Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Feb. 14, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | DDOG | |
Entity Registrant Name | Datadog, Inc. | |
Entity Central Index Key | 0001561550 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Public Float | $ 2.4 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity File Number | 001-39051 | |
Entity Tax Identification Number | 27-2825503 | |
Entity Address, Address Line One | 620 8th Avenue | |
Entity Address, Address Line Two | 45th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10018 | |
City Area Code | 866 | |
Local Phone Number | 329-4466 | |
Title of 12(b) Security | Class A common stock, par value $0.00001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for its 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2019. | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 65,045,636 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 232,027,598 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 597,297 | $ 53,639 |
Marketable securities | 176,674 | |
Accounts receivable, net of allowance for doubtful accounts of $817 and $477 as of December 31, 2019 and 2018, respectively | 102,394 | 55,822 |
Deferred contract costs, current | 8,346 | 3,717 |
Prepaid expenses and other current assets | 19,231 | 8,773 |
Total current assets | 903,942 | 121,951 |
Property and equipment, net | 32,749 | 21,649 |
Operating lease assets | 53,002 | |
Goodwill | 9,058 | 7,626 |
Intangible assets, net | 1,435 | 1,288 |
Deferred contract costs, non-current | 17,409 | 7,292 |
Restricted cash | 3,456 | 11,341 |
Other assets | 16,990 | 8,603 |
TOTAL ASSETS | 1,038,041 | 179,750 |
CURRENT LIABILITIES: | ||
Accounts payable | 15,429 | 12,638 |
Accrued expenses and other current liabilities | 38,746 | 30,290 |
Operating lease liabilities, current | 11,916 | |
Deferred revenue, current | 134,148 | 69,306 |
Total current liabilities | 200,239 | 112,234 |
Operating lease liabilities, non-current | 48,510 | |
Deferred revenue, non-current | 4,340 | 1,393 |
Other liabilities | 2,611 | 1,359 |
Total liabilities | 255,700 | 114,986 |
COMMITMENTS AND CONTINGENCIES (NOTE 9) | ||
CONVERTIBLE PREFERRED STOCK: | ||
Convertible preferred stock; $0.00001 par value per share; 0 and 179,814,912 shares authorized as of December 31, 2019 and 2018, respectively; 0 and 179,814,912 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 140,805 | |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Preferred stock; $0.00001 par value per share; 20,000,000 and 0 shares authorized as of December 31, 2019 and 2018, respectively; 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively | ||
Additional paid-in capital | 905,821 | 30,834 |
Accumulated other comprehensive income | 133 | 31 |
Accumulated deficit | (123,616) | (106,906) |
Total stockholders’ equity (deficit) | 782,341 | (76,041) |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | 1,038,041 | $ 179,750 |
Class A Common Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Common stock, value | 1 | |
Class B Common Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Common stock, value | $ 2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, net of allowance for doubtful accounts | $ 817 | $ 477 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 20,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 0 | 380,000,000 |
Common stock, shares issued | 0 | 78,180,606 |
Common stock, shares outstanding | 0 | 78,180,606 |
Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.00001 | $ 0.00001 |
Convertible preferred stock, shares authorized | 0 | 179,814,912 |
Convertible preferred stock, shares issued | 0 | 179,814,912 |
Convertible preferred stock, shares outstanding | 0 | 179,814,912 |
Class A Common Stock | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 2,000,000,000 | 0 |
Common stock, shares issued | 64,308,498 | 0 |
Common stock, shares outstanding | 64,308,498 | 0 |
Class B Common Stock | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 310,000,000 | 0 |
Common stock, shares issued | 232,078,452 | 0 |
Common stock, shares outstanding | 232,078,452 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Revenue | $ 362,780 | $ 198,077 | $ 100,761 |
Cost of revenue | 88,949 | 46,529 | 23,414 |
Gross profit | 273,831 | 151,548 | 77,347 |
Operating expenses: | |||
Research and development | 111,425 | 55,176 | 24,734 |
Sales and marketing | 146,657 | 88,849 | 44,213 |
General and administrative | 35,889 | 18,556 | 11,356 |
Total operating expenses | 293,971 | 162,581 | 80,303 |
Operating loss | (20,140) | (11,033) | (2,956) |
Other income, net | 4,164 | 793 | 843 |
Loss before provision for income taxes | (15,976) | (10,240) | (2,113) |
Provision for income taxes | (734) | (522) | (457) |
Net loss | (16,710) | (10,762) | (2,570) |
Net loss attributable to common stockholders | $ (16,710) | $ (10,762) | $ (2,570) |
Basic and diluted net loss per share | $ (0.12) | $ (0.15) | $ (0.04) |
Weighted average shares used in calculating basic and diluted net loss per share: | 140 | 71 | 61 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (16,710) | $ (10,762) | $ (2,570) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 55 | 78 | (48) |
Unrealized gain on available-for-sale marketable securities | 47 | ||
Other comprehensive income (loss) | 102 | 78 | (48) |
Comprehensive loss | $ (16,608) | $ (10,684) | $ (2,618) |
CONSOLIDATED STATEMENTS OF CONV
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Third-Party Tender Offer | Initial Public Offering | Convertible Preferred Stock | Convertible Preferred StockThird-Party Tender Offer | Convertible Preferred StockInitial Public Offering | Class A and Class B Common Stock | Class A and Class B Common StockInitial Public Offering | Non-Voting Common Stock | Common Stock | Common StockThird-Party Tender Offer | Additional Paid-in Capital | Additional Paid-in CapitalThird-Party Tender Offer | Additional Paid-in CapitalInitial Public Offering | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Convertible preferred stock, beginning balance, shares at Dec. 31, 2016 | 179,814,912 | |||||||||||||||
Convertible preferred stock, beginning balance at Dec. 31, 2016 | $ 140,805 | |||||||||||||||
Beginning balance, shares at Dec. 31, 2016 | 1,137,000 | 57,692,496 | ||||||||||||||
Beginning balance at Dec. 31, 2016 | $ (81,691) | $ 13,785 | $ (95,476) | |||||||||||||
Effect of adoption of ASU (Adoption of ASU 606) at Dec. 31, 2016 | 2,677 | 2,677 | ||||||||||||||
Beginning balance, adjusted at Dec. 31, 2016 | $ (79,014) | 13,785 | (92,799) | |||||||||||||
Convertible preferred stock, beginning balance adjusted, shares at Dec. 31, 2016 | 179,814,912 | |||||||||||||||
Convertible preferred stock adjusted, beginning balance at Dec. 31, 2016 | $ 140,805 | |||||||||||||||
Beginning balance adjusted, shares at Dec. 31, 2016 | 1,137,000 | 57,692,496 | ||||||||||||||
Issuance of common stock upon exercise of stock options, shares | 2,165,976 | 2,165,976 | ||||||||||||||
Issuance of common stock upon exercise of stock options | $ 449 | 449 | ||||||||||||||
Vesting of early exercised stock options | 143 | 143 | ||||||||||||||
Issuance of common stock for acquisition, shares | 2,292,012 | |||||||||||||||
Issuance of common stock for acquisition | 2,015 | 2,015 | ||||||||||||||
Stock-based compensation | 3,316 | 3,316 | ||||||||||||||
Other comprehensive income (loss) | (48) | $ (48) | ||||||||||||||
Other | 8 | 8 | ||||||||||||||
Other, shares | 10,500 | |||||||||||||||
Net loss | (2,570) | (2,570) | ||||||||||||||
Ending balance at Dec. 31, 2017 | (75,701) | 19,716 | (48) | (95,369) | ||||||||||||
Convertible preferred stock, ending balance, shares at Dec. 31, 2017 | 179,814,912 | |||||||||||||||
Convertible preferred stock, ending balance at Dec. 31, 2017 | $ 140,805 | |||||||||||||||
Ending balance, shares at Dec. 31, 2017 | 1,137,000 | 62,160,984 | ||||||||||||||
Effect of adoption of ASU (Adoption of ASU 2016-19) at Dec. 31, 2017 | 775 | (775) | ||||||||||||||
Ending balance, adjusted at Dec. 31, 2017 | $ (75,701) | 20,491 | (48) | (96,144) | ||||||||||||
Convertible preferred stock, ending balance adjusted, shares at Dec. 31, 2017 | 179,814,912 | |||||||||||||||
Convertible preferred stock adjusted, ending balance at Dec. 31, 2017 | $ 140,805 | |||||||||||||||
Ending balance adjusted, shares at Dec. 31, 2017 | 1,137,000 | 62,160,984 | ||||||||||||||
Issuance of common stock upon exercise of stock options, shares | 14,882,622 | 14,882,622 | ||||||||||||||
Issuance of common stock upon exercise of stock options | $ 4,557 | 4,557 | ||||||||||||||
Vesting of early exercised stock options | 375 | 375 | ||||||||||||||
Stock-based compensation | 5,411 | 5,411 | ||||||||||||||
Conversion of non-voting common stock | (1,137,000) | 1,137,000 | ||||||||||||||
Other comprehensive income (loss) | 78 | |||||||||||||||
Other comprehensive income (loss) | 79 | 79 | ||||||||||||||
Net loss | (10,762) | (10,762) | ||||||||||||||
Ending balance at Dec. 31, 2018 | (76,041) | 30,834 | 31 | (106,906) | ||||||||||||
Convertible preferred stock, ending balance, shares at Dec. 31, 2018 | 179,814,912 | |||||||||||||||
Convertible preferred stock, ending balance at Dec. 31, 2018 | $ 140,805 | |||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 78,180,606 | |||||||||||||||
Convertible preferred stock adjusted, ending balance at Dec. 31, 2018 | $ 140,805 | |||||||||||||||
Issuance of common stock upon exercise of stock options, shares | 10,546,987 | 429,430 | 10,117,557 | |||||||||||||
Issuance of common stock upon exercise of stock options | $ 7,173 | 7,173 | ||||||||||||||
Issuance of restricted shares of common stock, shares | 244,445 | |||||||||||||||
Vesting of early exercised stock options | 1,883 | 1,883 | ||||||||||||||
Stock-based compensation | 19,235 | 19,235 | ||||||||||||||
Conversion of convertible preferred stock to common stock, shares | (803,481) | (179,011,431) | 179,011,431 | 803,481 | ||||||||||||
Conversion of convertible preferred stock to common stock | $ 53 | $ 140,752 | $ (53) | $ (140,752) | $ 2 | $ 53 | $ 140,750 | |||||||||
Reclassification of common stock to class Aand class B common stock | 89,101,644 | (89,101,644) | ||||||||||||||
Issuance of class A common stock in connection with initial public offering, net of underwriting discounts and issuance costs, shares | 27,600,000 | |||||||||||||||
Issuance of class A common stock in connection with initial public offering, net of underwriting discounts and issuance costs | 705,894 | $ 1 | 705,893 | |||||||||||||
Other comprehensive income (loss) | 102 | 102 | ||||||||||||||
Net loss | (16,710) | (16,710) | ||||||||||||||
Ending balance at Dec. 31, 2019 | $ 782,341 | $ 3 | $ 905,821 | $ 133 | $ (123,616) | |||||||||||
Convertible preferred stock, ending balance, shares at Dec. 31, 2019 | 0 | |||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 296,386,950 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (16,710) | $ (10,762) | $ (2,570) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 12,370 | 6,026 | 2,704 |
Amortization of discounts or premiums on marketable securities | 12 | ||
Amortization of deferred contract costs | 5,400 | 2,671 | 1,274 |
Stock-based compensation, net of amounts capitalized | 19,034 | 5,244 | 3,068 |
Non-cash lease expense | 11,763 | ||
Provision for accounts receivable allowance | 1,195 | 477 | 378 |
Loss on disposal of property and equipment | 708 | 9 | 4 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (47,510) | (25,322) | (19,274) |
Deferred contract costs | (20,146) | (8,925) | (3,352) |
Prepaid expenses and other current assets | (10,046) | (1,331) | (4,250) |
Other assets | (8,486) | (6,955) | (1,482) |
Accounts payable | 2,484 | 7,241 | 4,647 |
Accrued expenses and other liabilities | 6,376 | 10,857 | 2,860 |
Deferred revenue | 67,790 | 31,599 | 29,825 |
Net cash provided by operating activities | 24,234 | 10,829 | 13,832 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of marketable securities | (176,639) | ||
Purchases of property and equipment | (13,315) | (9,662) | (2,351) |
Capitalized software development costs | (10,128) | (6,176) | (5,452) |
Cash paid for acquisition of businesses; net of cash acquired | (2,138) | (1,618) | (4,957) |
Net cash used in investing activities | (202,220) | (17,456) | (12,760) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 7,899 | 7,782 | 462 |
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | 706,317 | ||
