | 44 | |
Gross Unrealized Losses | 0 | |
Fair Value | 12,242 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,986 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (7) | |
Fair Value | $ 8,980 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 67,780 | $ 64,678 |
Less accumulated depreciation | (18,876) | (14,008) |
Property and equipment, net | 48,904 | 50,670 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 14,765 | 13,106 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,339 | 7,522 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 44,676 | $ 44,050 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 2.9 | $ 2.1 | $ 5.4 | $ 3.9 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 213,686 | $ 213,686 | $ 97,866 | ||
Amortization expense | $ 2,800 | $ 1,900 | 5,000 | $ 3,500 | |
Capitalized internal-use software costs for works in process | $ 5,800 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Goodwill Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance at December 31, 2019 | $ 97,866 |
DivvyCloud acquisition | 115,820 |
Balance at June 30, 2020 | $ 213,686 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, Gross Carrying Amount | $ 71,435 | $ 47,287 |
Accumulated Amortization | (23,729) | (18,726) |
Total intangible assets, Net Book Value | 47,706 | 28,561 |
Total acquired intangible assets, Gross Carrying Amount | 58,614 | 37,414 |
Total acquired intangible assets, Accumulated Amortization | (21,255) | (17,280) |
Acquired Intangible Assets, Net Book Value | $ 37,359 | 20,134 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Life (years) | 5 years 7 months 6 days | |
Gross Carrying Amount | $ 54,455 | 35,855 |
Accumulated Amortization | (19,913) | (16,080) |
Total | $ 34,542 | 19,775 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Life (years) | 6 years 3 months 18 days | |
Gross Carrying Amount | $ 2,700 | 1,000 |
Accumulated Amortization | (753) | (641) |
Total | $ 1,947 | 359 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Life (years) | 5 years 4 months 24 days | |
Gross Carrying Amount | $ 1,419 | 519 |
Accumulated Amortization | (549) | (519) |
Total | $ 870 | 0 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Life (years) | 2 years | |
Gross Carrying Amount | $ 40 | 40 |
Accumulated Amortization | (40) | (40) |
Total | $ 0 | 0 |
Internal-use Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Weighted-Average Life (years) | 3 years | |
Gross Carrying Amount | $ 12,821 | 9,873 |
Accumulated Amortization | (2,474) | (1,446) |
Total | $ 10,347 | $ 8,427 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 (for the remaining six months) | $ 6,285 |
2021 | 11,810 |
2022 | 8,939 |
2023 | 6,426 |
2024 | 3,871 |
2025 and thereafter | 4,571 |
Total | $ 41,902 |
Deferred Contract Acquisition_3
Deferred Contract Acquisition and Fulfillment Costs (Details) - Contract Acquisition and Fulfillment Costs [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Capitalized Contract Costs [Roll Forward] | ||
Beginning balance | $ 51,260 | $ 39,955 |
Capitalization of contract acquisition and fulfillment costs | 12,378 | 10,067 |
Amortization of deferred contract acquisition and fulfillment costs | (9,384) | (6,896) |
Ending balance | $ 54,254 | $ 43,126 |
Debt - Additional Information (
Debt - Additional Information (Details) $ / shares in Units, shares in Millions | May 01, 2020USD ($)$ / sharesshares | Apr. 23, 2020USD ($) | Aug. 31, 2018USD ($)day$ / sharesshares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($) | May 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||
Proceeds from convertible debt | $ 223,500,000 | $ 0 | |||||
Convertible Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of equity component | 99,029,000 | $ 99,029,000 | |||||
Debt issuance costs, net | $ 9,058,000 | ||||||
Convertible Debt [Member] | Debt Covenant One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Threshold trading days | day | 20 | ||||||
Threshold consecutive trading days | day | 30 | ||||||
Threshold percentage of stock price trigger | 130.00% | ||||||
Convertible Debt [Member] | Debt Covenant Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Threshold trading days | day | 5 | ||||||
Threshold percentage of stock price trigger | 98.00% | ||||||
Convertible Debt [Member] | Debt Covenant Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Threshold percentage of stock price trigger | 130.00% | ||||||
Redemption price, percentage | 100.00% | ||||||
2023 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Strike price (in dollars per share) | $ / shares | $ 41.59 | ||||||
Equity component of convertible debt, subsequent adjustments | $ 26,910,000 | ||||||
2023 Notes [Member] | Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Strike price (in dollars per share) | $ / shares | $ 41.59 | ||||||
Cap price (in dollars per share) | $ / shares | $ 63.98 | ||||||
Option indexed to issuer's equity (in shares) | shares | 5.5 | ||||||
Equity component of convertible debt, subsequent adjustments | $ 26,900,000 | ||||||
2023 Notes [Member] | Convertible Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 230,000,000 | ||||||
