Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SailPoint Technologies Holdings, Inc. | |
Entity Central Index Key | 0001627857 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 88,677,640 | |
New York Stock Exchange | ||
Document Information [Line Items] | ||
Trading Symbol | SAIL | |
Entity Listing, Description | Common stock, par value $0.0001 per share | |
Entity Listing, Par Value Per Share | $ 0.0001 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 86,223 | $ 70,964 |
Restricted cash | 6,289 | 6,272 |
Accounts receivable | 71,156 | 101,469 |
Prepayments and other current assets | 22,691 | 21,850 |
Total current assets | 186,359 | 200,555 |
Property and equipment, net | 21,452 | 19,268 |
Right-of-use assets | 32,243 | |
Other non-current assets | 22,488 | 20,374 |
Goodwill | 219,377 | 219,377 |
Intangible assets, net | 72,529 | 74,860 |
Total assets | 554,448 | 534,434 |
Current liabilities | ||
Accounts payable | 3,395 | 4,636 |
Accrued expenses and other liabilities | 18,655 | 21,731 |
Income taxes payable | 3,263 | 2,143 |
Deferred revenue | 92,630 | 95,919 |
Total current liabilities | 117,943 | 124,429 |
Deferred tax liability - non-current | 4,142 | 4,142 |
Long-term operating lease liabilities | 39,696 | 9,788 |
Deferred revenue - non-current | 17,516 | 18,382 |
Total liabilities | 179,297 | 156,741 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity | ||
Common stock, $0.0001 par value, authorized 300,000, shares issued and outstanding 88,598 shares at March 31, 2019 and 87,512 shares at December 31, 2018 | 9 | 9 |
Preferred stock, $0.0001 par value, authorized 10,000 shares, no shares issued and outstanding at March 31, 2019 and December 31, 2018 | ||
Additional paid in capital | 383,321 | 377,473 |
(Accumulated deficit) retained earnings | (8,179) | 211 |
Total stockholders' equity | 375,151 | 377,693 |
Total liabilities and stockholders’ equity | $ 554,448 | $ 534,434 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Total revenue | $ 60,583 | $ 48,941 |
Cost of revenue | ||
Total cost of revenue | 14,869 | 12,770 |
Gross profit | 45,714 | 36,171 |
Operating expenses | ||
Research and development | 12,772 | 9,762 |
General and administrative | 9,137 | 7,657 |
Sales and marketing | 30,488 | 22,459 |
Total operating expenses | 52,397 | 39,878 |
Loss from operations | (6,683) | (3,707) |
Other expense, net: | ||
Interest income (expense), net | 11 | (1,178) |
Other, net | (417) | (147) |
Total other expense, net | (406) | (1,325) |
Loss before income taxes | (7,089) | (5,032) |
Income tax (expense) benefit | (1,301) | 2,730 |
Net loss | (8,390) | (2,302) |
Net loss available to common stockholders | $ (8,390) | $ (2,302) |
Net loss per share | ||
Basic | $ (0.10) | $ (0.03) |
Diluted | $ (0.10) | $ (0.03) |
Weighted average shares outstanding | ||
Basic | 88,295 | 85,719 |
Diluted | 88,295 | 85,719 |
Licenses | ||
Revenue | ||
Total revenue | $ 18,669 | $ 16,808 |
Cost of revenue | ||
Total cost of revenue | 1,059 | 1,138 |
Subscription | ||
Revenue | ||
Total revenue | 31,835 | 22,505 |
Cost of revenue | ||
Total cost of revenue | 5,813 | 4,658 |
Service and other | ||
Revenue | ||
Total revenue | 10,079 | 9,628 |
Cost of revenue | ||
Total cost of revenue | $ 7,997 | $ 6,974 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) |
Stockholders' Equity Balance at Dec. 31, 2017 | $ 328,397 | $ 8 | $ 353,609 | $ (25,220) |
Stockholders' Equity Balance, shares at Dec. 31, 2017 | 84,948 | |||
Exercise of stock options | 62 | 62 | ||
Exercise of stock options, shares | 26 | |||
Stock-based compensation expense | 5,139 | 5,139 | ||
Vested incentive units converted to common stock | 50 | $ 1 | 49 | |
Vested incentive units converted to common stock, shares | 979 | |||
Net loss | (2,302) | (2,302) | ||
Stockholders' Equity Balance at Mar. 31, 2018 | 353,107 | $ 9 | 358,859 | (5,761) |
Stockholders' Equity Balance, shares at Mar. 31, 2018 | 85,953 | |||
Cumulative effect adjustment from the adoption of ASC 606 | Accounting Standards Update 2014-09 | 21,761 | 21,761 | ||
Stockholders' Equity Balance at Dec. 31, 2018 | 377,693 | $ 9 | 377,473 | 211 |
Stockholders' Equity Balance, shares at Dec. 31, 2018 | 87,512 | |||
Exercise of stock options | 1,172 | 1,172 | ||
Exercise of stock options, shares | 271 | |||
Restricted stock units vested, net of tax settlement, shares | 91 | |||
Stock-based compensation expense | 4,639 | 4,639 | ||
Vested incentive units converted to common stock | 37 | 37 | ||
Vested incentive units converted to common stock, shares | 724 | |||
Net loss | (8,390) | (8,390) | ||
Stockholders' Equity Balance at Mar. 31, 2019 | $ 375,151 | $ 9 | $ 383,321 | $ (8,179) |
Stockholders' Equity Balance, shares at Mar. 31, 2019 | 88,598 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net loss | $ (8,390) | $ (2,302) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 3,303 | 2,628 |
Amortization of debt issuance costs | 10 | 108 |
Amortization of contract acquisition costs | 2,166 | 1,675 |
Gain on disposal of fixed assets | (3) | (4) |
Stock-based compensation expense | 4,639 | 5,139 |
Operating lease liabilities, net | 251 | |
Net changes in operating assets and liabilities | 15,252 | 8,078 |
Net cash provided by operating activities | 17,228 | 15,322 |
Investing activities | ||
Purchase of property and equipment | (2,306) | (530) |
Proceeds from sale of property and equipment | 11 | 4 |
Net cash used in investing activities | (2,295) | (526) |
Financing activities | ||
Debt issuance costs | (829) | |
Exercise of stock options | 1,172 | 62 |
Net cash provided by financing activities | 343 | 62 |
Net increase in cash, cash equivalents and restricted cash | 15,276 | 14,858 |
Cash, cash equivalents and restricted cash, beginning of period | 77,236 | 116,127 |
Cash, cash equivalents and restricted cash, end of period | $ 92,512 | $ 130,985 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization And Description Of Business [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business SailPoint Technologies Holdings, Inc. (“we,” “our,” “the Company” or “SailPoint”) was incorporated in the state of Delaware on August 8, 2014, in preparation for the purchase of SailPoint Technologies, Inc. The purchase (the “Acquisition”) occurred on September 8, 2014 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of stockholders’ equity and the statements of cash flows for the interim periods but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2019 or any future period. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on March 18, 2019 (the “Annual Report”). These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report. All intercompany accounts and transactions have been eliminated in consolidation. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. The Company is required to maintain a small amount of restricted cash to guarantee rent payments in a foreign subsidiary as well as $6.0 million of cash collateral for an unconditional standby letter of credit related to the Company’s corporate headquarters lease. As of March 31, 2019 December 31, 2018 (In thousands) Cash and cash equivalents per balance sheet $ 86,223 $ 70,964 Restricted cash per balance sheet 6,289 6,272 Cash, cash equivalents and restricted cash per cash flow $ 92,512 $ 77,236 Segment Information and Concentration of Credit and Other Risks Segment Information The Company operates as one operating segment. The Company’s chief operating decision makers review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment, and derives revenues from licensing of software, subscription and renewals, sale of professional services, maintenance and technical support. The following table sets forth the Company’s consolidated revenue by geography: Three Months Ended March 31, 2019 March 31, 2018 (In thousands) United States $ 41,560 $ 32,361 EMEA (1) 13,937 11,319 Rest of the World (1) 5,086 5,261 Total revenue $ 60,583 $ 48,941 (1) No single country represented more than 10% Concentration of Credit Risk and Other Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. As of March 31, 2019 and December 31, 2018, approximately 14% and 11%, respectively, of the Company’s accounts receivable was from one customer. Management considers concentration of credit risk to be minimal with respect to accounts receivable due to the positive historical collection experience of the Company despite the geographic concentrations related to the Company’s customers. No customer represented more than 10% of revenue for three months ended March 31, 2019 and 2018. The Company does not experience concentration of credit risk in foreign countries as no foreign country represents more than 10% of the Company’s consolidated revenues or net assets. Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies, which are discussed in Note 2 of “Notes to Consolidated Financial Statements” in the Annual Report; except as follows: In 2019, the Company adopted Accounting Standards Update 2016-02, “ Leases Note 5 below. Recently Issued Accounting Standards Not Yet Adopted In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 and subsequent updates thereafter in ASU 2017-13, ASU 2018-10 and ASU 2018-11, Leases On January 1, 2019, we adopted ASC 842 using the modified retrospective transition method The adoption of the new standard represents a change in accounting principle with the intent to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We ha ve made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for any class of underlying asset. The standard did not have a material impact on our condensed consolidated statements of operations or statements of cash flows. However, upon adoption of ASC 842 the opening impact on our condensed consolidated balance sheets was not material, but it resulted in recording ROU assets and an increase in total lease liabilities of $3.5 million In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (ASC 718): Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07) Revenue from Contracts with Customers |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. Revenue Recognition ASC 606 Adoption and Impact to Previously Reported Results During the year ended December 31, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606) Disaggregation of Revenue The Company’s revenue by geographic region based on the customer’s location is presented in Note 2 above. The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 License Subscription Services and other License Subscription Services and other (in thousands) Timing of revenue recognition Revenue recognized at a point in time $ 18,669 $ — $ — $ 16,808 $ — $ — Revenue recognized over time — 31,835 10,079 — 22,505 9,628 Total revenue $ 18,669 $ 31,835 $ 10,079 $ 16,808 $ 22,505 $ 9,628 Contract Balances A summary of the activity impacting our contract balances during the three months ended March 31, 2019 is presented below (in thousands): Contract acquisition costs Balances at December 31, 2018 $ 28,043 Additional deferred contract acquisition costs 2,052 Amortization of deferred contract acquisition costs (2,166 ) Balances at March 31, 2019 $ 27,929 Deferred revenue (current) Deferred revenue (non-current) Balances at December 31, 2018 $ 95,919 $ 18,382 Decrease, net (3,289 ) (866 ) Balances at March 31, 2019 $ 92,630 $ 17,516 Deferred revenue, which is a contract liability, consists primarily of payments received in advance of revenue recognition under the Company’s contracts with customers and is recognized as the revenue recognition criteria are met. During the three months ended March 31, 2019 and the period from January 1, 2018, the date of ASC 606 adoption, to March 31, 2018, revenue recognized that was previously deferred was $37.5 million and $24.6 million, respectively. The difference between the opening and closing balances of the Company’s contract assets and deferred revenue primarily results from the timing difference between the Company’s performance and the customer billings. Contract assets primarily relate to unbilled amounts, which are netted with deferred revenue at contract level, and typically result from sales contracts when revenue recognized exceeds the amount billed to the customer, and the right to payment is subject to more than the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional and the customer is billed. Contract assets are included in prepayments and other current assets and other non-current assets in the condensed consolidated balance sheets. Remaining Performance Obligations Our contracts with customers include amounts allocated to performance obligations that will be satisfied at a later date. These remaining performance obligations represent contracted revenue that has not yet been recognized and is included in deferred revenue, the balance of which includes both invoices that have been issued to customers but have not been recognized as revenue and amounts that will be invoiced and recognized as revenue in future periods. As of March 31, 2019, amounts allocated to these additional performance obligations are $161.2 million, of which we expect to recognize $108.5 million as revenue over the next 12 months with the remaining balance recognized thereafter. Assets Recognized from the Costs to Obtain our Contracts with Customers As of March 31, 2019, and December 31, 2018, $8.8 million and $8.4 million, respectively, of our deferred contract acquisition costs are included in prepayments and other current assets as they are expected to be amortized within the next 12 months. The remaining amount of our deferred contract acquisition costs are included in other non-current assets. The balance of deferred contract acquisition costs, which primarily consist of cumulative capitalized costs to obtain contracts was $27.9 million and $28.0 million at March 31, 2019 and December 31, 2018, respectively. For the three months ended March 31, 2019 and 2018, amortization of deferred contract acquisition of $2.2 million and $1.7 million was recorded for the respective periods. There were no material impairments of assets related to deferred contract acquisition costs during the three months ended March 31, 2019 or 2018. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets Total cost and amortization of intangible assets comprised of the following: As of Weighted Average Useful Life March 31, 2019 December 31, 2018 Intangible assets (In years) (In thousands) Customer lists 15 $ 42,500 $ 42,500 Developed technology 9.6 42,000 42,000 Trade names and trademarks 17 24,500 24,500 Order backlog 1.5 — 1,100 Other intangible assets 4.9 3,310 3,310 Total intangible assets 112,310 113,410 Less: Accumulated amortization (39,781 ) (38,550 ) Total intangible assets, net $ 72,529 $ 74,860 Amortization expense is included in the condensed consolidated statements of operations for the three months ended March 31, 2019 and 201 8 , as follows: Three Months Ended Amortization expense (in thousands) March 31, 2019 March 31, 2018 Cost of revenue - licenses $ 1,008 $ 1,008 Cost of revenue - subscription 96 96 Research and development 159 34 Sales and marketing 1,068 1,068 Total amortization of acquired intangibles $ 2,331 $ 2,206 Periodically, the Company evaluates intangible assets for possible impairment. There were no impairments for intangible assets during the three months ended March 31, 2019 and 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Operating Leases Right-of-use assets and lease liabilities are recognized at the present value of future lease payments over the lease term. As of March 31, 2019, our leases have remaining lease terms of less than one year to ten years. Certain leases include early termination and/or extension options; however, exercises of these options are at the Company’s sole discretion. As of March 31, 2019, the Company determined it is not reasonably certain it will exercise the options to extend its leases or terminate them early. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and as of March 31, 2019, the Company is not subleasing to any third parties. The rates implicit in the Company’s leases are not readily determinable. Therefore, in order to value the Company’s lease liabilities, the Company will use an incremental borrowing rate which reflects the fixed rate at which the Company could borrow a similar amount in the same currency, for the same term, and with similar collateral as in the lease at the commencement date. The result of adoption of ASC 842 was an increase in ROU assets and total lease liabilities of $3.5 million on the Company’s condensed consolidated balance sheet. ASC 842 did not have a material impact on our condensed consolidated statements of operations and statements of cash flows. The Company measures its lease liabilities at the net present value of the remaining lease payments, discounted at the weighted average discount rate of 4.12 percent. As of March 31, 2019, the total lease liabilities are $43.1 million, $3.4 million of which is included in accrued expenses and other current liabilities and $39.7 million is included as long-term operating lease liabilities on the condensed consolidated balance sheets. As of March 31, 2019, the ROU asset balance is $32.2 million. Facilities costs (including rent and utilities) are considered shared costs and are allocated to departments based on headcount. As such, allocated shared costs are reflected in each cost of revenue and operating expense category. Total rent expense was approximately $1.7 million and $0.9 million for the three months ended March 31, 2019 and 2018, respectively. Other information related to leases is as follows: Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases (in millions) $ 0.9 Lease liabilities arising from obtaining right-of-use assets Operating leases (in millions) $ 30.4 Weighted-average remaining lease term - operating leases 9.4 years Weighted-average discount rate - operating leases 4.12 % At March 31, 2019, we have no financing leases and we have non-cancelable operating lease commitments, excluding variable consideration. The undiscounted annual future minimum lease payments are summarized by year in the table below: Year Ending December 31, (in thousands) 2019 (except the three months ended March 31) $ 3,658 2020 5,212 2021 5,479 2022 5,452 2023 4,962 Thereafter 27,031 Total minimum lease payments 51,794 Less: interest (8,655 ) Total present value of operating lease liabilities $ 43,139 Less: operating lease liabilities - current $ (3,443 ) Long-term operating lease liabilities $ 39,696 |
Line of Credit and Long-Term De
Line of Credit and Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Line Of Credit Facility [Abstract] | |
Line of Credit and Long-Term Debt | 6. Line of Credit and Long-Term Debt On March 11, 2019, SailPoint Technologies, Inc., as borrower, and certain of our other wholly owned subsidiaries entered into a credit agreement (the “Credit Agreement”) with the financial institutions identified therein as lenders. The Credit Agreement is guaranteed by the Company, SailPoint Technologies Intermediate Holdings, LLC, a wholly owned subsidiary of the Company, and the Borrower’s material domestic subsidiaries (the “Guarantors” and, together with the Borrower, the “Loan Parties”) and is supported by a security interest in substantially all of the Loan Parties’ personal property and assets. The credit agreement provides for an initial $150.0 million in commitments for revolving credit loans, with a $15.0 million letter of credit sublimit, which amount can be increased or decreased under certain circumstances and is subject to certain financial covenants. In addition, the credit agreement provides for the ability to incur uncommitted term loan facilities if, among other things, the Senior Secured Net Leverage Ratio (as defined in our credit agreement), calculated giving pro forma effect to the requested term loan facility, is no greater than 3.50 to 1.00. Borrowings pursuant to the Credit Agreement may be used for working capital and other general corporate purposes, including for acquisitions permitted under the Credit Agreement. The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on the ability of the Loan Parties and their Restricted Subsidiaries (as defined in the Credit Agreement) to incur additional indebtedness or guarantee indebtedness of others; create liens on properties or assets; merge, consolidate, or dissolve; make certain loans or investments; sell or dispose of assets; enter into sale and leaseback transactions; pay dividends and other restricted payments; or enter into transactions with affiliates. The agreement has established priority for the lenders party over all assets of the Company. Borrowings under our credit agreement are scheduled to mature in March 2024. Any borrowing under our credit agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitments of all lenders. The Company had no outstanding revolving credit loan balance as of March 31, 2019 and December 31, 2018. The Company was in compliance with all applicable covenants as of March 31, 2019. The interest rates applicable to revolving credit loans under our Credit Agreement are, at the borrower’s option, either (i) a base rate, which is equal to the greatest of (a) the Prime Rate (as defined in our credit agreement), (b) the Federal Funds Effective Rate (as defined in our Credit Agreement) plus 1/2 of 1%, and (c) the one-month Adjusted LIBO Rate (as defined in our Credit Agreement) plus 1%, in each case, plus an interest margin ranging from 0.25% to 0.75% based on the Senior Secured Net Leverage Ratio, or (ii) the Adjusted LIBO Rate plus an interest margin ranging from 1.25% to 1.75% based on the Senior Secured Net Leverage Ratio. The Adjusted LIBO Rate cannot be less than zero. The borrower will pay an unused commitment fee during the term of our Credit Agreement ranging from 0.20% to 0.30% per annum based on the Senior Secured Net Leverage Ratio. The Company incurred total debt issuance costs of approximately interest condensed |
Stock Option Plans and Stock-Ba
Stock Option Plans and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Plans and Stock-Based Compensation | 7. Stock Option Plans and Stock-Based Compensation 2015 Stock Option Plans In 2015, the Company adopted (i) the Amended and Restated 2015 Stock Option and Grant Plan and (ii) the 2015 Stock Incentive Plan (together the “2015 Stock Option Plans”) under which it may grant incentive stock options (“ISOs”), nonqualified stock options (“NSOs”) for the right to purchase shares of common stock, and grant restricted stock units. The 2015 Stock Option Plans reserve 5,000,000 shares of common stock for issuance as ISOs, 500,000 shares of restricted stock and 250,000 shares for issuance under the 2015 Stock Incentive Plan. Under the 2015 Stock Option Plans, ISOs may not be granted at less than fair market value on the date of the grant and generally vest over a four-year period based on continued service. Options generally expire ten years after the grant date. At March 31, 2019, 546,093 shares were available for issuance under the Amended and Restated 2015 Stock Option and Grant Plan and 89,526 shares were available for issuance under the 2015 Stock Incentive Plan. The Company currently uses authorized and unissued shares to satisfy share award exercises. 2017 Long Term Incentive Plan In November 2017, the Company’s board of directors adopted the 2017 Long Term Incentive Plan (the “2017 Plan”) under which it may grant stock options, nonqualified stock options to purchase shares of common stock and restricted stock units. As of March 31, 2019, the Company had reserved 13,285,314 shares of common stock available for issuance under the 2017 Plan to employees, directors, officers and consultants of the Company and its subsidiaries. The number of shares of common stock available for issuance under the 2017 Plan will be increased on each January 1 hereafter by 4,428,438 shares of common stock. Options and RSUs granted under the 2017 Plan generally vest over four years. Common stock subject to an award that expires or is canceled, forfeited, exchanged or otherwise terminated without delivery of shares, and shares withheld or surrendered to pay the exercise price of, or to satisfy the withholding obligations with respect to an award, will become available for future grants under the 2017 Plan. At March 31, 2019, 9,240,711 shares were available for issuance under the 2017 Plan. The Company currently uses authorized and unissued shares to satisfy share award exercises. The fair value for the Company’s stock options granted and Employee Stock Purchase Plan (the "ESPP") purchase rights, as discussed further below, during the period ended March 31, 2019 and 2018 was estimated at grant date using a Black Scholes option-pricing model using the following weighted average assumptions: Stock Options ESPP March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Expected dividend