Net cash provided by financing activities | 714,216 | 7,782 | 462 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (21) | 47 | (54) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 536,209 | 1,202 | 1,480 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 64,980 | 63,778 | 62,298 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | 601,189 | 64,980 | 63,778 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for income taxes | 143 | 36 | 40 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Accrued property and equipment purchases | 315 | 25 | |
Stock-based compensation included in capitalized software development costs | 201 | 167 | 248 |
Vesting of early exercised options | 1,883 | 375 | 143 |
Acquisition of intangible assets through issuance of common stock | 2,015 | ||
Costs related to initial public offering included in accounts payable and accrued liabilities | 423 | ||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | |||
Cash and cash equivalents | 597,297 | 53,639 | 60,024 |
Restricted cash – Including amounts in prepaid expense and other current assets and other assets | $ 3,892 | $ 11,341 | $ 3,754 |
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List] | ddog:PrepaidExpenseOtherCurrentAssetsAndOtherAssets | ddog:PrepaidExpenseOtherCurrentAssetsAndOtherAssets | ddog:PrepaidExpenseOtherCurrentAssetsAndOtherAssets |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period | $ 601,189 | $ 64,980 | $ 63,778 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization Description Datadog, |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis Basis of Presentation The Principles The r Initial Public Offering On September 23, 2019, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 24,000,000 shares of its Class A common stock at a public offering price of $27.00 per share, which resulted in net proceeds of $615.6 million after deducting underwriting discounts and commissions. On September 25, 2019, the underwriters exercised their option to purchase an additional 3,600,000 shares of Class A common stock at $27.00 per share, resulting in additional proceeds of $92.3 million, net of underwriters’ discounts and commissions. Immediately prior to the closing of the IPO, all shares of common stock then outstanding were reclassified as Class B common stock and all shares of the convertible preferred stock then outstanding automatically converted into 179,011,431 shares of Class B common stock. The Company incurred $2.0 million of net offering costs in connection with the IPO which were recorded as an offset against IPO proceeds. Stock Split and Authorized Shares On January 2, 2018, the Company’s Board of Directors (the “Board”) and stockholders approved a 4-for-1 stock split of the Company’s then-outstanding common stock and convertible preferred stock was effected without any change in the par value per share. On September 6, 2019, the Board and stockholders approved an amended and restated certificate of incorporation of the Company effecting a 3-for-1 stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock, and an increase to the authorized shares of the Company’s common stock and convertible preferred stock to 380,000,000 shares and 179,814,912 shares, respectively. The split was effected on September 6, 2019 and without any change in the par value per share. All information related to the Company’s common stock, convertible preferred stock and stock awards has been retroactively adjusted to give effect to the 4-for-1 stock split on January 2, 2018 and 3-for-1 stock split on September 6, 2019. On September 23, 2019, an amended and restated certificate of incorporation of the Company was filed immediately prior to the closing of the IPO authorizing an aggregate of 2,330,000,000 shares of capital stock of the Company, including 2,000,000,000 shares of Class A common stock, 310,000,000 shares of Class B common stock and 20,000,000 shares of preferred stock. Segment The Use of Estimates The Foreign Currency Translation The ( equity (deficit) Transaction e Revenue Recognition The Company generates The Company elected to early adopt Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”), effective January 1, 2017, using the full retrospective method of adoption. As such, the consolidated financial statements present revenue in accordance with Topic 606 for all of the periods presented. The Company accounts (1) identify r (2) identify t (3) determine e (4) allocate e (5) recognize n The Company’s s s The transaction price is based on the fixed price for the contracted level of service plus variable consideration for additional optional purchases. Billing periods correspond to the periods over which services are performed and there are no discounts given on the purchase of future services. The Revenue For r The Cost of Revenue Cost e Research and Development Research s Sales and Marketing Sales and marketing primarily Advertising Advertising and Income The The Stock-Based The Company recognizes and measures restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) The Company also has certain options that have performance-based vesting conditions; stock-based compensation expense for such awards is recognized on a straight-line basis from the time the vesting condition is likely to be met through the time the vesting condition has been achieved. Cash and Cash Equivalents The Marketable Securities The Company’s marketable securities consist of commercial debt securities, U.S. government treasury securities, and commercial paper. The Company determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within current assets on the consolidated balance sheet. Available-for-sale securities are recorded at fair value each reporting period. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method. Interest income is recognized when earned. Unrealized gains and losses on these marketable securities are reported as a separate component of accumulated other comprehensive (loss) income on the consolidated balance sheet until realized. Realized gains and losses are determined based on the specific identification method and are reported in interest income in the consolidated statements of operations. The Company periodically evaluates its marketable securities to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment's fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2019 and 2018, the Company has not recorded any other-than-temporary-impairment charges in its consolidated statements of operations. Restricted Restricted Concentration Financial There were no customers representing greater than 10% of total revenue for the years ended December 31, 2019, 2018, and 2017. No customers represented greater than 10% of accounts receivable as of December 31, 2019 and 2018. Geographical Revenue by location Year Ended December 31, 2019 2018 2017 North America $ 272,190 $ 150,945 $ 76,352 International 90,590 47,132 24,409 Total $ 362,780 $ 198,077 $ 100,761 Other Fair Value of Financial The accounting guidance for -tiered Level Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The Company’s financial instruments consist of cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are recorded at fair value. Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. A Accounts Receivable Accounts Unbilled As of December 31, 2019 and 2018, unbilled accounts receivable of approximately $14.4 million and $13.1 million, respectively, was included in accounts receivable on the Company’s consolidated balance sheets. Internal The Capitalized Property Property Deferred Sales The The following Amount Balance as of January 1, 2017 $ 2,677 Additions to deferred contract costs 3,352 Amortization of deferred contract costs (1,274 ) Balance as of December 31, 2017 $ 4,755 Additions to deferred contract costs 8,925 Amortization of deferred contract costs (2,671 ) Balance as of December 31, 2018 $ 11,009 Additions to deferred contract costs 20,146 Amortization of deferred contract costs (5,400 ) Balance as of December 31, 2019 $ 25,755 Business Combinations When e Accounting for Long-lived Computers and equipment 3 years Furnitures and fixtures 5 years Leasehold improvements Shorter of lease term or useful life of asset Capitalized software development costs 2 years Intangible assets 1-3 years The Goodwill Operating The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are reflected within operating lease assets, operating lease liabilities, current, and operating lease liabilities, non-current, on the consolidated balance sheets. For short-term leases (an initial term of 12 months or less), an operating lease asset and corresponding lease liability are not recorded and the Company records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease assets also include any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. Prior to the adoption of ASC 842, Leases Deferred The Company records contract liabilities to deferred revenue when the Company receives customer payments in advance of the performance obligations being satisfied on the Company’s contracts. Certain of the Company’s customers pay in advance of satisfaction of performance obligations and other customers with monthly contract terms are billed in arrears on a monthly basis. Revenue recognized during the years ended December 31, 2019, 2018 and 2017, which was included in the deferred revenue balances at the beginning of each respective period, was $71.0 million, $37.1 million, and $9.2 million. Remaining . Net Income Basic Accounting Pronouncements In B Income Taxes (Topic 740), Balance Sheet Classification of Deferred Tax In Statement of Cash Flows In Statement of Cash Flows In Leases (ASC 842) In — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accountin g Accounting Pronouncements In Intangibles—Goodwill and Other—Internal-Use Softwar e In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments— Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheet as of December 31, 2019 (in thousands): Amortized Cost Unrealized Gain Unrealized Losses Fair Value Commercial debt securities $ 80,376 $ 46 $ (5 ) $ 80,417 U.S. government treasury securities 72,467 10 (4 ) 72,473 Commercial paper 23,784 — — 23,784 Marketable securities $ 176,627 $ 56 $ (9 ) $ 176,674 As of December 31, 2019, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands): Due within one year $ 97,816 Due in one year through five years 78,858 Total $ 176,674 The Company does not believe that any unrealized losses represent other-than-temporary impairments based on its evaluation of available evidence. To determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors: the duration and extent to which the fair value has been less than the carrying value and its intent and ability to retain the marketable securities for a period of time sufficient to allow for any anticipated recovery in fair value. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of December 31, 2019 and 2018, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of December 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 588,762 $ — $ — $ 588,762 Marketable Securities: Corporate debt securities — 80,417 — 80,417 U.S. government treasury securities — 72,473 — 72,473 Commercial paper — 23,784 — 23,784 Total financial assets $ 588,762 $ 176,674 $ — $ 765,436 Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 47,187 $ — $ — $ 47,187 Total financial assets $ 47,187 $ — $ — $ 47,187 The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper, corporate debt securities, and U.S. government treasury securities within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Prepaid December 31, 2019 December 31, 2018 Hosting $ 9,180 $ 3,356 General prepaid expenses 5,700 3,607 Other receivables 2,578 526 Rent 821 1,066 Marketing 516 218 Restricted cash 436 — Total prepaid expenses and other current assets $ 19,231 $ 8,773 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2019 December 31, 2018 Computers and equipment $ 7,536 $ 4,540 Furniture and fixtures 4,804 2,621 Leasehold improvements 16,517 8,554 Capitalized software development costs 24,630 15,000 Total property and equipment $ 53,487 $ 30,715 Less: accumulated depreciation and amortization (20,738 ) (9,066 ) Total property and equipment, net $ 32,749 $ 21,649 As discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies—Internal Use Software Development Costs, the Company capitalizes costs related to the development of computer software for internal use and is included in capitalized software development costs within property and equipment, net. Depreciation and amortization expense was approximately $11.6 million, $5.5 million, and $2.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Acquisition, Intangible Assets