Interest rate | 1.25% | 1.25% | |||||
Proceeds from convertible debt | $ 223,100,000 | ||||||
Conversion ratio (in shares per $1000) | 0.024046 | ||||||
Conversion price (in dollars per share) | $ / shares | $ 41.59 | ||||||
Carrying amount of equity component | $ 53,800,000 | $ 52,194,000 | 52,194,000 | ||||
Converted instrument, rate | 7.36% | ||||||
Debt issuance costs, net | $ 6,900,000 | $ 3,534,000 | 4,032,000 | ||||
Liability component | 5,300,000 | ||||||
Issuance costs of equity component | $ 1,600,000 | ||||||
2023 Notes [Member] | Convertible Debt [Member] | Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Option indexed to issuer's equity (in shares) | shares | 5.5 | ||||||
2023 Notes [Member] | Convertible Debt [Member] | Debt Covenant Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Threshold trading days | day | 20 | ||||||
Threshold consecutive trading days | day | 30 | ||||||
Redemption price, percentage | 100.00% | ||||||
2025 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Strike price (in dollars per share) | $ / shares | $ 61.02 | ||||||
Equity component of convertible debt, subsequent adjustments | $ 27,255,000 | ||||||
2025 Notes [Member] | Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Strike price (in dollars per share) | $ / shares | $ 61.02 | ||||||
Cap price (in dollars per share) | $ / shares | $ 93.88 | ||||||
Option indexed to issuer's equity (in shares) | shares | 3.8 | ||||||
Equity component of convertible debt, subsequent adjustments | $ 27,300,000 | ||||||
2025 Notes [Member] | Convertible Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount | $ 230,000,000 | ||||||
Interest rate | 2.25% | 2.25% | |||||
Proceeds from convertible debt | $ 222,800,000 | ||||||
Conversion ratio (in shares per $1000) | 0.0163875 | ||||||
Conversion price (in dollars per share) | $ / shares | $ 61.02 | ||||||
Carrying amount of equity component | $ 48,300,000 | $ 46,835,000 | $ 46,835,000 | ||||
Converted instrument, rate | 7.85% | ||||||
Debt issuance costs, net | 7,200,000 | 5,524,000 | |||||
Liability component | 5,700,000 | ||||||
Issuance costs of equity component | $ 1,500,000 | ||||||
2025 Notes [Member] | Convertible Debt [Member] | Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Option indexed to issuer's equity (in shares) | shares | 3.8 | ||||||
Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term line of credit | $ 0 | ||||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Current borrowing capacity | $ 30,000,000 | $ 50,000,000 | |||||
Fee amount | $ 400,000 | ||||||
Commitment fee percentage | 0.20% | ||||||
Credit sublimit | $ 15,000,000 | ||||||
Credit Agreement [Member] | Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 70,000,000 | ||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.50% | ||||||
Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Credit Agreement [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.00% |
Debt - Details of Notes (Detail
Debt - Details of Notes (Details) shares in Millions | May 01, 2020shares | Aug. 31, 2018$ / sharesshares |
2023 Notes [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Option indexed to issuer's equity (in shares) | 5.5 | |
2023 Notes [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Conversion ratio (in shares per $1000) | 0.024046 | |
Conversion price (in dollars per share) | $ / shares | $ 41.59 | |
2023 Notes [Member] | Convertible Debt [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Option indexed to issuer's equity (in shares) | 5.5 | |
2025 Notes [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Option indexed to issuer's equity (in shares) | 3.8 | |
2025 Notes [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Conversion ratio (in shares per $1000) | 0.0163875 | |
Conversion price (in dollars per share) | $ / shares | $ 61.02 | |
2025 Notes [Member] | Convertible Debt [Member] | Call Option [Member] | ||
Debt Instrument [Line Items] | ||
Option indexed to issuer's equity (in shares) | 3.8 |
Debt - Carrying Amount of Liabi
Debt - Carrying Amount of Liability Component (Details) - Convertible Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | May 01, 2020 | Dec. 31, 2019 | Aug. 31, 2018 |
Debt Instrument [Line Items] | ||||
Principal | $ 460,000 | |||
Unamortized debt discount | (82,781) | |||
Unamortized issuance costs | (9,058) | |||
Net carrying amount | 368,161 | |||
2023 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 230,000 | $ 230,000 | ||
Unamortized debt discount | (35,728) | (40,768) | ||
Unamortized issuance costs | (3,534) | (4,032) | $ (6,900) | |
Net carrying amount | 190,738 | $ 185,200 | ||
2025 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 230,000 | |||
Unamortized debt discount | (47,053) | |||
Unamortized issuance costs | (5,524) | $ (7,200) | ||
Net carrying amount | $ 177,423 |
Debt - Carrying Amount of Equit
Debt - Carrying Amount of Equity Component (Details) - Convertible Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | May 01, 2020 | Dec. 31, 2019 | Aug. 31, 2018 |
Debt Instrument [Line Items] | ||||
Debt discount for conversion option | $ 102,166 | $ 102,166 | ||