rate 0% 0% 0% NA Expected volatility 39.8% 41.0% 46.0% NA Risk-free interest rate 2.48% - 2.59% 2.63% - 2.73% 2.44% NA Expected term (in years) 6.25 6.25 0.42 NA The following table summarizes stock option activity during the three months ended March 31, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (per share) (years) (in thousands) Balances at December 31, 2018 2,817 $ 6.64 8.0 $ 47,589 Granted 682 $ 30.06 Exercised (271 ) $ 4.32 Forfeited (28 ) $ 6.76 Balances at March 31, 2019 3,200 $ 11.83 8.2 $ 54,963 Options vested and expected to vest at March 31, 2019 3,200 $ 11.83 8.2 $ 54,963 Options vested and exercisable at March 31, 2019 1,153 $ 4.83 7.3 $ 27,550 The Company expects all outstanding stock options at March 31, 2019 to fully vest. The weighted average grant date fair value per share for the period ended March 31, 2019 and 2018 was $12.92 and $8.42, respectively. Stock-based compensation expense relating to stock options was approximately $1.2 million and $1.8 million for the three months ended March 31, 2019 and 2018, respectively. The total fair value of shares vested during the three months ended March 31, 2019 and 2018 was approximately $2.4 million and $0.4 million, respectively. The total unrecognized compensation expense related to non-vested stock options granted is $14.9 million and is expected to be recognized over a weighted average period of 2.66 years as of March 31, 2019. Incentive Unit Plan In 2014 and 2015, the Company granted shares of the Company’s common stock (the “incentive units”) to certain members of management pursuant to restricted stock agreements (the “RSAs”). The incentive units were granted with an exercise price equal to the fair market value on the date of grant, are subject to vesting, and if exercised in advance of vesting were subject to the Company’s right to repurchase until vested. During the three months ended March 31, 2019, all of the remaining 0.7 million units were vested with a weighted average grant date fair value of $0.05 per share. The company did not grant any additional incentive units during the three months ended March 31, 2019. Stock-based compensation expense relating to incentive units was approximately $0.4 million and $2.1 million for the three months ended March 31, 2019 and 2018, respectively. Restricted Stock Units Restricted stock units (“RSUs”) are generally subject to forfeiture if employment terminates prior to the vesting date. We expense the cost of the RSUs, which is determined to be the fair market value of the shares of common stock underlying the RSUs on the date of grant, ratably over the period during which the vesting restrictions lapse. The following table provides a summary of the restricted stock unit for employees, consultants and non-employee directors of the Company for the three months ended March 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (per share) (years) (in thousands) Balances at December 31, 2018 1,148 $ 15.40 1.8 26,967 Granted 884 $ 30.21 Vested (91 ) $ 17.11 Forfeited (31 ) $ 15.04 Balances at March 31, 2019 1,910 $ 22.18 2.0 54,844 Units expected to vest at March 31, 2019 1,910 $ 22.18 2.0 54,844 The total unrecognized compensation related to restricted stock units for employee and non-employees was $39.3 million as of March 31, 2019 and is expected to be recognized over a weighted average period of 3.27 years. Stock-based compensation expense relating to restricted stock units was approximately $2.3 million and $1.2 million for the three months ended March 31, 2019 and 2018, respectively. During the first quarter of 2019, the Board of Directors approved accelerated vesting of restricted stock for an exiting board member that resulted in a modification and an immaterial decrease in stock-based compensation expense. Employee Stock Purchase Plan In November 2017, the Company’s board of directors adopted the Employee Stock Purchase Plan (the "ESPP"). The ESPP became effective November of 2017, after the date our registration statement was declared effective by the SEC. The ESPP permits eligible employees to purchase shares by authorizing payroll deductions from 1% to 15% of employee’s eligible compensation during the offering period, which is generally six months, with an annual cap of $25,000. Unless an employee has previously withdrawn from the offering, his or her accumulated payroll deductions will be used to purchase shares after the closing of the offering period at a price equal to 85% of the closing price of the shares at the opening or closing of the offering period, whichever is lower. The current offering period is January 2, 2019 through June 3, 2019. The Company initially reserved 1,771,375 shares of common stock for issuance under the ESPP. The number of shares available for issuance under the ESPP will increase each January 1 beginning in 2019 by 885,688 shares of common stock. The ESPP will continue in effect until October 30, 2020; unless terminated prior thereto by the Company’s board of directors or compensation committee, each of which has the right to terminate the ESPP at any time. ESPP purchase rights have an expected volatility, as shown above, that is based on the historical volatility of the common stock of a collection of our peers in the market. The expected term represents the period of time the ESPP purchase rights are expected to be outstanding and approximates the offering period. During the three months ended March 31, 2019, the Company did not issue shares of common stock for the ESPP and recognized $0.7 million of stock-based compensation expense for the ESPP. Stock-based compensation expense associated with ESPP purchase rights are recognized on a straight-line basis over the offering period. A Three Months Ended March 31, 2019 March 31, 2018 (In thousands) Stock options $ 1,244 $ 1,778 Incentive units 351 2,132 RSUs 2,328 1,229 ESPP 716 — Total stock-based compensation expense $ 4,639 $ 5,139 A summary of the Company’s stock-based compensation expense as recognized on the condensed consolidated statements of operations is as follows: Three Months Ended March 31, 2019 March 31, 2018 (In thousands) Cost of revenue - subscription $ 260 $ 121 Cost of revenue - services and other 349 375 Research and development 917 641 General and administrative 1,371 2,340 Sales and marketing 1,742 1,662 Total stock-based compensation expense $ 4,639 $ 5,139 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Impacts of the U.S. 2017 Tax Cuts and Jobs Act The U.S. 2017 Tax Cuts and Jobs Act (the “Act”), which was signed into law on December 22, 2017 and effective January 1, 2018, reduces the U.S. federal corporate tax rate from 35% to 21%. Upon adoption, there was no net impact to the Company’s provision for income taxes or net deferred taxes due to the Company’s valuation allowance. The decrease in future tax assets via the reduced rate was offset by the decrease in our valuation allowance. The Act subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. Under GAAP, the Company is permitted to make an accounting policy election to either treat taxes due on future inclusions in U.S. taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or to factor such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company elected the "period cost method" as its accounting policy with respect to the new GILTI tax rules. For the period ended March 31, 2019, the Company determined it was in an aggregated net loss position with respect to its controlled foreign corporations. Thus, there is no GILTI tax liability as of March 31, 2019. The provision for income taxes for 2019 and 2018 is generated from activity related to stock option activity and certain foreign jurisdictions by our consolidated subsidiaries. The effective tax rate for the three months ended March 31, 2019 and 2018 are 18.4% and (54.3)%, respectively. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. During the three months ended March 31, 2019 and 2018 the Company did not record any material interest or penalties. The Company files tax returns in the U.S. federal jurisdiction, in several state jurisdictions, and in several foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years before 2015 and is no longer subject to state, local and foreign income tax examinations by tax authorities for years before 2014. The Company is currently under audit for income tax in a single foreign jurisdiction. The audit is ongoing and is not expected to materially impact the financial statements. The Company has a FIN 48 reserve related to this foreign jurisdiction filing that should sufficiently cover any related assessment. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Shareholders | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Shareholders | 9. Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards. In periods when the Company recognizes a net loss, the Company excludes the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an antidilutive effect. The following table sets forth the calculation of basic and diluted net loss per share during the periods presented: Three Months Ended March 31, 2019 March 31, 2018 (In thousands, except per share data) Numerator Net loss $ (8,390 ) $ (2,302 ) Net loss attributable to common stockholders $ (8,390 ) $ (2,302 ) Denominator Weighted average shares outstanding Basic 88,295 85,719 Diluted 88,295 85,719 Net loss attributable to common stockholders per share Basic $ (0.10 ) $ (0.03 ) Diluted $ (0.10 ) $ (0.03 ) The following weighted average outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti-dilutive. Three Months Ended March 31, 2019 March 31, 2018 (in thousands) Stock options to purchase common stock 3,080 3,468 Non-vested incentive units — 1,480 RSUs issued and outstanding 1,638 1,098 ESPP 192 — Total 4,910 6,046 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the Securities and Exchange Commission (the “SEC”). Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets, statements of operations, statements of stockholders’ equity and the statements of cash flows for the interim periods but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2019 or any future period. Our unaudited condensed consolidated financial statements have been prepared in a manner consistent with the accounting principles described in our Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on March 18, 2019 (the “Annual Report”). These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report. All intercompany accounts and transactions have been eliminated in consolidation. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. The Company is required to maintain a small amount of restricted cash to guarantee rent payments in a foreign subsidiary as well as $6.0 million of cash collateral for an unconditional standby letter of credit related to the Company’s corporate headquarters lease. As of March 31, 2019 December 31, 2018 (In thousands) Cash and cash equivalents per balance sheet $ 86,223 $ 70,964 Restricted cash per balance sheet 6,289 6,272 Cash, cash equivalents and restricted cash per cash flow $ 92,512 $ 77,236 |
Segment Information and Concentration of Credit and Other Risks | Segment Information and Concentration of Credit and Other Risks Segment Information The Company operates as one operating segment. The Company’s chief operating decision makers review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment, and derives revenues from licensing of software, subscription and renewals, sale of professional services, maintenance and technical support. The following table sets forth the Company’s consolidated revenue by geography: Three Months Ended March 31, 2019 March 31, 2018 (In thousands) United States $ 41,560 $ 32,361 EMEA (1) 13,937 11,319 Rest of the World (1) 5,086 5,261 Total revenue $ 60,583 $ 48,941 (1) No single country represented more than 10% |
Concentration of Credit Risk and Other Risks | Concentration of Credit Risk and Other Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. As of March 31, 2019 and December 31, 2018, approximately 14% and 11%, respectively, of the Company’s accounts receivable was from one customer. Management considers concentration of credit risk to be minimal with respect to accounts receivable due to the positive historical collection experience of the Company despite the geographic concentrations related to the Company’s customers. No customer represented more than 10% of revenue for three months ended March 31, 2019 and 2018. The Company does not experience concentration of credit risk in foreign countries as no foreign country represents more than 10% of the Company’s consolidated revenues or net assets. |
Significant Accounting Policies | Significant Accounting Policies There have been no significant changes to the Company’s significant accounting policies, which are discussed in Note 2 of “Notes to Consolidated Financial Statements” in the Annual Report; except as follows: In 2019, the Company adopted Accounting Standards Update 2016-02, “ Leases Note 5 below. |
Recently Issued Accounting Standards Not Yet Adopted and Adopted | Recently Issued Accounting Standards Not Yet Adopted In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 and subsequent updates thereafter in ASU 2017-13, ASU 2018-10 and ASU 2018-11, Leases On January 1, 2019, we adopted ASC 842 using the modified retrospective transition method The adoption of the new standard represents a change in accounting principle with the intent to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We ha ve made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for any class of underlying asset. The standard did not have a material impact on our condensed consolidated statements of operations or statements of cash flows. However, upon adoption of ASC 842 the opening impact on our condensed consolidated balance sheets was not material, but it resulted in recording ROU assets and an increase in total lease liabilities of $3.5 million In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (ASC 718): Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07) Revenue from Contracts with Customers |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | We consider all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. The Company is required to maintain a small amount of restricted cash to guarantee rent payments in a foreign subsidiary as well as $6.0 million of cash collateral for an unconditional standby letter of credit related to the Company’s corporate headquarters lease. As of March 31, 2019 December 31, 2018 (In thousands) Cash and cash equivalents per balance sheet $ 86,223 $ 70,964 Restricted cash per balance sheet 6,289 6,272 Cash, cash equivalents and restricted cash per cash flow $ 92,512 $ 77,236 |
Summary of Consolidated Total Revenue by Geography | The following table sets forth the Company’s consolidated revenue by geography: Three Months Ended March 31, 2019 March 31, 2018 (In thousands) United States $ 41,560 $ 32,361 EMEA (1) 13,937 11,319 Rest of the World (1) 5,086 5,261 Total revenue $ 60,583 $ 48,941 (1) No single country represented more than 10% |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Schedule of Timing of Transfer of Control | The following table presents the Company’s revenue by timing of revenue recognition to understand the risks of timing of transfer of control: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 License Subscription Services and other License Subscription Services and other (in thousands) Timing of revenue recognition Revenue recognized at a point in time $ 18,669 $ — $ — $ 16,808 $ — $ — Revenue recognized over time — 31,835 10,079 — 22,505 9,628 Total revenue $ 18,669 $ 31,835 $ 10,079 $ 16,808 $ 22,505 $ 9,628 |
Summary of Contract Balances | A summary of the activity impacting our contract balances during the three months ended March 31, 2019 is presented below (in thousands): Contract acquisition costs Balances at December 31, 2018 $ 28,043 Additional deferred contract acquisition costs 2,052 Amortization of deferred contract acquisition costs (2,166 ) Balances at March 31, 2019 $ 27,929 Deferred revenue (current) Deferred revenue (non-current) Balances at December 31, 2018 $ 95,919 $ 18,382 Decrease, net (3,289 ) (866 ) Balances at March 31, 2019 $ 92,630 $ 17,516 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Cost and Amortization of Intangible Assets | Total cost and amortization of intangible assets comprised of the following: As of Weighted Average Useful Life March 31, 2019 December 31, 2018 Intangible assets (In years) (In thousands) Customer lists 15 $ 42,500 $ 42,500 Developed technology 9.6 42,000 42,000 Trade names and trademarks 17 24,500 24,500 Order backlog 1.5 — 1,100 Other intangible assets 4.9 3,310 3,310 Total intangible assets 112,310 113,410 Less: Accumulated amortization (39,781 ) (38,550 ) Total intangible assets, net $ 72,529 $ 74,860 |