Acquisition, Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition, Intangible Assets and Goodwill | 7. Acquisitio n 2019 Acquisition On November 6, 2019, the Company entered into a Stock Purchase Agreement whereby the Company acquired all of the issued and outstanding shares of a target company for $2.2 million in cash consideration. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed at the date of acquisition were as follows (in thousands): Fair Value Fair value of net assets acquired: Net tangible assets $ 9 Software technology 910 Goodwill 1,285 Total fair value of net assets acquired $ 2,204 Madumbo Acquisition On Business Combination s The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed Fair Value Fair value of net assets acquired: Net tangible assets (liabilities) $ (536 ) Developed technology 825 Goodwill 1,334 Total fair value of net assets acquired $ 1,623 Focusmatic Acquisition On March 28, 2017, the Company completed an acquisition of Focusmatic SAS (“Focusmatic”). Focusmatic is a log processing and analytics company that aligns with the Company’s goal of improving visibility for its customers IT infrastructure. Goodwill was not deductible for tax purposes. Pursuant to the Agreement and Plan of Merger, the entire ownership of Focusmatic was purchased by the Company in exchange for 2,292,012 shares of the Company’s common stock and $5.4 million of cash consideration. Goodwill resulted primarily from the expected integration of the employee base and product offerings of Focusmatic with the Company. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations with the results of Focusmatic’s operations included in the consolidated financial statements from the date of acquisition. Results of operations for this acquisition have been included in the Company’s consolidated statements of operations and comprehensive loss since the acquisition date and were not material. Pro forma results of operations for this acquisition have not been presented because it was also not material to the consolidated results of operations. Transaction costs amounted to approximately $0.1 million and were expensed as incurred. The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed at the date of acquisition were as follows (in thousands): Fair Value Fair value of purchase consideration: Cash consideration $ 5,397 Common stock 2,015 Total fair value of net assets acquired $ 7,412 Fair Value Fair value of net assets acquired: Net tangible assets (liabilities) $ (200 ) Developed technology 1,300 Customer relationships 20 Goodwill 6,292 Total fair value of net assets acquired $ 7,412 Intangibles, December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 3,046 $ (1,611 ) $ 1,435 2-3 years December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 2,125 $ (837 ) $ 1,288 2-3 years Customer relationships 20 (20 ) — 1 year Total $ 2,145 $ (857 ) $ 1,288 Intangible As of December 31, 2019, future Amount 2020 $ 675 2021 501 2022 259 Total $ 1,435 The changes Amount Balance as of December 31, 2017 $ 6,292 Madumbo acquisition 1,334 Balance as of December 31, 2018 $ 7,626 2019 acquisition 1,285 Foreign currency translation adjustments 147 Balance as of December 31, 2019 $ 9,058 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. Accrued Expenses and Other Accrued December 31, 2019 December 31, 2018 Accrued compensation and commissions $ 21,910 $ 15,229 Accrued expenses 12,692 6,940 Early exercise liability-stock options 1,776 2,931 Payroll and sales taxes 1,626 1,147 Other tax liability 742 516 Deferred rent — 3,527 Total accrued expenses and other current liabilities $ 38,746 $ 30,290 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments Lease Commitment s —The Company has entered into various noncancelable operating leases for its facilities expiring between fiscal 2019 and 2025. Certain operating leases contain provisions under which monthly rent escalates over time. When lease agreements contain escalating rent clauses or free rent periods, the Company recognizes rent expense on a straight-line basis over the term of the lease. Rent expense for the years ended December 31, 2019, 2018 and 2017 was $16.7 million, $10.0 million and $3.8 million, respectively. During 2019, 2018 and 2017, $1.0 million, $0.7 million and $0.1 million, Non-Income s —In January 2015, the Company recorded a $5.0 million contingent Federal payroll tax liability in conjunction with common stock repurchase transactions, as part of a capital raise, with certain of its employees. The potential payroll tax treatment of these transactions was subject to uncertainty, and the contingent payroll tax liability was deemed probable and reasonably estimable. On April 15, 2019, the period of limitations for assessing the contingent Federal payroll tax liability expired and the Company was legally released from being the primary obligor. As a result, the Company recognized a $5.0 million benefit in the operating expenses section of the consolidated statement of operations during the year ended December 31, 2019. 401(k) Plan —The Company sponsors a 401(k) defined contribution plan covering all eligible US employees. Contributions to the 401(k) plan are discretionary. The Company did not make any matching contributions to the 401(k) plan for the years ended December 31, 2019 and 2018. Legal s —The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position or results of operation s . Indemnificatio n —The Company enters into indemnification provisions under some agreements with other parties in the ordinary course of business, including business partners, investors, contractor s , customers, and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claim because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s consolidated statements of operations and comprehensive (loss) income in connection with the indemnification provisions have not been material. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 10. Leases The Lease The Year Ended December 31, 2019 Operating lease cost (1) $ 13,636 Variable lease cost (2) 94 Short-term lease cost 2,925 1) Includes 2) Primarily Supplemental Year Ended December 31, 2019 Cash paid for amounts included in measurement of lease liabilities $ 9,767 Operating lease assets obtained in exchange for new lease liabilities 14,618 Maturities Amount 2020 $ 14,576 2021 16,944 2022 16,731 2023 14,569 2024 and beyond 4,017 Total lease payments $ 66,837 Less: imputed interest (6,411 ) Present value of lease liabilities $ 60,426 As of December 31, 2019, the Company had one additional operating lease that has not yet commenced. Weighted December 31, 2019 Weighted average remaining lease term (years) 4.00 Weighted average discount rate 4.98 % |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 11. Stockholders’ Equity (Deficit) In January In As of December 31, 2019, the Company had authorized 2,000,000,000 shares of Class A common stock and 310,000,000 shares of Class B common stock, each at a par value per share of $0.00001, of which 64,308,498 shares of Class A common stock and 232,078,452 shares of Class B common stock were issued and outstanding. At December 31, 2019 and 2018, December 31, 2019 2018 Seed Preferred Stock — 19,403,952 Series A Preferred Stock — 49,195,632 Series B Preferred Stock — 39,619,992 Series C Preferred Stock — 30,389,424 Series D Preferred Stock — 41,205,912 2012 and 2019 stock option plans: Options and RSU's outstanding 37,031,861 38,865,057 Shares available for future option and RSU grants 31,729,237 69,225 Shares available subject to the 2019 ESPP Plan 6,725,000 — 75,486,098 218,749,194 Convertible Preferred Stock —Immediately prior to the completion of the IPO in September 2019, all shares of convertible preferred stock then outstanding were converted into 179,011,431 shares of Class B common stock. Class A and Class B Common Stock — The Company has two classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Shares of Class B common stock may be converted into Class A common stock at any time at the option of the stockholder, and are automatically converted upon sale or transfer to Class A common stock, subject to certain limited exceptions. During the year ended December 31, 2019, 36,464,053 shares of Class B common stock were converted into Class A common stock. Employee Stock Purchase Plan —In September 2019, the Board adopted and approved the 2019 ESPP, which became effective on September 18, 2019. The ESPP initially reserved and authorized the issuance of up to a total of 6,725,000 shares of Class A common stock to participating employees. As of December 31, 2019, 6,725,000 shares of Class A common stock remain available for grant under the ESPP. The initial offering period began on September 18, 2019 and will end on May 15, 2020. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the $27.00 initial public offering price of the Company’s Class A common stock or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The Company recognized $1.2 million of stock-based compensation expense related to the ESPP during the year ended December 31, 2019, beginning upon the IPO in September 2019. Total compensation cost related to the ESPP not yet recognized was approximately $1.5 million as of December 31, 2019. The weighted average period over which this compensation cost will be recognized is 0.4 years as of December 31, 2019. As of December 31, 2019, $3.3 million has been withheld on behalf of employees for a future purchase under the ESPP. There were no purchases for the year ended December 31, 2019 related to the ESPP. Stock-Based n —The Company has two equity incentive plans, the 2012 equity incentive plan (the “2012 Plan”) and the 2019 equity incentive plan (the “2019 Plan”). On September 18, 2019, the Company ceased granting awards under the 2012 Plan, and all shares that remained available for issuance under the 2012 Plan at that time were transferred to the 2019 Plan. Additionally, as of December 31, 2019, there were 36,364,067 shares of Class A common stock issuable upon conversion of Class B common stock underlying options outstanding under the 2012 Plan. Under the 2019 Plan, the Board and any other committee or subcommittee of the Board may grant stock options, stock appreciation rights, restricted stock awards, RSUs and performance-based and other awards, each valued or based on the Company’s Class A common stock, to employees, consultants, and advisors of the Company. Through December 31, 2019, the Company has only issued stock options and RSUs in connection with the 2012 and 2019 Plans. As of December 31, 2019, the Company was authorized to grant awards representing up to 70,296,733 shares under the 2019 Plan and had awards representing 31,729,237 shares of Class A common stock available to grant under the 2019 Plan. The The following Year Ended December 31, 2019 2018 2017 Expected volatility 38.9% - 39.5% 38.4% - 39.0% 37.1% - 38.8% Risk-free interest rate 1.4% - 2.6% 2.6% - 3.0% 1.8% - 2.2% Expected dividend yield —% —% —% Expected term (in years) 5.2 - 6.3 5.8 - 6.1 5.1 - 6.1 Fair value of common stock $6.16 - $38.21 $2.23 - $5.63 $0.87 - $1.02 Expected y —The Company performed an analysis of its peer companies with similar expected lives to develop an expected volatility assumption. Expected —Derived from the life of the options granted under the option plan and is based on the simplified method which is essentially the weighted average of the vesting period and contractual term. Risk-free e —Based upon quoted market yields for the United States Treasury debt securities. Expected d —Since the Company has never paid and has no intention to pay cash dividends on common stock, the expected dividend yield is zero. Fair k —Prior to the IPO, the fair value of common stock underlying the stock-based awards was determined by the Company’s Board of Directors. The Board of Directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of the Company’s redeemable convertible Preferred Stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. Since the Company’s IPO, the fair value of the underlying