Issuance costs | (3,137) | (3,137) | ||
Net carrying amount | 99,029 | 99,029 | ||
2023 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt discount for conversion option | 53,820 | 53,820 | ||
Issuance costs | (1,626) | (1,626) | ||
Net carrying amount | 52,194 | 52,194 | $ 53,800 | |
2025 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt discount for conversion option | 48,346 | 48,346 | ||
Issuance costs | (1,511) | (1,511) | ||
Net carrying amount | $ 46,835 | $ 48,300 | $ 46,835 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - Convertible Debt [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 1,582 | $ 718 | $ 2,301 | $ 1,437 |
Amortization of debt discount | 3,836 | 2,361 | 6,332 | 4,645 |
Amortization of issuance costs | 403 | 233 | 650 | 459 |
Total interest expense | 5,821 | 3,312 | 9,283 | 6,541 |
2023 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 719 | 718 | 1,438 | 1,437 |
Amortization of debt discount | 2,543 | 2,361 | 5,039 | 4,645 |
Amortization of issuance costs | 251 | 233 | 498 | 459 |
Total interest expense | 3,513 | 3,312 | 6,975 | 6,541 |
2025 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 863 | 0 | 863 | 0 |
Amortization of debt discount | 1,293 | 0 | 1,293 | 0 |
Amortization of issuance costs | 152 | 0 | 152 | 0 |
Total interest expense | $ 2,308 | $ 0 | $ 2,308 | $ 0 |
Debt - Impact to Shareholders'
Debt - Impact to Shareholders' Equity (Details) - USD ($) $ in Thousands | May 01, 2020 | Aug. 31, 2018 | Jun. 30, 2020 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||||
Total | $ 46,835 | $ 46,835 | ||
2023 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Conversion option | $ 53,820 | |||
Purchase of capped calls | (26,910) | |||
Issuance costs | (1,626) | |||
Total | $ 25,284 | |||
2025 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Conversion option | $ 48,346 | |||
Purchase of capped calls | (27,255) | |||
Issuance costs | (1,511) | |||
Total | $ 19,580 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Lease term | 8 years 2 months 12 days | 8 years 8 months 12 days |
Renewal term | 5 years | |
Termination period | 6 years | |
Office Building [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 10 years 4 months 24 days |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 3,881 | $ 3,055 | $ 7,252 | $ 5,022 |
Short-term lease costs | 224 | 137 | 514 | 286 |
Variable lease costs | 1,367 | 592 | 2,289 | 1,009 |
Total lease costs | $ 5,472 | $ 3,784 | $ 10,055 | $ 6,317 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use (ROU) assets | $ 72,005 | $ 60,984 |
Operating lease liabilities, current portion | 9,436 | 7,179 |
Operating lease liabilities, non-current portion | 80,081 | 72,294 |
Total operating lease liabilities | $ 89,517 | $ 79,473 |
Weighted average remaining lease term (in years) - operating leases | 8 years 2 months 12 days | 8 years 8 months 12 days |
Weighted average discount rate - operating leases | 7.70% | 7.60% |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 2,524 | $ 2,578 | $ 6,360 | $ 4,506 |
Operating lease ROU assets obtained in exchange for new lease obligations | $ 11,607 | $ 58,906 | $ 15,597 | $ 60,772 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 (for the remaining six months) | $ 6,837 | |
2021 | 16,380 | |
2022 | 13,721 | |
2023 | 13,954 | |
2024 | 13,253 | |
2025 and thereafter | 53,501 | |
Total lease payments | 117,646 | |
Less: imputed interest | (28,129) | |
Total | $ 89,517 | $ 79,473 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 16,446 | $ 10,430 | $ 29,793 | $ 19,064 |
Cost of Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 1,131 | 718 | 2,062 | 1,291 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 6,389 | 4,054 | 11,034 | 7,228 |
Sales and Marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | 4,345 | 2,942 | 8,023 | 5,406 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 4,581 | $ 2,716 | $ 8,674 | $ 5,139 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 15, 2020 | Sep. 13, 2019 | Mar. 15, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 13, 2020 | Sep. 17, 2018 | Mar. 16, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 4 years | |||||||||
Share-based payment arrangement, expense | $ 16,446 | $ 10,430 | $ 29,793 | $ 19,064 | ||||||
Purchase price of common stock by employees | 85.00% | |||||||||
Issuance of common stock under employee stock purchase plan | $ 3,346 | $ 2,634 | ||||||||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee withholding percentage | 15.00% | |||||||||
2020 Bonus Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based payment arrangement, expense | 400 | $ 800 | ||||||||
Restricted Stock and Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized compensation expense | 145,200 | $ 145,200 | ||||||||
Unrecognized compensation expense, recognition period | 2 years 7 months 6 days | |||||||||
Options to Purchase Common Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized compensation expense, recognition period | 9 months 18 days | |||||||||
Unrecognized compensation cost, stock options | $ 1,400 | $ 1,400 | ||||||||
Stock options vested, fair value | $ 1,300 | |||||||||