Summary of Amortization Expense Included in Condensed Consolidated Statements of Operations | Amortization expense is included in the condensed consolidated statements of operations for the three months ended March 31, 2019 and 201 8 , as follows: Three Months Ended Amortization expense (in thousands) March 31, 2019 March 31, 2018 Cost of revenue - licenses $ 1,008 $ 1,008 Cost of revenue - subscription 96 96 Research and development 159 34 Sales and marketing 1,068 1,068 Total amortization of acquired intangibles $ 2,331 $ 2,206 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Other Information Related to Leases | Other information related to leases is as follows: Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases (in millions) $ 0.9 Lease liabilities arising from obtaining right-of-use assets Operating leases (in millions) $ 30.4 Weighted-average remaining lease term - operating leases 9.4 years Weighted-average discount rate - operating leases 4.12 % |
Summary of Undiscounted Annual Future Minimum Lease Payments | At March 31, 2019, we have no financing leases and we have non-cancelable operating lease commitments, excluding variable consideration. The undiscounted annual future minimum lease payments are summarized by year in the table below: Year Ending December 31, (in thousands) 2019 (except the three months ended March 31) $ 3,658 2020 5,212 2021 5,479 2022 5,452 2023 4,962 Thereafter 27,031 Total minimum lease payments 51,794 Less: interest (8,655 ) Total present value of operating lease liabilities $ 43,139 Less: operating lease liabilities - current $ (3,443 ) Long-term operating lease liabilities $ 39,696 |
Stock Option Plans and Stock-_2
Stock Option Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Fair Value of Stock Options Estimated by Using Weighted Average Assumptions | The fair value for the Company’s stock options granted and Employee Stock Purchase Plan (the "ESPP") purchase rights, as discussed further below, during the period ended March 31, 2019 and 2018 was estimated at grant date using a Black Scholes option-pricing model using the following weighted average assumptions: Stock Options ESPP March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Expected dividend rate 0% 0% 0% NA Expected volatility 39.8% 41.0% 46.0% NA Risk-free interest rate 2.48% - 2.59% 2.63% - 2.73% 2.44% NA Expected term (in years) 6.25 6.25 0.42 NA |
Summary of Stock Option Activity | The following table summarizes stock option activity during the three months ended March 31, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (per share) (years) (in thousands) Balances at December 31, 2018 2,817 $ 6.64 8.0 $ 47,589 Granted 682 $ 30.06 Exercised (271 ) $ 4.32 Forfeited (28 ) $ 6.76 Balances at March 31, 2019 3,200 $ 11.83 8.2 $ 54,963 Options vested and expected to vest at March 31, 2019 3,200 $ 11.83 8.2 $ 54,963 Options vested and exercisable at March 31, 2019 1,153 $ 4.83 7.3 $ 27,550 |
Summary of Restricted Stock Unit for Employees, Consultants and Non-employee Directors | The following table provides a summary of the restricted stock unit for employees, consultants and non-employee directors of the Company for the three months ended March 31, 2019: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (per share) (years) (in thousands) Balances at December 31, 2018 1,148 $ 15.40 1.8 26,967 Granted 884 $ 30.21 Vested (91 ) $ 17.11 Forfeited (31 ) $ 15.04 Balances at March 31, 2019 1,910 $ 22.18 2.0 54,844 Units expected to vest at March 31, 2019 1,910 $ 22.18 2.0 54,844 |
Summary of Stock-Based Compensation Expense By Underlying Equity Instrument | A Three Months Ended March 31, 2019 March 31, 2018 (In thousands) Stock options $ 1,244 $ 1,778 Incentive units 351 2,132 RSUs 2,328 1,229 ESPP 716 — Total stock-based compensation expense $ 4,639 $ 5,139 |
Summary of Stock-Based Compensation Expense | A summary of the Company’s stock-based compensation expense as recognized on the condensed consolidated statements of operations is as follows: Three Months Ended March 31, 2019 March 31, 2018 (In thousands) Cost of revenue - subscription $ 260 $ 121 Cost of revenue - services and other 349 375 Research and development 917 641 General and administrative 1,371 2,340 Sales and marketing 1,742 1,662 Total stock-based compensation expense $ 4,639 $ 5,139 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Shareholders (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Loss Per Share | The following table sets forth the calculation of basic and diluted net loss per share during the periods presented: Three Months Ended March 31, 2019 March 31, 2018 (In thousands, except per share data) Numerator Net loss $ (8,390 ) $ (2,302 ) Net loss attributable to common stockholders $ (8,390 ) $ (2,302 ) Denominator Weighted average shares outstanding Basic 88,295 85,719 Diluted 88,295 85,719 Net loss attributable to common stockholders per share Basic $ (0.10 ) $ (0.03 ) Diluted $ (0.10 ) $ (0.03 ) |
Weighted Average Outstanding Shares of Common Stock Equivalents Excluded from the Computation of the Diluted Net Loss per Share | The following weighted average outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti-dilutive. Three Months Ended March 31, 2019 March 31, 2018 (in thousands) Stock options to purchase common stock 3,080 3,468 Non-vested incentive units — 1,480 RSUs issued and outstanding 1,638 1,098 ESPP 192 — Total 4,910 6,046 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Date of incorporation | Aug. 8, 2014 |
State of incorporation | Delaware |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | Jan. 01, 2019USD ($) | Mar. 31, 2019USD ($)Segment | Mar. 31, 2018 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
ASC 842 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Recording of ROU assets and increase in total lease liabilities | $ 3.5 | |||
Credit Concentration Risk | Accounts Receivable | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 14.00% | 11.00% | ||
Credit Concentration Risk | Revenue | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | ||
Credit Concentration Risk | Net Assets | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | ||
Letter of Credit | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash collateral | $ 6 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents per balance sheet | $ 86,223 | $ 70,964 | ||
Restricted cash per balance sheet | 6,289 | 6,272 | ||
Cash, cash equivalents and restricted cash per cash flow | $ 92,512 | $ 77,236 | $ 130,985 | $ 116,127 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Consolidated Total Revenue by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Summary of Significant Accounting Policies [Line Items] | ||
Total revenue | $ 60,583 | $ 48,941 |
United States | ||
Summary of Significant Accounting Policies [Line Items] | ||
Total revenue | 41,560 | 32,361 |
EMEA | ||
Summary of Significant Accounting Policies [Line Items] | ||
Total revenue | 13,937 | 11,319 |
Rest of the World | ||
Summary of Significant Accounting Policies [Line Items] | ||
Total revenue | $ 5,086 | $ 5,261 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Consolidated Total Revenue by Geography (Parenthetical) (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Credit Concentration Risk | Revenue | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.00% |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Timing of Transfer of Control (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 60,583 | $ 48,941 |
Licenses | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 18,669 | 16,808 |
Licenses | Revenue Recognized At a Point in Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 18,669 | 16,808 |
Subscription | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 31,835 | 22,505 |
Subscription | Revenue Recognized Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 31,835 | 22,505 |
Services and other | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 10,079 | 9,628 |