common stock is determined by the closing price, on the date of grant, of the Company’s Class A common stock, which is traded publicly on The Nasdaq Global Market. Stock Number Of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Balance—January 1, 2017 35,825,160 $ 0.39 8.9 Options granted 12,841,968 $ 0.89 Options exercised (2,165,976 ) $ 0.21 Options forfeited (1,623,264 ) $ 0.64 Balance—December 31, 2017 44,877,888 $ 0.53 8.3 Options granted 11,236,803 $ 1.61 Options exercised (14,882,622 ) $ 0.52 Options forfeited (2,367,012 ) $ 0.79 Balance—December 31, 2018 38,865,057 $ 0.83 7.9 Options granted 9,518,730 $ 9.15 Options exercised (10,546,987 ) $ 0.75 Options forfeited (1,452,033 ) $ 2.54 Balance—December 31, 2019 36,384,767 $ 2.96 7.6 Exercisable—December 31, 2019 22,327,967 $ 2.19 7.0 As of December 31, 2019, there were 20,700 shares of Class A common stock and 36,364,067 shares of Class B common stock issuable upon the exercise of options outstanding. The 9, , , Total compensation cost related to unvested stock options not yet recognized was approximately $90.5 million and $28.4 million as of December 31, 2019 and December 31, 2018, respectively. The weighted average period over which this compensation cost related to unvested stock options will be recognized is 2.7 years and 3.4 years as of December 31, 2019 and December 31, 2018, respectively. The following table summarizes the activity for the Company's unvested RSUs: Shares Weighted-Average Fair Value Balance at December 31, 2018 — $ — Granted 647,094 $ 36.08 Vested — $ — Forfeited/canceled — $ — Balance at December 31, 2019 647,094 $ 36.08 In November 2019, the Company granted 244,445 restricted shares of Class A common stock, which are subject to service-based vesting conditions over approximately four years. Total compensation cost related to unvested RSUs and restricted shares of common stock not yet recognized was approximately $30.4 million as of December 31, 2019. The weighted average period over which this compensation cost related to unvested RSUs will be recognized is 3.9 years as of December 31, 2019. The Company expects to settle RSUs with shares of its Class A common stock. Stock-based Year Ended December 31, 2019 2018 2017 Cost of revenue $ 582 $ 287 $ 112 Research and development 7,972 1,641 1,160 Sales and marketing 5,538 1,910 977 General and administrative 4,942 1,406 819 Stock-based compensation, net of amounts capitalized 19,034 5,244 3,068 Capitalized stock-based compensation expense 201 167 248 Total stock-based compensation expense $ 19,235 $ 5,411 $ 3,316 Common The Company has recorded liabilities related to early exercises of 1,239,750 shares of common stock and 2,095,656 shares of common stock as of December 31, 2019 and 2018, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Income — For financial reporting purposes, loss before income taxes, includes the following components (in thousands): December 31, 2019 2018 2017 Domestic $ (18,330 ) $ (11,273 ) $ (2,498 ) Foreign 2,354 1,033 385 Loss before income taxes $ (15,976 ) $ (10,240 ) $ (2,113 ) Total 2019 Current Deferred Total Federal $ — $ — $ — State 126 — 126 Foreign 967 (359 ) 608 Total $ 1,093 $ (359 ) $ 734 2018 Current Deferred Total Federal $ — $ — $ — State (127 ) — (127 ) Foreign 559 90 649 Total $ 432 $ 90 $ 522 2017 Current Deferred Total Federal $ 41 $ — $ 41 State 60 — 60 Foreign 477 (121 ) 356 Total $ 578 $ (121 ) $ 457 Tax Rate Reconciliatio n —Income tax expense was $0.7 million, $0.5 million and $0.5 million for the years ended December 31, 2019 , 2018 and 2017, respectively, and differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21 for the years ended December 31, 2019, 2018 and 2017, respectively, to pretax loss from operations as a result of the following (in thousands): December 31, 2019 2018 2017 Income tax expense at federal statutory rate $ (3,355 ) $ (2,151 ) $ (719 ) Nondeductible expenses (1,049 ) 1,289 735 State taxes (net of federal benefit) 100 (100 ) 60 Impacts of United States tax reform—rate change and mandatory repatriation — — 4,353 Change in valuation allowance 5,043 1,052 (4,146 ) Uncertain tax positions 23 241 366 Foreign taxes 92 191 (146 ) Other (120 ) — (46 ) Total $ 734 $ 522 $ 457 On Pursuant In • Reduction n • One-Time t • Valuation Allowances: The Company must assess whether its valuation allowance analyses are affected • Global Components —The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating losses (federal and state) $ 14,631 $ 7,448 Stock-based compensation 2,085 1,668 Federal withholding tax reserve 815 1,550 Internal use software 1,746 725 Lease liability 10,440 — Other 1,297 2,091 Total deferred tax assets $ 31,014 $ 13,482 Less: valuation allowance (15,205 ) (9,730 ) Net deferred tax assets $ 15,809 $ 3,752 Deferred tax liabilities: Commissions $ (6,514 ) $ (2,796 ) Right of use asset (9,210 ) — Other (85 ) (956 ) Total deferred tax liabilities $ (15,809 ) $ (3,752 ) Net deferred tax assets/liabilities $ — $ — The Utilization of the net operating In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries Consistent Income Taxes The 2019, 2018 and 2017 (in thousands): December 31, 2019 2018 2017 Beginning balance $ 920 $ 563 $ — Increases based on tax positions during the current period — 357 563 Ending balance $ 920 $ 920 $ 563 The total amount of unrecognized tax The Company’s policy for classifying interest and penalties associated with The total amount of interest and penalties associated with unrecognized income tax benefits is $0.4 million and $0.4 million for the years ended December 31, 2019 and 2018, respectively. Although The The Company is currently under audit in the U.S., a major tax jurisdiction, for the 2017 tax year. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 13. Net (Loss) Income Per Share Basic and diluted net income (loss) per common share is presented in conformity with the two-class method required for participating securities. The following table presents the calculation of basic and diluted net (loss) income per share (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Basic net loss per share: Class A Class B Numerator: Net loss $ (1,149 ) $ (15,561 ) $ (10,762 ) $ (2,570 ) Denominator: Weighted average shares used in calculating net loss per share, basic 9,611 130,262 70,951 61,321 Basic net loss per share $ (0.12 ) $ (0.12 ) $ (0.15 ) $ (0.04 ) Diluted net loss per share: Numerator: Allocation of distributed loss for basic computation $ (1,149 ) $ (15,561 ) $ (10,762 ) $ (2,570 ) Reallocation of undistributed loss as a result of conversion of Class B to Class A shares (15,561 ) — — — Allocation of undistributed loss $ (16,710 ) $ (15,561 ) $ (10,762 ) $ (2,570 ) Denominator: Number of shares used in basic calculation 9,611 130,262 70,951 61,321 Weighted average effect of diluted securities: Conversion of Class B to Class A common shares outstanding 130,262 — — — Number of shares used in diluted calculation 139,873 130,262 70,951 61,321 Diluted net loss per share $ (0.12 ) $ (0.12 ) $ (0.15 ) $ (0.04 ) Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Convertible Preferred Stock — 179,815 179,815 Shares subject to outstanding stock options and restricted stock units 37,032 38,865 44,877 Unvested early exercised stock options 1,240 2,096 263 Shares subject to the 2019 ESPP Plan 353 — — Total 38,625 220,776 224,955 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events In January 2020, the Company entered into an agreement with Microsoft Azure to purchase an aggregate of at least $21.0 million of cloud services over the course of three years through January 2023. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The |
Principles of Consolidation | Principles The r |
Initial Public Offering | Initial Public Offering On September 23, 2019, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 24,000,000 shares of its Class A common stock at a public offering price of $27.00 per share, which resulted in net proceeds of $615.6 million after deducting underwriting discounts and commissions. On September 25, 2019, the underwriters exercised their option to purchase an additional 3,600,000 shares of Class A common stock at $27.00 per share, resulting in additional proceeds of $92.3 million, net of underwriters’ discounts and commissions. Immediately prior to the closing of the IPO, all shares of common stock then outstanding were reclassified as Class B common stock and all shares of the convertible preferred stock then outstanding automatically converted into 179,011,431 shares of Class B common stock. The Company incurred $2.0 million of net offering costs in connection with the IPO which were recorded as an offset against IPO proceeds. |
Stock Split and Authorized Shares | Stock Split and Authorized Shares On January 2, 2018, the Company’s Board of Directors (the “Board”) and stockholders approved a 4-for-1 stock split of the Company’s then-outstanding common stock and convertible preferred stock was effected without any change in the par value per share. On September 6, 2019, the Board and stockholders approved an amended and restated certificate of incorporation of the Company effecting a 3-for-1 stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock, and an increase to the authorized shares of the Company’s common stock and convertible preferred stock to 380,000,000 shares and 179,814,912 shares, respectively. The split was effected on September 6, 2019 and without any change in the par value per share. All information related to the Company’s common stock, convertible preferred stock and stock awards has been retroactively adjusted to give effect to the 4-for-1 stock split on January 2, 2018 and 3-for-1 stock split on September 6, 2019. On September 23, 2019, an amended and restated certificate of incorporation of the Company was filed immediately prior to the closing of the IPO authorizing an aggregate of 2,330,000,000 shares of capital stock of the Company, including 2,000,000,000 shares of Class A common stock, 310,000,000 shares of Class B common stock and 20,000,000 shares of preferred stock. |
Segment Information | Segment The |
Use of Estimates | Use of Estimates The |
Foreign Currency Translation | Foreign Currency Translation The ( equity (deficit) Transaction e |
Revenue Recognition | Revenue Recognition The Company generates The Company elected to early adopt Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”), effective January 1, 2017, using the full retrospective method of adoption. As such, the consolidated financial statements present revenue in accordance with Topic 606 for all of the periods presented. The Company accounts (1) identify r (2) identify t (3) determine e (4) allocate e (5) recognize n The Company’s s s The transaction price is based on the fixed price for the contracted level of service plus variable consideration for additional optional purchases. Billing periods correspond to the periods over which services are performed and there are no discounts given on the purchase of future services. The Revenue For r The |
Cost of Revenue | Cost of Revenue Cost e |
Research and Development Costs | Research and Development Research s |
Sales and Marketing Costs | Sales and Marketing Sales and marketing primarily |
Advertising Costs | Advertising Advertising and |
Income Taxes | Income The The |
Stock-Based Compensation | Stock-Based The Company recognizes and measures restricted stock units (“RSUs”), and the employee stock purchase plan (the “ESPP”) The Company also has certain options that have performance-based vesting conditions; stock-based compensation expense for such awards is recognized on a straight-line basis from the time the vesting condition is likely to be met through the time the vesting condition has been achieved. |
Cash and Cash Equivalents | Cash and Cash Equivalents The |