Employee Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock issued to employees (in shares) | 101,806 | 74,221 | 110,822 | |||||||
Issuance of common stock under employee stock purchase plan | $ 3,300 | $ 2,900 | $ 2,600 | |||||||
Share issued, price per share (in dollars per share) | $ 32.87 | $ 42.22 | $ 30.46 | $ 21.96 | ||||||
Closing price of shares issued (in dollars per share) | $ 49.67 | $ 38.67 | $ 35.84 | $ 25.84 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Summary of Restricted Stock and Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Shares | |
Unvested balance, Beginning balance (in shares) | shares | 2,936,924 |
Granted (in shares) | shares | 1,548,989 |
Vested (in shares) | shares | (723,742) |
Forfeited (in shares) | shares | (122,463) |
Unvested balance, Ending balance (in shares) | shares | 3,639,708 |
Weighted-Average Grant Date Fair Value | |
Unvested balance, Beginning balance (in dollars per share) | $ / shares | $ 32.43 |
Granted (in dollars per share) | $ / shares | 56.48 |
Vested (in dollars per share) | $ / shares | 32.01 |
Forfeited (in dollars per share) | $ / shares | 36.03 |
Unvested balance, Ending Balance (in dollars per share) | $ / shares | $ 42.65 |
Stock-Based Compensation Expe_6
Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Shares | |
Outstanding, Beginning balance (in shares) | shares | 2,705,458 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (284,962) |
Forfeited/canceled (in shares) | shares | (16,484) |
Outstanding, Ending balance (in shares) | shares | 2,404,012 |
Vested and exercisable (in shares) | shares | 2,171,711 |
Weighted Average Exercise Price | |
Outstanding, Beginning balance (in dollars per share) | $ / shares | $ 10.18 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 13.10 |
Forfeited/canceled (in dollars per share) | $ / shares | 17.01 |
Outstanding, Ending balance (in dollars per share) | $ / shares | 9.79 |
Vested and exercisable (in dollars per share) | $ / shares | $ 9.20 |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding | 4 years 6 months |
Vested and exercisable | 4 years 3 months 18 days |
Aggregate Intrinsic Value | |
Exercised | $ | $ 10,137 |
Outstanding | $ | 99,113 |
Vested and exercisable | $ | $ 90,811 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net loss | $ (21,466) | $ (13,420) | $ (44,390) | $ (25,093) |
Denominator: | ||||
Weighted-average common shares outstanding, basic and diluted (in shares) | 50,695,706 | 48,451,562 | 50,411,508 | 48,141,474 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.42) | $ (0.28) | $ (0.88) | $ (0.52) |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of Antidilutive Securities Excluded From Computation Diluted Weighted Average Shares Outstanding (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 6,322,242 | 6,697,666 |
2023 Notes [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Strike price (in dollars per share) | $ 41.59 | |
2025 Notes [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Strike price (in dollars per share) | $ 61.02 | |
Unvested Restricted Stock Units [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 3,639,708 | 3,513,781 |
Common Stock [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 200,596 | 0 |
Employee Stock Purchase Plan [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 77,926 | 46,331 |
Convertible Debt Securities [Member] | 2023 Notes [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 5,500,000 | |
Convertible Debt Securities [Member] | 2025 Notes [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 3,800,000 | |
Options to Purchase Common Stock [Member] | ||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 2,404,012 | 3,137,554 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended |
Oct. 31, 2018patent | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of patents allegedly infringed | 7 |
Segment Information and Infor_3
Segment Information and Information about Geographic Areas - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment Information and Infor_4
Segment Information and Information about Geographic Areas - Net Revenues of Customer by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ||||
Net revenues, Total | $ 98,912 | $ 78,959 | $ 193,252 | $ 152,144 |
North America [Member] | ||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ||||
Net revenues, Total | 79,457 | 64,106 | 155,295 | 124,046 |
Other [Member] | ||||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ||||
Net revenues, Total | $ 19,455 | $ 14,853 | $ 37,957 | $ 28,098 |
Segment Information and Infor_5
Segment Information and Information about Geographic Areas - Property and Equipment, Net By Geographic Area (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net, Total | $ 48,904 | $ 50,670 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net, Total | 43,349 | 42,570 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net, Total | $ 5,555 | $ 8,100 |
Uncategorized Items - rp-202006
Label | Element | Value |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 0 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 1,283,000 |