Services and other | Revenue Recognized Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 10,079 | $ 9,628 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Activity Impacting Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Contract Acquisition Costs, Balances | $ 28,043 | |
Additional deferred contract acquisition costs | 2,052 | |
Amortization of deferred contract acquisition costs | (2,166) | $ (1,700) |
Contract Acquisition Costs, Balances | $ 27,929 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Balances With Deferred Revenue Current and NonCurrent (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Deferred revenue current, Balances | $ 95,919 |
Decrease, net | (3,289) |
Deferred revenue current, Balances | 92,630 |
Deferred revenue non-current, Balances | 18,382 |
Decrease, net | (866) |
Deferred revenue non-current, Balances | $ 17,516 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue recognized that was previously deferred | $ 37,500,000 | $ 24,600,000 | |
Contract asset, reclassified to receivable | 1,400,000 | 700,000 | |
Impairment losses recognized on contract assets | 0 | 0 | |
Remaining performance obligation | 161,200,000 | ||
Deferred contract or customer acquisition cost | 27,929,000 | $ 28,043,000 | |
Amortization of contract acquisition costs | 2,166,000 | $ 1,700,000 | |
Deferred Contract Costs Expected To Be Amortized Within Next 12 Months | |||
Disaggregation Of Revenue [Line Items] | |||
Deferred contract or customer acquisition cost | $ 8,800,000 | $ 8,400,000 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Details1) $ in Millions | Mar. 31, 2019USD ($) |
Disaggregation Of Revenue [Line Items] | |
Revenue expected to recognize | $ 161.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue expected to recognize | $ 108.5 |
Remaining performance obligation, expected timing of Satisfaction, period | 12 months |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Cost and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 112,310 | $ 113,410 |
Less: Accumulated amortization | (39,781) | (38,550) |
Total intangible assets, net | $ 72,529 | 74,860 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 15 years | |
Intangible assets, gross | $ 42,500 | 42,500 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 9 years 7 months 6 days | |
Intangible assets, gross | $ 42,000 | 42,000 |
Trade Names and Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 17 years | |
Intangible assets, gross | $ 24,500 | 24,500 |
Order Backlog | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 1 year 6 months | |
Intangible assets, gross | 1,100 | |
Other Intangible Assets | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 4 years 10 months 24 days | |
Intangible assets, gross | $ 3,310 | $ 3,310 |
Intangible Assets - Summary of
Intangible Assets - Summary of Amortization Expense Included in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangibles | $ 2,331 | $ 2,206 |
Cost of Revenue - Licenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangibles | 1,008 | 1,008 |
Cost of Revenue – Subscription | ||
Finite Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangibles | 96 | 96 |
Research and Development | ||
Finite Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangibles | 159 | 34 |
Sales and Marketing | ||
Finite Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangibles | $ 1,068 | $ 1,068 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of intangible assets | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Jan. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Lessee Lease Description [Line Items] | ||||
Operating lease, residual value guarantee description | Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and as of March 31, 2019, the Company is not subleasing to any third parties. | |||
Weighted-average discount rate - operating leases | 4.12% | |||
Operating lease liabilities | $ 43,139,000 | |||
Operating lease liabilities, current | 3,443,000 | |||
Long-term operating lease liabilities | 39,696,000 | $ 9,788,000 | ||
Right-of-use assets | 32,243,000 | |||
Operating leases, rent expense | 1,700,000 | $ 900,000 | ||
Financing leases | $ 0 | |||
ASC 842 | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease liabilities | $ 3,500,000 | |||
Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Leases remaining terms, maximum range start | 1 year | |||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Leases remaining terms, maximum range start | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Other Information Related to Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases (in millions) | $ 0.9 |
Lease liabilities arising from obtaining right-of-use assets | |
Operating leases (in millions) | $ 30.4 |
Weighted-average remaining lease term - operating leases | 9 years 4 months 24 days |
Weighted-average discount rate - operating leases | 4.12% |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Undiscounted Annual Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 (except the three months ended March 31) | $ 3,658 | |
2020 | 5,212 | |
2021 | 5,479 | |
2022 | 5,452 | |
2023 | 4,962 | |
Thereafter | 27,031 | |
Total minimum lease payments | 51,794 | |
Less: interest | (8,655) | |
Total present value of operating lease liabilities | 43,139 | |
Less: operating lease liabilities - current | (3,443) | |
Long-term operating lease liabilities | $ 39,696 | $ 9,788 |
Line of Credit and Long-Term _2
Line of Credit and Long-Term Debt - Additional Information (Details) | Mar. 11, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) |
Line Of Credit Facility [Line Items] | ||||
Credit agreement mature date | Mar. 31, 2024 | |||
Debt instrument, description of variable rate basis | one-month Adjusted LIBO Rate | |||
Amortization of debt issuance costs | $ 10,000 | $ 108,000 | ||
New Credit Agreement | ||||
Line Of Credit Facility [Line Items] | ||||
Total debt issuance costs | 800,000 | |||
Prior Credit Agreement | ||||
Line Of Credit Facility [Line Items] | ||||
Amortization of debt issuance costs | $ 100,000 | |||
Federal Funds Effective Rate | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, interest rate plus | 0.50% | |||
London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Debt instrument, interest rate plus | 1.00% | |||
Maximum | ||||
Line Of Credit Facility [Line Items] | ||||
Senior secured net leverage ratio | 3.50 | |||
Applicable interest margin rate based on senior secured net leverage ratio | 0.75% | |||
Payment of unused commitment fee under credit agreement based on senior secured net leverage ratio | 0.30% | |||
Maximum | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Applicable interest margin rate based on senior secured net leverage ratio | 1.75% | |||
Minimum | ||||
Line Of Credit Facility [Line Items] | ||||
Applicable interest margin rate based on senior secured net leverage ratio | 0.25% | |||
Payment of unused commitment fee under credit agreement based on senior secured net leverage ratio | 0.20% | |||
Minimum | London Interbank Offered Rate (LIBOR) | ||||
Line Of Credit Facility [Line Items] | ||||
Applicable interest margin rate based on senior secured net leverage ratio | 1.25% | |||
Letter of Credit | ||||
Line Of Credit Facility [Line Items] | ||||
Initial commitments for credit loans under credit agreement | $ 150,000,000 | |||
Letter of credit sublimit | $ 15,000,000 | |||
Revolving Credit Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit outstanding balance | $ 0 | $ 0 |
Stock Option Plans and Stock-_3
Stock Option Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted average grant date fair value per share | $ 12.92 | $ 8.42 | ||
Stock-based compensation expense | $ 4,639,000 | $ 5,139,000 | ||
Total fair value of shares vested | 2,400,000 | 400,000 | ||
Total unrecognized compensation expense related to non-vested stock options granted | $ 14,900,000 | |||
Unrecognized compensation expense, weighted-average period of recognition | 2 years 7 months 28 days | |||
Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of common stock reserve for issuance | 1,771,375 | |||
Stock-based compensation expense | $ 716,000 | |||
Employee Stock Purchase Plan offering period | 6 months | |||
Maximum stock value of shares purchased by employees | $ 25,000 | |||
Percentage of closing price of shares used to purchase shares | 85.00% | |||
Increase in common stock reserved | 885,688 | |||