Marketable Securities | Marketable Securities The Company’s marketable securities consist of commercial debt securities, U.S. government treasury securities, and commercial paper. The Company determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable securities within current assets on the consolidated balance sheet. Available-for-sale securities are recorded at fair value each reporting period. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security as an adjustment to yield using the effective interest method. Interest income is recognized when earned. Unrealized gains and losses on these marketable securities are reported as a separate component of accumulated other comprehensive (loss) income on the consolidated balance sheet until realized. Realized gains and losses are determined based on the specific identification method and are reported in interest income in the consolidated statements of operations. The Company periodically evaluates its marketable securities to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment's fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2019 and 2018, the Company has not recorded any other-than-temporary-impairment charges in its consolidated statements of operations. |
Restricted Cash | Restricted Restricted |
Concentration of Credit Risk | Concentration Financial There were no customers representing greater than 10% of total revenue for the years ended December 31, 2019, 2018, and 2017. No customers represented greater than 10% of accounts receivable as of December 31, 2019 and 2018. |
Geographical Information | Geographical Revenue by location Year Ended December 31, 2019 2018 2017 North America $ 272,190 $ 150,945 $ 76,352 International 90,590 47,132 24,409 Total $ 362,780 $ 198,077 $ 100,761 Other |
Fair Value of Financial Instruments | Fair Value of Financial The accounting guidance for -tiered Level Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The Company’s financial instruments consist of cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are recorded at fair value. Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. A |
Accounts Receivable | Accounts Receivable Accounts Unbilled As of December 31, 2019 and 2018, unbilled accounts receivable of approximately $14.4 million and $13.1 million, respectively, was included in accounts receivable on the Company’s consolidated balance sheets. |
Internal Use Software Development Costs | Internal The Capitalized |
Property and Equipment, Net | Property Property |
Deferred Contract Costs | Deferred Sales The The following Amount Balance as of January 1, 2017 $ 2,677 Additions to deferred contract costs 3,352 Amortization of deferred contract costs (1,274 ) Balance as of December 31, 2017 $ 4,755 Additions to deferred contract costs 8,925 Amortization of deferred contract costs (2,671 ) Balance as of December 31, 2018 $ 11,009 Additions to deferred contract costs 20,146 Amortization of deferred contract costs (5,400 ) Balance as of December 31, 2019 $ 25,755 |
Business Combinations | Business Combinations When e |
Accounting for Impairment of Long-Lived Assets (Including Goodwill and Intangibles) | Accounting for Long-lived Computers and equipment 3 years Furnitures and fixtures 5 years Leasehold improvements Shorter of lease term or useful life of asset Capitalized software development costs 2 years Intangible assets 1-3 years The Goodwill |
Operating Leases | Operating The Company determines if an arrangement is a lease at inception. Operating lease assets and liabilities are reflected within operating lease assets, operating lease liabilities, current, and operating lease liabilities, non-current, on the consolidated balance sheets. For short-term leases (an initial term of 12 months or less), an operating lease asset and corresponding lease liability are not recorded and the Company records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease assets also include any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. Prior to the adoption of ASC 842, Leases |
Deferred Revenue | Deferred The Company records contract liabilities to deferred revenue when the Company receives customer payments in advance of the performance obligations being satisfied on the Company’s contracts. Certain of the Company’s customers pay in advance of satisfaction of performance obligations and other customers with monthly contract terms are billed in arrears on a monthly basis. Revenue recognized during the years ended December 31, 2019, 2018 and 2017, which was included in the deferred revenue balances at the beginning of each respective period, was $71.0 million, $37.1 million, and $9.2 million. Remaining . |
Net Income (Loss) Per Share Attributable to Common Shareholders | Net Income Basic |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements In B Income Taxes (Topic 740), Balance Sheet Classification of Deferred Tax In Statement of Cash Flows In Statement of Cash Flows In Leases (ASC 842) In — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accountin g |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements In Intangibles—Goodwill and Other—Internal-Use Softwar e In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments— Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Revenue by Geographic Area | Revenue by location Year Ended December 31, 2019 2018 2017 North America $ 272,190 $ 150,945 $ 76,352 International 90,590 47,132 24,409 Total $ 362,780 $ 198,077 $ 100,761 |
Schedule of Deferred Contract Costs | The following Amount Balance as of January 1, 2017 $ 2,677 Additions to deferred contract costs 3,352 Amortization of deferred contract costs (1,274 ) Balance as of December 31, 2017 $ 4,755 Additions to deferred contract costs 8,925 Amortization of deferred contract costs (2,671 ) Balance as of December 31, 2018 $ 11,009 Additions to deferred contract costs 20,146 Amortization of deferred contract costs (5,400 ) Balance as of December 31, 2019 $ 25,755 |
Schedule of Long-lived Assets Amortized Over Estimated Useful Lives | Long-lived Computers and equipment 3 years Furnitures and fixtures 5 years Leasehold improvements Shorter of lease term or useful life of asset Capitalized software development costs 2 years Intangible assets 1-3 years |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Marketable Securities | The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the consolidated balance sheet as of December 31, 2019 (in thousands): Amortized Cost Unrealized Gain Unrealized Losses Fair Value Commercial debt securities $ 80,376 $ 46 $ (5 ) $ 80,417 U.S. government treasury securities 72,467 10 (4 ) 72,473 Commercial paper 23,784 — — 23,784 Marketable securities $ 176,627 $ 56 $ (9 ) $ 176,674 |
Summary of Fair Values of Available-for-Sale Marketable Securities, by Remaining Contractual Maturity | As of December 31, 2019, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands): Due within one year $ 97,816 Due in one year through five years 78,858 Total $ 176,674 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of December 31, 2019 and 2018, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of December 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 588,762 $ — $ — $ 588,762 Marketable Securities: Corporate debt securities — 80,417 — 80,417 U.S. government treasury securities — 72,473 — 72,473 Commercial paper — 23,784 — 23,784 Total financial assets $ 588,762 $ 176,674 $ — $ 765,436 Fair Value Measurement as of December 31, 2018 Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 47,187 $ — $ — $ 47,187 Total financial assets $ 47,187 $ — $ — $ 47,187 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid December 31, 2019 December 31, 2018 Hosting $ 9,180 $ 3,356 General prepaid expenses 5,700 3,607 Other receivables 2,578 526 Rent 821 1,066 Marketing 516 218 Restricted cash 436 — Total prepaid expenses and other current assets $ 19,231 $ 8,773 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2019 December 31, 2018 Computers and equipment $ 7,536 $ 4,540 Furniture and fixtures 4,804 2,621 Leasehold improvements 16,517 8,554 Capitalized software development costs 24,630 15,000 Total property and equipment $ 53,487 $ 30,715 Less: accumulated depreciation and amortization (20,738 ) (9,066 ) Total property and equipment, net $ 32,749 $ 21,649 |
Acquisition, Intangible Asset_2
Acquisition, Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Intangibles, Net | Intangibles, December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 3,046 $ (1,611 ) $ 1,435 2-3 years December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortization Period Developed technology $ 2,125 $ (837 ) $ 1,288 2-3 years Customer relationships 20 (20 ) — 1 year Total $ 2,145 $ (857 ) $ 1,288 |
Schedule of Future Amortization Expense | As of December 31, 2019, future Amount 2020 $ 675 2021 501 2022 259 Total $ 1,435 |
Schedule of Changes in Carrying Amount of Goodwill | The changes Amount Balance as of December 31, 2017 $ 6,292 Madumbo acquisition 1,334 Balance as of December 31, 2018 $ 7,626 2019 acquisition 1,285 Foreign currency translation adjustments 147 Balance as of December 31, 2019 $ 9,058 |
2019 Acquisition | |
Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities | The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed at the date of acquisition were as follows (in thousands): Fair Value Fair value of net assets acquired: Net tangible assets $ 9 Software technology 910 Goodwill 1,285 Total fair value of net assets acquired $ 2,204 |
Madumbo | |
Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities | The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed Fair Value Fair value of net assets acquired: Net tangible assets (liabilities) $ (536 ) Developed technology 825 Goodwill 1,334 Total fair value of net assets acquired $ 1,623 |
Focusmatic Acquisition | |
Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities | The aggregate purchase consideration and estimated fair values of the assets acquired and liabilities assumed at the date of acquisition were as follows (in thousands): Fair Value Fair value of purchase consideration: Cash consideration $ 5,397 Common stock 2,015 Total fair value of net assets acquired $ 7,412 Fair Value Fair value of net assets acquired: Net tangible assets (liabilities) $ (200 ) Developed technology 1,300 Customer relationships 20 Goodwill 6,292 Total fair value of net assets acquired $ 7,412 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued December 31, 2019 December 31, 2018 Accrued compensation and commissions $ 21,910 $ 15,229 Accrued expenses 12,692 6,940 Early exercise liability-stock options 1,776 2,931 Payroll and sales taxes 1,626 1,147 Other tax liability 742 516 Deferred rent — 3,527 Total accrued expenses and other current liabilities $ 38,746 $ 30,290 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Lease Cost Recognized | The Year Ended December 31, 2019 Operating lease cost (1) $ 13,636 Variable lease cost (2) 94 Short-term lease cost 2,925 1) Includes 2) Primarily |
Summary of Supplemental Cash Flow Information and Non-cash Activity | Supplemental Year Ended December 31, 2019 Cash paid for amounts included in measurement of lease liabilities $ 9,767 Operating lease assets obtained in exchange for new lease liabilities 14,618 |
Summary of Maturities of Lease Liabilities | Maturities Amount 2020 $ 14,576 2021 16,944 2022 16,731 2023 14,569 2024 and beyond 4,017 Total lease payments $ 66,837 Less: imputed interest (6,411 ) Present value of lease liabilities $ 60,426 |
Summary of Weighted Average Remaining Lease Term and Discount Rate | Weighted December 31, 2019 Weighted average remaining lease term (years) 4.00 Weighted average discount rate 4.98 % |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Reserved Shares of Common Stock for Future Issuance | At December 31, 2019 and 2018, December 31, 2019 2018 Seed Preferred Stock — 19,403,952 Series A Preferred Stock — 49,195,632 Series B Preferred Stock — 39,619,992 Series C Preferred Stock — 30,389,424 Series D Preferred Stock — 41,205,912 2012 and 2019 stock option plans: Options and RSU's outstanding 37,031,861 38,865,057 Shares available for future option and RSU grants 31,729,237 69,225 Shares available subject to the 2019 ESPP Plan 6,725,000 — 75,486,098 218,749,194 |
Summary of Fair Value Assumptions | The following Year Ended December 31, 2019 2018 2017 Expected volatility 38.9% - 39.5% 38.4% - 39.0% 37.1% - 38.8% Risk-free interest rate 1.4% - 2.6% 2.6% - 3.0% 1.8% - 2.2% Expected dividend yield —% —% —% Expected term (in years) 5.2 - 6.3 5.8 - 6.1 5.1 - 6.1 Fair value of common stock $6.16 - $38.21 $2.23 - $5.63 $0.87 - $1.02 |
Summary of Stock Option Activity | Stock Number Of Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Balance—January 1, 2017 35,825,160 $ 0.39 8.9 Options granted 12,841,968 $ 0.89 Options exercised (2,165,976 ) $ 0.21 Options forfeited (1,623,264 ) $ 0.64 Balance—December 31, 2017 44,877,888 $ 0.53 8.3 Options granted 11,236,803 $ 1.61 Options exercised (14,882,622 ) $ 0.52 Options forfeited (2,367,012 ) $ 0.79 Balance—December 31, 2018 38,865,057 $ 0.83 7.9 Options granted 9,518,730 $ 9.15 Options exercised (10,546,987 ) $ 0.75 Options forfeited (1,452,033 ) $ 2.54 Balance—December 31, 2019 36,384,767 $ 2.96 7.6 Exercisable—December 31, 2019 22,327,967 $ 2.19 7.0 |
Summary of Activity for Unvested RSUs | The following table summarizes the activity for the Company's unvested RSUs: Shares Weighted-Average Fair Value Balance at December 31, 2018 — $ — Granted 647,094 $ 36.08 Vested — $ — Forfeited/canceled — $ — Balance at December 31, 2019 647,094 $ 36.08 |
Summary of Stock-based Compensation Expense | Stock-based Year Ended December 31, 2019 2018 2017 Cost of revenue $ 582 $ 287 $ 112 Research and development 7,972 1,641 1,160 Sales and marketing 5,538 1,910 977 General and administrative 4,942 1,406 819 Stock-based compensation, net of amounts capitalized 19,034 5,244 3,068 Capitalized stock-based compensation expense 201 167 248 Total stock-based compensation expense $ 19,235 $ 5,411 $ 3,316 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Loss before Income Taxes | Income — For financial reporting purposes, loss before income taxes, includes the following components (in thousands): December 31, 2019 2018 2017 Domestic $ (18,330 ) $ (11,273 ) $ (2,498 ) Foreign 2,354 1,033 385 Loss before income taxes $ (15,976 ) $ (10,240 ) $ (2,113 ) |
Summary of Income Taxes Allocated to Operations | Total 2019 Current Deferred Total Federal $ — $ — $ — State 126 — 126 Foreign 967 (359 ) 608 Total $ 1,093 $ (359 ) $ 734 2018 Current Deferred Total Federal $ — $ — $ — State (127 ) — (127 ) Foreign 559 90 649 Total $ 432 $ 90 $ 522 2017 Current Deferred Total Federal $ 41 $ — $ 41 State 60 — 60 Foreign 477 (121 ) 356 Total $ 578 $ (121 ) $ 457 |
Summary of Tax Rate Reconciliation | Tax Rate Reconciliatio n —Income tax expense was $0.7 million, $0.5 million and $0.5 million for the years ended December 31, 2019 , 2018 and 2017, respectively, and differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21 for the years ended December 31, 2019, 2018 and 2017, respectively, to pretax loss from operations as a result of the following (in thousands): December 31, 2019 2018 2017 Income tax expense at federal statutory rate $ (3,355 ) $ (2,151 ) $ (719 ) Nondeductible expenses (1,049 ) 1,289 735 State taxes (net of federal benefit) 100 (100 ) 60 Impacts of United States tax reform—rate change and mandatory repatriation — — 4,353 Change in valuation allowance 5,043 1,052 (4,146 ) Uncertain tax positions 23 241 366 Foreign taxes 92 191 (146 ) Other (120 ) — (46 ) Total $ 734 $ 522 $ 457 |
Components of Deferred Tax Assets and Liabilities | Components —The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating losses (federal and state) $ 14,631 $ 7,448 Stock-based compensation 2,085 1,668 Federal withholding tax reserve 815 1,550 Internal use software 1,746 725 Lease liability 10,440 — Other 1,297 2,091 Total deferred tax assets $ 31,014 $ 13,482 Less: valuation allowance (15,205 ) (9,730 ) Net deferred tax assets $ 15,809 $ 3,752 Deferred tax liabilities: Commissions $ (6,514 ) $ (2,796 ) Right of use asset (9,210 ) — Other (85 ) (956 ) Total deferred tax liabilities $ (15,809 ) $ (3,752 ) Net deferred tax assets/liabilities $ — $ — |
Summary of Changes in Gross Amount of Unrecognized Tax Benefits | The 2019, 2018 and 2017 (in thousands): December 31, 2019 2018 2017 Beginning balance $ 920 $ 563 $ — Increases based on tax positions during the current period — 357 563 Ending balance $ 920 $ 920 $ 563 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share | The following table presents the calculation of basic and diluted net (loss) income per share (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Basic net loss per share: Class A Class B Numerator: Net loss $ (1,149 ) $ (15,561 ) $ (10,762 ) $ (2,570 ) Denominator: Weighted average shares used in calculating net loss per share, basic 9,611 130,262 70,951 61,321 Basic net loss per share $ (0.12 ) $ (0.12 ) $ (0.15 ) $ (0.04 ) Diluted net loss per share: Numerator: Allocation of distributed loss for basic computation $ (1,149 ) $ (15,561 ) $ (10,762 ) $ (2,570 ) Reallocation of undistributed loss as a result of conversion of Class B to Class A shares (15,561 ) — — — Allocation of undistributed loss $ (16,710 ) $ (15,561 ) $ (10,762 ) $ (2,570 ) Denominator: Number of shares used in basic calculation 9,611 130,262 70,951 61,321 Weighted average effect of diluted securities: Conversion of Class B to Class A common shares outstanding 130,262 — — — Number of shares used in diluted calculation 139,873 130,262 70,951 61,321 Diluted net loss per share $ (0.12 ) $ (0.12 ) $ (0.15 ) $ (0.04 ) |
Schedule of Potentially Dilutive Securities not Included in Diluted Per Share Calculations | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Convertible Preferred Stock — 179,815 179,815 Shares subject to outstanding stock options and restricted stock units 37,032 38,865 44,877 Unvested early exercised stock options 1,240 2,096 263 Shares subject to the 2019 ESPP Plan 353 — — Total 38,625 220,776 224,955 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Date of Incorporation | Jun. 4, 2010 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | Sep. 25, 2019USD ($)$ / sharesshares | Sep. 23, 2019USD ($)$ / sharesshares | Sep. 06, 2019shares | Jan. 02, 2018 | Dec. 31, 2019USD ($)SegmentCustomershares | Dec. 31, 2018USD ($)Customershares | Dec. 31, 2017USD ($)Customer | Jan. 01, 2019USD ($) | Jan. 01, 2017USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | $ 706,317,000 | ||||||||
Stock split, conversion ratio | 0.333 | 0.25 | |||||||
Common stock, shares authorized | shares | 2,330,000,000 | 380,000,000 | 0 | 380,000,000 | |||||
Preferred stock, shares authorized | shares | 20,000,000 | 20,000,000 | 0 | ||||||
Number of operating segment | Segment | 1 | ||||||||
Number of reportable segment | Segment | 1 | ||||||||
Other-than-temporary-impairment charges | $ 0 | $ 0 | |||||||
Allowance for doubtful accounts receivable deemed uncollectible | $ 900,000 | 400,000 | |||||||
Deferred contract costs amortization period | 4 years | ||||||||
Sales commissions related to renewals | $ 0 | ||||||||
Impairment of goodwill | 0 | 0 | $ 0 | ||||||
Revenue recognized | 71,000,000 | 37,100,000 | $ 9,200,000 | ||||||
Operating lease assets | 53,002,000 | $ 47,900,000 | |||||||
Lease liability | 60,426,000 | $ 51,400,000 | |||||||
Adoption of ASU 606 | Accumulated Deficit | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Decrease to accumulated deficit | $ 2,700,000 | ||||||||
Accounts Receivable | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Unbilled accounts receivable | $ 14,400,000 | $ 13,100,000 | |||||||
Other than United States | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of major customers representing greater than 10% | Customer | 0 | 0 | 0 | ||||||
United States | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of long lived assets | 70.00% | 85.00% | |||||||
Europe | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of long lived assets | 30.00% | 15.00% | |||||||
Customer Concentration Risk | Revenue | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of major customers representing greater than 10% | Customer | 0 | 0 | 0 | ||||||
Customer Concentration Risk | Accounts Receivable | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of major customers representing greater than 10% | Customer | 0 | 0 | |||||||
Sales and Marketing | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Advertising costs | $ 9,500,000 | $ 8,300,000 | $ 4,400,000 | ||||||
Initial Public Offering | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Net offering costs | $ 2,000,000 | ||||||||
Class A Common Stock | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | $ 615,600,000 | ||||||||
Common stock, shares authorized | shares | 2,000,000,000 | 2,000,000,000 | 0 | ||||||
Class A Common Stock | Initial Public Offering | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common stock, shares issued | shares | 24,000,000 | ||||||||
Common stock offering price | $ / shares | $ 27 | ||||||||
Class A Common Stock | Underwriters | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common stock, shares issued | shares | 3,600,000 | ||||||||
Common stock offering price | $ / shares | $ 27 | ||||||||
Net proceeds from common stock shares issued | $ 92,300,000 | ||||||||
Class B Common Stock | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Convertible preferred stock converted into common stock | shares | 179,011,431 | ||||||||
Common stock, shares authorized | shares | 310,000,000 | 310,000,000 | 0 | ||||||
Class B Common Stock | Initial Public Offering | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Convertible preferred stock converted into common stock | shares | 179,011,431 | ||||||||
Convertible Preferred Stock | |||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Convertible preferred stock, shares authorized | shares | 179,814,912 | 0 | 179,814,912 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue by geographic area | $ 362,780 | $ 198,077 | $ 100,761 |
North America | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue by geographic area | 272,190 | 150,945 | 76,352 |
International | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue by geographic area | $ 90,590 | $ 47,132 | $ 24,409 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Deferred Contract Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Capitalized Contract Cost [Abstract] | |||
Beginning Balance | $ 11,009 | $ 4,755 | $ 2,677 |
Additions to deferred contract costs | 20,146 | 8,925 | 3,352 |
Amortization of deferred contract costs | (5,400) | (2,671) | (1,274) |
Ending Balance | $ 25,755 | $ 11,009 | $ 4,755 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Long-lived Assets Amortized Over Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Computers and Equipment | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Property and equipment, useful lives | 3 years |
Furnitures and Fixtures | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Property and equipment, useful lives | 5 years |
Leasehold Improvements | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Leasehold improvements, useful life | Shorter of lease term or useful life of asset |
Capitalized Software Development Costs | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Property and equipment, useful lives | 2 years |
Minimum | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 1 year |
Maximum | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible assets, useful life | 3 years |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details 1) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 127.1 | |
Remaining performance obligations, expected to recognize period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Remaining performance obligations | $ 243.8 | |
Remaining performance obligations, expected to recognize period | 1 year |
Marketable Securities - Summary
Marketable Securities - Summary of Available-for-sale Marketable Securities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Marketable Securities [Line Items] | |
Marketable securities, Amortized Cost | $ 176,627 |
Marketable securities, Unrealized Gain | 56 |
Marketable securities, Unrealized Losses | (9) |
Marketable securities, Fair Value | 176,674 |
Commercial Debt Securities | |
Marketable Securities [Line Items] | |
Marketable securities, Amortized Cost | 80,376 |
Marketable securities, Unrealized Gain | 46 |
Marketable securities, Unrealized Losses | (5) |
Marketable securities, Fair Value | 80,417 |
U.S. Government Treasury Securities | |
Marketable Securities [Line Items] | |
Marketable securities, Amortized Cost | 72,467 |
Marketable securities, Unrealized Gain | 10 |
Marketable securities, Unrealized Losses | (4) |
Marketable securities, Fair Value | 72,473 |
Commercial Paper | |
Marketable Securities [Line Items] | |
Marketable securities, Amortized Cost | 23,784 |
Marketable securities, Fair Value | $ 23,784 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Fair Values of Available-for-Sale Marketable Securities, by Remaining Contractual Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due within one year | $ 97,816 |
Due in one year through five years | 78,858 |