Share-based compensation award, expiration date | Oct. 30, 2020 | |||
Number of shares issued | 0 | |||
2015 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of common stock reserve for issuance | 250,000 | |||
Shares available for issuance | 89,526 | |||
2015 Stock Option and Grant Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares available for issuance | 546,093 | |||
2017 Long Term Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of common stock reserve for issuance | 13,285,314 | |||
Vesting period | 4 years | |||
Shares available for issuance | 9,240,711 | |||
Shares of common stock options granted | 4,428,438 | |||
Incentive Unit Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 351,000 | 2,132,000 | ||
Number of Shares, Vested | 700,000 | |||
Weighted average grant date fair value, Vested | $ 0.05 | |||
Number of Shares, Granted | 0 | |||
Minimum | Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of employee compensation for employee payroll deduction | 1.00% | |||
Maximum | Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of employee compensation for employee payroll deduction | 15.00% | |||
Incentive Stock Options and Nonqualified Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of common stock reserve for issuance | 5,000,000 | |||
Expiration period | 10 years | |||
Incentive Stock Options and Nonqualified Stock Options | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of common stock reserve for issuance | 500,000 | |||
Stock-based compensation expense | $ 2,328,000 | 1,229,000 | ||
Restricted Stock | Employee and Non-employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unrecognized compensation expense related to non-vested stock options granted | $ 39,300,000 | |||
Unrecognized compensation expense, weighted-average period of recognition | 3 years 3 months 7 days | |||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,244,000 | $ 1,778,000 |
Stock Option Plans and Stock-_4
Stock Option Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated by Using Weighted Average Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend rate | 0.00% | |
Expected volatility | 46.00% | |
Risk-free interest rate | 2.44% | |
Expected term (in years) | 5 months 1 day | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend rate | 0.00% | 0.00% |
Expected volatility | 39.80% | 41.00% |
Risk-free interest rate, Minimum | 2.48% | 2.63% |
Risk-free interest rate, Maximum | 2.59% | 2.73% |
Expected term (in years) | 6 years 3 months | 6 years 3 months |
Stock Option Plans and Stock-_5
Stock Option Plans and Stock-Based Compensation - Summary of Stock Options Activity (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Beginning balances | 2,817 | |
Number of Options, Granted | 682 | |
Number of Options, Exercised | (271) | |
Number of Options, Forfeited | (28) | |
Number of Options, Ending balances | 3,200 | 2,817 |
Number of Options, Options vested and expected to vest | 3,200 | |
Number of Options, Options vested and exercisable | 1,153 | |
Weighted Average Exercise Price (per share), Beginning balances | $ 6.64 | |
Weighted Average Exercise Price (per share), Granted | 30.06 | |
Weighted Average Exercise Price (per share), Exercised | 4.32 | |
Weighted Average Exercise Price (per share), Forfeited | 6.76 | |
Weighted Average Exercise Price (per share), Ending balances | 11.83 | $ 6.64 |
Weighted Average Exercise Price (per share), Options vested and expected to vest | 11.83 | |
Weighted Average Exercise Price (Per share), Options vested and exercisable | $ 4.83 | |
Weighted Average Remaining Contractual Term (years) | 8 years 2 months 12 days | 8 years |
Weighted Average Remaining Contractual Term (years), Options vested and expected to vest | 8 years 2 months 12 days | |
Weighted Average Remaining Contractual Term (years), Options vested and exercisable | 7 years 3 months 18 days | |
Aggregate Intrinsic Value, Balances | $ 54,963 | $ 47,589 |
Aggregate Intrinsic Value, Options vested and expected to vest | 54,963 | |
Aggregate Intrinsic Value, Options vested and exercisable | $ 27,550 |
Stock Option Plans and Stock-_6
Stock Option Plans and Stock-Based Compensation - Summary of Restricted Stock Unit for Employees, Consultants and Non-employee Directors (Detail) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||
Number of Shares, Beginning Balance | 1,148 | |
Number of Shares, Granted | 884 | |
Number of Shares, Vested | (91) | |
Number of Shares, Forfeited | (31) | |
Non-vested number of shares, Ending Balance | 1,910 | 1,148 |
Units expected to vest at March 31, 2019 | 1,910 | |
Weighted-Average Remaining Contractual Term (In years) | ||
Weighted-Average Remaining Contractual Term, Balances | 2 years | 1 year 9 months 18 days |
Weighted-Average Remaining Contractual Term, Units expected to vest | 2 years | |
Aggregate intrinsic value | ||
Aggregate intrinsic value, Balances | $ 54,844 | $ 26,967 |
Aggregate intrinsic value, Units expected to vest | $ 54,844 | |
Weighted average grant date Fair Value | ||
Weighted average grant date fair value, Beginning balance | $ 15.40 | |
Weighted average grant date fair value, Granted | 30.21 | |
Weighted average grant date fair value, Vested | 17.11 | |
Weighted average grant date fair value, Forfeited | 15.04 | |
Weighted average grant date fair value, Ending balance | 22.18 | $ 15.40 |
Weighted average grant date fair value, Units expected to vest | $ 22.18 |
Stock Option Plans and Stock-_7
Stock Option Plans and Stock-Based Compensation - Summary of Stock-Based Compensation Expense By Underlying Equity Instrument (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 4,639 | $ 5,139 |
Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 716 | |
Incentive Unit Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 351 | 2,132 |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,244 | 1,778 |
Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,328 | $ 1,229 |
Stock Option Plans and Stock-_8
Stock Option Plans and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 4,639 | $ 5,139 |
Cost of Revenue – Subscription | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 260 | 121 |
Cost of Revenue - Services and Other | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 349 | 375 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 917 | 641 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,371 | 2,340 |
Sales and Marketing | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,742 | $ 1,662 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination [Line Items] | |||
U.S. federal corporate tax rate | 21.00% | ||
GILTI tax liability | $ 0 | ||
Effective income tax rate | 18.40% | (54.30%) | |
Maximum | |||
Income Tax Examination [Line Items] | |||
U.S. federal corporate tax rate | 35.00% |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Shareholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator | ||
Net loss | $ (8,390) | $ (2,302) |
Net loss attributable to common stockholders | $ (8,390) | $ (2,302) |
Denominator | ||
Basic | 88,295 | 85,719 |
Diluted | 88,295 | 85,719 |
Net loss attributable to common stockholders per share | ||
Basic | $ (0.10) | $ (0.03) |
Diluted | $ (0.10) | $ (0.03) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Shareholders - Weighted Average Outstanding Shares of Common Stock Equivalents Excluded from the Computation of the Diluted Net Loss per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average outstanding shares of common stock equivalents excluded from the computation of diluted net loss per share | 4,910 | 6,046 |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average outstanding shares of common stock equivalents excluded from the computation of diluted net loss per share | 3,080 | 3,468 |
Non-Vested Incentive Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average outstanding shares of common stock equivalents excluded from the computation of diluted net loss per share | 1,480 | |
RSUs Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average outstanding shares of common stock equivalents excluded from the computation of diluted net loss per share | 1,638 | 1,098 |
ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average outstanding shares of common stock equivalents excluded from the computation of diluted net loss per share | 192 |