Total | $ 176,674 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Marketable securities | $ 176,674 | |
Fair Value, Recurring | ||
Financial Assets: | ||
Total financial assets | 765,436 | $ 47,187 |
Fair Value, Recurring | Money Market Funds | ||
Financial Assets: | ||
Cash equivalents | 588,762 | 47,187 |
Fair Value, Recurring | Corporate Debt Securities | ||
Financial Assets: | ||
Marketable securities | 80,417 | |
Fair Value, Recurring | U.S. Government Treasury Securities | ||
Financial Assets: | ||
Marketable securities | 72,473 | |
Fair Value, Recurring | Commercial Paper | ||
Financial Assets: | ||
Marketable securities | 23,784 | |
Level 1 | Fair Value, Recurring | ||
Financial Assets: | ||
Total financial assets | 588,762 | 47,187 |
Level 1 | Fair Value, Recurring | Money Market Funds | ||
Financial Assets: | ||
Cash equivalents | 588,762 | $ 47,187 |
Level 2 | Fair Value, Recurring | ||
Financial Assets: | ||
Total financial assets | 176,674 | |
Level 2 | Fair Value, Recurring | Corporate Debt Securities | ||
Financial Assets: | ||
Marketable securities | 80,417 | |
Level 2 | Fair Value, Recurring | U.S. Government Treasury Securities | ||
Financial Assets: | ||
Marketable securities | 72,473 | |
Level 2 | Fair Value, Recurring | Commercial Paper | ||
Financial Assets: | ||
Marketable securities | $ 23,784 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Hosting | $ 9,180 | $ 3,356 |
General prepaid expenses | 5,700 | 3,607 |
Other receivables | 2,578 | 526 |
Rent | 821 | 1,066 |
Marketing | 516 | 218 |
Restricted cash | 436 | |
Total prepaid expenses and other current assets | $ 19,231 | $ 8,773 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 53,487 | $ 30,715 |
Less: accumulated depreciation and amortization | (20,738) | (9,066) |
Total property and equipment, net | 32,749 | 21,649 |
Computers and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 7,536 | 4,540 |
Furnitures and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 4,804 | 2,621 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 16,517 | 8,554 |
Capitalized Software Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 24,630 | $ 15,000 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 11.6 | $ 5.5 | $ 2.2 |
Acquisition, Intangible Asset_3
Acquisition, Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands | Nov. 06, 2019 | Sep. 28, 2018 | Mar. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquisition Intangible Assets And Goodwill [Line Items] | ||||||
Cash consideration | $ 2,138 | $ 1,618 | $ 4,957 | |||
Intangible amortization expense | $ 800 | $ 500 | $ 500 | |||
2019 Acquisition | ||||||
Acquisition Intangible Assets And Goodwill [Line Items] | ||||||
Cash consideration | $ 2,200 | |||||
Madumbo | ||||||
Acquisition Intangible Assets And Goodwill [Line Items] | ||||||
Cash consideration | $ 1,600 | |||||
Transaction costs | $ 100 | |||||
Focusmatic | ||||||
Acquisition Intangible Assets And Goodwill [Line Items] | ||||||
Cash consideration | $ 5,400 | |||||
Transaction costs | $ 100 | |||||
Issuance of common stock for acquisition | 2,292,012 |
Acquisition, Intangible Asset_4
Acquisition, Intangible Assets and Goodwill - Summary of Aggregate Purchase Consideration and Estimated Fair Values of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2017 | Dec. 31, 2019 | Nov. 06, 2019 | Dec. 31, 2018 | Sep. 28, 2018 | Dec. 31, 2017 |
Fair value of net assets acquired: | ||||||
Goodwill | $ 9,058 | $ 7,626 | $ 6,292 | |||
2019 Acquisition | ||||||
Fair value of net assets acquired: | ||||||
Net tangible assets | $ 9 | |||||
Software technology | 910 | |||||
Goodwill | 1,285 | |||||
Total fair value of net assets acquired | $ 2,204 | |||||
Madumbo | ||||||
Fair value of net assets acquired: | ||||||
Net tangible assets (liabilities) | $ (536) | |||||
Developed technology | 825 | |||||
Goodwill | 1,334 | |||||
Total fair value of net assets acquired | $ 1,623 | |||||
Focusmatic Acquisition | ||||||
Fair value of net assets acquired: | ||||||
Net tangible assets (liabilities) | $ (200) | |||||
Developed technology | 1,300 | |||||
Customer relationships | 20 | |||||
Goodwill | 6,292 | |||||
Total fair value of net assets acquired | 7,412 | |||||
Fair value of purchase consideration: | ||||||
Cash consideration | 5,397 | |||||
Common stock | 2,015 | |||||
Total fair value of net assets acquired | $ 7,412 |
Acquisition, Intangible Asset_5
Acquisition, Intangible Assets and Goodwill - Schedule of Intangibles, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,145 | |
Accumulated Amortization | (857) | |
Net Carrying Amount | $ 1,435 | 1,288 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,046 | 2,125 |
Accumulated Amortization | (1,611) | (837) |
Net Carrying Amount | $ 1,435 | $ 1,288 |
Developed Technology | Minimum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Period | 2 years | 2 years |
Developed Technology | Maximum | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization Period | 3 years | 3 years |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 20 | |
Accumulated Amortization | $ (20) | |
Amortization Period | 1 year |
Acquisition, Intangible Asset_6
Acquisition, Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 675 | |
2021 | 501 | |
2022 | 259 | |
Net Carrying Amount | $ 1,435 | $ 1,288 |
Acquisition, Intangible Asset_7
Acquisition, Intangible Assets and Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill beginning balance | $ 7,626 | $ 6,292 |
Foreign currency translation adjustments | 147 | |
Goodwill ending balance | 9,058 | 7,626 |
Madumbo | ||
Goodwill [Line Items] | ||
Acquisition | $ 1,334 | |
2019 Acquisition | ||
Goodwill [Line Items] | ||
Acquisition | $ 1,285 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued compensation and commissions | $ 21,910 | $ 15,229 |
Accrued expenses | 12,692 | 6,940 |
Early exercise liability-stock options | 1,776 | 2,931 |
Payroll and sales taxes | 1,626 | 1,147 |
Other tax liability | 742 | 516 |
Deferred rent | 3,527 | |
Total accrued expenses and other current liabilities | $ 38,746 | $ 30,290 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2015 | |
Commitments And Contingencies [Line Items] | ||||
Rent expense | $ 16,700 | $ 10,000 | $ 3,800 | |
Sublease income | 1,000 | $ 700 | 100 | |
Contingent federal payroll tax liability | $ 5,000 | |||
Benefit on federal payroll tax liability | $ 5,000 | $ (41) | ||
Minimum | ||||
Commitments And Contingencies [Line Items] | ||||
Noncancelable operating leases | 2019 | |||
Maximum | ||||
Commitments And Contingencies [Line Items] | ||||
Noncancelable operating leases | 2025 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease, option to terminate | option to terminate a lease early within three years |
Lessee, Operating Lease, Existence of Option to Terminate [true false] | true |
Lessee, operating lease, lease not yet commenced, description | As of December 31, 2019, the Company had one additional operating lease that has not yet commenced. This operating lease will commence in fiscal year 2020 with a lease term of six years. Pursuant to the terms of the office lease, the Company will pay $2.2 million in aggregate through the life of the lease. |
Lessee, operating lease, lease not yet commenced, term of contract | 6 years |
Lessee operating lease commencing period | 2020 |
Aggregate lease amount | $ 2.2 |
Minimum | |
Lessee Lease Description [Line Items] | |
Noncancelable operating lease expiration period | 2019 |
Maximum | |
Lessee Lease Description [Line Items] | |
Noncancelable operating lease expiration period | 2025 |
Operating lease, renewal term | 5 years |
Operating lease, termination term | 3 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost Recognized (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 13,636 |
Variable lease cost | 94 |
Short-term lease cost | $ 2,925 |
Leases - Summary of Component_2
Leases - Summary of Components of Lease Cost Recognized (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease, non-cash lease expense | $ 10.4 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information and Non-cash Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in measurement of lease liabilities | $ 9,767 |
Operating lease assets obtained in exchange for new lease liabilities | $ 14,618 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 14,576 | |
2021 | 16,944 | |
2022 | 16,731 | |
2023 | 14,569 | |
2024 and beyond | 4,017 | |
Total lease payments | 66,837 | |
Less: imputed interest | (6,411) | |
Present value of lease liabilities | $ 60,426 | $ 51,400 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term (years) | 4 years |
Weighted average discount rate | 4.98% |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Thousands | Sep. 18, 2019$ / sharesshares | Nov. 30, 2019shares | Mar. 31, 2019$ / shares | Jun. 30, 2019shares | Dec. 31, 2019USD ($)Vote$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 23, 2019shares | Sep. 06, 2019shares | Dec. 31, 2016shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Capital stock purchase price per share | $ / shares | $ 15.92 | |||||||||
Aggregate shares of capital stock | 14,366,871 | |||||||||
Conversion of preferred stock | 803,481 | |||||||||
Common stock, shares authorized | 0 | 380,000,000 | 2,330,000,000 | 380,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Common stock, shares issued | 0 | 78,180,606 | ||||||||
Common stock, shares outstanding | 0 | 78,180,606 | ||||||||
Number of voting rights entitled to stockholders per share | Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. | |||||||||
Share-based payment arrangement, expense | $ | $ 19,034 | $ 5,244 | $ 3,068 | |||||||
Stock issuable upon the exercise of options outstanding | 36,384,767 | 38,865,057 | 44,877,888 | 35,825,160 | ||||||
Proceeds from exercise of stock options | $ | $ 7,899 | $ 7,782 | $ 462 | |||||||
Stock Option | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Total compensation cost related to unvested awards not yet recognized | $ | $ 90,500 | $ 28,400 | ||||||||
Weighted average period over compensation cost related to unvested employee awards | 2 years 8 months 12 days | 3 years 4 months 24 days | ||||||||
Stock based compensation award vesting period | 4 years | |||||||||
Weighted average grant-date fair value of options granted | $ / shares | $ 8.69 | $ 2.48 | $ 0.40 | |||||||
Proceeds from exercise of stock options | $ | $ 7,900 | $ 7,800 | $ 500 | |||||||
Intrinsic value of options exercised | $ | 121,300 | 36,400 | 1,500 | |||||||
Aggregate fair value of options vested | $ | $ 10,800 | $ 3,500 | $ 4,200 | |||||||
Early exercise of common stock | 1,239,750 | 2,095,656 | ||||||||
RSU | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Weighted average period over compensation cost related to unvested employee awards | 3 years 10 months 24 days | |||||||||
Common stock granted | 647,094 | |||||||||
Total compensation cost related to unvested awards not yet recognized | $ | $ 30,400 | |||||||||
Maximum | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Weighted average grant-date fair value of options granted | $ / shares | $ 38.21 | $ 5.63 | $ 1.02 | |||||||
Minimum | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Weighted average grant-date fair value of options granted | $ / shares | $ 6.16 | $ 2.23 | $ 0.87 | |||||||
Employee Stock Purchase Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Initial offering period | The initial offering period began on September 18, 2019 and will end on May 15, 2020. | |||||||||
Percentage of purchase the shares at a price per share | 85.00% | |||||||||
Share-based payment arrangement, expense | $ | $ 1,200 | |||||||||
Total compensation cost related to unvested awards not yet recognized | $ | $ 1,500 | |||||||||
Weighted average period over compensation cost related to unvested employee awards | 4 months 24 days | |||||||||
Amounts withheld on behalf of employees for a future purchase | $ | $ 3,300 | |||||||||
2019 Equity Incentive Plan | Maximum | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized to grant award | 70,296,733 | |||||||||
Class A Common Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized | 2,000,000,000 | 0 | 2,000,000,000 | |||||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Common stock, shares issued | 64,308,498 | 0 | ||||||||
Common stock, shares outstanding | 64,308,498 | 0 | ||||||||
Number of voting rights entitled to stockholders per share | Vote | 1 | |||||||||
Stock issuable upon the exercise of options outstanding | 20,700 | |||||||||
Class A Common Stock | Service-based Restricted Shares | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Stock based compensation award vesting period | 4 years | |||||||||
Common stock granted | 244,445 | |||||||||
Class A Common Stock | Employee Stock Purchase Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares available for grant | 6,725,000 | |||||||||
Class A Common Stock | Employee Stock Purchase Plan | Initial Public Offering | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Initial public offering price | $ / shares | $ 27 | |||||||||
Class A Common Stock | Employee Stock Purchase Plan | Maximum | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized to grant award | 6,725,000 | |||||||||
Class A Common Stock | 2019 Equity Incentive Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares available for grant | 31,729,237 | |||||||||
Class B Common Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized | 310,000,000 | 0 | 310,000,000 | |||||||
Common stock, par value | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Common stock, shares issued | 232,078,452 | 0 | ||||||||
Common stock, shares outstanding | 232,078,452 | 0 | ||||||||
Convertible preferred stock converted into common stock | 179,011,431 | |||||||||
Number of voting rights entitled to stockholders per share | Vote | 10 | |||||||||
Common stock, number of shares converted | 36,464,053 | |||||||||
Stock issuable upon the exercise of options outstanding | 36,364,067 | |||||||||
Class B Common Stock | Initial Public Offering | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Convertible preferred stock converted into common stock | 179,011,431 | |||||||||
Class B Common Stock | 2012 Equity Incentive Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Conversion of preferred stock | 36,364,067 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Summary of Reserved Shares of Common Stock for Future Issuance (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 75,486,098 | 218,749,194 |
Seed Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 19,403,952 | |
Series A Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 49,195,632 | |
Series B Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 39,619,992 | |
Series C Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 30,389,424 | |
Series D Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 41,205,912 | |
Options and RSU's outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 37,031,861 | 38,865,057 |
Shares Available for Future Option and RSU Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 31,729,237 | 69,225 |
Shares Available Subject to the 2019 ESPP Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Reserved shares of common stock for future issuance | 6,725,000 |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) - Summary of Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility minimum | 38.90% | 38.40% | 37.10% |
Expected volatility maximum | 39.50% | 39.00% | 38.80% |
Risk-free interest rate minimum | 1.40% | 2.60% | 1.80% |
Risk-free interest rate maximum | 2.60% | 3.00% | 2.20% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 2 months 12 days | 5 years 9 months 18 days | 5 years 1 month 6 days |
Fair value of common stock | $ 6.16 | $ 2.23 | $ 0.87 |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 3 months 18 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Fair value of common stock | $ 38.21 | $ 5.63 | $ 1.02 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number Of Options Outstanding | ||||
Beginning balance | 38,865,057 | 44,877,888 | 35,825,160 | |
Options granted | 9,518,730 | 11,236,803 | 12,841,968 | |
Options exercised | (10,546,987) | (14,882,622) | (2,165,976) | |
Options forfeited | (1,452,033) | (2,367,012) | (1,623,264) | |
Ending balance | 36,384,767 | 38,865,057 | 44,877,888 | 35,825,160 |
Exercisable—December 31, 2019 | 22,327,967 | |||
Weighted-Average Exercise Price | ||||
Beginning balance | $ 0.83 | $ 0.53 | $ 0.39 | |
Options granted | 9.15 | 1.61 | 0.89 | |
Options exercised | 0.75 | 0.52 | 0.21 | |
Options forfeited | 2.54 | 0.79 | 0.64 | |
Ending balance | 2.96 | $ 0.83 | $ 0.53 | $ 0.39 |
Exercisable—December 31, 2019 | $ 2.19 | |||
Weighted-Average Remaining Contractual Life (in Years) | ||||
Options outstanding | 7 years 7 months 6 days | 7 years 10 months 24 days | 8 years 3 months 18 days | 8 years 10 months 24 days |
Options exercisable | 7 years |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) - Summary of Activity for Unvested RSUs (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Unvested Shares | |
Granted | shares | 647,094 |
Balance at December 31, 2019 | shares | 647,094 |
Weighted-Average Fair Value | |
Granted | $ / shares | $ 36.08 |
Balance at December 31, 2019 | $ / shares | $ 36.08 |
Stockholders' Equity (Deficit_7
Stockholders' Equity (Deficit) - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | $ 19,034 | $ 5,244 | $ 3,068 |
Capitalized stock-based compensation expense | 201 | 167 | 248 |
Total stock-based compensation expense | 19,235 | 5,411 | 3,316 |
Cost of Revenue | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | 582 | 287 | 112 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | 7,972 | 1,641 | 1,160 |
Sales and Marketing | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | 5,538 | 1,910 | 977 |
General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation, net of amounts capitalized | $ 4,942 | $ 1,406 | $ 819 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (18,330) | $ (11,273) | $ (2,498) |
Foreign | 2,354 | 1,033 | 385 |
Loss before provision for income taxes | $ (15,976) | $ (10,240) | $ (2,113) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes Allocated to Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ (5,000) | $ 41 | |
Current, State | 126 | $ (127) | 60 |
Current, Foreign | 967 | 559 | 477 |
Current, Total | 1,093 | 432 | 578 |
Deferred, Foreign | (359) | 90 | (121) |
Deferred, Total | (359) | 90 | (121) |
Federal | 41 | ||
State | 126 | (127) | 60 |
Foreign | 608 | 649 | 356 |
Total | $ 734 | $ 522 | $ 457 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Income tax expense | $ 734,000 | $ 522,000 | $ 457,000 |
U.S. federal statutory income tax rate | 21.00% | 21.00% | 34.00% |
One-time transition tax payable period on un-repatriated earnings of foreign subsidiaries | 8 years | ||
Measurement-period adjustments, tax expense (benefit) | $ 0 | $ 4,000,000 | |
Tax Cuts and Jobs Act, Accounting Complete [true false] | true | ||
Tax cuts and jobs act, measurement period adjustment, decrease in effective tax rate | 0.21 | ||
Tax cuts and jobs act, measurement period adjustment, decrease in deferred tax assets and liabilities | 4,000,000 | ||
Tax cuts and jobs act, measurement period adjustment, decrease in valuation allowance | $ 4,000,000 | ||
Valuation allowance of deferred tax assets | $ 15,205,000 | $ 9,730,000 | |
Change in valuation allowance of deferred tax assets | 5,500,000 | 1,200,000 | |
Net operating loss carryforwards for federal tax purposes | $ 56,600,000 | 28,000,000 | |
Federal net operating loss carryforwards expiration year | 2031 | ||
Percentage of net operating loss carryforwards subjected to taxable income limitation | 80.00% | ||
Net operating loss carryforwards for state tax purposes | $ 42,000,000 | 24,200,000 | |
State net operating loss carryforwards expiration year | 2029 | ||
Recognized income tax positions measured at largest amount greater than specified percentage being realized | 50.00% | ||
Unrecognized tax benefits that would impact effective tax rate | $ 500,000 | 800,000 | |
Unrecognized tax benefits, income tax penalties and interest expense | $ 400,000 | $ 400,000 | |
Significant change in unrecognized tax benefits, nature of event | Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipated any significant changes to unrecognized tax benefits over the next 12 months. | ||
Significant change in unrecognized tax benefits is reasonably possible, amount | $ 0 | ||
Open tax year | 2014 | ||
Maximum | |||
Income Taxes [Line Items] | |||
U.S. federal statutory income tax rate | 34.00% |
Income Taxes - Summary of Tax R
Income Taxes - Summary of Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at federal statutory rate | $ (3,355) | $ (2,151) | $ (719) |
Nondeductible expenses | (1,049) | 1,289 | 735 |
State taxes (net of federal benefit) | 100 | (100) | 60 |
Impacts of United States tax reform—rate change and mandatory repatriation | 4,353 | ||
Change in valuation allowance | 5,043 | 1,052 | (4,146) |
Uncertain tax positions | 23 | 241 | 366 |
Foreign taxes | 92 | 191 | (146) |
Other | (120) | (46) | |
Total | $ 734 | $ 522 | $ 457 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating losses (federal and state) | $ 14,631 | $ 7,448 |
Stock-based compensation | 2,085 | 1,668 |
Federal withholding tax reserve | 815 | 1,550 |
Internal use software | 1,746 | 725 |
Lease liability | 10,440 | |
Other | 1,297 | 2,091 |
Total deferred tax assets | 31,014 | 13,482 |
Less: valuation allowance | (15,205) | (9,730) |
Net deferred tax assets | 15,809 | 3,752 |
Deferred tax liabilities: | ||
Commissions | (6,514) | (2,796) |
Right of use asset | (9,210) | |
Other | (85) | (956) |
Total deferred tax liabilities | $ (15,809) | $ (3,752) |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 920 | $ 563 | |
Increases based on tax positions during the current period | 0 | 357 | $ 563 |
Ending balance | $ 920 | $ 920 | $ 563 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic net loss per share: | |||
Net loss | $ (16,710) | $ (10,762) | $ (2,570) |
Weighted average shares used in calculating net loss per share, basic | 70,951 | 61,321 | |
Basic net loss per share | $ (0.15) | $ (0.04) | |
Diluted net loss per share: | |||
Allocation of distributed loss for basic computation | $ (10,762) | $ (2,570) | |
Allocation of undistributed loss | $ (10,762) | $ (2,570) | |
Weighted average shares used in calculating net loss per share, basic | 70,951 | 61,321 | |
Number of shares used in diluted calculation | 70,951 | 61,321 | |
Diluted net loss per share | $ (0.15) | $ (0.04) | |
Class A Common Stock | |||
Basic net loss per share: | |||
Net loss | $ (1,149) | ||
Weighted average shares used in calculating net loss per share, basic | 9,611 | ||
Basic net loss per share | $ (0.12) | ||
Diluted net loss per share: | |||
Allocation of distributed loss for basic computation | $ (1,149) | ||
Reallocation of undistributed loss as a result of conversion of Class B to Class A shares | (15,561) | ||
Allocation of undistributed loss | $ (16,710) | ||
Weighted average shares used in calculating net loss per share, basic | 9,611 | ||
Conversion of Class B to Class A common shares outstanding | 130,262 | ||
Number of shares used in diluted calculation | 139,873 | ||
Diluted net loss per share | $ (0.12) | ||
Class B Common Stock | |||
Basic net loss per share: | |||
Net loss | $ (15,561) | ||
Weighted average shares used in calculating net loss per share, basic | 130,262 | ||
Basic net loss per share | $ (0.12) | ||
Diluted net loss per share: | |||
Allocation of distributed loss for basic computation | $ (15,561) | ||
Allocation of undistributed loss | $ (15,561) | ||
Weighted average shares used in calculating net loss per share, basic | 130,262 | ||
Number of shares used in diluted calculation | 130,262 | ||
Diluted net loss per share | $ (0.12) |
Net (Loss) Income Per Share -_2
Net (Loss) Income Per Share - Schedule of Potentially Dilutive Securities not Included in Diluted Per Share Calculations (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 38,625 | 220,776 | 224,955 |
Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 179,815 | 179,815 | |
Shares Subject to Outstanding Stock Options and Restricted Stock Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 37,032 | 38,865 | 44,877 |
Unvested Early Exercised Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 1,240 | 2,096 | 263 |
Shares Subject to the 2019 ESPP Plan | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities not included in diluted per share calculations | 353 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Azure Agreement - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | ||
Purchase commitment period | 3 years | |
Subsequent Event | Minimum | ||
Subsequent Event [Line Items] | ||
Purchase of cloud services | $ 21 |